We recently launched several projects for clients in the financial industry, including a new web-based software for a wealth management firm. The financial industry, or fintech, presents a unique set of challenges that we are able to tackle at Provisio. So, what exactly is involved in developing custom software for the financial industry?
Financial Industry Regulations
The financial industry has a number of special, and often complicated, compliance rules. These regulations require software that facilitates compliance and makes it part of processes and digital records management. We’ve done work in these industries to help address key issues:
- Mortgage: The mortgage industry has been totally transformed by electronic forms and was greatly impacted during the Great Recession. These two factors resulted in a much more tightly regulated industry with Congressional actions dictating how lenders conduct business. At Provisio, we’ve built custom software for mortgage companies that is designed to stay on top of these regulations and evolve with the industry.
- Wealth management and financial planning: There are a myriad of regulatory rules, disclosures and data accuracy requirements that must be considered in the fintech sector. We work closely with our clients to ensure their systems are accurate and compliant.
- Insurance: Policy providers need to protect client data. Quoting software, claims, and fraud detection/prevention also require special software considerations in the insurance industry, and our software solutions are built to meet security and privacy requirements.
All of these industry segments have one thing in common: electronic forms. By using properly secured and managed electronic forms, our fintech clients keep themselves and their customers’ data safe - with the added bonus of building key efficiencies into their workflows.
Businesses in these industries know the complexity and frustration of compliance regulations. At Provisio, we work closely with our clients to understand these rules. In our experience creating these software solutions, we’ve gained an understanding of the factors necessary to stay compliant. We also design and build our custom software with the end user always in mind. End users play a huge factor in potential compliance issues and our development process can help predict what actions they may attempt within the software framework. We understand it is critical to know the line between software flexibility and compliance.
What About Security?
Security is important with any custom software solution. We always keep software, servers, and our platform updated and patched. Because of that, the key security issue isn’t the technology behind your web-based software, but access to its data. For example, when there is employee turnover within the company there is the potential for lost access to information, lost passwords, etc. In those cases, we need to confirm the identity of the person trying to access the system and this functionality must be built into the software for compliance. It is also vital that we manage access to any automated forms. It keeps your business compliant and prevents fraud.
We also evaluate and monitor any third-party connected services that are integrated into your application. We often integrate with industry-specific software, document storage solutions, and CRM software, as well as other solutions for scheduling, notifications and more. The Provisio team is experienced in all areas of integrations and connected services, ensuring your systems are both streamlined and secure.
Geographic Compliance Challenges
One of the biggest compliance challenges for companies in the financial industry is dealing with different regulations in different states or municipalities. There are the obvious national and federal rules and regulations, but many states have implemented their own controls as well. Provisio can build systems to scale as you move into additional states and regions.
If you run a business in the financial industry and are concerned about software compliance, let’s connect to see how Proviso can help. We will learn about your specific situation, work with you on the key compliance issues your software needs to address, and design a solution that will keep you compliant and take your business further, faster.