Gamification in Financial Apps: Unlocking New Opportunities for Growth and EngagementGamification in banking is a part of so many digital growth strategies that it is now seen more as an ultimate way to enhance customer engagement. Interactive software solutions possess the competitive leverage needed in a crowded fintech market, bringing new innovative ways to optimize already well-functioning segments. It sets a new set of expectations for customers, and now they seek faster …
Merchant Service Providers In Fintech: Who Are They & How to ChooseThe digital payment boom has changed how people buy and pay for things. For example, modern businesses are use electronic methods to make their operations more efficient, and it helps them achieve competitive leverage. The online payments imply the presence of a merchant service provider. Statista research predicts the overall transaction value increase by 11.79% annually from 2023 to 2027, …
How to Create an Effective Go-to-Market Strategy for Your Tech ProductCrafting a clear plan for entering the market is easily one of the most impactful things a startup can execute to get closer to success. Report by Gather evidence that 83% of companies have a dedicated team or a role responsible for creating startup company marketing strategy. Besides, 85% of the organizations report that their go-to-market strategy was very or somewhat effective at driving …
Remittance Payments in BusinessRemittance payments are an overlooked method of international money transfer for both individuals and businesses. Payments that fall within the concept of remittance transaction typically benefit from lower fees, which amount to 6.2% on average. $857 billion was the amount of remittance flow in 2023, and it’s expected to rise to $1.1 trillion by 2025. Remittance payments are also another business …
How To Avoid Vendor Lock-In TrapsVendor lock-in is a significant business risk that affects various industries. In IT, it often occurs when a company becomes overly reliant on a specific software provider, such as for cloud computing or CRM. This reliance can lead to escalating costs, diminished performance, and increased security vulnerabilities over time. In this post, we will delve into an explanation of vendor lock-in, the …
Risk Management And Financial Technology: Strategies For SuccessThe market for financial technology is expanding at a fast pace, and so is the number of companies operating in this field. It is estimated that by 2024, the fintech market will exceed $340 billion, and by 2030, it will reach $1,152 billion. There are currently approximately 30,000 fintech companies around the world, and this number is constantly increasing. Ongoing development of technology gives …
What is a Transaction Processing System (TPS): Types and UsagesUsage of online payment methods is on the rise. Back in 2023, the number of cashless transactions worldwide amounted to 1.335 billion. This number reflects the positive tendency among consumers to pay for goods, products, and services online. Such a vast number of payments and, respectively, orders to be processed by businesses makes it necessary to have a system for handling transactional, order, …
6 Benefits of Using Big Data for Businesses: The Ultimate GuideThe digital universe currently contains over 44 zettabytes of data and approximately 2.5 quintillion bytes of data are created every day. The primary advantages of big data are that it provides valuable insights that companies can use to improve their business operations. It is therefore not surprising that the adoption of big data by organizations has increased in recent years. However, big data …
What are Account-To-Account Payments?Running an online business demands constant adaptation to new market trends. Suppose your business involves receiving payments for goods or services. In that case, you’re likely familiar with the challenges linked to traditional bank cards, transferring money, delays, and intermediary service fees. With the age of cash transactions fading, there’s a growing need for a modern and …
When and Why to Use Node.jsNode.js has become a popular choice in the fintech industry because it alows handling real-time data processing, high scalability, and fast performance. According to the 2023 Stack Overflow Developer Survey, Node.js is used by 42.37% of professional developers. Besides, Node.js is involved in the development of as much as 85% of web applications, making it one of the most popular technologies. In …
Top Countries For Software Development Outsourcing In 2024Outsourcing development is a more investment-effective approach compared to traditional in-house development because it saves costs on hiring and maintaining an own in-house team. IT services outsourcing market, valued at $639.59 billion in 2022, is growing at a CAGR of 8.0%. This tendency is projected to continue over the next 6 years, which is explained by the fact that businesses worldwide find …
Electronic Money Institution vs. Payment InstitutionBack in 2020, The European Commission aimed to improve the way payment processing is handled in Europe. They introduced two directives (legal acts): one about Electronic money and the other about Payment Services. These directives, or ‘rules,’ changed electronic payment competition, especially with the rise of online shopping and digital money. In this post, you’ll discover what Electronic …
Top Mobile App Development Companies in the USA | DashDevsThe mobile development market is growing, and more companies have ventured into the mobile app development business. Creating a mobile application on your own is often overwhelming or impractical. Therefore, many businesses look for app development companies that can help them with their endeavor. Finding a mobile app development company in USA can be a challenge. If you google top app development …
How to write an RFP: process, scope, templateI’ve been working on software development projects for many years and can confidently say that transparent communication between the customer and the development team is one of the main factors of success. A correctly asked question is half the answer. A correctly written task by the customer is the key to a good and accurate proposal from us, developers. In the end, it is a basis for delivering …
API In Banking: The Guide to Bank APIsAt a restaurant, you can’t go directly to the kitchen to make an order. You need an intermediary to pass your order to chefs and then bring the prepared food back to you. From a non-technological point of view, an Application Programming Interface (API) is a waiter, the restaurant is a third-party application or platform, and the kitchen is a bank that provides you with financial services. So, API …
How to Create an Admin Panel With a React FrameworkModern-day websites increase in their complexity day to day. To operate them effectively, companies need better instruments to manage content and user data. Admin panels are a core website software that grants such necessary capabilities, so putting them to use is beneficial. In this article, you’ll discover what are admin panels and why it’s often preferred to use React frameworks to develop …
App Scaling: How to Navigate the Challenges of GrowthAlmost 50% of potential users will leave your site or app if it takes longer than two seconds to load, and they are likely to not come back. When the user base grows, your servers might struggle to keep up with the increased demand and high traffic. Your business could suffer if the current IT resources cannot help the sudden growth from 10,000 users one day to 100,000. That’s when you need …
Team Augmentation Strategies: Complete Guide for BusinessesThe market for IT outsourcing is experiencing rapid growth, with its global value reaching $525 billion in 2022 and projected to reach $1,149.24 billion by 2032. Alongside this growth, businesses are realizing the advantages of team augmentation as a useful strategy to handle their workforce needs and improve their project capabilities. Staff augmentation involves hiring skilled professionals to …
Best business models to choose for fintech startups in 2024The fintech industry in 2024 has witnessed unprecedented growth, solidifying its status as a pivotal player in the global financial ecosystem. From the bustling streets of New York to the financial hubs of London and Dubai, fintech innovations are not only reshaping how businesses operate but are also redefining consumers’ relationships with their finances. According to EMR, the global …
Top Priorities for Finance Leaders 2024Much discussion has concerned the chief financial officer’s (CFO) evolving function and duties. There is a lot for advanced finance leaders to deal with, from social and regulatory efficiency to personnel management. If you’re a CFO who needs help figuring out where to begin or a C-suite executive who wants to assist your finance executives in easing into their new positions, here’s a useful guide …
Five Trends That Will Reshape Wealth Management in 2024The success of the wealth management sector is based on direct human contact. When dealing with high-net-worth clients, wealth managers must go beyond basic financial knowledge to truly empathize with their client’s unique situations and goals. To keep pace with today’s world, wealth managers need to embrace innovative technologies and concepts that foster personal connections. Over the past few …
How to Quality Control a Product?Imagine walking into a local shop and seeing every item of clothing in the same color and size. That is practically a characterization of software that was never tested. It either fits your demands (by chance) or it’s absolutely worthless. The goal of creating a software product is to meet a wide variety of demands, that is why quality assurance is becoming a key focus in the development budget, …
What is Green Fintech and How It Relates to Sustainable DevelopmentAccording to recent data from Global Market Estimates, the global green fintech market is expected to increase by 22.4% annually from 2024 to 2029. A mix of technology and finance, which is called green fintech, helps the planet and promotes sustainability. Before we explore this topic, let me introduce myself. I’m a software engineer with six years of experience. I lead the Node.js …
Hiring Developers in Ukraine: How is It a Good Idea?For the last 5 years, Apple, Google, and Microsoft have all been hiring developers in Ukraine because of programmers’ high-level IT and English skills, similar cultures, and time zone convenience. According to SkillValue, Ukraine ranks 5 among the world’s top countries with the best programmers and an average score index of 93.17%. Besides, the Global Sourcing Association even named Ukraine the …
How Static Site Generators Can Transform Your BusinessMany companies lose over 40% of website visitors if their site takes more than 3 seconds to load. To address this issue and other potential concerns in website development, I’ll introduce you to a solution: static site generators (SSGs). Throughout this article, I’ll explore SSGs, their suitability for various needs and businesses, functionality, and the distinctions between static and …
Tips to Choose the Right Software Development Agency for Your ProjectDeveloping a digital product demands careful selection of the right partner. While it may seem simple to search for a “software development agency near me” and gauge its suitability based on its website and past projects, the reality often calls for a more cautious approach. Proper preparation is critical to find an agency software development that fits your needs. Don’t overlook …
How Behavioral Finance & Customer Experience Drive Fintech in 2024?Understanding behavioral finance gives fintech companies a competitive edge! How do they do it? By using customer feedback and applying the most effective customer experience techniques. We’re all driven by emotions, especially when it comes to money. Just like you, I enjoy seeing my card balance grow and feel uneasy when it falls. But beyond the numbers, what really connects us with banking …
How Google Pay Android Integration Can Boost Your BusinessIf you have a fantastic product that you’ve invested time, effort, and money into, but it’s not selling as expected — don’t overhaul it or give up on your business. The lack of sales and profits might not be related to the product. For instance, if you notice that customers are adding your product to their basket but not completing the purchase, the problem may be hidden in the …
ISO 20022: Transforming the Financial Industry with Standardized MessagingThe adoption of ISO 20022 brings to mind the tale of the Tower of Babel, but with a twist — instead of confusion, it’s about creating a unified language. No matter how brilliant your idea, years of effort can go to waste if your team communicates in different languages, just like people in Babel. However, imagine a scenario where everyone communicates in the same language and understands …
4 Best Mobile App Monetization Strategies For Fintech FirmsMore than 5 billion people engage with mobile apps daily. Thus, if your fintech app isn’t generating revenue now, it might be time to reassess your strategy and explore ways to enhance its performance to monetize app. Financial apps are consistently in demand. They provide essential services for tasks like money transfers, expense tracking, and online loan applications, all from the comfort …
Leading Banking Software Development Vendors of 2024Nowadays, it’s nearly impossible to imagine life without finance, apps, and software.The software development market is projected to achieve a value of $1039 million by the year 2027, demonstrating a Compound Annual Growth Rate (CAGR) of $22.54% from 2020 to 2027. What’s even more intriguing is McKinsey’s research indicating that the fintech industry is anticipated to grow …
DashDevs Acquires ITOMYCH STUDIO, Expanding Its Global Footprint in the Fintech IndustryIn a significant move that marks a new chapter in the fintech sector, DashDevs LLC, an international software development company with offices in the USA, UK, and Europe, has announced its acquisition of the Ukrainian outsourcing company ITOMYCH STUDIO. This strategic merger brings together two formidable forces in the technology sector, set to revolutionize fintech innovation and market presence …
UK Banks: Peculiarities of Opening Your Own BankThe UK, and London in particular, is a coveted financial hub in the world, which explains why so many fintech startups continue to appear in this very geo. This also refers to banks, lending institutions, credit unions, and other financial firms that have a way with numbers and technologies. As a result, at the beginning of 2023, the investment into the sector poured significant amounts of money …
How To Execute IT Modernization In Banking: Guide for BusinessesIn the tech side of banking, a big issue is that many old-school banks still use outdated computer systems from the ’70s and ’80s. Conversely, new and smaller companies with super-efficient tech are becoming their tough competition. This happens because many big players are stuck using old systems from decades ago, causing a major problem in the banking tech industry. The solution to …
KYC: Fraud Detection In Fintech AppDespite tons of innovative security measures, fintech companies always face different types of fraud. From April to June in 2023, investment fraud emerged as the most financially impactful compared to other cyber crimes, resulting in losses of £135.2 million. Can you imagine your business losing tons of money just in one wrong click? Unfortunately, it happens every day. On average, fintech …
New Fintech Regulations in the UKAre you starting your own fintech business in the UK but getting tangled in the web of ever-changing rules and regulations? It’s always a dark forest for everyone who wants to step into this field, and I’m here to guide you through it. As a CEO with over 15 years of experience and a fintech expert who helped launch over 20 fintech products, I will try to gain your trust and demonstrate that …
Mastering Fintech: Key Steps to Build a Successful CompanyFrom my experience, and based on the open statistics, around 75% of consumers today actively use fintech products like banking apps. No wonder they have high expectations for the services they get. In that regard, most financial institutions recognize that digitization is critical to their long-term prosperity. As I could notice, they intend to automate financial operations and make them more …
Merchant Acquiring: Understand E-Commerce Payment ProcessingUndoubtedly, we’ve all experienced the sheer convenience of ordering products online and effortlessly swiping our cards at the favorite stores — simple and efficient, isn’t it? Today, we live in a world that elevates the customer experience and holds immense benefits for businesses — the realm of payment acquiring. Merchant services that handle payments within the United States have …
Burnout Prevention and TreatmentLet’s talk about “burnout” in the world of IT. It’s more than a trendy word—it’s a real issue that can harm employees’ work and well-being. If you’re a manager or leader, getting a handle on burnout is vital. Here, I’ll discuss some tips to help create a happier, healthier team. Imagine this: Lisa was a standout employee when she joined your team. …
The Ultimate Guide to Product Discovery in Software DevelopmentProduct discovery is an initial phase that precedes the project’s development stage. During product discovery, the product team delves into the market, identifies potential problems, and explores their solutions. Failing to undertake thorough discovery puts the team at risk of creating a product that can’t function properly, disappointing clients, wasting time and resources, and …
Top 10 Fintech Digital Companies as Alternatives for the Marqeta Card Issuing PlatformWith today’s neobanks and challenger banks boom, suddenly, everyone realized that cards are manufactured somewhere, and there is more than one card issuing company. Second, to your application, your card is your company’s face, so it should be as qualitative and beautiful as your business in the eyes of your clients. And, of course, it shouldn’t cost you too much. Consequently, trying to meet the …
The Role of Behavioral Economics in Fintech Product Design: A Comprehensive GuideThe financial industry has changed a lot as a result of the behavioral economics and fintech blend. Thanks to knowledge of how people act and make decisions, businesses now can build solutions of any kind to satisfy the demands and preferences of very different clients. In this in-depth guide, I will cover some of the main points on how fintech businesses may utilize behavioral economics data. By …
How to create an effective roadmap for launching your project: your step-by-step guideProject roadmaps play a vital role in strategic planning by enabling project managers to visually communicate the project’s aspirations and major milestones. In this article I’ll explain how to create a project roadmap so they serve as valuable tools for stakeholders to comprehend the project’s objectives, allocated resources, anticipated deliverables, and their respective timelines. …
Business Ideas Validation: 5 Best Experiments for Hypothesis CheckingWhen we create an idea, it’s similar to falling in love. You see no flaws in your creation; there are no downsides to what you’re passionate about, and this is absolutely normal to feel that way. However, the target audience does not always share the creators’ point of view, causing many startups to fail. Usually, when we create something, our view is biased by our own experiences and …
Social Media Payments: A Game-Changer for the Financial WorldSocial Media Payments: A Game-Changer for the Financial World As someone who has witnessed the transformation of social media platforms over the years, I am excited to explore the latest innovation in this space: social media payments. It is amazing to see how far social media has come from being a simple means of communication and entertainment to becoming a powerful tool for commerce. The advent …
Weathering the Storm: How the Climate Change Impacts on the Financial IndustryClimate change is no longer a distant threat but a reality. It is already affecting the global economy, including the financial industry. The scientific evidence shows that human activities, such as burning fossil fuels, deforestation, and industrial processes, are causing the Earth’s temperature to rise at an unprecedented rate. In the graph below, you can see how global temperature …
Top Trends of Ethics and Social Responsibility in Fintech: What You Need to KnowFintechs in 2023 have evolved from being solely focused on profit. To keep next generations of customers, successful financial services leaders operate their businesses in a manner that serves the greater good while still being innovative and profitable. This approach is known as Corporate Social Responsibility (CSR), which emphasizes the ethical practices of companies. In this article, I will …
How to Build Strong Partnerships for Growth and InnovationSo, you’ve entered the fintech ecosystem. Now, you might conclude that partnerships can contribute to an easy start for you in the industry. But the main question remains: how can you find companies and tech startups to partner with? This question bugs not only the newly established businesses but enterprises with loads of experience face the same problem. Your partner should be reliable, …
Revolutionizing Business Operations: The Power of Smart ContractsFinancial technology, or ‘fintech,’ refers to the use of computer algorithms or technology to enhance the financial industry. Since early 2014, government agencies, businesses, customers, and researchers have been closely monitoring the sector. Although blockchain initially gained recognition as the distributed ledger for Bitcoin, it has now gained popularity for use in other fintech …
Fintech Model Options for Business: A Comprehensive GuideThe fintech business model is a pillar of how your business works and moves towards its goals. This detailed strategy identifies how to gain more revenue, enhance productivity, and increase the profits. Fintech business models are important for both fintech startups and established businesses. For the latter, regular check-ups and updates can make your company future proof. Since business strategy …
Data-driven banking: How it will Define the Future of the IndustryData-driven banking has the potential to revolutionize the banking sector by allowing financial organizations to make decisions based on reliable, precise data. Banks can gain insights into customer behavior and preferences by harnessing data analytics and using the knowledge to customize services and products to their customers’ needs. This could result in increased consumer satisfaction …
Nine CFOs and the Digital ImperativesEven before the covid-19 pandemic started, I was convincing businesses to adapt their digitization strategies. Companies focused on the future continue to develop and invest in their own destiny despite the economic downturn and have a much better chance of surviving and thriving. Those who cut costs and curl up into a fetal position are doomed to fail. It’s time to “prove …
TOP 7 Fintech Industry Trends in 2024The financial industry has rather responded to the disruptive side effects of COVID-19, but it hasn’t come out of 2021 unharmed. Top fintech industry trends in 2023 are going to challenge it but also will make it stronger. And though at least 50% of traditional banks are not covering their cost of equity, there is some good news, too. Global fintech investments in 2021 recorded 210 billion dollars …
Digital Transformation Technology Trends in 2023Nobody could have predicted the digital transformation trends that the world will now navigate in the early 2020s. When the pandemic hit, the urgency of digital transformation activities increased dramatically. Organizations of all sizes and across all industries have had to invest in cutting-edge, collaborative technology to stay competitive. The price tag was an unpleasant awakening for …
The Rise of Micro-Communities and Niche NetsOnce upon a time, getting potential customers interested was all about making a Minimum Viable Product (MVP). Many new businesses used to “go basic”, which means they make a product with as few features as possible to get people’s attention quickly. By putting out a basic version of the product first, the marketing department can see if people are interested and make changes to production …
The Difference Between Outsourced Software Development and Outsourced ConsultingWhat is the most effective strategy for running a business? This question is asked by every business owner, and the answer may vary from time to time since business objectives change. When it comes to employing a technical team, we’ve already identified two options: hiring in-house or outstuffing. An IT department may be more cost-effectively run in-house rather than outsourced. Despite …
Software Development for Fintech: In-house or Outstaff?When you start a fintech company, there are some prevailing ways to run a business, depending on your goals and objectives. A business may be grown by hiring IT experts in-house or by partnering with a company to do all the tech jobs for you. In addition, the consulting model may be able to give your company a wide range of creative abilities in the field of fintech. 4 Prevalent Business …
Ways to Secure Funding for a Fintech StartupNowadays, there are a plethora of options on how to launch a fintech startup and supply it not only with a starting capital but also long-term financial support. Getting six-figure funding for a worthy project is a goal descended from the seventh heaven to a more down-to-earth realm. Now you don’t need to work with your head in the clouds anymore! The recipe is relatively simple. Let a good …
Data Extraction Dilemma: API vs. Web-Scraping in BusinessHasn’t big data become a buzzword? Today there’s probably no industry where data harvesting isn’t used to gain a competitive advantage and generate profit. No one would argue that research is more associated with science, yet it’s not always the case with data extraction. Since conducting such research manually within even a small industry would take forever, data scientists usually refer to …
AI & ML Usage by Developed Countries: Cases to Learn-(copy)The state of things with artificial intelligence implementation is positive only in developed countries. Here, investing is available, and it’s purposefully spent on testing the new innovative technologies. The US, Europe, and China share the lead in this battle for high-tech business solutions and market expansion. In the end, due to their common efforts, the popularity of machine learning …
Top Insurtech Providers of 2021: US & UK PerspectiveTo experience fear is just the nature of things, and the entailing striving for safety is #2 in Maslow’s hierarchy of needs for a reason. That’s why the basic mission of the insurance business is to free the person of anxiety, chaos, or specific concern. The scope of insurance help is extremely wide these days, and we’ve prepared the UK and US examples from the different spheres …
Aspects of Remote Workflow Together with DashDevs2020 truly highlights the massive shift to remote work, which is driven by the post-COVID-19 society transformation. Never before the employer had been so flexible and understanding in the ‘work from home,’ ‘work from anywhere,’ or hybrid workspace (both office and home are allowed and can be varied). At least on the global scale. Freelance also reshapes its conceptual …
Lessons Learned from COVID-Enforced Digital TransformationI recently had a talk with one of our prospects. That person was looking for a foolproof way to digitalize his business, which obviously isn’t big news given at least 70% of companies have a digital transformation strategy. It’s his answer to my question regarding the factors driving the shift that got me thinking. So, as I was going through my usual routine trying to figure out …
The Long-Lasting Coronavirus Impact on Economy or Thoughts on the Business Change Amid COVID19So where are we six months or a year from now? What does the future hold for us, our clients and partners, and friends? After a call with a business prospect, I sit in my chair in the empty office. All the employees are working from home, and we’re rather lucky since nearly all of our clients are digital, and indeed most of them are in entertainment, online banking, fintech, and health & …
Product Owner Talks: Google and SEO Best PracticesThese days a landing page is a must-have for effective business growth. It describes your product or service, benefits for potential users, and articulates your goals. It is where a customer comes clicking on the ad or performing a search. And most importantly, a well-thought-out page can easily become the primary sales tool or literally revenue generator. Being a product manager and working with …
Dashdevs Year in Review: The Biggest Achievements and Brightest Moments from 2019Snow is all over the streets, Christmas lights and New Year trees are shining across the city, making this time of the year so very special. Traditionally, in late December, I analyze the past 12 months to evaluate the results that Dashdevs — fintech consulting and outsourcing company — has achieved. If I try to compare Dashdevs three years ago and now, it would be almost two different businesses. …
The True Cost of Change in Software Development: a Guide for Management TeamsHave you ever thought of how long does it take to change one text label in a mobile application? It is way too common request from a client of any outsourcing or product company, and working on over 35 projects simultaneously, we can receive around 10 similar inquiries per day. The reasons for such an update can be different — legal or compliance team requests, spelling mistakes, changes in …
Dashdevs Fintech Autumn 2019: NOAH Conference, FinTECHTalents, and Project Imagine DebutThe whole 2019 year was very dynamic and fascinating for the DashDevs team, and this autumn was no exception. In October and November, our CEO, Igor Tomych, and VP of Business Development Departments, Yuriy Soshenko, visited two significant events in the UK — NOAH 2019 Conference and the Ultimate Global Fintech Festival FinTECHTalents 2019. Both conferences took place in London and brought a lot …
Dozens App Results: Top 10 UK Banking Apps Application for July 2019We love to develop mobile solutions. It’s not another marketing slogan for us. Dashdevs team has the heart set on the idea of creating top-notch digital products, and we hire people who understand our passion and share it. Creating a mobile application starts with a recognition of the problems that we want to solve, followed by a few rounds of the design, development, re-thinking, re-designing, …
What Digital Product Startups Are Recklessly MissingThe moment an idea sneaks in the startuppers’ head, it occupies every free space it can. One doesn’t want to evaluate it. One just wants to deliver it on. The entrepreneurs who are led by such a vision are great. They can find thousands of ways to release it. Sometimes it seems like they are out of this world. They don’t see any blockers, only a target. You might have experienced such inspiration …
