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Loan DSA problems and roadmap towards Digitalisation with Fintech
Blog, Lending Industry, Technology

Loan DSAs in 2025: Embracing AI, Automation & Fintech for Success

March 22, 2025

What is a DSA? A Direct Selling Agent (Loan DSA) is a key player in the banking and financial services industry in India. Acting as a representative of banks or financial institutions, DSAs assist in sourcing and processing loan applications for customers. Loan advisory, or loan consultation, is a business model where experts help clients choose the right loan based on factors like amount, tenure, past loans, financial conditions, and purpose. This simplifies the borrowing process by offering tailored options. A few decades ago, this entire process was manual. As a Loan Consultant or DSA, you would set up an office where clients seeking loan advice would visit, discuss options, and get assistance with loan applications and disbursements. Today, the industry is going digital. Having a strong digital presence is no longer optional—it’s a necessity. But a website or online visibility alone isn’t enough. To scale in the digital lending transformation space, you need a deeper, AI-powered loan management approach.Before diving into loan DSA digitalization, let’s first examine the key challenges traditional DSAs face in 2025. Challenges Facing Traditional Loan DSAs in 2025 1. Slow Loan Processing & Approvals 2. Limited Customer Reach & Market Scalability Here are Top 10 Loan Agents of India, with great digital presence and market share. Read this informative article by My Mudra to learn more about your competitors. 3. High Operational Costs 4. Compliance & Regulatory Challenges 5. Lack of Personalized Advisory & Customer Education 6. Inefficient Lead Generation & Conversion 7. Poor Customer Experience & Engagement 8. Competition from Digital Lenders & Marketplaces 9. Delayed Payouts & Commission Settlements 10. Client Retention & Follow-up Challenges Even with deep industry knowledge and strong communication skills, DSAs are struggling to compete against digital disruptors. Even loyal clients now prefer instant loan consultations via a few clicks. If you are already into Digitalising your business as a Loan Consultancy Firm, read this article right here. How DSAs Can Stay Competitive While we can’t help with the first three points, we can help you with Digital Advancements, and help you scale with custom fintech development expertise we have, being in the industry for 6+ years. Key Market Trends Shaping the Loan Industry 1. Growing Loan Demand 2. Digital Lending Platforms on the Rise 3. AI & Automation in Loan Processing 4. Sustainability & Green Lending Digital Transformation Roadmap for Loan DSAs  To thrive in 2025, DSAs must shift from traditional models to tech-driven advisory services. Here’s a step-by-step guide: Phase 1: Building the Foundation Step 1: Develop a Loan Advisory App/Website with loan origination system (LOS) for DSAs, loan comparisons, eligibility calculators, and real-time tracking.  Step 2: Automate Lead Capture & Management using AI-powered chatbots, CRM systems, and WhatsApp automation.  Step 3: Enable digital KYC & instant document verification with OCR scanning and Aadhaar-based verification. Phase 2: Enhancing Automation & Personalization Step 4: Implement AI-based loan recommendations based on credit scores and affordability.  Step 5: Launch an AI multilingual voice agent for automated client interactions.  Step 6: Introduce an AI-based loan eligibility checker for instant pre-approvals. Phase 3: Scaling & Monetization Step 7: Build a digital marketplace for loan comparisons with real-time rates and customer reviews.  Step 8: Launch AI-based loan portfolio management for tracking active loans and refinancing opportunities.  Step 9: Implement gamification & referral programs to boost engagement and client loyalty. Phase 4: Long-Term Growth & Expansion Step 10: Offer AI-powered financial advisory based on spending behavior.  Step 11: Introduce embedded finance & BNPL services through fintech partnerships.  Step 12: Develop API integrations for neo-banks & fintech collaborations. Why Does Digital Transformation Matters? ✅ Boosts Revenue – More leads, better conversions.  ✅ Saves Time – AI reduces paperwork and manual follow-ups.  ✅ Builds Trust – Transparency and AI-driven recommendations improve credibility.  ✅ Expands Market Reach – Serve clients nationwide with a digital-first approach. Transform Your Loan Business with ProfitMatics  We specialize in:

Investment apps using Fintech by Profitmatics Custom Fintech Development Firm
Blog, Investments, Wealth Management

Investment Advisory & WealthTech: Why Fintech is the Future

March 20, 2025

The investment industry is growing rapidly, fueled by younger generations eager to build and secure wealth. However, with this rise in investors, the competition among wealth managers and investment advisors has never been fiercer. To stay ahead, leveraging fintech is no longer optional—it’s essential. Leading WealthTech Companies Shaping the Industry These investment firms are making history by scaling with cutting-edge technology: How Are These Companies Scaling So Fast? They are leveraging fintech for:✔ Automated portfolio management for efficiency and scalability.✔ AI-powered insights to offer personalized investment strategies.✔ Seamless digital onboarding for frictionless user experiences.✔ Embedded fintech solutions integrated with banking apps for better accessibility. If you’re a PMS provider, RIA, or CFP, your expertise in investment advisory is unquestionable. Yet, if your leads aren’t converting, it’s likely because potential clients expect a tech-enabled investment experience. The Changing Investor Mindset Gone are the days when traditional offices and paperwork symbolized credibility. Today, your digital presence determines your industry standing. If your investment platform lacks a seamless, tech-powered user experience, you risk losing high-value clients to competitors who offer it. How Can You Scale Effectively? What’s the Best Approach? Instead of struggling to compare tech solutions and development teams, collaborate with a fintech development company that understands investment advisory. -Custom-built fintech solutions tailored to your business.-Seamless integrations with existing financial ecosystems.-AI, automation, and embedded fintech expertise for enhanced client engagement. Ready to Scale Your Investment Advisory Business? Let’s create an innovative fintech solution that makes your firm stand out. 

Insurtech Industry Blog- Custom Fintech App Development Company ProfitMatics
Blog, Insurance, Technology

How Insurance Brokers Can Boost Conversions with Custom Fintech Solutions

March 17, 2025

Being an insurance broker or aggregator goes beyond selling policies—it’s about understanding your clients’ needs, financial situation, and risk factors to provide tailored recommendations. However, with evolving customer behavior and rising competition, traditional methods are no longer enough. The digital landscape is saturated, and simply reaching potential customers isn’t the challenge—cutting through the noise and offering a seamless experience is. Let’s first clarify a common misconception. Broker vs. Aggregator – What’s the Difference? Many assume insurance brokers and aggregators are the same, but they serve distinct roles: Industry Snapshot: 🔹 According to IRDAI, there are around 737 insurance brokers but just 34 web aggregators in India.🔹 India is projected to become the 6th largest insurance market within a decade, surpassing Germany, Canada, Italy, and South Korea.🔹 With 700+ million active internet users (425 million from rural India), digital channels are shaping the future of insurance distribution. (Source: PWC Report) The Real Challenge – How Do You Stand Out? The growing awareness of insurance has also led to higher friction in reaching potential clients. With competitors fighting for attention, how do you ensure your brand cuts through the digital clutter? The answer lies in choosing the right technology. Should you opt for an off-the-shelf SaaS solution or invest in custom software/web app development? Why Custom Software is the Smarter Choice for Insurance Brokers & Aggregators While SaaS platforms provide quick setup, they come with limitations that hinder long-term growth. Custom-built insurance software, on the other hand, gives you full control, flexibility, and cost advantages over time. No Per-User or Per-Policy Fees Most SaaS solutions charge per user, policy, or transaction, meaning costs skyrocket as your business grows. A custom solution eliminates these hidden charges, providing predictable pricing and long-term savings. Tailored Workflows & Features Every insurance business is unique. A custom-built platform allows you to:✅ Implement specialized lead management, CRM, underwriting, and insurer integrations.✅ Customize dashboards to match your business processes, instead of adapting to SaaS limitations. Unrestricted API Integrations SaaS providers limit integrations to their pre-approved partners, restricting business flexibility. Custom solutions allow seamless integration with any: If you are already building your Insurtech, check out this article on ‘Trends in Insurance Industry‘. No Vendor Lock-in SaaS solutions lock you into their ecosystem. If they:Raise prices,Discontinue featuresOrShut down services… your entire business is at risk. A custom insurance platform ensures complete ownership and future-proofing. Better Compliance & Security With strict regulations in the insurance industry (IRDAI, GDPR, Data Privacy laws), your platform must ensure compliance. A custom-built solution: Cost-Effective Scalability SaaS platforms become more expensive as usage grows. A custom-built platform scales freely without pricing surprises. Strong Branding & Competitive Edge A custom solution allows for a branded, personalized experience for your clients and agents. Unlike SaaS, which forces every business to use the same interface, custom development: Must-Have Features for Scaling Your Insurance Business Once you’ve decided on a custom-built insurance solution, the next step is to integrate smart features that drive scalability and efficiency. AI-Powered Service Showcase & Smart Recommendations Why It’s a Game Changer: Clients often struggle to find the right insurance plan. AI-driven recommendations improve conversions. Dedicated Sections for Each Insurance Type Why It Matters: A cluttered interface confuses users. Organized sections improve navigation. AI Voice Agent for Customer Support Why It’s a Must-Have: Customers expect instant responses. Workflow Automation & Real-Time Team Updates Why It’s Critical: Scaling requires efficient task management. Custom CRM Built for Insurance Brokers Why Generic CRMs Don’t Work: Standard CRMs lack industry-specific workflows. AI-Driven Agent Lead Management (BRE System) Why It’s Crucial: The right agent-client match maximizes conversions. The Future of Insurance is Digital – Are You Ready? By integrating these AI-powered, automation-driven features into a custom-built insurance platform, brokers and aggregators can: Let’s Build Your Custom Insurance Platform! Looking for a custom insurance software development company to bring these innovations to life? At ProfitMatics, we specialize in:Custom insurance software & web developmentAI-driven insurance tech solutionsInsurTech platform developmentMobile insurance app development Get a free consultation today! Let’s create a scalable, future-proof insurance platform for your business. Contact ProfitMatics now!

CBC FIntech App Development Company
CBC, Blog, Technology

Empowering Rural Banking: Our Expertise in Custom Fintech Development for CBCs

March 15, 2025

In today’s rapidly evolving financial landscape, rural banking is undergoing a transformative shift. Corporate Bank Correspondents (CBCs) play a pivotal role in this change by bridging the gap between traditional financial institutions and the unbanked population. As rural fintech gains momentum, the demand for customized, robust, and secure digital solutions has never been higher. In this blog post, we showcase our expertise in custom fintech development tailored specifically for CBCs, enabling them to lead the charge in financial inclusion. The Rise of CBCs in Rural Banking Rural areas have long been underserved by conventional banking systems. With over 63% of India’s population residing in rural regions, these communities have historically relied on non-institutional credit channels. However, recent government initiatives and technological advancements have paved the way for CBCs to transform rural banking. According to recent data, over 200 million rural Indians now access formal banking services through CBC networks. This rapid growth is not just a testament to the effectiveness of CBCs, but also an indicator of the immense potential for digital transformation in these regions. Check out this LinkedIn post to know more about the Indian CBC Ecosystem. Challenges in the Rural Banking Ecosystem Despite the impressive strides made, CBCs face several challenges in delivering quality banking services: These challenges underline the need for a custom fintech solution that is designed with the rural context in mind. The Role of Custom Fintech Solutions Custom fintech solutions empower CBCs by offering the flexibility to adapt to unique local needs and market dynamics. Unlike off-the-shelf products, a tailored solution can be designed to integrate seamlessly with existing banking systems while offering advanced functionalities such as: Check out our custom fintech applications right here! Our Approach to Custom Fintech Development At ProfitMatics, we specialize in building custom fintech solutions that address the specific needs of CBCs. Our approach centers on delivering robust, scalable, and secure applications that drive financial inclusion in rural areas. Here’s how we do it: 1. Modular Architecture We design our fintech platforms with a modular architecture, which allows for flexibility and easy integration of various components. Our core modules include: 2. Advanced Technology Stack Utilizing modern technologies such as React Native for a cross-platform mobile experience and Node.js or Spring Boot for a resilient backend, our solutions are built to scale. Our integrations with major payment gateways and APIs ensure seamless interoperability with banking systems. 3. Security and Compliance We prioritize security from the ground up by: 4. User-Centric Design Understanding that digital literacy levels vary, we focus on creating intuitive interfaces. Our user-centric design principles ensure that: Success Stories and Market Impact Several successful fintech ventures, such as Spice Money, EzeePay, and Jana Small Finance Bank, illustrate the power of customized digital solutions. These innovators have leveraged robust digital infrastructures to empower their networks and reach millions of rural customers. Our solutions draw on similar principles, combining technology and deep market insights to deliver value and drive growth. By enabling CBCs to manage everything from account openings and loan processing to mobile recharges and insurance services, our custom fintech solutions are not just tools—they are catalysts for change, transforming how rural communities access and interact with formal banking services. Conclusion: Transform Your Rural Banking Strategy As rural fintech continues to pick up pace, CBCs stand at the forefront of this digital revolution. With our custom fintech development expertise, you can build a platform that not only meets the regulatory and operational challenges of rural banking but also delivers a superior user experience tailored to your specific market. Partner with us today to revolutionize your CBC strategy, empower rural financial inclusion, and create lasting impact. Let’s discuss how our innovative solutions can help you unlock the full potential of rural banking. Connect with us now to start your journey towards a more inclusive financial future!

Algo trading software | Custom Fintech Software development Company
Blog, Technology, Trading

How Brokers Can Leverage Custom Algo Trading Software for Business Growth

March 13, 2025

Introduction The rise of algo trading software is reshaping the financial industry, offering brokers advanced trading solutions that can increase efficiency, improve client retention, and scale their business. Rather than viewing automation as competition, brokers can integrate algo trading technology into their platforms to offer cutting-edge services and gain a competitive edge. In this blog, we’ll explore how brokers can leverage algo trading software for growth, covering trading & algo-trading software, automated trading solutions, and custom algorithmic trading platforms in 2025. We’ll also discuss why custom trading software development services offer better flexibility, security, and performance than white-label solutions, especially in the Indian stock market. 🚀 Want to discuss your fintech idea? ProfitMatics specializes in custom fintech app and software development. Let’s build the perfect solution for your brokerage! The Disruption: Algo Trading vs. Traditional Brokerage Services How Algo Trading Software Is Reshaping Brokerage Models Traditional brokerage services rely on manual execution, discretionary trading, and human analysis. However, algo trading software is transforming the landscape by providing real-time, data-driven trading strategies that execute with precision and speed. The ability to conduct backtesting, high-frequency trading (HFT), and API-driven automated execution makes algorithmic trading software a game-changer for both brokers and traders. Brokers who fail to adapt risk losing clients to tech-driven competitors. However, those who embrace algo trading solutions can enhance their offerings, improving execution quality and client engagement. The Growing Adoption of Algo Trading in India According to SEBI statistics (as of May 30, 2023), there are a total of 5,316 registered stock brokers in India. Additionally, the use of algorithmic trading software has increased significantly, with nearly 50% of trades on Indian stock exchanges now being executed through algo trading. As Indian traders continue to seek high-frequency trading software development, brokers must ensure they have the right infrastructure to cater to this demand. Check out this informative blog on current trends in the Stock Market Related Businesses, for Brokers, RIAs, or Traders who want something of their own! How Brokers Can Integrate Algo Trading Software 1. Build Custom Algo Trading Software Instead of White-Label Solutions While white-label trading software offers quick deployment, it comes with limitations in customization, security, and scalability. Brokers investing in custom trading software development services gain control over their platform’s features, user experience, and integrations. A custom algorithmic trading platform provides: Thinking about a custom algo trading platform? ProfitMatics can build a tailored solution for your brokerage. Let’s discuss your fintech idea today! 2. Offer High-Frequency Trading (HFT) Capabilities Brokers serving active traders can benefit by integrating high-frequency trading software development to enable ultra-fast trade execution, predictive analytics, and low-latency trading strategies. The demand for automated trading software development is growing, making it essential for brokers to offer real-time execution speeds and optimized trading algorithms. New to Custom Development? Understand the process of Custom Development from the dedicated journey document of RoboSmart, an Algo Trading Software built by our team. Access the PDF here. 3. Develop a Custom Stock Trading App As demand for stock market trading app development rises, brokers can differentiate themselves by investing in custom stock trading apps with features such as: With increasing mobile trading, Android stock market app development is essential for brokers to cater to retail investors and traders. Check Out Our Custom Trading App’s features and Case Study here. 4. Expand into Intraday Trading Solutions There is a growing market for app development for stock market for intraday trading in India. Brokers can capture this segment by providing trading app development solutions tailored for scalping, swing trading, and day trading. By offering custom algo trading solutions for intraday traders, brokers can provide faster execution and better analytics. For trends in Algo Trading and SEBI’s view on the uprising change, check out this article by Economic Times. The Future: AI-Powered Trading Bots & Machine Learning AI and Machine Learning in Algo Trading: What Brokers Need to Know The future of automated trading software development lies in AI and machine learning algorithms. Brokers who integrate AI-based trading bots into their platforms can provide: Brokers who adopt AI-driven algo trading software will stay ahead in the race for next-gen automated trading solutions. Trading App Development: Costs & Considerations Understanding Trading App Development Cost Investing in trading app development involves several cost factors, including: Choosing the right trading software development company in India is crucial to ensure compliance with SEBI guidelines and optimize trading app development costs. Connect with us to get a quote! Conclusion: The Path Forward for Brokers Algo trading software isn’t just an innovation—it’s the future of brokerage services. By integrating automated trading software development, high-frequency trading platforms, and AI-powered solutions, brokers can: However, brokers must recognize the advantages of custom trading software development services over pre-built solutions to maintain a competitive edge in a rapidly evolving market. Ready to build a custom trading platform? ProfitMatics specializes in fintech software development for brokers. Contact us to get started today!

Loan Advisory App Development Company
Blog, Lending Industry, Software

From Traditional to Tech-Savvy: Redefining Loan Advisors in the Digital Lending Industry

March 11, 2025

With the change in the way loans are being processed and disbursed, it is equally important for the Loan Advisors to stay updated with the latest trends in the lending Industry. Traditionally, the loan advisors were receiving and managing data manually, with huge amounts of paperwork, managing the distributors and agents as well as direct customers, and keeping up with the changes in the bank’s process of lending. Now with digitalisation of banking and hence, lending process, the advisors no longer need to rely on papers and forms to extend advisory. What should you do, as a Loan Advisor with experience and expertise, in order to stand the competition against the tech-first loan businesses? Start with evaluating your current customer base: Who constitutes the majority of your clientele? Depending upon various factors like demographics, literacy, adequacy with usage of technology, and connectivity, you can understand what will be the best route to transform digitally. Deploy custom BRE and LOS systems: A BRE automates decision-making based on predefined rules set by lenders and regulatory bodies. In the context of a Loan Advisory Business, a BRE can help by: Automating eligibility checks Quickly assess if an applicant qualifies based on income, credit score, debt-to-income ratio, etc. Standardizing bank-specific requirements Different lenders have different rules; a BRE ensures compliance without manual intervention. Reducing human errors Ensures loan applications don’t get rejected due to incorrect documentation or missing details. Speeding up application approval Decisions on which bank/loan fits best can be made instantly. An LOS manages the entire loan application process from submission to disbursement. For a Loan Advisory Business, an LOS can: Integrate with Bank APIs Fetch real-time data and auto-fill customer details in loan applications. Loan management system with AI features Use AI and OCR to scan documents and verify authenticity. Provide a customer-facing dashboard Let customers track their loan status and manage their applications. Streamline loan submissions to multiple banks Allow applications to be processed across different lenders, directly from the app with the power of connected APIs. Connect with the leading loan lending mobile app development company in India.Discuss your idea now!  Read this dedicated blog on the compliances in Fintech development. AI recommendation system Build an AI system that takes inputs like income, debt to income ratio, loan amount, current EMIs etc and gives out recommendations on the banks best to opt for. This way the onboarding process will be faster, and secure, making sure the customer reaches the team directly once he finishes this flow. Get your loan app development done by the expert Fintech Developers. Discuss your vision now. Gamification Don’t limit yourself to just loan advisory. You can retain customers using gamification of his current financial health, his loan process updates, a dashboard showing how he can opt for other loan options available from the business while maintaining the current loans, in how much time etc. These features would help with customer retention.  Reports Who wouldn’t like a personalized dashboard that shows all the loans they have taken from your support, the EMI calendars for each, the financial health score, the credit score and the next available options? This would help them come back to you for any future needs, because now they know you take care of everything related to the loan!  Get Started Today! Are you a Loan Advisor ready to transform your business with cutting-edge technology? We’re here to support you every step of the way. Whether you want to enhance your loan advisory services with a BRE and LOS system, integrate AI for better customer recommendations, or retain clients with gamification features, we have the expertise to help you succeed. Partner with us today to develop a custom fintech solution that will set your business apart from the competition and help you scale in the fast-evolving digital lending landscape. Contact us now to discuss your vision, and let’s build the future of loan advisory together!

How Custom Fintech App Development helps startup growth
Blog, Business, Technology

Scaling Beyond Limits: How Custom Apps Drive Startup Growth

March 6, 2025

We have been riding with technology for a few decades now. If you ask any age-old established industrial company about their take on the usage of tech for scaling, they now feel the need for something different—not quite satisfied with the usage of third-party software for internal management as well as customer-facing operations. Why? Because they now know how their customer thinks, how they choose the way they want to be serviced. What changed from the last decade to this one? Is it the way customers have begun putting their demands and choice of being catered to, or the way companies have started handling the “customer satisfaction” metric with the highest priority? Whatever the reason may be, the result stays the same. You cannot be relying on ready-made stuff if your vision is to scale and become something that stands out. Now, this stands true for almost all aspects of our lives, but for the sake of being a dedicated blog, let’s keep the focus on custom app development as the road to scaling. In this blog, we will explore the ‘scaling’ necessaries, focusing on the role of IT and technology to speed up the process. Why Scaling Demands Customization Let’s start with some stats first. In 2024, global mobile app downloads reached approximately 218 billion, reflecting a 7% increase from the previous year. This of course includes both white-labeled apps and custom apps being used by the whole world, including your business audience. Now, you know your potential customers need something they can have at their fingertips—something accessible through a mobile screen, AKA apps or web apps. Let’s get to your POV as a startup or company just starting their digital journey. You have noticed how your ‘potential customers’ want to have services right at their fingertips, with speed and security. You have built your ICP for marketing efforts and are searching for the right channel to deploy it. Your computer screen screams “USE APPS TO GAIN AND RETAIN CUSTOMERS,” but the next line varies in each article. Some say “white-labeled apps for quick deployment, at a low cost,” while others glorify “custom apps to give a customized feel.” I get it. This feels like a hard decision, but again, a decision you have to take if you are to scale your business. White-Labeled vs. Custom app development : Making the Right Choice When a company reaches the point of scaling, they already have a few wins on the field. They know their customers, understand how to manage revenue and expenses, and have had a few falls to know the next pit. This is necessary to begin with since this will help you decide the way you scale. Quick Comparison Factor White-Labeled Apps Custom Apps Cost Lower upfront cost Higher investment Branding Limited customization Fully customizable Scalability Fixed features Scales with business needs Uniqueness Shared with others Exclusive to your business Ask yourself these key questions: For some future reference, read this supper informative blog on the use of the right tech for your custom app.  Once you answer these, you will know what suits your business the most. But with the change in behavioral patterns of users, I can be sure of the increasing need for personalisation and customisation—in services, products, and soon enough, in the way they are being catered to. The rise of AI has led to a change in behavioral patterns, with 80% of consumers preferring brands that customize content, keeping the customer journey in mind. Also, 70% of companies in 2024 feel that AI-powered personalization can be the most impactful form of personalised marketing that will affect the market and clients. Custom Apps & ROI: The Numbers Speak Now you understand the buzz around custom apps and web apps. People yearn for customized care—it doesn’t matter what service you provide. Custom mobile apps give the brand a touch of difference. You can now build your own customer journey, visualize the way your target audience wants to be serviced, and build exactly that—bringing in the cheer, the uniqueness you keep pushing in your ad copies, directly at the fingertips of your users. Check out our blog on Fintech App Optimisation Techniques. ROI Scenarios in Fintech If you are in the Insurance industry, read this informative blog right here for how to make sure you are digitally present, in the best way possible.  A key trend in custom app development is the integration of AI and ML, enabling smarter software with predictive analytics and personalized user experiences. As AI adoption grows, most applications are expected to incorporate AI-driven features, enhancing decision-making, customer support, and operational efficiency. For a business that wants to scale, partnering with a custom application development company can yield 200-500% ROI within 2-3 years, provided it aligns with business goals and revenue models. The real value lies in long-term scalability, automation, and higher customer retention. Get Started with Custom App Development You may find a custom mobile app development or Fintech Company suitable for your business by reviewing a few who hold expertise in your domain. We at ProfitMatics , custom software development company, build custom fintech applications for various domains, including trading, wealth management, payments, e-commerce, loan advisory, regtech, and more. We understand your vision and build something only you can have. Success Stories: Custom Apps That Led to Massive Growth These examples showcase how fintech companies leverage custom applications to address specific market needs, streamline operations, and scale successfully. Ready to Scale? Let’s Talk Book a free meeting to explore how a custom app can scale your business. Our experts will assess your growth potential and provide actionable recommendations tailored to your expansion needs.

Neobanks and how they are built, business model of neobanks, revenue model of neobanks and India's neobank industry.
Blog, Guides, Technology

Why Neobanks are the Future and How to Build One

September 30, 2024

Talking about Fintech and not including Neo Banks? Can’t miss this one! Let’s jump straight into it.  What exactly are Neo Banks? And what’s the craze about them in the Fintech Industry? Neo Bank is the term used to describe a completely digital bank, that exists and offers services without any physical branches. Neo banks are also called Challenger Banks, the reason for this name will be discussed later in the blog.  What’s making neobanks a popular term, especially amongst the GenZs?  It’s the reason they were built on. Neo banks are a response to the changing needs of customers in the digital age. They are often cheaper than traditional banks and may offer more competitive interest rates.  Let’s understand this with some statistics around Neo Banks.  In just three years, the global customer base of neobanks has grown from 2 million to 15 million, and the number of neobanks has increased from around 70 to over 250. According to stats, the global neobank market is growing at a CAGR rate of over 47% and is expected to hit $722,60 billion by 2028.(SDK.finance) What’s so attractive about Neobanks? With the world shifting towards “digital-everything”, the emergence of Neobanks seemed the next step in the future of innovative and digitally equipped financial banking. Replacing the inherent need of having a physical bank to reach out to, NeoBanks are the one stop destination for all the banking needs, be it around savings accounts, current accounts, debit and credit cards, digital money transfers, payment solutions, or lending.  By leveraging technologies like artificial intelligence (AI), automation, and cloud computing -something that traditional banks lack, Neobanks are attracting a large part of the ‘modern’ customers who want their needs to be fulfilled ‘at one click’. This is the reason why they are often called ‘Challenger Banks’. As their name says, these digital banks ‘challenge’ the traditional banking system by targeting both personal and business consumers who are often overlooked by high-street banks. We will go deeper into the making of Neobanks later in the blog. Do Neo Banks need collaborations with physical banks?  This question often comes up when talking about Neobanks in India. Since Neobanks are not considered fully fledged banks and do not have banking licenses, they are not directly regulated by the RBI (Reserve Bank of India). The RBI prohibits them from acquiring a banking license.  Instead, Neo Banks rely on partners who offer financial services like instant payments, lending, or money transfers.  Who are the partners here?  Neobanks partner with licensed banks that are governed by the RBI. Some of these banks include :  State Bank of India (SBI) ICICI Bank Axis Bank Induslnd Bank  Kotak Mahindra Bank IDFC First Bank Yes Bank HDFC Bank RBL Bank Federal Bank How Do Neobanks Earn? This is the most interesting part of the blog if you are someone aspiring to build a neobank of your own or someone already in the Fintech industry, trying to grasp some interesting business models. We can help you build your own Fintech with custom features and robust security. Our team of Fintech experts and enthusiasts is excited to meet you! Getting back to the topic, let’s unbox this business model!  How are Neobanks built While there are two types of NeoBanks, Full Stack Neobank (independent bank with a banking license )and Front End Neobanks (the one we discussed above, which partner with traditional banks to operate), in this blog we will be discussing the Business Model of Front End Neobanks, since those are the ones popular and allowed in India.  Taking help from Niyo– India’s first fintech to pursue Neo Banking, we can understand the model underneath the working of Front End Neobanks. Let’s revise the cases where Front End Neobanks work best While being supported by the traditional banks from below, Neobanks foster strategic partnerships and a way for businesses to perform businesses without any hindrance, going fully digital. Centred around customers, Neobanks have a innovative USP while working under the regulations put by the regulatory bodies, providing a seamless experience, legally. To understand the regulations for building Fintech, read our dedicated blog here. India’s leading Neobanks There are several neo-banks available in India. Given below are the examples of some of the most popular of them in the country Summing up Building a Neobank in India is possible, given you follow all the rules and regulations by the regulating bodies. It is the next trend in Digital Finance, and a great opportunity to tap into, given the huge customer base in India(Gen Z Population loves digital experiences). If you want to build your own Neobank, we can help you.

Flutter or React for your Fintech App
Technology, Blog, Software

Flutter or React Native- Which is better for Fintech App Development

September 24, 2024

Bringing out the best requires choosing the best from the sea of options available. Choosing a development partner with proven expertise is crucial for ensuring your business outcomes align with your strategic goals. We are here to make it easy for you and your developers.  Read this blog to understand the differences between Flutter and React Native and what would be best for you Fintech.  What exactly is Flutter and React Native? You can skip this part if you are already a seasoned developer, but if you are someone beginning your Fintech Journey, this portion of the blog will make these big terms easy for you to understand.  Flutter- The partner for your Fintech App  Flutter is an open-source UI software development kit created by Google. It is often used for frontend development, though backend development is also possible. It can be used to develop cross platform applications from a single codebase for the Web, Fuchsia, Android, iOS, Linux, macOS, and Windows.  You can check out our blog on Best Ui/Ux practices for Fintech Apps for more context: Flutter ships applications with its own rendering engine which directly outputs pixel data to the screen. This is in contrast to many other UI frameworks that rely on the target platform to provide a rendering engine, such as native Android apps which rely on the device-level Android SDK or React Native which dynamically uses the target platform’s built-in UI stack. Flutter’s control of its rendering pipeline simplifies multi-platform support as identical UI code can be used for all target platforms. Here’s a quick overview of how Flutter is great to use: Benefits of Flutter  Also, Flutter 3.24 has been released and here’s a snippet of major changes: Significant GPU Rendering Improvements One of the major highlights of Flutter 3.24 is the enhancement in GPU (Graphics Processing Unit) rendering, which is critical for applications that require smooth animations and visually intensive graphics. Multi-View Embedding: A New Dimension of Flexibility The introduction of multi-view embedding in Flutter 3.24 is a game-changer for developers working on complex applications. It allows for the embedding of multiple Flutter instances within a single app, each managing different views or sections.  Dart 3.5 Integration: Elevating Development Efficiency The release of Dart 3.5 has introduced a suite of new features and optimizations that improve both the development experience and the performance of Flutter apps. Dart 3.5 has brought enhanced type inference, making it easier to write concise, maintainable code. Advanced DevTools for Enhanced Development Experience A slice of happiness for the Developers- this latest version comes with advanced DevTools that offer you more powerful debugging and profiling tools. It’s an enhanced experience in itself. There is more to add, but let’s stick to our main learning for this blog.  Now, Let’s move forward to React Native: Is this the same as React? NO. But its functionality is the same as React, right? WRONG. React Native was first released by Facebook as an open-source project in 2015. It is considered one of the top solutions used for mobile development. It is a free, open-source JavaScript framework for building apps.  What makes React Native stand out is usability for both Android and iOS mobile apps. Also, since React Native was built based on React – a JavaScript library, which was already hugely popular when the mobile framework was released, it comes with an easy learning curve since developers are already accustomed to using React. Instagram, Pinterest and Skype are built on React Native.  Here are some more benefits of using React Native: Which would be better for Fintech Applications? For Fintech app development, the decision of using Flutter or React Native often hinges on factors like performance, development speed, community support, and specific project requirements. Let’s discuss each of them here: Here’s an insight: Majority of Fintech Startups prefer using Flutter, for its obvious use cases and advantages. You can still choose between the two, but make sure your App’s features are not compromised by any of them. Performance: Flutter’s compiled native code often delivers superior performance compared to JavaScript-based frameworks like React Native. This is crucial for financial apps where speed and responsiveness are paramount. So for better performance delivery, Flutter is the better choice Cross-platform development: Flutter allows you to build apps for both iOS and Android from a single codebase, saving time and effort.   UI/UX: Flutter’s rich widget library and declarative programming style make it easier to create visually appealing and consistent user interfaces.   Hot reload: This feature of Flutter enables developers to see changes instantly, accelerating the development process.   Community and ecosystem: While the Flutter community is growing rapidly, it may not be as mature as React Native’s, especially in terms of third-party libraries and tools specifically tailored for Fintech. Learning curve: If your team is primarily familiar with JavaScript, React Native might have a shallower learning curve. Flutter uses the programming language Dart , which isn’t that hard to adapt to. Large community: React Native boasts a vast and active community, offering a wealth of resources, libraries, and support. But with Flutter’s success strides and new versions being released, we think this might become a debatable topic in a few years. Third-party ecosystem: React Native benefits from a mature ecosystem of libraries and tools, including many specifically designed for Fintech applications.   Bridging: React Native relies on a JavaScript bridge to communicate with native components, which can introduce potential performance overhead.   So, we have summed up the differences between Flutter and React Native, the use cases for each, the pros and cons depending on different scenarios, and what factors you need to keep in mind while choosing for your Fintech App. Let’s go a step further and see which one is better for different domains of Fintech: Yes, we got it simplified for you!  How can we be sure of this? We are experts in building Fintech Apps. Having built apps across all domains, we have the experience and expertise for choosing the right technology for each of them. You can