One of our strengths at Sol Minion Development is custom software for industries heavy in compliance regulations. One of these industries if the Financial Industry (also sometimes known as Fintech). So, what is involved in developing custom software for the financial industry?
The financial industry includes Mortgage, Real Estate, and Insurance. Each of these has special -- and complicated -- compliance rules. These rules necessitate development of custom software that facilitates that compliance, that makes it part of their processes and digital paperwork. Here are a few key issues for each industry:
Common among these three industry segments are electronic forms. By using properly secured and managed electronic forms, financial businesses keep themselves and their customer’s data safe -- not to mention add key efficiencies to their workflows.
Business owners in these industries know the complexity and frustration of compliance rules. That’s also why it is so important for a custom software developer for financial businesses to understand these rules. With our long record of creating these software packages, we’ve gained an understanding of the factors necessary to stay compliant. We also have the experience in working with their end users. End users are the ones that can really get a company in trouble with compliance. We know how they think and can predict what actions they may attempt within the software framework. It is very important to know the line between software flexibility and compliance.
Technological security is important with any custom software solution. We always keep software, servers, and other parts of the software “stack” updated and patched. That’s the case whether you host the software on your own servers or in the cloud. Because of that, the key security issue isn’t the technology behind it. It’s access to data. When there is employee turnover within the company -- which happens regularly in this industry -- we get lost access to data, lost passwords, etc. In those cases, we need to confirm the identity of the person trying to access the data, something that needs to be built into the software for compliance. When we’re automating forms, it is vital that we manage access to those as well. It keeps your business compliant and prevents fraud.
Another element of your software technology that we need to monitor for compliance is the 3rd party connected services integrated into your application. We often integrate with commercial Loan Origination Systems, document storage solutions and Customer Relationship Management (CRM) software, as well as other solutions for scheduling and marketing automation. Fortunately, we have experience in all areas of connected services.
Probably the biggest compliance challenge for companies in the financial industry is dealing with different regulations in different states or municipalities. While there are the obvious national level rules and regulations, many states have implemented their own controls. Often, when this becomes prohibitive, we start in a specific region and grow from there.
If you run a business in the financial industry and are concerned about software compliance, contact us to see how we can help. We will learn about your specific situation, let you know the key compliance issues your software needs to address, and provide a quote for a solution that will keep you compliant and help you run your business more efficiently.