How to Hire the Best FinTech Website Development Company?

With the never-ending evolution of digital technologies we can see in the last years, businesses can discover more opportunities and options to make a profit, reduce the cost of their operations, and attract/retain customers than ever before. Specifically, this thesis can be applied to the financial industry, one of the leading areas of which is lending.

For example, the independent source Global Data claims that the global digital lending services market will grow at a CAGR of 22.1% until 2030. At the same time, one of the most effective ways of providing such services is by using the Lending as a Service format. Below, we will explain what it is, how such solutions work, what their advantages are, and what impact they can have on the financial sector in the future.

What Is Lending as a Service (LaaS)?

In a nutshell, Lending as a Service is the delegation of all operations related to providing loans to its customers to a third-party provider.

The convenience of SaaS lending technology is obvious even at first glance: instead of independently learning how to manage risks and generally studying how the financial sector and related legislation work, businesses get the opportunity to remain focused on their key operations while expanding their range of services and making them more convenient and accessible to consumers. This approach also reduces the costs associated with the implementation of financial lending services without reducing their effectiveness.

How Lending as a Service Works

From a practical point of view, LaaS is usually presented in the form of cloud solutions that can be adapted to the individual needs of a particular business. Their functionality is available in real time, which means that businesses that have chosen this format of cooperation do not experience any inconveniences associated with delays and downtime.

At the same time, such solutions take on much more than just issuing loans according to the rules and restrictions pre-established by a particular company – they allow these companies to fully automate credit lending services and even speed them up compared to how it could be if they did it personally. 

Benefits of Lending as a Service

So, let's formalize the advantages of fintech lending solutions for businesses.

• Less time and overhead expenses. Companies that do not have the opportunity to pay attention to the implementation of lending can significantly benefit from outsourcing loan management. They will also not be forced to deal with tasks related to maintaining their credit platforms since all this will be the responsibility of their suppliers.
• More information about customers. Any average Lending as a Service platform provides businesses with analytical data about their consumers, which can give them valuable insights into their income level, preferences, and other characteristics important for attracting and retaining them. In this way, businesses can significantly boost their efficiency.
• Fewer risks associated with unreliable customers. Typically, the implementation of a lending service is accompanied by the development and deployment of internal Know-Your-Customer (KYC) policies, which may require businesses to become more familiar with how the lending industry works in general and what laws and rules govern it. Conversely, by entrusting all this to a third-party provider, businesses can gain time to solve more pressing problems.
• Wider coverage of the target audience. The rapid implementation of lending services, which LaaS platforms can provide, allows companies to enter new markets and do this much earlier than their competitors. Thus, they gain an increased competitive advantage without the need for a radical modernization of their internal digital infrastructures.
• Accelerated access to advanced IT achievements in the financial sector. Sometimes such a fintech innovation becomes a starting point for more serious updates in the IT infrastructure of a particular business. Indeed, by regularly interacting with LaaS solutions, companies learn more about new digital technologies and the possibilities of their application in a specific business niche, which, in the long term, can give them new ideas for automation and increase the efficiency of their other business operations.

Impact of LaaS on the Financial Industry

It is worth noting that LaaS has an impact not only on individual businesses that have decided to implement such solutions but also on the financial industry as a whole.

Since they actually connect financial institutions (banks), fintech companies, businesses engaged in sale of services/products, and consumers themselves, this interaction chain opens up colossal potential for benefit for each of its links. Indeed: banks get even more clients, companies involved in the development of fintech startups get useful knowledge that allows them to implement standard-compliant solutions, businesses get increased efficiency and adaptability, and consumers themselves get the opportunity to purchase previously unavailable goods and services.

In the long term, all this can lead to the obsolescence of traditional lending models and the opening of new opportunities for cooperation between all the above-described participants in the lending procedure.

Conclusion

If you are considering the digitalization of financial operations in your business and are looking for a reliable service provider providing fintech development services, feel free to contact us. We will create a custom digital banking solution adapted to the standards and generally accepted regulations of your business niche to ensure your company’s sustainability for many years to come.

With more than 2.7 billion smartphone users across the world in 2020, it’s no surprise that the mobile app industry is expended with no signs of stopping. Nowadays, smartphones have become a useful and convenient instrument that offers multiple benefits such as communication through emails and social networking, web surfing, entertainment, GPS and various other productivity apps.

In fact, studies show that the average American checks their phone every 12 minutes. 10% of people check their phones every four minutes.

We use our phones every day at work, at home, on the street, in bed, while we are eating, in our cars. You might be reading this article from a mobile device right now.

What are people doing on their phones? Well, 90% of mobile time is spent on apps.

According to these facts, many companies considering mobile apps are facing a common challenge — which app development approach to choose? Should we build a native, mobile web, or hybrid app? More importantly, which is the most appropriate app type for you and your business?

Let’s find out what are native, mobile web, and hybrid apps, analyze the differences between them, as well as the advantages and disadvantages of each. After reading, you will be able to understand which approach will be the right one for your business idea.

Web Apps

A web app is a software program that uses web technologies like HTML5, CSS, JavaScript. It exists entirely within browsers such as Safari and Chrome and is essentially a mobile website. It is therefore not possible to download them from an app store.

Also, the web app is not connected with the device’s operating system and does not use its storage. Unlike an iOS or Android app, there is no software development kit (SDK) for a developer to work with. There are templates and frameworks for developing web apps like Angular, React, and Vue.js that you can use to get a quick start.

So, here are some pros of web application

• Developing a web app can be simple and quick. So, web apps are a cost-effective way to put your product in the hands of a lot of users.
• Web apps can be built for all platforms as long as they can run in an appropriate web browser.
• The user doesn’t have to manage updates manually. The newest version always loads when a user opens a web app.

And some cons:

• Searching for an app might be difficult because the user doesn’t find it in any app store.
• A browser is required to run a web app. It means that users have to take more steps to use a web app, whether that’s searching for the page or typing in a URL.
• Web apps can be slower and lack a lot of benefits. They only work online and they don’t have access to as many phone features like push notifications, contacts, etc.

However, as browsers and web apps become more advanced, PWAs (progressive web apps) offer a wider functionality like:

• Sending push messages
• Using some touch screen elements
• Using some of the device’s hardware

So, If your startup is on a budget and doesn’t require complex functionalities or access to operating system features, then building a web app can be the most suitable solution.

Native Apps

A native app is a software application that is built for specific platforms and is written in languages that the platform accepts. For example, Swift and Objective-C for native iOS apps, Java or Kotlin for native Android apps and C# for the most part for Windows Phone apps. Native apps are also built using the specific Integrated Development Environment (IDE) for the selected operating systems.

Advantages of the native application:

• Native apps offer the fastest, most reliable and most responsive experience to users.
• Good integration with the hardware of the device (e.g. camera, GPS, phone, touch screen)
• It comes with the push notification functionality.
• Great design and user experience possibilities. For example, the implementation of sophisticated UI/UX design and animation.
• These apps can be downloaded from app stores and installed on mobile devices, where they can be placed as a designated icon on the home screen.
• Native apps are also more suitable for working offline.

Disadvantages:

• Need more than one codebase. iOS apps will not run on Android and the opposite, so you will have to work with different codebases for every platform you choose to build in.
• Native apps are usually more expensive in developing, especially for companies that need apps on multiple OS platforms. For both platforms, it will require two separate developers or teams.
• A lot of time is spent on development. Also, it takes time to update the app for different platforms.
• Require constant updates to keep with the current OS versions.
• Expensive to keep your native app updated
• Both Apple App Store and Google Play get a 30% commission from every in-app payment.

To sum up, a bigger budget is required if you want to build your app for multiple platforms (i.e. iPhones and Android) and to keep your native app updated. Native apps are not the best option for simple applications.

By offering a great user experience, better performance and accessibility, native apps are able to offer users a more personalized product.

Hybrid apps

Hybrid apps combine the power of native and web apps to reap the benefits of both. Actually they are made, so they look and feel like native applications, but like web apps, are built with JavaScript, HTML, and CSS. Also, there is a shell that is downloadable and loads the code using a WebView.

Advantages of the hybrid apps:

• Hybrid apps don’t need a web browser like web apps.
• With a hybrid app, you only have one codebase to manage. So, instead of building two apps like with native apps, you’re building one app, and it works on both platforms.
• Hybrid app developers are often less expensive than native application developers. You will probably require half the number of developers two native apps would have required. Or, with the same number of developers, a hybrid app could be published in half the time.
• Hybrid is a great option for developers that create visually intense applications, for instance, games
• Hybrid apps let you retain the same ability to access device features as with native apps.
• Easy to work with, maintain and upgrade
• Because of their native infrastructure, hybrid apps can work offline.
• Hybrid apps are easier to scale to another platform. Once you’ve built for one platform, you can launch on another, like Windows Mobile.

The downside:

• Getting your hybrid app to run appropriately on each platform generally takes substantial work. Sometimes, the total cost might become comparable to that of fully native apps. It all depends on how close you want to get to the “native user experience” or how simple your app is.
• Hybrid apps can be slower than native apps.
• Need to customize to a large number of exciting browsers
• Inability to implement complex features (e.g. in-app analytics, charts, diagrams)
• These hybrid systems make bug fixing more difficult.
• Hybrid apps load in a WebView, so performance can be worse than native applications.

Say you have an idea for an app, and you don’t know if people will like it or not. If you understand that a web app doesn’t really allow you to test this app, the simple version of the hybrid app will be a good solution for you.

You give to people to download and use the app on their device, although you are short on resources. Usually, a startup project is decided to create a hybrid app that in the startup world, this is called an MVP, or minimum viable product.

Conclusion

There are many different directions in which you can take your app, all of which have their pros and cons. The choice between web, native, and hybrid development is dependent on a number of factors, including business needs, app requirements, developer skill, budget and timelines. What’s important is to spend enough time thinking and analyzing before you start building because the apps are expensive enough. So, you may only have one go at getting it right. Find out the information as much as you can about the different kinds of apps and the development stages.

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In web development, selecting the right platform is key. Webflow and WordPress each offer unique advantages tailored to different needs. This article compares these platforms to help you make an informed decision for your project.

Webflow

Webflow is an innovative platform that allows designers and developers to create impressive and responsive websites without the need for extensive coding knowledge. Its intuitive drag-and-drop interface offers a refreshing approach to web design, allowing users to visually craft layouts and interactions.

Advantages and Key Features of Webflow

Webflow is designed to empower designers and developers with its comprehensive suite of tools. From crafting visually stunning layouts to managing content and e-commerce effortlessly, Webflow simplifies every aspect of web creation:

• Visual Design Capabilities: Offers a user-friendly interface for creating pixel-perfect layouts and custom styling without extensive coding.
• Responsive and Interactive Design: Creates designs that automatically adjust to different devices and allow adding customized interactive elements and animations.
• Integrated CMS and E-commerce: Offers comprehensive tools for managing content and building online stores, supporting dynamic, content-rich websites.
• Clean Code Generation: Produces clean, efficient HTML, CSS, and JavaScript, enhancing site performance and SEO.
• Simplified Hosting and Publishing: Makes website deployment quick and efficient, directly from the platform.

Drawbacks of Webflow

While Webflow is a powerful tool for website design, it comes with certain limitations that might affect its suitability for some projects:

• Pricing: Webflow may be costlier than alternatives like WordPress, especially for hosting and advanced features, which could strain the budgets of smaller projects or independent creators.
• Learning Curve: Despite its user-friendly design interface, Webflow can be challenging to master for those new to design principles or who need to use its more advanced functionalities.
• Limited Extensions: Webflow has fewer third-party integrations and plugins compared to WordPress, potentially restricting its ability to meet specific customization needs or add unique functionalities.
• Scalability: While suitable for medium-sized projects, Webflow may not offer the same level of flexibility for hosting or scaling up large websites as some other platforms.

Webflow Websites Examples

Webflow's powerful design tools are used by a diverse range of businesses to improve their online presence and make digital interactions more efficient. Here are some examples of big companies from different areas using the power of Webflow:

• Dell Design System - An online resource for designers and developers, providing Dell-branded design assets, patterns, and guidelines to ensure consistent and high-quality user experiences across Dell's products.
• DropboxSign - An electronic signature platform that offers intuitive signing, sending, and managing documents online. Integrates with tools like Google Drive and Salesforce, maintaining high security and compliance standards.
• Michael Kors - A luxury fashion brand utilizing Webflow for the presentation of their seasonal collection. Features include Runway videos, a detailed Lookbook, and a direct link to their e-commerce site.

WordPress

WordPress is a long-standing leader in the web development landscape. It offers a dynamic ecosystem of themes, plugins, and customization options, addressing a wide range of website requirements, spanning from blogs to corporate portals.

Advantages and Key Features of WordPress:

WordPress stands out for its flexibility and wide range of functionalities that cater to diverse website requirements. Here we highlight the platform’s main features that enable users to effectively tailor, manage, and enhance their websites:

• Flexibility: WordPress's extensive library of themes and plugins provides incredible flexibility, enabling users to tailor their websites to specific needs.
• Content Management: WordPress excels as a content management system, making it ideal for bloggers and content creators.
• E-commerce: With the WooCommerce plugin, WordPress can handle e-commerce needs effectively, and its vast plugin directory allows for various functionalities.
• SEO Optimization: WordPress offers plugins and features that facilitate search engine optimization, helping websites rank better in search results.
• Large Community: WordPress boasts a massive community of developers, designers, and users, ensuring ongoing support, updates, and resources.

Drawbacks of WordPress

While WordPress is a flexible and powerful platform, managing it effectively comes with certain challenges. These drawbacks can affect the efficiency and security of websites, especially if not properly addressed:

• Security Issues: WordPress sites can be vulnerable to security threats if not properly maintained, especially due to outdated plugins or themes.
• Performance: Without proper optimization, WordPress sites can suffer from slow loading times, particularly as the number of plugins and customizations increases.
• Maintenance: Keeping a WordPress site updated with all the latest plugin and theme updates can be time-consuming and requires regular attention.
• Plugin Overload: While the vast number of available plugins allows for extensive customization, relying too heavily on them can lead to compatibility issues, potential security vulnerabilities, and a decrease in site performance.

WordPress Websites Examples

WordPress empowers a wide variety of businesses and organizations to manage their online content effectively. Here are some standout examples of how leading organizations use WordPress to manage and enhance their digital presence:

• TechCrunch is a leading technology news site that uses WordPress to manage and publish extensive content efficiently.
• Sony Music represents how major corporations use WordPress for content-heavy websites with a need for robust content management systems.
• The TED Blog uses WordPress to manage its rich content, including articles and TED Talk summaries, effectively integrating multimedia elements to engage a global audience.

Summary

In conclusion, when considering Webflow or WordPress, your choice depends on your specific needs. If you're a designer seeking a seamless blend of creativity and functionality, Webflow stands out. Its responsive capabilities, dynamic interactions, clean code generation, and user-friendly hosting make it a prime choice for creating websites that captivate and engage visitors. While WordPress's content management system versatility and vast ecosystem are valuable, Webflow's focus on elevating the design process and simplifying development workflow make it the preferred platform for those aiming to craft visually stunning and interactive websites without diving deeply into coding intricacies. Whether you're an experienced designer or a novice, Webflow empowers you to bring your web design visions to life.