The 2008 financial crisis was one of the toughest economic periods in recent history. However, the period also acted as a catalyst, birthing a new generation of tech-driven financial companies with a desire to shake up traditional financial services and put more control in the hands of everyday consumers.
As these disruptive newcomers brought new solutions to the market, this ramped competition across the whole industry, pressuring legacy banks to rapidly adapt to new market expectations.
Further, consumers demonstrated a keen desire to proactively manage their finances and move into previously inaccessible spaces like stock trading.
Today, banking apps and fintech services have made it easier than ever to take care of banking tasks, improve credit scores, and invest on the go. The industry has also created a highly collaborative digital infrastructure thanks to open banking protocols.
Open banking allows users to view account activity from other banks or third-party apps from a central account to unlock a 360 view of their financial data, automate transactional tasks, and more. A recent survey from Visa found that 87% of American consumers are using some form of open banking, while a Mastercard report found that the desire to save time and save money were the two biggest drivers for such widespread adoption.
However, when it comes to fintech, software applications need to adhere to strict regulations and take active measures to protect consumer data. For this reason, many financial institutions are turning to software experts like 10Pearls to support the development process for new digital products and services.
10Pearls, experts in fintech innovation
Led by its CEO Imran Aftab, recipient of Ernst & Young’s Entrepreneur of the Year Award, 10Pearls has been working with a range of partners to develop high-quality fintech products, offering deep expertise in both software design and corporate business needs.
The agency boasts a passionate team of financial consultants and fintech software developers who are used to working on a range of projects, whether it’s creating a new solution from scratch or working to scale up existing offerings in new ways.
The team also holds deep expertise in creating apps that can participate in open banking frameworks, creating a seamless user experience while also adhering to the strict security protocols required.
Security is a pressing concern across the board given that 1,800 financial apps globally were targeted by cybercriminals during the course of 2023.
For this reason, 10Pearls helps financial clients build financial products with highly robust security controls that always comply with the relevant regulatory standards.
How fintech is shaking up b2b services
Open banking has already revolutionized fintech services for consumers.
The trend has seen brand and tech platforms turn to banks and finance providers to create new financial offerings that cater to businesses and business users.
Here, 10Pearls is already actively helping financial clients unlock opportunities as seen in a recent project with Paypal. The two companies partnered up to reimagine the SMB user experience. During the process, the agency met with these specific users to get a detailed understanding of the financial services they needed to help fuel their own business growth.
10Pearls used these insights to redesign application wireframes and closely manage the launch of new app features to ensure a seamless rollout with SMBs.
The future of fintech
According to Fortune Business Insights, the fintech market globally is poised to reach $1,152 billion by 2032. Banks and financial institutions are increasingly partnering up with software experts and project management teams to build award-winning digital products that realize new growth opportunities within this burgeoning market.
By working with trusted partners in software development, the financial sector can dive into deep expertise to get projects off the ground quickly while maintaining the highest quality.
