Sep 30, 2020

Custom Software in the Financial Services Industry: Unique Challenges, Outsized Rewards

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Syberry

Custom Software in the Financial Services Industry: Unique Challenges, Outsized Rewards

With heightened regulatory and data security requirements, companies in the financial services industry are often wary of software solutions that promise to streamline their business processes. Will an application keep customer data secure? Will it meet GDPR, ASC 606, and other regulatory requirements? Will it be “hack-proof”? Understandably, many financial services companies want to maintain full control over their processes, so they rely entirely on “homegrown” systems and manual workflows to run their businesses.

Unfortunately, this route has its drawbacks. These homegrown systems and, even more so, manual workflows require significant human intervention, which cuts down on efficiency and significantly increases the risk for errors, leaving customer data less secure and jeopardizing client relationships. Additionally, in today’s increasingly online world, consumers are expecting (and demanding) the businesses they work with to join the digital era, with sleek, easy-to-access, and user-friendly applications that make it easy to do business anytime, anywhere. By skirting around software, financial institutions risk falling behind.

So today’s financial services businesses are in a real catch-22: embracing software solutions seems to increase risk, but avoiding them may lead to inefficient operations, costly errors, and unhappy customers. What these companies need is a trusted software partner who can help them develop the systems they need to optimize both front- and back-office process with all the security considerations and regulatory structures they need to stay protected and compliant.

And that’s where Syberry comes in.

We are a custom software development firm dedicated to developing secure, compliant software from the ground up for our Fintech clients (along with clients in many other industries) to help them streamline business processes and functions, optimize data security and enhance the customer experience. We work with clients to create both back-office and customer-facing systems, from database management tools to mobile applications, that span every aspect of the financial services business.

Let us give you an example.

FinTech Solutions in Action

Recently, a client in the financial services sector approached us for help developing a platform that would help its users make savvy decisions in the financial markets. The goal was to design a system that would aggregate statistics from various sources and in various formats, process it, and provide it to end users in a readable format to support their decision making.

Traditionally, the company had done all of this work by hand, employing hundreds of people to normalize, process, and interpret the data so it would be useful for their clients. This manual process was not only costly — each of those hundreds of employees received salary and benefits — but it was risky, too. After all, even the most skilled and intelligent of humans are prone to human error. So, the company approached us to create a system that would automate the process.

Our team, which includes savvy business analysts and project managers as well as world-class engineers, was eager to dive in. We worked closely with our client to understand the ins and outs of their business and outline their every requirement — from the most basic to the most complex. We wanted to know their processes as well as they did in order to provide the most impactful improvements.

Ultimately we broke this particular project down into three main challenges:

  • Processing all data within the scope: Data would be coming into the platform from a variety of sources, in a variety of formats, and with many inconsistencies, gaps, and redundancies. A successful solution would have to be able to clean and process all of it.
  • Providing consistency across workflows, columns, and any other item within a data set.
  • Improving usability while staying true to value: We wanted to maintain the integrity, depth, and breadth of the data while providing our client’s users with a delightful, insightful experience.

Once we had a clear picture of the end goal, then it was time to get to work. We began by analyzing the scope of data the platform would be handling in order to design the most effective way to process it. Once we’d designed the solution, it was time to develop. One of the most pressing pieces of this step was automating as much of the manual labor as we could to reduce risk of errors and improve efficiency. For example, we created workflow files to automate data processing by specifying various parameters of input data and instructions on how and when it should be manipulated. And finally, deployment: as each piece of the solution was developed, we tested it, launched it, and integrate the custom code into the client’s existing environment.

The final product was a platform that took the clients’ exacting manual processes and automated them, saving countless hours of time, drastically reducing the risk for errors, and providing significantly enhanced transparency into both the data manipulation process and the financial insights derived from the data.

For financial services companies, tech doesn’t have to be risky. In fact, with the right partner, custom software can have a powerful, positive impact on a financial services company’s ability to keep data secure, maximize efficiency, and provide the top-notch service customers deserve.

December 9, 2019

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What our customers say about us

Syberry has provided satisfactory services thus far, and they are very responsive to any issues that arise. The team also possesses strong communication skills. They delivered a functional piece of software at a reasonable price, and they've managed the project very well.

Richard Harkness

CEO, ADEPT Driver

Elk Grove, CA

How we help ADEPT Driver Company

We developed a web-based driving simulator for teens and another for adults. The products run on Chromebooks, and the team added features that enable them to measure a driver's ability to avoid a crash.

Technologies used

I don't think you could find a better company to manage and build your project. I get so many compliments on my application, and it has a lot of unique and complex development.

Todd Surber

CEO, PIXRIT

Charleston, South Carolina

How we help PIXRIT Company

A photographer approached us to build a web-based software platform that combines the fastest social media manager with state-of-the-art galleries and provides the ultimate tool for photographers to upload, store, back up, and share their photos and manage their SMM activities.

Technologies used

The user-friendly software hasn’t encountered any issues or bugs in more than three years. It’s high quality has helped grow the clientele. Straightforward and consistent in communication, Syberry met every deadline and ensured a hassle-free development process.

Vince Hughes

Owner, Steel Estimating Solutions

Knoxville, TN

How we help Steel Estimating Solutions Company

Our client was inspired to create a product that helps steel erection companies perform faster, more efficient estimations and bids. We developed original proprietary software from the initial concept.

Technologies used

The new platform received positive feedback and performs better than its predecessor. Syberry communicated the project’s progress to their partners well by breaking down their steps and utilizing a management system. Most importantly, they delivered world-class service for a cost-efficient price.

Bill Fahy

Owner, FDI Creative Services

Houston, TX

How we help FDI Creative Services Company

Following strict regulations and requirements, we used AWS to develop a custom e-commerce web app that includes shipping integration. Since the site’s launch, the team has continued to make updates.

Technologies used

The application was delivered on time and within budget. Syberry explained their process thoroughly and accommodated to scope changes effortlessly. Their stellar project management, highly responsive communication, and proactive attitude set them apart.

Ricardo Casas

CEO, Fahrenheit Marketing

Austin, TX

How we help Fahrenheit Marketing Company

We developed a large, complex .NET application with various third-party integrations. The team built the software from scratch based on existing wireframes.

Technologies used

The end solution exceeded the client’s expectations. Syberry delivered high-quality products on time and at outstanding value. They provided frequent updates and repeatedly sought feedback at each stage. Customers can expect a highly experienced team that easily translates concepts into solutions.

Ruby Milkovic

Executive Director, Velicom

Austin, TX

How we help Velicom Company

Our team built video streaming software as a web and desktop app for a third-party client. We completed end-to-end development—from scoping to feedback cycles to QA—using PHP and Wowza Streaming Engine.

Technologies used

Syberry has successfully improved the frontend performance of the platform and continues to make thoughtful suggestions for enhancements. They have proven to be communicative and reliable, mitigating the common concerns of outsourced teams. Syberry remains mindful of business goals and client needs.

Cory Kowal

VP of Products, THG Energy Solutions

Tulsa, OK

How we help THG Energy Solutions Company

Taking over for another vendor, we served as the ongoing software engineering partner for an energy company’s cloud-based platform. The company provided scoping, development, testing, and deployment services.

Technologies used

The added team members sufficiently fulfilled the needs of the project. The product was successfully launched and has received positive feedback. Syberry continues to be a supportive partner in development. They provide an impressive team and their expertise fosters a smooth collaboration.

Chris Cox

CTO, MyMelo

Louisville, Kentucky

How we help MyMelo Company

We provided staff augmentation resources for a development project. The team contributed engineers to follow an established roadmap to perform updates and add features.

Technologies used

Syberry delivered a solid website that has become a database of close to 40 organizations. The team worked quickly and efficiently to get the website up and running, and they continue to invest their time into the project. Additionally, they have been a communicative partner.

David Snyder

Product Director, Covid Resource Network

West Orange, New Jersey

How we help Covid Resource Network Company

The company developed a website that serves as a database where organizations can find and donate to other organizations. Currently, the team is working on enhancing the website and fixing bugs.

Technologies used

When the system is up and running, it will save time for the internal team. Syberry was a patient partner, and they performed well throughout the collaboration.

Joyce Cubio

VP of Operations, Ernie's Mobile Home Transport

Yuba, California

How we help Ernie's Mobile Home Transport Company

The team built an information hub for a mobile home transport and permit service. After discussing the existing system and processes, we delivered a new structure for forms and data.

Technologies used

All deliverables have exceeded expectations and function properly once launched. The Syberry team is skilled in juggling multiple projects, and provide strong expertise in software development. Their dedication to the project has fostered continual success in the engagement.

John Fox

Executive VP, Fox Business Automation Solutions

Lakeland, Florida

How we help Fox Business Automation Solutions Company

Brought on as a third party, we supplied ongoing development services. The team work on multiple projects and deliver according to predetermined design specifications.

Technologies used

Contact us to learn more about how Syberry can help your business achieve its every goal!

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