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How to Leverage Offshore Development Teams for Fintech Innovation

The financial technology (FinTech) sector has rapidly become a serious influence in transforming the financial industry.As FinTech firms aim to lead the market and introduce innovative solutions, many are deciding to hire offshore developers as part of their strategy.In this article, our team at KMS Solutions explores how a team of offshore developers, or wider offshore software development services, can empower Fintech innovation operations. What is Offshore Fintech Software Development? Offshore Fintech software development services describe the end-to-end process of delegating software development tasks, or IT projects to external service providers based in various countries or regions outside their own.Choosing to hire offshore developers has become highly popular across the globe due to numerous significant benefits, such as reduced costs, access to a wider talent pool, faster development cycles, and more.The typical structure of a relationship with an offshore development company includes:Client Organisation: The Fintech company or entity in need of offshore software development services.Offshore Development Team: A group of software developers, designers, business analysts, testers, project managers, and other IT specialists outside the client organisation.Project Delivery & Ongoing Management: The strategies and tools employed to effectively manage and supervise the development project. How Hiring Offshore Developers Assist Your Fintech...

Offshore Development Teams for Fintech
Open Banking Use Cases in Financial Services

Open Banking Use Cases in Financial Services

Open banking enables consumers to share their financial data with third-party providers via the open banking API model, enhancing their ability to manage, transfer, and optimise finances. Operating within this system allows authorised providers to tailor financial products more effectively and make credit decisions more efficient.Despite its broad applications, however, many providers are still discovering how open banking apps can benefit them in not only improving their operating procedures, but also unlocking new revenue streams. In this article, our specialists at KMS Solutions outline some practical use cases that demonstrate how open banking is revolutionising banking innovation and advancing financial services across industries. The Need for Banking Innovation in Financial Services Traditional finance has long been dictated by the outdated routines of established institutions setting rigid market standards. In recent years, FinTech companies have been successfully challenging these norms with new points in banking innovation, propelled by the disruption of technology across financial industries.The limitations due to reliance on traditional data sources that they are trying to overcome include:Limited Data Scope: Often confined to structured data from banking systems and credit bureaus, these sources lack the comprehensive details FinTechs need to innovate and meet evolving consumer demands.Delayed Insights: Without real-time...

Types of Software Testing

Exploring Different Types of Software Testing

Ensuring the quality and functionality of applications through various testing methodologies is paramount in the fast-evolving world of software development.In this article, our team at KMS Solutions will delve into the diverse types of software testing methodologies, from manual and automated approaches to specific methods such as unit, integration, and system testing. Whether you're a developer, QA professional, or stakeholder, understanding these testing strategies will provide insight into how to best achieve a reliable, efficient, and effective software product. Comparing Manual and Automated Types of Software Testing Techniques Manual Testing Manual testing is a software testing approach where testers manually execute test cases without the use of automation tools. In manual testing, the QA team carefully goes through the app's functionalities, features, and user interfaces to identify defects, bugs, and other issues.Although this method can be time-consuming, repetitive, and prone to human error, it is essential to verify automation feasibility. Manual testers are not required to obtain specific knowledge and skills related to automation testing.Manual testing is ideal for small-scale testing due to its simplicity. Even in large-scale testing scenarios involving hundreds of features, manual testing remains essential to assess the feasibility of automation.  Advantages of Manual Testing Techniques: Cost...

Fintech Trends in Australia

5 Fintech Trends in Australia to Look Out for in 2024

As we move deeper into 2024, Australian fintech companies are not just reacting to industry changes but actively forecasting and shaping the future of finance.  From implementing cutting-edge technologies and an intensified emphasis on automation testing to the seamless distribution of banking features and custom software development, each company assumes the role of innovator spearheading a sector revolution driven by groundbreaking advancements and strategic foresight. In this article, our specialists at KMS Solutions will delve into some pivotal trends poised to redefine the narrative of the fintech ecosystem in 2024. What is a Fintech Company? Let’s define fintech.The core of fintech is simplifying areas like banking, investing, financial management, and insurance for consumers and businesses. Fintech companies utilise custom software development and other advanced technologies to improve traditional financial service delivery methods.These companies employ emerging technologies such as AI, open banking, data analysis, automation testing, etc., to create innovative solutions, Hence, technology trends play an essential role in influencing the strategies, product offerings, and business models of fintech companies. Companies that are responsive to emerging trends can position themselves as market leaders, gain a competitive edge, and capitalize on new opportunities.Below are some fintech trends that BFSI businesses in Australia...

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