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MVP Development Process for Banks & Financial Services
Here is how our software development team deliver exceptional MVP software for the BFSI sector
Accelerating Business Growth with MVP Software Development
By leveraging proven methodology, we provide full-cycle MVP development services with high quality to validate your product-market fit quickly
MVP Development for the BFSI Industry
MVP development in the BFSI industry refers to the process of creating a basic version of a financial product or service that includes only the core features and functionalities required to meet the needs of early adopters or target customers.
Our MVP for banks and financial services involves identifying key customer pain points and designing a solution that addresses these needs in a simple and cost-effective manner. The goal is to launch a functional prototype to gather feedback from users and validate market insights.
Examples of Financial Services Minimum Viable Products
Mobile Banking App
Launch with core functionalities like account balance checks, basic money transfers, and bill payments, before expanding into more complex features such as investment services or loan applications.
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Trading Platform
A platform that allows users to buy and sell financial instruments effectively and track their investment portfolios. Ensuring the user-friendly interface and integrating the online payment gateways
Insurance App
A basic online form that provides users with quick insurance quotes based on minimal input, testing the demand for an automated, self-service insurance portal.
P2P Lending Platform
Start with a basic platform allowing users to lend and borrow small amounts, focusing on user verification and loan repayment tracking to validate the business model.
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1. Ideation & MVP Planning
We begin by conducting a thorough business analysis and gathering insights, identifying and prioritizing key features for the MVP, building an architecture diagram and identifying the development team.
2. Prototypes & Proof-of-concept
PoC and prototypes are utilized when there is a need to illustrate software concepts in a sales context, provide stakeholders with a preview of software functionality, or verify the viability of disruptive concepts.
3. MVP Development
By adopting Agile methodologies, we divide the development process into a smaller sprints where there is strong collaboration between designers, software engineers and testers to deploy the product.
4. MVP Release & Iterations
Once the MVP is released, we gather user feedback to ensure the MVP is market-ready and performs as anticipated. The data collected will help generate new ideas and scale the product effectively.
Bring Ideas Into a Reality with Agile MVP Development
Thorough Market Analysis
We delve deeply into understanding the ecosystem surrounding your MVP. Prioritize features strategically and guides the MVP software development in the right direction.
Rapid Initiation and Flexibility
Rapidly assembling a team of experts and consultants that adapts as the product evolves, aligning with project needs, time constraints, and market dynamics.
Adaptive Agile Methodology
Our agile approach to MVP software development prioritizes adaptability at every iteration, incorporating continuous testing and stakeholder reviews.
Emerging Tech Proficiency
Our development team possesses cutting-edge systems engineering, automated testing, and advanced analytics, tackling innovative MVP software development initiatives.
Why KMS For MVP Software Development?
Experienced Team Scalability
Flexibly scale up the internal team as you grow and efficiently accelerate the development process. Our experts are proficient in diverse programming languages, tools, and frameworks to create exceptional products.
Reliability and Security
Understand the need for security in the BFSI industry, Our stringent security protocols & industry-recognized certifications guarantee robust protection for every product that we release.
Timely Delivery
We help you articulate your value proposition by leverging advanced project management and cost control capabilities. Deliver the MVP on time and within the agree-upon budget.
Get Your Product Market-Ready Faster with MVP Software Development
Connect with us at KMS Solutions to create, at minimum, a viable product that drives your business forward.
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Insights about MVP Development
KMS empowers BFSI companies to optimize operations, drive innovation, and enhance product & service offerings through the combination of cutting-edge technologies and specialized solutions.
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