Building a new FinTech product includes a number of mandatory steps:
1) Business case
2) Product development:
At the top of the iceberg is a business case. If you know your market niche, have a general understanding of your target audience pain, how your product will solve this problem, then you have a business case.
When your vision is formed, the next step is a product development. It includes business processes and front-end development (User journey & interfaces).
Business case is a foundation of business processes. The description of business processes provides answers to the following questions:
In other words, business processes is a detailed description of actor’s interactions with the system. This is a basis of interfaces design. User-friendly product is a key to success. All elements and interactions with the system should be well structured. Only properly designed interfaces will make the system comprehensible and user-friendly. Read more about UI/UX design of FinTech products.
If you already have an understanding of your business idea, key pain of your target audience, established business processes and developed front-end, SDK.finance are ready to offer you FinTech engineering solution to run your product in the shortest terms. Our area of responsibility is exactly within these scopes.
Engineering solution includes two important components: back-end and system architecture.
A system architecture is a ground for your customer’s trust. The performance and reliability of the overall system depends on the quality of the system architecture construction. This is especially important for transactional projects. Read more about system architecture of FinTech products.
Therefore, nearly 70% of every FinTech product is a back-end. SDK.finance offers back-end as a service. It allows building any FinTech products in the shortest terms.
SDK.finance is a “pre-fab” module-based software that can be combined or connected with other systems. It can be integrated through the API’s with customer’s own software or a vast amount of third-party software (Visa/MasterCard, Oracle, Amazon web services, Sales Force, etc).
All of these components closely interact with each other. There is a database where the data is stored. It can be hosted on customer’s servers or on AWS servers. It totally depends on customer’s requests.
Business case – your market niche, a general understanding of your target audience pain and how will your product solve it.
Business processes – is a detailed description of actor’s interactions with the system.This is a basis of interfaces design.
Front-end – the client-side is ultimately what the user sees on the screen, whether it is the screen of a mobile device or a computer monitor. The client-side is responsible for guiding the user through the workflows established by the application. That basically shapes the ultimate user experience. Front-end forwards requests to a back-end. In other words, the front-end is an interface between the user and the back-end.
Back-end – the server-side is responsible for all operations, which are seen from front-end. These operations are invisible to the Client. Back- end is an Engine of any product.
Third-party software – any third-party software that is or may be integrated into the system.
API (an application programming interface) – is a set of commands, protocols, and tools for building software applications. API is also used to build interconnections between system components.
Database – is an organized collection of system data. It is a collection of schemes, tables, queries, reports, views and other objects.