8 characteristics of the next generation financial services websites

2014-06-28 by Marina Astapchik

"We would have hired 2 top-notch developers rather than 7-8 mediocre developers.

The fact is that the quality of the developer-pool in India (that most startups have access to) leaves a LOT to be desired. Folks may not admit this openly, but they will agree in private. The cost levels are low, but so are the professionalism levels and quality levels.

It is much better to pay more 2 excellent developers and get work done, than to pay less to 5 mediocre developers and beat yourself up about slow progress or poor quality" – the founder of Investropresto, financial services website.

Investopresto, went bust a few months ago, is one more example in the row of failures of Indian developed financial websites. Like paisa, moneysights, moneyvidya and many other financial websites, developed in India, Investopresto is out of race. One of the main reasons for is poor quality of the operation that is considered to have become a common cause of financial services websites failures. Right, a website should something more than just a static brochure, moreover, when a financial services website is meant. It is not easy to launch a website of financial services; it is not easier to provide it with good hosting and support. And the problem is not only Indian, of course.

Most of modern financial companies are constantly busy with making money; logically each company owner wants to use it in a proper way. Every day we use online financial services but "hitting" such news in the World Wide Web calls an alert.

How and what should a next-generation financial services website be developed to become a financial services website of a dream, let's highlight with 8 main characteristics.

First, it is already a current need to overhand the development of a financial services websites to professional teams that have similar comprehensive experience of such activity. Regarding this, writing a code is not a comprehensive way to ensure the stability and smooth running of the financial services website. Meanwhile, it should be mentioned that a writing a code by IT outsourcing-based developers located in, for example, Asia (which is, actually, a common trend nowadays) can hardly propose something of super quality; one can only be attracted by lower prices. Referring to the above mentioned example, the results of the 2011 IDG Enterprise Outsourcing and Service Providers Survey say:While 44 per cent of the 1,176 IT leaders who responded to the online survey cited poor-quality service as the top risk of IT outsourcing-ahead of security, loss of internal knowledge and hidden costs.

The risks increase when we talk about financial services. There's no doubt our generation is more money-wise than the previous one. That's is why financial services companies need a tailor made solution that will take into account current and future needs as well as specific circumstances.

In other words, the company that develops a financial services website should be specialized and have an experience in this field because it makes them the best at what they do. One can object to it saying that for financial services to be successful one should spend a lot of time and money to marketing. But technology today is not of less importance than marketing. In our particular case under "technology" we mean professional website development that will ensure a smooth process for financial services website process without downtime. A professional team development is number ONE feature of the next-generation financial services websites. Top 15 financial services websites and apps from CNN Money are all developed by professionals (SavedPlus, LikeFolio, FutureAdvisor, Level, Estimize, Simple, Earmark etc.).

Moving on and talking about characteristics of next-generation financial services websites, apart from professional development, one should pay specific attention to the next:

1. responsible design – services and information are to be placed in an effective way to make financial services possible for different digital devices. This point does not need any proof, just look around yourselves and see people with different devices

2. friendly image brings the impression of stability and doesn't frighten the customers. Having analyzed a number of the financial services websites, it's obvious that they are aimed at everyday finance that is why an impression of home comfort and calm is a crucial point. And of course, green is the color of money.

Figure 1: Responsible and friendly design of financial services website

3. accurate explanations of operations and functions — we earn money and want to spend it in a transparent way. It's a good item one sees hints in the form of windows that reveal themselves to provide additional information. It's clearly shown on the picture below:

Figure 2: Floodlight financial services website

4. multicolored graphics — it puts the functions, operations, and information on the whole into order, distinguishes functions one needs and helps not to be lost in information flow of the financial services and it works.

Figure 3: Multicolored Wealth front graphics

5. smooth operation — again and again we talk about lack of downtime and breakdowns. This very characteristic is interconnected with the professional development in the most intimate way. Referring to the problem of cheap and quick financial services websites development, it should be stressed once more that getting a website to work rather than the verification of a financial services website can bring you only short term profit if can bring it at all.

6. optimization of the websites — somehow this point is closely interconnected with the previous one. To put it visually, let's reach the picture 4, e.g., the professional European or US developers will reach this by summing up 2 and 2, while developers from other countries (especially when we recollect IT outsourcing, actually) will reach it by summing 1+1+1+1 which is a lot to be desired in terms of optimization of the processes, there's no doubt that a smaller number of operations will ensure a smoother operation rather than a larger number of them

7. professional hosting and support is obligatory and still is close linked to the item of professionalism.
To put it all in other words, financial services websites need to build a trust with users because partnership is overcome barriers surrounding your online financial services brand. Trust should be built in relations with software developers for a successful business which will result in trust from customers. Major press mentions of the names of the professional developers serve this purpose well. Here one should simply learn a portfolio of a developer.

The antidote for fifty enemies is one friend. A little bit changing Aristotle's words it is vital to be mindful of reputations when forming partnerships of any kind. That's why the antidote for a breakdown is a professional team of developers who don't lose your money and it of customers and will make a dream of a stainless financial services website come true.

Elinext Group projects for financial services providers:

FX Grant financial services website
Loan Garage web-based system
Financial and accounting SaaS application

Industries and Technology Areas:

Industries: financial services

Technology Areas: website development, software development, portal development




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