The financial sector is growing at a rapid pace, and most banks, insurance firms, and other businesses are now getting digitized. Due to this, the demand for financial software development is increasing. And between all the technologies, .NET is emerging as a top choice for curating such software. Its flexibility, security, open-source architecture, easy availability of resources, and versatility is reported as astonishing by companies using application based on it. This blog will teach you about each .NET metric, feature, and functionality. As a result, you will have a clear insight into why you prefer .NET for financial software development in 2023.
According to Statista.com, digital banks are growing at a massive speed, and their valuation will accelerate up to 1,219 Billion US$ by 2028. And it’s a clear indicator that more and more organizations in the financial sector are digitizing their businesses.
Further, many companies are looking for development services to curate their financial software to take the lead in this scaling sector. In most cases, .NET technology has been a top choice among such firms.
So, let’s look at the reason behind developing and modernizing financial software with .NET technology.
What is Financial Software Development?
Like developing an application, desktop software, or a website, financial software development is specifically used to build banking, FinTech, personal finance, or similar apps. More straightforwardly, applications that process data associated with monetary transactions fall under financial software development.
For instance, Google Pay, PayPal, and any bank application are financial software.
Why Prefer Modernizing Financial Software with .NET Technology?
We have drawn the top reasons for you, which will help you learn the reasons behind modernizing financial software with .NET technology. You will also understand the preference of .NET for FinTech startups and SMEs.
One of the primary requirements of financial software is high performance, as monetary transactions are involved. If such systems don’t execute transactions quickly, it can create bottlenecks, and the user’s payment can get stuck in between.
To eliminate such situations, experts prefer .NET for financial software development. This Microsoft-backed technology can execute millions of requests within seconds and provide accurate output. In addition, it comes with multicore JIT, which helps in improving the loading and process execution speed by 50%. Also, the architecture of some .NET frameworks, such as ASP.NET Core MVC, individualizes the logic and frontend layer, which supports performance enhancement.
Everyone is concerned about their finances, whether it’s an individual or an organization. And especially when a monetary transaction is in progress, people want real-time notifications about it. .NET helps you fulfill the real-time notification requirements through its SignalR feature.
SignalR is an advanced component of the .NET ecosystem, which helps in providing real-time updates from the web server to the client and vice versa. You can implement the financial software to notify users in real-time for:
- Successful and unsuccessful transactions
- Credited Amount
- Debited Amount
- Current account balance
- Interest gained on the amount
- The money requested by someone else
- Money paid to a store owner or similar
Financial software stores and processes confidential information, such as name, address, bank details, tax, etc. According to government laws and industry ethics, all such information must be secured.
You can use .NET to secure the data and prevent cyber-attacks as well. The .NET stack leverages to enable authentication, authorization, and accounting mechanisms, which helps to build the AAA software foundation. In addition, developers can seamlessly enable encryption, hashing, salting, input validation, access controls, and managed execution over .NET apps to minimize cyber attack possibilities.
Moreover, Microsoft also provides secure coding standards, which helps to improve overall app security. However, remember to hire financial software developers well-versed with such standards.
Compliance With Standards
Financial applications are connected with government banks, insurance firms, and other organizations, so they must comply with appropriate standards. Otherwise, it can lead to legal actions against the organization owning the software.
To align with the industry and government-defined standards, .NET is a perfect technology. With its open-source and flexible architecture, you can mold the application the way you want. When you avail of .NET development services from an experienced firm, such as Positiwise Software, they also help you with doing so.
Furthermore, .NET also follows the browser and operating system standards, which helps you provide all users with a secure and seamless experience.
Minimizes Attack Surface
.NET provides the advantage of using the same codebase for multiple operating systems, as it’s cross-platform compatible. Due to it, the security measures configured in the code work on every operating system, browser, and mobile device.
Thus, you don’t need to write additional code, and your attack surface gets reduced. However, you must entirely focus on making that one codebase secure and thoroughly patch all the loopholes. It will help you prevent attackers from invading and breaching data. Also, code management and updates will become easy with .NET financial software development.
Easy Availability of Resources
Developing and modernizing legacy financial software using .NET is relatively easy. You can effortlessly find developers, designers, testers, administrators, and support executives to handle all the operations. In addition, hundreds of tools are available that support automating procedures and speeding up the .NET financial software development.
Furthermore, .NET developers with 10+ years of experience are available at very affordable rates. You can hire them from outsourcing companies and freelance sites within 24 hours to start working on your project.
Therefore, selecting .NET technology makes your development procedure faster, cheaper, and impeccable.
Low-Cost Development and Maintenance
Numerous aspects made .NET financial software development affordable, such as:
- The .NET developers are available for as low as $18/hour.
- .NET helps to remove the cost of building different applications for different platforms. You can use the same codebase for Windows, macOS, and other devices.
- The maintenance executives are readily available globally.
- Numerous companies offer .NET outsourcing development services, which leverages to develop a solution within cost constraint.
- Microsoft releases frequent security updates for the .NET framework, aiding in saving costs on developing patches by yourself.
Additionally, when you hire .NET developers from a reputed firm, they provide you with more insight into saving money and time.
Versatile Frameworks and Libraries
Within the .NET ecosystem, you can find essential .NET core libraries and a framework for every need. For instance, if you want your financial system to have machine-learning capabilities, you can use ML.NET. And if you want an app based on MVC architecture, you can use ASP.NET MVC, .NET Core MVC, and similar. You don’t have to look outside for any functionality, which helps you with the following:
- Enhancing the overall system compatibility and stability.
- Improve data and application security.
- Reduces cost, as you don’t need a developer proficient in another technology.
- It saves time and effort; you don’t need to face issues integrating different tech stacks.
.NET is pretty flexible in terms of API and third-party system integrations. You can connect with banks, insurance firms, e-wallet service providers, and other web services. It helps you extend the features and provide every functionality a stakeholder needs.
Whether you develop a banking system, personal finance application, e-banking software, or others, API integrations are necessary. With .NET, all the APIs impeccably get embedded, which shortens the time-to-market.
Selecting .NET development for modernizing legacy financial software helps in improving scalability. A .NET solution can effortlessly handle millions of requests and lakhs of users without issues. In addition, its architecture is quite flexible, enabling new components and providing advanced services as your organization grows.
You only need to hire .NET developers; your financial software will ensure zero user disruption. Also, your application will work in the extended run, helping you save effort, money, and time.
How To Find the Best .NET Development Service for Financial Software Development?
In developing and modernizing financial software, a primary task is to find a .NET development company. If you find an agency that provides development, designing, integration, testing, deployment, and support, then you have a complete package.
But, the answer to “how to find an agency providing all the services?”. The answer is simple – by following the below steps:
- Look for companies providing .NET development services.
- Create a list of companies and the services offered by them. Ensure that the firms are offering post-development services (maintenance and support).
- Consult with companies, share your requirements, and note the cost, time, and approach they provide.
- Compare the different companies per your convenience metrics.
- Finalize the .NET development company and build your financial software.
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What To Look for While You Hire .NET Financial Software Developers?
When hiring a financial software developer, you should conduct interviews to assess your experience and proficiency in .NET. Further, you must analyze communication and problem-solving skills along with technical knowledge. As a result, you will onboard a professional who knows how to develop software, can seamlessly understand your queries, and elegantly share the progress with you.
Financial software processes a lot of confidential information, and its users need real-time updates and high performance. The best way to fulfill all the requirements is by choosing Microsoft .NET technology for financial software development. .NET provides a secure and open-source architecture that helps to ensure data integrity and leverage to extend functionalities per business requirements.
In addition, .NET also offers SignalR to provide real-time notification to end-users about their monetary transactions and associated operations. Also, .NET developers are readily available at affordable rates, which helps save money and time. Thus, .NET is a complete package for building financial software.
Expert in Software & Web App Engineering
Parag Mehta, the CEO and Founder of Positiwise Software Pvt Ltd has extensive knowledge of the development niche. He is implementing custom strategies to craft highly-appealing and robust applications for its clients and supporting employees to grow and ace the tasks. He is a consistent learner and always provides the best-in-quality solutions, accelerating productivity.