6 Reasons Why North American FinTechs Will Benefit From API Development

API development is essential for any financial technology (fintech) company operating in North America. APIs, or application programming interfaces, allow different software systems to communicate and exchange data with one another. 

In the fintech industry, APIs are crucial for enabling seamless and secure transactions, as well as for providing access to a wide range of financial services and products.

One of the main reasons why a North American fintech needs API development is to stay competitive in an increasingly crowded market. The fintech industry is growing rapidly, with new companies emerging all the time.

To keep up with the competition, a fintech company must be able to offer its customers something their competitors can’t, and APIs are a key part of making this possible. API development can offer a range of benefits to a FinTech from a business standpoint. 

Three quick ones to note include:

1. Improved customer experience: By enabling seamless and secure data transfer between the FinTech's systems and its customers' devices, API development can help improve the customer experience and foster customer loyalty.

2. Competitive advantage: API development can help a FinTech gain a competitive advantage by allowing it to easily integrate with other financial services and offer its customers a wider range of services such as banking, investment, payment processing, personal finance management, lending services, and much more.

3. Reduced operational costs: API development can help automate many of a FinTech's processes, enabling it to reduce its operational costs and scale more easily.

These deliverables are likely the most obvious to anyone who’s undergone API integration before. However, FinTech startups specifically will want to know how and why developing an API will help them in the long run. 

API development can offer a range of benefits to a FinTech startup, especially in terms of its longevity. Some of the key ways in which API development can help a startup include:

1. Improved connectivity and integration: One of the main benefits of API development for fintech companies in North America is the ability to improve connectivity and integration. By using APIs, fintech companies can easily connect and integrate their systems with other financial services and applications, providing a seamless experience for their customers.

2. Access to a wider range of customers and partners: Another advantage of API development for fintech companies in North America is the ability to access a wider range of customers and partners. By using APIs, fintech companies can open up their products and services to a wider audience, and can also easily integrate with other financial services and applications to offer a more comprehensive suite of products and services.

3. Increased speed and agility: Finally, API development can also help fintech companies in North America to be more agile and responsive to changing market conditions. By using APIs, fintech companies can quickly and easily adapt to new technologies and customer needs, allowing them to stay competitive and remain at the forefront of the industry.

The Takeaway

API development is essential for fintech companies operating in North America. APIs enable seamless and secure data transfer, provide access to a wider range of financial services and products, and can help improve connectivity and integration.

As we covered, by using APIs, fintech companies can gain a competitive advantage, reduce operational costs, and increase speed and agility. Investing in API development is crucial for fintech companies that want to stay competitive and thrive in the fast-paced North American market.

Written By Ben Brown

—

ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.

3 Capabilities of a High Quality LIMS

Laboratories serve a vast amount of essential processes in the world today. For instance, a chemical testing laboratory will identify what materials are made of and test their quality to find if there’s anything that shouldn’t be there. Another example is a testing center that can detect diseases and develop treatments based on that sample.

To carry out these processes efficiently, the industry has had to innovate using technology that automates workflows and manages data. This is done through a laboratory information management system (LIMS) which is essential for labs to have today to provide the highest quality results. 

LIMS are commonly used because they offer far more in terms of performance efficiency and consistency in comparison to traditional methods of data management. Here are some of the features that have earned LIMS this reputation:

1) Process Execution

Whatever typical operating procedures or methods are utilized in a lab, this software system gives the laboratory full control over all of these aspects. In effect, the processes can be organized in a step-by-step format by technicians that will help analysts through the process. 

When integration is consistent, data can be downloaded in real-time during this process.

2) Integrating Instruments

LIMS instrument integration is a great way to interact with specific lab instruments by inserting files and directing their functioning. When it comes to data integration, security and customization are focal points for the LIMS to deliver. Instrument integration customizes this workflow by tailoring it to the needs of the laboratory. The benefits of this step also include:

• Boosted productivity and efficiency 

• Consistent innovation

• Identifying which instruments need to be integrated (remember wants vs needs)

• Improved integrity and quality of data

Lastly for this section, the LIMS will be able to take instrument files and extract data to test it for quality (QC assessment). 

3) Managing Data

Laboratories are continuously seeing more and more in-house generated data which has triggered the requirement for LIMS to be implemented to ensure top-of-the-line data management. 

The specific reason LIMS can benefit these workflows is through strategic configuration and archiving. 

Data files are standardized in the format of Extensible Markup Language (XML) in addition to having archived the original data file. What this allows for is the data to be accessed via computer and/or browser. 

Files from the archive can be migrated across all mediums. For systems that have data dating back years and years, this is a pivotal feature. 

When it comes to documentation, the LIMS operates entirely paperless. This boosts approval time and allows data to circulate, and files to be viewed in line with the needs of the lab. You can also expect to see cost reductions from paperless operations in addition to data efficiency and consistency.

The Importance of LIMS

The most evident advantage that laboratories with a custom LIMS will notice is that it offers a central platform where all information and activities can be stored securely. We could outline all the specific benefits and we’d be here for ages. With that being said, let’s take a look at 5 of the most important benefits that stand out:

• Safety: The number one priority for labs that are managing sensitive workflows (such as chemical testing or sample management, for example) is safety. Keeping samples safe in addition to safekeeping data are two guarantees of a LIMS.

• Speed: Again, the paperless approach is a lifesaver for lab companies who want to cut down the time it takes to send and receive information. Labs will also be able to cooperate as access to data can be shared.

• Workflow Comfort: Ever expect to see those two words together? LIMS is a lab technician's best friend considering the level of their responsibilities. Technicians will take any and every opportunity to gain support for their day-to-day operations. LIMS are multifunctional, versatile, and scalable which is what makes this comfort possible. 

• Compliance: Laboratory regulations are incredibly important as failure to stay in line with these regulations will result in serious repercussions (losses and legal action are among the many). LIMS ensures these guidelines are followed using its built-in compliance software.

• Efficiency: LIMS are most admired for their efficiency in terms of facilitating and improving workflows. Again, lab technicians are the ones who benefit the greatest from the advanced functionalities. Labs can expect to see this apply to all performance facets with the right LIMS implemented.  

What’s Next? 

When a laboratory begins implementing its LIMS, there will be extensive evaluation and discussion regarding requirements, concerns, and engagement with lab technicians. This is important as some labs don’t take the necessary time to implement their systems and instead rush through the process with hopes it’ll revolutionize their operations. Don’t be in a rush, take your time, ask questions, and ensure that you’re building the best possible system for your laboratory.

Written By Ben Brown

—

ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.

Why FinTechs Use Python

A business's long-term goals need to be aligned with the systems they implement to achieve an ideal outcome. FinTechs know this and those who make it a priority to fulfill their needs with the right software are the most successful. Startups looking to build digital products, for example, would run into challenges without effective solutions for a few reasons.

The first is that solutions need to allow businesses to scale, offer compatibility, and perform powerfully in a simple format. Additionally, the software that FinTech companies use needs to cater to the demands of the FinTech industry which innovates systems based on three things: 

• Safety 

• API connection

• Integrations

Taking into account the facets that make an ideal software for a FinTech, it begs the question of how to create the best one. Every software requires a programming language, and with so many moving parts in this aspect, it can be intimidating for companies just beginning to plan their project. However, there is one language that has become a staple for development in FinTechs today: Python. 

In 2016, studies began showing us the increased endorsement of Python among FinTech programmers. Of course, speaking on this 6 years later, making that statement wouldn’t be useful unless it was still relevant. In this case, the relationship between Python and FinTech has become more than just relevant and is now mainstream understanding. Why is that?

The Significance of Python

Not only is Python regularly ranked as one of the top three programming languages for people to learn and use, it is also heavily favoured by developers with well over 70% placing it as their most loved language. This goes to show you the kind of expertise that can be found and the resources available for FinTech startups looking for developers that can build an efficient platform. 

The reason for the wide-scale usage of Python can be attributed to the sheer simplicity of the language. What this entails is that programmers can use it to develop an application with ease. The result will be a platform that runs into fewer errors and bugs, which in the financial industry, being as regulated as it is, is pivotal as these issues can be detrimental.

How Python Makes a Developers Job Easier

Python offers open-source financial libraries that eliminate the need for developers to build add-ons from the ground up. Here are 5 of the top tools that Python can deliver for financial institutions:

• ffn - financial function library

• pandas - tool for analyzing and manipulating data

• finmarketpy - used to backtest financial markets and trading strategies

• NumPy - a scientific computing package

• pyalgotrade, zipline - libraries for algorithmic trading

There are many more tools like these that are used for economic measuring, stocks, and finances, the majority of which are going to be compatible (via API) with the application built for your FinTech. This list is just to get a sense of Python’s capabilities when used to create financial applications. 

Another one of the most important things to understand about Python today is just how flexible it can be. In the financial sector, it’s great for managing sensitive data, crypto markets, banking, trading, and much more. However, the language can be used for just about any software development involving task automation, website building, or analyzing/visualizing data. All of these are regular needs for business applications.

Life For FinTech Startups Today

As of this year, there are around 30,000 FinTech startups. While China is one of the biggest markets for this technology, North America still holds limitless potential. 88% of Americans use FinTechs and 70% of the world's payments are processed through companies based in Atlanta alone. The growth potential is still there as the technology becomes mainstream with younger generations. What won’t change is the need for consistency in terms of performance. 

The Takeaway

In the financial industry, it’s pivotal that there is trust between the client and the firm. Technology is the most trusted resource in the world. The combination of the two leads to a product that requires flawless input and output processes. FinTech requires automation and management which is why choosing the right coding language is important as this will dictate how well your application can perform. It all starts with a vision.

Written By Ben Brown

—

ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.