How to Overcome The 5 Most Common Challenges During Software Development

Software development is one of the most complex and demanding processes that any business can undergo. It not only requires talent with programming languages, but it also requires the ability to navigate development environments, libraries, frameworks, and troubleshooting, all while working under time constraints. Nonetheless, the most crucial characteristic that sets the best programmers apart is their ability to solve problems effectively.

The Reality for Companies Starting a Software Project

In 2023, many companies either are currently or soon will be undergoing digital transformation using custom software development to keep up with the demands of the digital marketplace. This is exciting for businesses wanting to level up their development, but what’s important for every company to remember is that a software project can face plenty of obstacles which will require clear communication to overcome.

The riskiest part of a software development project is typically during the beginning and is commonly due to a lack of three things: 

1. Planning

2. Goals

3. Transparency between the client and the development team

A study from last year found that 75% of IT executives agree that projects are often in trouble from the “initial phase” due to a lack of clear expectations or proper planning. The three components listed above are the most crucial pitfalls to avoid during your project, but they are not the only ones.

In a perfect world, software developers would have all the necessary resources and information on a project with all possible changes from the client outlined as well as an ideal deadline for everyone. However, this is not always the case, which means that when obstacles do arise, teams need to be equipped to overcome them.

With that said, here are 5 common challenges when starting a project and how to overcome them:

1) Planning, Goals, and Communication:

At the base level of struggles during a software development project, a lack of clear vision is at the forefront. This is a relatively easy fix because it simply requires the organization looking to integrate custom software to review their needs and reach a consensus on how they want the system to benefit their stakeholders. 

Custom software systems are directly built to fit the needs of businesses which means that to justify building a system, businesses need to sit down and define their reasoning. 

2) Time Restrictions:

In some cases, when a new project is started, the deadline is agreed upon before the details of the project are outlined. This can be detrimental to the success of a project which means that when both parties consult, the scope of work must be laid out to determine an appropriate deadline.

It’s additionally important to consider that resources and budget play a significant role in determining the timeline as it gives developers a sense of how much time they can allocate and the resources they can dedicate to each stage of the project. 

3) No Testing = No Innovation:

When it comes to testing your IT systems, the importance of consistently ensuring quality performance and finding room for improvement is self-explanatory. The purpose of software testing is purely to mitigate the risk of error and ensure that systems can keep up with what is expected of them. 

The last step of a software development project is the testing and maintenance phase which allows companies to identify any faults in the system as well as areas that they may want to improve on in the future.

4) Technical Challenges:

Developing software often involves using new or complex technologies, which can lead to technical challenges as with any technology. In the case of custom software, these challenges can range from compatibility issues to something as difficult as debugging complex code.

To prevent this, it's critical to have a team with a diverse range of technical expertise and experience. This will not only ensure that experts are overseeing different areas who can then work together to solve any technical challenges that arise, but it will also help teams stay up to date with any outdated technology that needs to be updated.

5) Managing Changes and Expectations:

As the software development project progresses, there may be changes to the scope, requirements, or timeline. These changes can be difficult to manage and may lead to confusion or delays.

To overcome this, it's important to have a change management process in place. This process simply requires clear communication between the development team and the client and should include an outlined process for evaluating and approving any changes. Having a clear understanding of the project scope and goals can help manage expectations and reduce the likelihood of unexpected changes.

Final Thoughts

Challenges during software development are nothing new which means there’s no real reason to panic if you encounter them. As long as you’ve established clear expectations and communication standards with your software provider, risk can be mitigated.

Businesses that are firm on their standards and make sure that their software developers are aligned with said standards will have the greatest chance of success when it comes to digital transformation.

Written By Ben Brown

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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.

5 FinTech Services That Rely on Custom Software Development

FinTech companies depend on high-functioning software that not only differentiates their platform from traditional financial institutions but also ensures a great overall experience for users. When done properly, the ultimate goal is to be able to consistently revise and innovate to build a platform that’s solid all around for users.

Imagine a World With Poor Quality Software

When it comes to the role software development plays in delivering FinTech services, this is an area that truly requires full attention. Think about it like this: a software system is like the foundation of a building; to support anything built on top, there needs to be a solid base. When it comes to the software foundation of FinTech service providers, a poorly built or unkept system can lead to several problems including:

• Glitches

• Poor user experience

• Cybersecurity breaches

• System downtime

• Integration issues

What’s at Stake

The list certainly runs much longer, but this gives you a glimpse into the kind of obstacles that appear down the road with poor quality or unkept software. Globally, the FinTech market is currently worth well over $165 billion. If we wanted to narrow this down to financial services in just the United States, then we’re looking at a market worth around $4 trillion, which accounts for about 7.4% of the country's GDP.

Financial services aren’t just big in North America— this is a global market with an audience of a little under 4 billion people. These services are sought after for more than just their convenience; they are necessities that people depend on which means that performance optimization is a race with no finish line for businesses. 

How to Pair FinTechs and Custom Software 

The demand for FinTech services is present and rampant which means that if we want to look at how custom software development enhances system performance, we have to first look at the services that depend on it:

1) Mobile Payments:

This is one of the most common services in the industry and for good reason. Take for instance that Apple Pay (48 million users), Venmo (75 million users), Google Pay (150 million users), and PayPal (377 million users) are some of the most notable providers that just about anyone would be able to recognize. 

Mobile payment speaks for itself in terms of its value as it eliminates the need for physical payment methods and makes it easier for everyone to operate on the go. Additionally, these services can interconnect across multiple devices, and the more that aspect of the service grows, the more competitive this market will become.

To deliver this seamless experience that users are so drawn to, there needs to be a solid software infrastructure in place that is frequently updated to implement new features and adjust to the demand from the market.

2) Investment Platforms:

Many FinTechs offer investment platforms that allow users to manage and track their investments online. These platforms commonly use custom software to provide real-time updates on things like investment performance as well as offer personalized recommendations based on the user's risk tolerance and financial goals.

In this area, some of the most notable providers are Questrade and Robinhood, though most banks offer their own version of this service.

3) Personal Finance Management:

FinTechs who do really well in the market are the ones who create custom software that helps users track their spending, create budgets, and save money. These tools often use artificial intelligence and machine learning algorithms to categorize transactions and provide insights into the user's financial habits.

4) Lending:

Fintech lending platforms should be a focus when it comes to maximizing the use of custom software in the financial service industry. These services use systems to perform tasks such as streamlining the loan application and approval process.

This software can also analyze a potential borrower's credit history, income, and other financial factors to determine their eligibility and the terms of the loan. Super technical stuff that would be a headache to research and input manually is why they turn to custom software integration. 

5) Digital Banking:

This is pretty much standard practice for banks in 2023 and rightfully so. The introduction of digital banking changed the industry forever. You’re now able to access your bank account on almost any device, make payments, and even open new accounts from just about anywhere.

Custom software development goes hand in hand with the creation and customization of digital banking services. Beyond creating an ideal user experience, it tackles the most important asset when it comes to FinTech services: security. With these features combined and maximized, institutions will find themselves in a very competitive space with digital banking. 

What’s Next?

The future of using custom software to enhance the experience of FinTech services for users is certainly a bright one. For instance, the innovation we’re seeing through AI and ML as well as blockchain technology suggests that the peak of this technology is yet to be discovered. 

For FinTech startups looking to start their digital transformation journey through custom software, the best piece of advice would be to recognize what aspect of the industry you’re getting into and identify how you differentiate from competitors. With this knowledge, you’ll be able to avoid making mistakes and bad investments in systems and instead be able to dedicate all your energy towards your niche.

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.

6 Fundamentals When Developing an App in Finance

In most businesses, executive teams will look at the big picture for their company and make decisions/implement procedures that they believe are in its long-term best interest. These decisions are often reactive, influenced by the actions of others such as competitors and leaders in their industry.

The financial sector is no different in this aspect; businesses are in an incredibly competitive industry that focuses solely on the big picture of financial services. With influence from so many outside sources, including newly emerging FinTechs, it can certainly make financial institutions feel anxious to get their vision for digital solutions out to market as fast as possible.

It’s completely acceptable to think like this, however, there are certain nonnegotiables when it comes to strategizing. For example, finding a solution to any problem in an organization first requires leaders to put their egos aside and admit there’s a problem. 

Barriers to Success in an Organization

Let's say that a company is seeing a decline in revenue, and the organization's leaders are struggling to identify the root cause of the problem. Even after multiple meetings and brainstorming sessions, they are unable to reach a consensus on what needs to be done.

We see here that it may be necessary for the executive team to set aside their egos and admit they don't have all the answers. It may also involve bringing in outside consultants so they can get an unbiased perspective and help them identify areas for improvement. 

This is in contrast to finding something to pin the blame on for revenue loss and going with a reactive solution without totally understanding the underlying issues. Often, technology can get caught in the middle of these situations and “quick solutions” are implemented without adequate reason.

App development is notorious for running into this kind of trouble because organizations tend to overthink (and underthink, in some cases) the kind of experience and features their users want. Developing an app starts with a grand vision and then leads into logistics in terms of how it will function, what features it will have, and how it will be marketed. This is where the executive team needs to be open to feedback and willing to pivot their strategy based on user feedback and market trends.

What Needs to Happen

When it comes to developing an app in the financial industry, the first step is to recognize who will be using the platform and how they will be using it. For example, in the United States, around two-thirds of the population use digital banking regularly because of its simplicity and accessibility. In that case, US-based institutions should base their solutions around an easy-to-navigate platform that can be accessed on mobile and desktop devices seamlessly. 

Recognizing that this example is very general, let’s get more in-depth with some of the fundamentals for financial app development:

Security: 

We need to cover this first because ultimately security is non-negotiable for financial platforms. 

Typically, two-factor authentication is recommended any time personal information is stored on a platform as well as encryption and additional measures that ensure the safety and privacy of user information.

User Centricity: 

As we’ve mentioned, focusing on the user who is managing their finances using your application will give you the upper hand in identifying the features needed to make the app successful. Research has shown that taking a User-Centered Design (UCD) approach often leads to an increase in ROI as well as overall competitiveness in the industry.

Core Banking System Integration:

A core banking system helps banks keep track of their money and transactions. Whenever someone deposits or withdraws money from a bank account, the system notes it and keeps track of the account balance. Taking this into consideration, when an app is developed for a financial institution, they need to ensure the database can sync up with the system.

Scalability: 

When a company builds an app, it’s never because they solely want their current number of customers to just have another outlet; they want to expand their reach. Growing the platform is a major focus for financial institutions and it’s why they strategize using digital app development. 

For this reason, the application needs to consistently go through innovation as the expansion occurs to accommodate new users and ensure quality performance.

Choosing The Right Tech Stack:

Choosing the right tech stack is crucial for financial app development as it not only affects functionality and scalability, but also the overall security of the application. Your tech stack includes all the programming languages, frameworks, and tools used to build the app. 

It's important then to choose a stack that aligns with the goals and requirements of the app, as well as the skills and expertise of the development team. Some popular tech stacks for financial app development include Java, Python, Ruby on Rails, and Node.js. 

Simple UX Design:

An app that's easy to use and navigate is crucial for financial app development to ensure a positive user experience. Specifically, it's important to have a clear layout and a consistent design throughout the application. 

Simplicity is key here and having too many features or too complex of a design can overwhelm users and deter them from using the app. A user-friendly design will not only help with customer retention but ultimately attract new users to the platform.

The Takeaway

Producing the best possible product when it comes to app development requires that teams take a “never done” approach. This means constantly analyzing, finding room for improvement, and making those improvements. Of course, it must also be noted that with a successful application comes the need for a more complex IT infrastructure that can accommodate all functions as well the user base. When developing systems gets overwhelming, team augmentation is an excellent solution.

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.