Banking and Finance

Solutions for secure, high-speed data transmission that will bust UX and drive down TCO

Banking and finance solutions trusted by enterprises worldwide

Key needs of banking and finance apps

Essential features for modern Banking & Finance applications

The banking and finance industry is undergoing a major transformation with technology playing a key role in reshaping the industry’s landscape. These technologies are enabling new ways for consumers and businesses to interact with their finances, and they are also creating new challenges for financial institutions. Applications must be reliable, scalable and always accessible, addressing the personalized financial needs of users while integrating the latest financial technology trends

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Advanced money management

Modern banking and finance apps need to offer comprehensive money management features. Users should be able to securely track their income, expenses, and savings, and receive actionable insights about their financial behavior. Additionally, these applications should include personal wealth management tools, assisting users to plan and reach their financial goals

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Integration with Open APIs and Open Source technologies

As the financial industry moves towards a more open architecture, banking and finance apps should be able to integrate with open APIs and leverage open source technologies. This allows for seamless interaction with various financial platforms and services, thus enabling a more complete and personalized user experience

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Innovative InsurTech solutions

Instead of competing or brokering legacy services, banking apps should incorporate innovative InsurTech solutions. By enabling new scenarios such as peer-to-peer insurance and automated claims processing, these apps can offer enhanced value (and advice) to their users

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Adoption of financial technology enablers

Banking and finance apps need to leverage the latest advancements in financial technology. This includes open banking, which allows third-party developers to create new financial services. By incorporating AI and big data, these apps can provide better predictive analytics and personalized financial advice. Furthermore, blockchain technology can be integrated for improved security and transparency

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Gamified engagement for savings

To encourage users to save more, banking and finance apps can incorporate gamified features. By turning financial management into a game, users can be motivated to save money and reach their financial goals in a fun and engaging way

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Enhanced analytics

Users should be able to gain insights into their financial health and habits through the use of detailed analytics. This can help them make informed decisions and plan for a secure financial future

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Adaptation to the sharing economy

In the era of the sharing economy, finance apps need to provide features that support peer-to-peer transactions, crowdfunding, and fractional ownership. This will help users to participate in and benefit from the sharing economy

How MOLO17 excels

MOLO17 is at the forefront of developing solutions tailored to these needs. By leveraging our deep industry knowledge and technical expertise, we design banking and finance apps that are not only user-friendly and secure but also harness the power of the latest technology trends to deliver superior financial services experiences

Here is where MOLO17 excels:

MOLO17 offers solutions that are meticulously designed for multiplatform compatibility. Our applications seamlessly run on various operating systems, including iOS, Android, and web browsers. This ensures that your customers can access their financial information and perform transactions regardless of the device they use, providing a consistent and user-friendly experience

Our Banking & Finance applications feature intuitive and user-friendly interfaces both for customer portals and mobile apps. We understand the importance of making complex financial tasks accessible and effortless for users, resulting in higher user satisfaction and engagement

MOLO17’s solutions provide immediate access to customer data, including account balances, transaction history, investment portfolios, and more. This real-time access empowers users and financial professionals to make informed decisions and take timely actions

MOLO17’s approach, leveraging innovative document-based NoSQL databases to store and manage financial data, offers unparalleled flexibility and scalability, enabling our applications to handle complex financial information with ease. It also allows for easy integration with other systems and data sources

MOLO17 takes security as a top priority and implements robust measures to protect sensitive financial information. Our applications use encryption, authentication, and authorization protocols to ensure that customer data is safeguarded against unauthorized access and cyber threats

As your business grows, our solutions scale with you. MOLO17’s Banking & Finance applications are built with scalability in mind. Whether you have a few hundred users or millions, our applications can handle the load and provide a seamless experience for all customers

MOLO17 goes beyond offering exceptional software solutions. We provide a comprehensive suite of professional services tailored to our customer needs:

  • Modernization of Existing Applications: We help you modernize legacy applications, making them more agile, efficient, and compatible with current technology trends
  • Data Migration: Our experts can migrate data from legacy systems, including RDBMS and other NoSQL databases, ensuring a smooth transition without data loss or disruption
  • Problem Solving and Innovation: We excel in problem-solving digital transition and innovation issues. Whether it’s overcoming challenges in your digital transformation journey or innovating new solutions, our team is here to assist you

How we work

MOLO17 uses digital transformation strategies that enhance the existing infrastructure, extend and expand current applications, with minimal organizational, productive and relational impact

1

Analysis

Record as-is situation with operational flow analysis and list of issues

2

Objective

Set goals for application and/or system redesign based on the analysis

3

Roadmap

Build project roadmap together with transparent milestones

4

Value Solution

Deliver a Minimum Viable Product that meets your needs

5

Field test / Refine

Test and observe in the field. Refine to complete satisfaction

The MOLO17 approach (NoSQL)

Why MOLO17 Embraced NoSQL Technologies in the Banking & Finance Industry
In the Banking & Finance industry, access to data is not just a convenience; it’s a critical requirement for making timely and informed decisions. MOLO17 recognized several key reasons why the traditional Relational Database Management Systems (RDBMS) were no longer sufficient for meeting the growing data needs of this sector and why we chose to embrace NoSQL technologies:

Data volume and velocity

The Banking & Finance industry generates massive volumes of data daily. This includes transaction records, customer information, market data, and more.

RDBMS, while reliable, can struggle to efficiently handle the sheer volume and velocity at which data is generated, leading to performance bottlenecks and slower query response times

Scalability demands

The need for scalability is inherent in the finance sector. Institutions must be prepared to handle increasing workloads and data growth.

NoSQL databases are inherently designed for horizontal scalability, making it easier to expand infrastructure and accommodate the industry's growing data requirements without major overhauls

Complex data structures

Financial data is not always neatly structured into tables and rows. It often includes unstructured or semi-structured data types, such as financial reports, documents, and multimedia content.

NoSQL databases, with their flexible schema-less architecture, are better suited to handle complex, varied data structures without the constraints of rigid schemas

Real-time data access

In the finance industry, real-time access to data is imperative for executing timely trades, monitoring market fluctuations, and responding to customer inquiries promptly.

NoSQL databases excel in delivering low-latency, real-time data access, ensuring that financial professionals have the information they need when they need it

Cost-efficiency and agility

The adoption of NoSQL technologies offers cost-efficiency benefits. These databases are often open-source or more cost-effective to scale compared to proprietary RDBMS solutions.

NoSQL databases provide the agility required to quickly adapt to changing business needs and emerging market trends, reducing the time-to-market for new applications and features

Regulatory compliance

The finance industry is heavily regulated, with stringent data retention and security requirements.

NoSQL databases can be configured to meet these compliance requirements while offering the flexibility to handle large datasets and support data encryption and access controls

Enhanced customer experience:

In the era of digital banking, customers demand personalized, real-time experiences. NoSQL databases enable institutions to analyze customer data swiftly and provide tailored services

Minimal organizational impact

MOLO17's approach emphasizes minimal disruption to existing infrastructure, applications, and organizational processes. NoSQL technologies can often be integrated alongside existing RDBMS systems without major organizational upheaval

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