The global scene of custom software development is bustling. At the moment, there are 21,500 companies worldwide , with around 4,000 of them focusing on building software for the financial services industry. In such a setting, where thousands of companies technically engage in similar business, standing out is no longer a luxury but a necessity.
In today's market, staying competitive requires more than just technical proficiency. Developers must innovate continuously, offering unique value propositions to attract discerning clients. However, achieving this differentiation is often fraught with challenges. With all the turbulence shaking the tech scene, beating the competition while simultaneously winning strategic customers is not getting easier.
This is where Neofin emerges as a potential game-changer. A platform that has been initially designed as a no-code lending automation solution, has now developed into a comprehensive solution to quickly build and launch financial products, solutions and businesses.
Svitlanka Sergiichuk and Max Slobodyanyuk from the Neofin’s founding team, are closely familiar with the challenges facing the custom software development industry. Max founded an enterprise external game development company, while Svitlanka has served as a board member in a number of the software businesses. They both have a shared history of investing in similar ventures. Thus, they have a first-hand understanding of the struggles faced by such enterprises in distinguishing themselves in a crowded marketplace. Alex, the Founder and CTO, has always been on the other side of the process, possessing the CTO and CIO roles in banks and digital lending solutions. This is how the combined knowledge and experience has turned into the Neofin platform.
In the rapidly changing software development scene, there are two pain points encountered by software businesses building in fintech:
Challenges in Beating the Competition: The market is crowded, and standing out necessitates possessing a competitive edge. Neofin's platform offers developers the advantage of rapidly covering the commodity aspect of any solution. This enables the developers to guarantee the accelerated time to market to their customers and be a step ahead of the fintech developers building the commodity aspects from scratch.
Reaching the Strategic Customers: By accelerating time-to-market for solutions in development, Neofin facilitates the acquisition of strategic customers for the fintech software developers. High-end commodity covered by default helps the developers to have their foot at the door of potentially strategic customers, such as financial institutions or enterprise organizations. Developers can start with developing the MVPs of the financial products, while getting access to the further opportunities within the organization.
Specifically to address the needs of the custom software businesses, Neofin has launched its Partner Program tailored for fintech software developers, offering them the chance to leverage the platform's capabilities and additional business perks. This initiative marks a significant stride in the financial technology landscape, and is meant to democratize the way financial products are built.
Notably, Neofin adopts a commercial open-source approach, allowing partners to customize configurations atop its core infrastructure and integrate additional functionalities seamlessly. This move not only fosters collaboration but also signifies a departure from conventional closed ecosystems, embracing the ethos of community-driven innovation.
So, what exactly does the Neofin Partner Program entail, and what implications does it hold for developers within the fintech sphere? If you’re a fintech software developer, it’s the bridge between you and a suite of tools and resources that are critical in building financial solutions that are solid and robust. From digital onboarding and KYC technology, to CRM engines and loan origination systems, the platform delivers a set of pre-built components that its partners simply snap together like so many Lego blocks to create custom financial products. The result is that Neofin’s partners can quickly go from concept to production – without compromising on quality or security.
It’s important to note that the Neofin Partner Program is more than just a platform accessible; developers gain the benefit of planning, guidance, and collaboration with Neofin’s fintech team as they work. All partners have access to the following:
Sales Kit: Partners have access to a wealth of resources, including articles for blog content, expertly crafted presentations and sales decks, and short video demos to streamline the sales process and attract new users.
Learning Resources: The Neofin Academy offers a detailed knowledge base on every aspect of the platform, along with access to a supportive community. Additionally, webinars help the partner's implementation team to get to know all the nuances of working with the platform.
Reliable Support: Neofin provides third-line support to address any queries or concerns from the partner's team regarding the platform, ensuring smooth operations and continuous growth.
Now, let’s dive into Neofin’s platform that will act as the foundation for new financial products.
Neofin’s automation platform offers a comprehensive suite of components for the on-the-fly assembly of next-generation financial products. Let’s take a closer look at what’s inside:
Digital Onboarding: This solution encompasses comprehensive onboarding flows, real-time tuning of fields, data pre-fill setup, and robust data validation algorithm to make for seamless user experiences while ensuring regulatory compliance at every turn.
Proprietary KYC Tech: Keeping things secure and compliant is paramount. Advance ML-based 3D/2D liveness detection, human verification, face comparison, and anti-fraud and AML checks add layers of protection to every step without ever getting in the way of the user experience.
Ultimate Financial Product Builder: The platform offers a versatile suite for building diverse financial products. From loan origination and management systems to personalized offer setups and risk-based pricing, it covers the entire lifecycle of financial products, including loan funding, repayment, and servicing. Moreover, it provides connectors for payment gateways and tools for tracking past due accounts.
Underwriting Studio: This workspace, developed by Neofin in the Equifax Product Studio, facilitates the creation, testing, and optimization of risk policies, scoring models, and underwriting strategies. With support for over 150 criteria types and tens of thousands data attributes, as well as AI-trained scoring models, it empowers underwriters, risk managers, and product managers to make data-driven decisions.
CRM Engine: The engine to power the act of knowing your customers: keep track of contacts, communication history, deals, and their entire interaction timeline; every touchpoint be it email, text message or IVR. Neofin’s goal is to provide a light-weight basis for a fintech-focused CRM solution that is easy to build on top of.
Document Management Systems: This component allows for embedding e-signature, document templates and auto-generation into financial products, which is pivotal for scaling digitally.
Marketing Campaigns Builder: Fuel the brand growth with targeted marketing campaigns. From triggered text messages to promotional outreach and CPA campaign management, the builder puts the power of marketing automation at your fingertips.
BI Builder: The business intelligence builder empowers users to generate analytics, build dashboards, and manage portfolios, enabling data-driven insights and informed decision-making.
Credit/Debit Card Infrastructure Builder: Straightforward toolset to build the credit/debit card based financial products. From physical and virtual card issuance to specialized cards for various purposes and transactions management, it's all about customization and control. This year Neofin has become an official Mastercard Engage partner, and the customers building the card-based lending and installments solutions can now benefit from the solutions suite of the world’s leading ecosystem.
Data Source Connector: A set of the ready API methods to painlessly integrate external services and data sources, or activate the ones available from out-of-box with just a few clicks.
With the Neofin platform's versatile components at your disposal, the possibilities for creating innovative financial products are quite wide. Let's explore some of the solutions that developers can craft using Neofin's toolkit.
For Fintech:
Credit/Debit Card Products: branded credit or debit card offerings, complete with customizable features and rewards programs.
Financial Super Apps: applications capable of managing all of a user’s financial activities including banking, investing, budgeting, etc.
Loan Marketplaces: platforms that connect borrowers with lenders allowing users to transparently compare loan types and apply, among other things.
For Insurtech:
Innovative Underwriting Products: advanced underwriting solutions powered by AI and data analytics to enhance risk assessment accuracy and efficiency.
Policy Marketplaces: digital marketplaces for insurance policies, offering consumers a wide range of coverage options from various providers.
Portfolio Dashboards: tools for insurers to monitor and manage their portfolios, providing valuable insights for strategic decision-making.
For Lending Tech:
Unsecured Loans: unsecured personal or small business lending, offering flexible terms and a simplified application process.
Embedded Lending: platforms or applications the consumers already have in place offering a seamless built-in access to financing.
Business Financing: Offer SME business financing solutions, such as working capital loans, equipment financing, etc.
Secured Loans: Develop platforms for secured lending, such as mortgage or auto loan marketplaces, with built-in risk assessment and collateral management features.
For E-commerce:
Merchant Cash Advance: access to quick capital for merchants based on their current or future sales, helping them manage cash flow and seize growth opportunities.
Buy Now Pay Later: embed BNPL so merchants can offer their consumers the option to shop now and pay later, doubling revenue at checkout and increasing customer loyalty.
Personalized Customer Financing: financing options tailored to individual customer needs, such as installment plans or credit lines.
For Edutech:
Study Now - Pay Later: financing solutions for education expenses, allowing students to fund their studies and repay once they graduate and secure employment.
Membership-Based Installments: subscription-based financing for educational programs or services, spreading the cost over time for easier access.
Neofin's platform is not limited to these use cases; it is open to exploring new opportunities and configuring more use cases across industries.
Neofin boasts a comprehensive list of tools and solutions that cover a variety of financial areas, but what can its technology truly offer modern businesses? The answer lies in the experiences of Neofin partners, who have found real value through the collaborative opportunities.
Adrian Connolly, a Director of UK and Europe in the London-based fintech software development agency Logics7, states "Neofin proved to be the partner we were desperately seeking. With their seamless integrations and robust platform, it is now much easier to start cooperation with the customers in the financial industry. We are able to build an MVP of a financial product or service as fast as in 2-3 months, and devote all the further work to scaling something that is already proven."
Kostiantyn Dmitriiev, Head of Fintech Products at Dev.Pro, emphasizes the importance of time to market and unique partnerships in today's business landscape. "Speed is the new religion," says Kostiantyn. "With ready-made, innovative solutions that can be tailored to each customer's needs, we can already demonstrate working versions of products in months that would have traditionally taken years. This agility allows us to focus on building solutions with fewer processes and more automation, prioritizing the final value for customers, as key technical, security, and process topics are already well covered. This is better for the customers, better for the market, and better for developers."
Kostiantyn's statements, no doubt, fall in line with the overarching trends of the future of work. With technology providing means for openness, transparency and remote collaboration, the demand for tech which can facilitate positive employee experience and that enhances automation is only set to grow. Neofin's technological solutions align with this vision, offering efficiency enhancements that empower developers.
In today's realities, the above-mentioned advantages evolve from being merely "nice-to-have" to becoming core components of modern success. Yet, not everyone dares to see it that way.
Amidst the bustling world of finance, where tradition meets innovation, a whisper of uncertainty sometimes lingers among business owners contemplating ready-made solutions. The concern? A fear that their brand's distinctiveness might fade amidst a sea of uniformity.
But let's shift the perspective.
Imagine constructing a house. Yes, houses in the neighborhood might share the same bricks, the same foundation, and even the same roof tiles. But do they all look alike? Certainly not. Each bears the stamp of its owner's unique vision, design, and character. Similarly, utilizing a platform like Neofin doesn't diminish the product’s distinctiveness; it empowers it.
Just as a homeowner focuses on crafting the blueprint and design elements, a financial business can channel its energy into refining its core offering. Gone are the days of manufacturing every brick from scratch while competitors surge ahead with their construction. With Neofin's array of pre-built digital products, developers have access to essential components, akin to ready-made building blocks.
We are speaking about the fundamental aspects of financial products: digital onboarding, credit limit calculations, scoring, underwriting, loan management, and servicing. These are the backbone of countless financial solutions. Neofin recognizes this and offers these components as the foundational bricks for developers to construct tailored solutions for their clientele. Instead of reinventing the wheel with each project, they can focus on what truly sets them apart: their innovation, customer experience, and unique value propositions.
So, to all custom software developers who build in fintech but are hesitant about embracing ready-made solutions: fear not.
Make a few easy steps:
Submit a form
Get an overview of the system’s capacities at the Neofin Academy
Show up for an intro call
Agree on terms & sign a partner agreement
Get your partner’s kit to learn more about the platform and start generating more leads from the financial industry.
