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Future of Custom Software Development in Educational and Financial Sector

It’s an open fact how software solutions have changed the business dynamic in the past decade and we have seen the tendency of business owners in adapting software solutions. In this article, I’ll mainly discuss two such industries i.e. education and the financial sector, and how they have leveraged from the use of digital products over the past few years.

Let’s start with the education sector. Over the years it was a common assumption about this particular sector that it’s fragile and hasn’t welcomed the whirlwind of digital transformation to the extent it should have.

But, in the past 3, 4 years, this assumption started to fade away as the sector started to show some serious technology adoption and the term eLearning started to surface. Credit should be given to the likes of Udemy, Coursera, and similar platforms for initiating educational programs that don’t require learners to go to a campus and they can learn different courses, take multiple certifications from the comfort of their home or anywhere they are.

The eLearning market was already on a growing path before COVID-19, but now, it’s estimated to reach $375 billion by 2026. That speaks of a clear need to embed technology into the learning experience.

On the other hand, it’s the financial sector that craves technology adoption. No doubt that technology is a thing that excites many and is a driver that drives innovation and efficiency into any business sector.

Whether there are banking companies, insurance companies, or other financial institutions, the customer input and interaction in it is more than any other sector. Since the consumers’ tastes and behaviors are rapidly changing, the need was there to come up with something that caters to the right and core needs of consumers by allowing them to interact with a business on the go. And for this very reason, a lot of efforts have been made are currently underway. That is why you see a plethora of fintech apps ruling the mobile app development industry in the globe.

The financial sector has become one of those sectors with a massive reliance on technology which I believe is a great thing for both the companies and their consumers. To stand out in this highly-competitive business age, you ought to have strategies and operational tools that bring ease in your business processes and for your customers as well.

Contribution of Software Development in the Education Sector:

  1. Making Management Efficient and Smart:

In most institutions, administrative procedures are still paper-based. A paper-based environment consumes a large amount of money and human resources, given the complexity and amount of data that the education system manages.

The way students look for information about a school or class, and the way they apply or enroll, are also very different. One is done online; the other calls for several journeys and binders. The writing of an announcement or the publication of a new schedule on the wall seems exciting in films, but it is not a cheap solution, and certainly cannot be maintained in the long run.

Custom software development solutions come as a great alternative to handle such internal processes by allowing educational institutions to rely on cloud-based management systems that are more efficient, smart and saves human efforts. The pandemic pushed the world to explore resources that were always in the pipeline but were never implemented, so thanks to the pandemic that made us realize that we can be both productive and think out of the box when we were put in tougher and challenging situations. Here’s how a cloud-based management system can leverage educational institutions:

  • Making Schedules
  • Taking Assessments
  • Marking Grades
  • Student Data
  • Results
  • Staff Training
  • Important Notices
  1. eLearning Platforms and Online Classes:

The year 2020 made us saw things that were beyond our imaginations. Taking online classes from home was one of them. As students always show laziness when it comes to going to school in the morning but the pandemic turned the tables upside down. The shift to eLearning platforms appeared as a reality as more institutes leaped on to developing such platform which can serve as a flexible solution for both the teachers and students.

I consider it as an emerging trend as the Covid-19 is still here and there’s lockdown imposed in some countries which means the tendency to have flexible, conducive, and smart eLearning platforms will only increase in 2021.

But, is eLearning all about positive things? Certainly not. Every technology and software solution has some weak aspects so does eLearning. Initially, students were complaining about connectivity issues, not having proper guidelines on how to use eLearning platforms, and the tutors’ inability to teach better using eLearning platforms. But I hope as we are now getting normal with many things, things will start to shape well here as well.

Contribution of Software Development in the Financial Sector:

  1. A Custom Software is developed for Your Business Alone:

The financial sector is one of the most controlled and demanding sectors globally. Companies operating in this landscape have specific requirements which hardly ever fit a solution offshore.

A custom software solution addresses the specific challenges of your organization and is of great interest to your company. Custom software development can include your organization and client’s features and exclude the redundant ones, whether it’s a mobile financing app or a payment solution.

  1. It’s a Low-Cost Alternative:

I’ve been seeing people advising startups and mid-size businesses to go for off-the-shelf solutions to control their initial spending on a business venture. I guess this phenomenon has become too old, if you are going to launch a business venture, you need to have a great understanding of market trends especially your business domain.

Talking about the financial industry, where the customer interaction is of great experience, how can you afford to leave this field wide open? User experience and ease are what companies are targeting the most today, and with a custom app or a portal, you get a long-term tool that requires less maintenance cost in a long run and caters to your specific business purposes in the most efficient manner.

Conclusion:

The reason why I picked these two industries specifically is that I have been involved in both of the industries in my educational and professional career as well. So, I know how things pan out in these two sectors.

If you are in the education or financial sector and lacking the pace it needs to match with the ongoing trends in the market, SoftCircles – a custom software development company in USA offers bespoke digital products for the financial and education sectors to help them beat the competition.

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