How many of you have heard eloquent phrases and talking points that accentuate the company’s culture of flexible solutions, malleable developments, and varied deployment options from your vendor? All software companies will regale you with tales of their history of innovation and flexibility in their design, but while many fintech companies do have flexibility in their offerings through their APIs or their investments in web services middleware, their flexibility only goes so far. Often, enhancements to application systems are astronomical in cost and/or pushed to the next release, and account holders aren’t willing to wait.
There are a variety of reasons why vendors operate this way. Sometimes this is due to the systems within a solution belonging to different companies/applications that were purchased or acquired. These different solutions are often incompatible and require complicated integration engines to make it work seamlessly. Other times, integrations are done through web services, which can slow application response times and are prone to error should there be any latency in the system. Some issues with enhancements or integrations are due to the applications being written in a hodge-podge of code languages; where old code bases are wrapped in new code to enable new functionality.
At VSoft, flexibility is not a buzzword used to sweeten our presentations. All of our solutions are built by our developers, not acquired. Additionally, we pride ourselves in the fact that any of our functions can be opened-up as an API to make integrations faster and tighter than using just web services. We take it upon ourselves to continually reengineer our source code to take advantage of the latest coding technologies.
Flexibility is always a virtue that software companies will strive for, but it’s not just a term referring to an organization’s ability to enhance or change their solutions by request. Flexibility is only a competitive advantage if the company culture allows for it at all levels, not just with a few APIs and creative pricing. Flexibility means being able to meet an account holder’s requirement without the need to get approval from another company, paying exorbitant charges for new functionality, or requiring an upgrade.