How to Customize Finance Technology for Business Needs

How to Customize Finance Technology for Business Needs

To help you navigate the complex task of customizing finance technology solutions, we’ve gathered seven expert tips from top professionals, including Chairmen and CEOs. From considering a buy or build approach to choosing proven, flexible solutions, these leaders share their insights on how to customize finance technology solutions to meet the specific needs and requirements of your organization.

  • Consider the Buy or Build Approach
  • Document Needs and Start Small
  • Prioritize End User Feedback
  • Involve Stakeholders in Needs Analysis
  • Involve Finance Team from Start
  • Adopt a Coach’s Flexibility
  • Choose Proven, Flexible Solutions

Consider the Buy or Build Approach

Very carefully, and always with careful consideration, I determine whether it is better to buy than build. Fintech solutions are quite mature and almost always offer capabilities that come very close to satisfying most needs. In cases when that is not the case, we always prefer to build in-house know-how, with initial bootstrap help from top outside expertise.

Dejan Nenov, Chairman, Panaton Software

Document Needs and Start Small

To effectively customize finance-technology solutions, the most important thing is to clearly document your organization’s unique needs and requirements. Identify what processes need streamlining, what data inputs and outputs are needed, and what security and compliance concerns must be addressed.

Once you have a thorough understanding of your specific needs, communicate these clearly to technology vendors and solution providers. Ask questions to determine if and how their solutions can be customized to meet your requirements. They should be able to point out configuration options, settings, and code-level customizations that are possible.

My tip would be to start small. Pilot an initial implementation with limited customization to prove the value of the technology. Then, scale and customize more over time as you gain experience with the solution and refine your specific requirements. Beginning with smaller customizations allows you to minimize risk and optimize the technology to meet needs.

Eugene Klimaszewski, President, Mammoth Security

Prioritize End User Feedback

When customizing our finance technology solutions, we concentrate on their compatibility with our current processes, infrastructure, and workflows. We also make sure that everyone involved is comfortable using the particular solution long-term.

My tip for those looking to customize their finance technology solution is to predominantly think about the end users. After all, they will be dealing with it on a daily basis. So, you should regularly seek their feedback and suggestions for improvement. The solution should be intuitive and user-friendly to avoid delays in day-to-day operations due to software complexities or bugs. One of the best ways to ensure this is by running usability tests beforehand and during the implementation as well.

Stefan Chekanov, CEO, Brosix

Involve Stakeholders in Needs Analysis

Customizing finance-technology solutions calls for a meticulous approach. Carry out a comprehensive needs analysis before the implementation stage. It’s imperative to understand the unique workflow of your organization, its long-term goals, and its pain points.

I highly recommend engaging key stakeholders to gather insights into particular requirements. We have found that involving end-users early in the customization process is an effective strategy. Carry out workshops, collect feedback, and prioritize the features based on actual needs. This is a collaborative approach that ensures that you closely align technology with your daily operations. 

I also recommend working closely with your development team to discuss different options for customization. You need to balance scalability and customization while aiming for a solution that evolves with the needs of the organization. Update this customization after regular assessment as you grow the organization.

Dhari Alabdulhadi, CTO and Founder, Ubuy Kuwait

Involve Finance Team from Start

Customizing finance tech is like tailoring a suit—it needs to fit your company’s shape perfectly. We start by identifying our unique financial processes and pain points. My one tip? Involve your finance team from the get-go. They’re the ones who’ll wear this ‘suit’ every day. Their hands-on experience helps ensure the tech not only fits but also feels right to those using it. Plus, their buy-in is crucial for smooth adoption.

Alex Stasiak, CEO and Founder, Startup House

Adopt a Coach’s Flexibility

Customizing finance-technology solutions is like being a football coach. Each department in your organization is a player with unique skills and roles. You need to know these roles well to develop a winning strategy.

My advice to others embarking on the same journey is this: Be flexible and open-minded. It’s imperative to listen to people from all parts of the organization. Their insights and needs are crucial in designing a platform that truly meets your organization’s specific requirements.

Abid Salahi, Co-Founder and CEO, FinlyWealth

Choose Proven, Flexible Solutions

In tailoring finance-technology solutions to our company’s needs, a holistic approach is paramount. We begin by dissecting our unique financial processes and challenges, ensuring that our tech choices are capable of evolving with our organization’s demands. It’s equally important to keep an observant eye on the industry, understanding how similar entities utilize technology, and the benefits they garner from such implementations.

My advice to others is to leverage this dual strategy: choose flexible and integrable solutions that have proven successful in similar industry applications. This not only provides a blueprint of best practices but also offers a customizable framework that can accommodate future technological advancements and analytical data integration. The goal is to construct a finance-technology ecosystem that is not just functional for today but is strategically poised for tomorrow’s opportunities.

Josias Pontes, Former CFO of Sigilon Therapeutics


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