New investment platform
For instance, in the US, there are numerous options for individual investors to buy stocks starting with online buying and ending up with investment clubs and hedge funds.
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This results in 54 millions of active individual investors according to Forbes. Image source: Forbes To put it short, online investments are on the rise. While the US are already used to investing here and there, a lot of other countries are still on their way to an investment market like this.
At the same time, there are a few other countries other than US that have loyal legislation for fintech products.
What Countries Are Ready for Online Investing?
How an Investment Management Platform Works Generally, all investment platforms have a similar build. A customers open the website, register and fill in their information. Further on, users have to go through the following steps.
Based on new investment platform data, the service determines asset classes and markets that are most appropriate for the customer to invest, be it real estate, materials, or something else.
Moderncommon-sense investment advice. We will cover the most important elements of the platform and its peculiarities that need to be taken into account.
The parts that turn out unusable later on, will have to be refactored. This is why first and foremost, before creating a funding platform, you have to find out who your target audience is. Each of them has an administrator panel through which they communicate with their customers. For instance, they can update investment funds lists, depending on the suggestions their customer had gotten based on his information. A customer registers and fills in the information, which is then being sent to the bank.
Based on the data, every user gets a score which serves as grounds for investment suggestions.
How to Build an Investment Platform
Another important reason for a secure bank integration is the exchange rates integration into the service. At this point, you need to decide how many banks you want to connect with, as the architecture largely depends on it too. Obviously, the laws and regulations may vary, as do operating hours. For instance, in England, banks would only provide information during working hours, don t lie to me quick money watch. Monday to Friday from 9am to 6pm.
If, like us, you happen to encounter this problem, you can make these inconveniences seem invisible to the users. If a customer makes an investment inquiry on a Saturday, he will get new investment platform investment rates new investment platform Friday, even though on Saturday it may be different.
This inspired the creation of a tool for error logging that would log our every inquiry to the third party, as well as their response to us.
If an error arose, it would be shown in the log list. This will help to avoid accidental user info corruption or unwanted charges in case of bank integration and usage of their information. A sandbox environment is an exact copy of the third party function set that is being connected to the developed code without risking customer data. You have to carefully plan the way your platform will interact with your customer; which steps does he have to take to get results?
Registration, background check, choice of market, and the investment itself.
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In our case, we found a pretty easy solution — restricted usage of the investment portfolio. Suggestions on assets distribution On top of it, the service interacts with the customers through notifications. Of course, the investment company knows all about investments, and the developers also grow to learn a lot while working on the platform.
But the end users may not have the necessary expertise and lack knowledge about the meaning of certain fields or forms. Build an investment website or app you would enjoy using. A multi-language website or app may cause you trouble too.
In our case, it was English and German. As a result, we had some layout hiccups due to German words containing more letters than the English new investment platform. So it needs to be compelling. So the visuals are important.
To build a wealth management platform, hire developers that understand the domain of investments. It will be better and more efficient for further development, if the data you provide to the developers is written down in formulas with very specific examples.
Requirements written down not only in professional but in simple language will make it easier and quicker for the team to understand what should be done. It is convenient when your client provides the most simple and logical formulas and algorithms to calculate investor reliability coefficients depending on their portfolio. Same goes for new investment platform customer risks — time of deposit, primary investments, and so on.
If you already created code basics, have your developers check if it suits the general service architecture. It may be difficult to write over it new investment platform fix code compatibility problems. Everyone has to be on the same page about everything, especially when it comes to vocabulary. A great way to avoid mix-ups is to compile a dictionary where every term is explained.
Some companies conduct workshops for the whole developer team or just the newbies, and explain the business logic and the function set of their service.
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In our case, the most important is to test all the formulas that calculate investment risks, distribute the portfolio, etc. Testing may cost you time and resources, consequently more money, but getting a code that works flawlessly will be more than worth your while. This seems to be it.
Investments are quite a complicated matter after all, and creating an online investment platform is a very demanding job to do. You should always remind your team about the most important things: Who are your customers?
- Do you have to Pay Taxes on Profit from Investment?
- Connect panel, conducted in February and March
- Best investment platforms for beginners - Times Money Mentor
What do they expect? How do we get there? Have an idea? Let's discuss!