FinTech Labs provides two solutions to take your financial business on the web. Selecting a software is one of the most important decision and investment for an organization. We provide both “Enterprise” and Software-as-a-Service (SaaS) solutions to meet the desired requirements of a business.
With FinTech Labs’ enterprise software, the organization buys and installs the application on their servers. In contrast, the SaaS software is one which is rented by an organization and is hosted “in the cloud” and accessed via internet.
Here are some distinguishing factors that draw the line between an Enterprise Solution and SaaS:
- Customizability – One of the primary advantages of our enterprise software is the scope of customization of the software. The main attraction of the Enterprise Solution is that nearly all requirements can be met. But the process of the customizations in itself has constraints and the development should be prioritized. The SaaS software has all of the major functionalities present in an enterprise software with constant development on the Software. Over time SaaS incorporates the best practices from many different industries and companies into the product development, to maximize customer satisfaction. Today, most businesses and organizations start with SaaS solutions. Once they have outgrown the capabilities of the SaaS solution, only then do they upgrade to custom-made/enterprise solutions.
- Ease of installation/ease of upgrade – For our SaaS offering, the application is ready to be installed and ready to run the post minimal configuration after the contract is signed. We continuously incorporate customer feedback into our product roadmap to maximize customer satisfaction, and ensure business success. Upgrades are pushed out automatically to all users, which means upgrades occur and with no effort on the part of the user organization.
The enterprise system, there are typically many configurations and customizations which need to be configured and tested before the Alpha version of the application is ready. Thus, testing becomes extremely important on both ends, to ensure the system works as designed and generally takes at least 3-4 months to set up the Beta testing version of the application.
- Price/Cash Flow – To setup an enterprise level solution with FinTech Labs, initial costs are set to be much much higher in comparison to SAAS. Over time, the total cost of ownership for SaaS will cover the cost of the enterprise software. But for SaaS offerings, that cost might spread over 7 or more years, rather than being frontloaded into the first year.
- Integrations – The Enterprise solution, can be integrated with any other software/service that is used by the user organization for seamless integration of the two softwares. With our SaaS offereings, we have implemented Open APIs that can be integrated with a wide range of third party software’s. If integration with existing software is key for your organization, you should always check whether your existing software allows you to integrate itself with any of our solutions -whether you go down the path of SaaS of custom-built.