With today’s cloud providers like AWS, Oracle, Azure and Google, one can launch an instance of a financial software in any region of the world with just a touch of a button. But to create a truly global financial product a significant amount of planning is required. Early in my career I got exposed to these design principles while we implemented an auto finance product build for the US market for a customer in Japan. Ignoring the need for internationalization during the initial design phase of the product and then later trying to localize your complex financial software will be very difficult, time-consuming and costly.
A successful aspect of a global financial software system is smooth integration into the local eco-system. For a Lending/Leasing system it means integrating with:
- Local Credit Bureaus
- Local tax Systems
- Local Payment Systems
- Local Contract Documentation Systems
- Local Asset Valuation Systems
- Local Dealer / Vendor Systems
- Local Application Integrator
- Local Lien System
About the Author:
Vinay Bhatia is an experienced product leader, passionate about building financial products that delight customers. He has an extensive background in technology, cloud and agile software development.