5 Key skills of software developers in the financial sector

April 23, 2021

Category: Technology

The financial industry has long been under-qualified in meeting software developer demand. The sector requires a specific set of skills that cannot be acquired without practical work experience. Here are crucial skills required for developers of financial applications.

 

Database architecture

One of the most important and common applications in the financial industry is the database. Financial companies require a database to store information related to their clients, employees, and other organizations. The company can then use this data for many different things like accounting, auditing, bookkeeping, tax preparation, credit checking for loans etc., etc. In order to develop an application that needs access to this type of data it is very important to ensure that they are using a database that has built in security features and is secure.

 

Secure login

Many financial companies have a main server which is the main database for the company and many other servers which are used to support the main database. This means that an attacker or hacker would be able to access information stored in these servers by gaining access to one of the user accounts (such as a database administrator). It is common to implement 2FA (two factor authentication) 2FA which refers to adding something as a second layer of protection such as an SMS code or a verification app on your phone. As this is the second layer of protection, it helps to make the process more secure and prevents the attacker from accessing your account.

 

Transaction support

The financial company will have many different transactions; some of these involve withdrawing money from an account, for example customer purchasing a product, a payment for an invoice etc.,. For all of the different transactions, the current state of the account must be updated. This in turn requires a complex database which can support all of these different scenarios and ensure that the customer’s money is not inadvertently taken from their account. The financial industry is required by law to keep a full audit trail of all the transactions they have done for a specified period of time. This means that they must have an application that can record all the activities done in an audit event.

 

Backup

A secure application that is designed for use in a financial company needs to be backed up often. This can be difficult to ensure because of the usual constraints that come with maintaining a secure database. However, there are many standard tools which can backup and restore databases, which will make this process much easier. For example , there are tools which can be used for a scheduled automatic backup. The developer will need to ensure that they have backups of their work stored securely in case there is a server failure, which is common in this sector.

 

Encryption

Many financial companies have strict security policies that require some of the data on the server to be encrypted. In order to support this type of security policy and comply with the regulations, it is important that the developer uses a technology that is capable of effective encryption. Additionally, it is very important that the company does not use any software that uses legacy or obsolete encryption standards.

 

SmartDev knows this and has therefore devised a training process that allows software developers to quickly develop the necessary skills for the financial industry. This ensures that developers not only have the necessary skills, but also understand them in relation to their importance within the financial industry.

 

SmartDev offers the services of talented developers who have been trained in-house to develop software for the financial industry.

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