When it comes to software solutions for financial companies, the age-old debate between custom and out-of-the-box (OOTB) rages on. On one hand, custom software offers total control and customization, while OOTB offers simplicity and ease of use. So which one is the better option?
In the Forbes article, Dmitry Dolgorukov, the Co-Founder and CRO of HES FinTech, dives deep into the pros and cons of each, exploring the factors that favor OOTB software and the cases where custom is the way to go. With advances in technology, the lines between custom and OOTB are becoming blurred, and there’s now a middle ground for businesses to consider.
Custom software gives businesses total control over the product but requires significant costs for building, maintenance, and upgrades, while OOTB software is a pre-packaged, ready-to-use lending solution from a vendor that can be deployed and used by non-IT staff and requires less maintenance on the company’s side.
OOTB software is favored due to its cost-effectiveness, faster deployment, easy maintenance and upgrades handled by the provider, and compliance with industry regulations. Dolgorukov also acknowledges that custom software may be more suitable for businesses with complex requirements or specific regulatory concerns.
Find a more detailed analysis of the advantages and downsides of custom vs. out-of-the-box solutions for finance companies by reading the full article.
Check out the full version on Forbes Finance Council:
CONSIDERING OUT-OF-THE-BOX FINANCE SOFTWARE
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