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Financial Software Development Life Cycle: Main Stages and Models

Software Development on finance.

To develop software, you need to use a special algorithm. It is called SDLC (Software Life Cycle Model). This is a kind of basis that makes the process of development well-formed and facilitates the technical support of large-scale IT projects. In the article, we will consider the process of full product development in financial services.

What is SDLC?

SDLC is an algorithm for creating an IT product, which consists of 6 stages and covers the period from the moment a decision is made to develop it and ends when the software is no longer used. Each stage builds on the result of the previous one and provides a pool of necessary instructions to complete the next one.

Its functions are regulation and formalization of the development process. This is important in teamwork when dozens of specialists are involved.

Software life cycle models

There are 5 software life cycle models. Developers are more likely to use cascade, incremental, and spiral models. V-shaped and iterative models are less in demand due to their “non-universality”.

Cascade model

This is a cycle of sequentially replacing each other levels of stages, going in a certain sequence that cannot be changed. The cascade model allows you to build relatively simple software, a clear list of requirements for which can be formulated initially.

Its advantages:

  • stability of requirements throughout the software life cycle;
  • drawing up a package of project documentation at each stage;
  • coordination of actions;
  • consistency and clarity of each step;
  • a simple algorithm for implementing the model;
  • transparent and predictable deadlines for the passage of each phase;
  • the ability to accurately plan and correctly allocate the budget;
  • optimization of labor costs.

The cascade software life cycle model is suitable for projects that involve several large development teams. The linear structure simplifies management and formalizes the interaction of participants.

Incremental model

This model assumes a linear sequence of actions, step-by-step feedback, and monitoring of results. During the execution of the project, several versions are created – product increments.

Using this model allows you to consistently finance expensive projects, find additional unplanned resources and implement the product in stages, offering users not a ready-made model with a lot of unobvious flaws, but something like test versions that can be gradually improved. The incremental model is used to develop multicomponent systems. To implement it, the customer must clearly understand what the desired result should look like.

Spiral model

The model combines two processes – design and phased software prototyping to test the viability of complex and non-standard technical solutions. The main task is to reduce the risks that affect the organization of the life cycle.

Each conditional “turn of the spiral” corresponds to the presentation of the next working version. Such a scheme allows you to objectively assess the reality of the implementation of individual tasks and the quality of work on the project as a whole, as well as eliminate serious bugs and functional shortcomings.

Advantages of the model:

  • the ability to quickly show users the finished product and eliminate shortcomings in the process of finalizing it to the final version.
  • design flexibility is due to a combination of the advantages of cascade and incremental models, which do not exclude, but organically complement each other.
  • creating a reliable and stable system by eliminating weaknesses in the course of numerous improvements.
  • getting quality feedback from users.

The spiral model has proven itself well when developing innovative systems or a new product series. It is suitable for long-term projects, during the development of which there is a need to submit intermediate versions or make changes and new requirements in the TOR.

Stages of financial software life cycle development on the example of a cascade model

There are 6 stages of financial software implementation by the cascade model. These are the basic steps that apply when planning, developing, testing, and deploying software.

It is impossible to improvise and change the sequence of actions in this algorithm – this is fraught with consequences: from an unjustified increase in labor costs to serious disruptions in teamwork and financial losses.

The consistency and expediency of all actions within the framework of software development are due to a strict sequence of stages and their influence on each other.

Idea

Let’s imagine you want to create banking software. This is the idea, for the implementation of which a team of specialists is needed: a developer, designer, optimizer, usability specialist, marketer, and copywriter.

Analysis and development of requirements.

At this stage, testers are included in the process. Their main tasks are to collect, analyze, systematize and document the requirements for the software being created. Testers voice their vision of the product, correct the process, and identify possible contradictions.

Design

This step is needed to answer the following questions:

  1. How exactly will my team and I achieve our goals?
  2. What technologies will we use?
  3. How long will it take to complete the task pool?
  4. How to optimize labor costs?
  5. How to achieve maximum team productivity, and make its work harmonious and productive?
  6. What budget will be required?
  7. Once the answers are formulated, specific design solutions can be developed and proposed. For example, at this stage, the design of the site is developed and approved.

Programming and development

You can start writing code no earlier than the requirements for the software and its design are approved. The range of tasks is clearly defined and distributed – system administrators work on the software environment, and front-end developers create the user interface of the resource and form the logic of its interaction with the server.

Testing

Testing involves checking the site ready for launch for all sorts of bugs. Testers thoroughly study the resource, identify errors and pass information about them to developers in the form of detailed reports. After fixing the errors, testing is performed again.

This cycle is repeated until the number of bugs is minimal or equal to zero. Each resource has its own threshold, after which you can stop testing it.

Launch, analytics, and maintenance

As soon as you understand that there are no serious defects left in the software and it is completely ready to launch, it’s time to officially release the finished high-quality software product.

At this stage, a technical support specialist is included in the process, who will give feedback to users, provide advice, and correct defects in accordance with their wishes and comments.

Final thoughts

When choosing a life cycle model for financial software, you should focus on the features of the product you want to receive and the needs of the target audience. To implement complex multi-stage systems, simple products, and their new versions, different SDLC models are suitable. By wisely choosing the type of algorithm, you will launch a really successful product that will be in demand among users, and spend a reasonable amount of time and money on implementing the idea. Aleph1 will help you with the development of financial software from idea to product release and support. The company offers full-cycle product development services that are powered by industry experience.

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