How Big of a Threat is FinTech to Traditional Banking?

The entire concept of banking as we’ve known it is changing. The difference between banking in years to come and years prior will soon seem worlds apart. Commonly discussed are the impacts that modern financial technology has had on the banking sector and the generations of consumers growing up with access to it. This has made the debate between contemporary and traditional banking very much back and forth. What we’re seeing are FinTech companies who are taking over the banking sector but also looking for partnership opportunities with banks. The question then becomes, what is in the best interest of consumers? 

It’s been repeated time and time that convenience is the primary driver of usage in addition to how easy a product or service is to understand and incorporate into day-to-day living. What we haven’t dived too far into is whether this will be enough in the long term, which is what both sides are still trying to pay attention to and plan for today. The issue in a lot of cases with financial technology is that something will make a lot of noise, people will trust it, and then it fails because it hasn’t been time-tested. In this section, we’re going to diagnose whether the FinTech industry and banks can secure a long-term triumph.

What is the goal of FinTech?

FinTech companies want to be the banks of the future and make banking easier, less intimidating, engaging, and transparent. There have been many different attempts at this and adjustments made by brands to be unique in a cluttered market. Notice this difference first; traditional banking is what consumers associate with standing in line for a teller, going out to withdraw cash, or having meetings with advisors that are long and confusing. 

People associate FinTech with E-transfer, cryptocurrency, or Artificial Intelligence, which are what consumers believe in as the future. The young demographic specifically is a big promoter of this technology and is more likely to be influential in all directions. What’s next is to ask where the happy medium is and how both parties can meet there.

Let’s start by saying that technology in the past was meant to introduce everyday routines like communication and entertainment to the internet. Since that has been established, technology today is being built to automate, innovate, and produce products that keep people engaged and wanting more. This is the goal of not just financial technology but almost every innovation we’re seeing and have seen, to create a future that promotes sustainability and flexibility. 

What has it done for the job market?

Nowadays, working in IT is all hype due to the variety of roles someone can take on as well as the demand for talented individuals. Let’s also not forget the interest people have in office-home balance which is likely to be found when working in a technology company. Worldwide, the FinTech industry employs over 300,000 people; North America alone accounts for around 160,000 of them. The trend is rising which makes this a scary stat for commercial banks who still have the majority of workers for the time being. Soon, those categories of workers could merge under one umbrella.  

In the mind of a consumer in 2022, the line between banks and FinTech has become blurry and this is now why commercial banks are making an effort to build relationships with FinTech companies. Consider that this year alone the United States has seen north of 30,000 FinTech startups and the country's industry is worth almost $200 billion. It doesn’t take an expert to see that this is a growing consumer and job market, primed for the future. 

FinTech vs Commercial Banking

In the coming years, some experts are predicting that we can expect to see almost every financial services provider categorized under FinTech (and most already are). Now, this doesn’t mean the extinction of banks altogether, it just means banks are gradually taking on a form that’s viable for the future. Oh, and it’s worth mentioning that the ones who don’t embrace this change will be left in the dark down the road. 

Look at Visa, being around for over 60 years, the third biggest provider in the world, with almost half a trillion dollar valuation, and embracing the transition into FinTech. But what did Visa see in this industry to want to invest in it? Visa promotes partnerships between banks and FinTechs and wants to set an example. This move benefits them in numerous ways, most notably the fast-tracked ability for companies to integrate FinTech. No surprise then that this program has earned the name Visa Fast Track which is aimed to promote the global adoption of FinTech services, particularly for banking startups.

Banks approach

Many institutions have seen the rise of FinTech as a chance to compete and give some to get some. Unwilling to give up the power that easily, some banks want to be the parent of FinTech startups. In their efforts to reap these rewards, legacy banks have begun opening accounts for startups which leads us to the highly remunerative business model; Banking-as-a-Service (BaaS). Since legally registered startups need a bank account, BaaS wants to be their lender and effectively their ladder to establish credibility.

The way this works is that the FinTech (third party) will use APIs to connect to the bank's system which will then allow them to offer the same services as a bank to the end-user. For consumers, this makes the experience of using third-party services flawless and safe while also establishing rapport for the startup or entity.

What’s next?

So, what will the future look like for banks and FinTechs? The answer is simple: unpredictable. Nobody knows what circumstances will come within the next year, 5 years, or 10 years. One thing is for certain; banks and FinTechs need each other right now. Of course, there will be disruptions that force pivots, but for both sides, that is a bridge to cross when they get there.

Written By Ben Brown

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ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.

Labstat Case Study: How Custom Software Transformed Laboratory Information Management

Labstat, a leading nicotine product testing laboratory and part of Certified Group, needed to move away from inefficient, manual data management. Their teams relied heavily on complex spreadsheets and outdated systems that created bottlenecks, risked compliance issues, and limited scalability.

Over a long-standing partnership, ISU Corp built a fully customized Laboratory Information Management System (LIMS) tailored to Labstat’s specific workflows. This secure, intuitive, and automated system now powers everything from sample tracking to invoicing, dramatically improving productivity, compliance, and access to information. ISU Corp continues to support and enhance the platform as Labstat grows globally under Certified Group.

About Labstat

Labstat is a globally recognized analytical testing lab specializing in nicotine, cannabis, and tobacco product testing. With decades of experience and a commitment to scientific excellence, Labstat plays a critical role in helping clients meet strict regulatory standards.

As part of Certified Group, Labstat supports a wide range of health and safety testing operations across North America.

Fast Facts:

• Founded in 1976

• Acquired by Certified Group in 2021

• Serves clients in over 30 countries

• Specializes in chemical and toxicology testing, compliance, and quality control

The Challenge

Before partnering with ISU Corp, Labstat’s internal operations relied on a mix of Excel spreadsheets and a legacy database. This made day-to-day tasks:

• Time-consuming and inefficient

• Prone to human error and data silos

• Difficult to scale across teams and labs

Information retrieval was dependent on a few key individuals who knew how to navigate the old systems. As Labstat grew, it became clear that they needed a robust, centralized solution to support lab efficiency, traceability, and compliance.

What Labstat Needed:

• Custom automation for managing sample intake, chain of custody, and test workflows

• A centralized LIMS platform to eliminate spreadsheet chaos and improve collaboration

• Secure user access and digital audit trails to meet strict regulatory requirements

• Integrated invoicing and reporting tools for full workflow visibility

• Scalability to support future lab expansions and growing client demands

The Solution: A Fully Custom LIMS Built by ISU Corp

ISU Corp worked closely with Labstat to design and implement a custom Laboratory Information Management System (LIMS) built from the ground up to match the lab’s real-world workflows.

Key Features:

• Web-based Client Order Interface: Clients can submit and track orders online

• Automated Chain of Custody & Sample Tracking: Maintains data integrity and traceability

• Built-in Quotation, Worksheet, Invoicing, and Reporting Modules: Replaces fragmented processes

• Security & Compliance: Includes role-based access, digital signatures, audit logs, and full traceability

• Scalable Multi-Tenant Architecture: Supports Labstat’s expansion into new locations and service lines

ISU Corp continues to enhance and support the platform to ensure it evolves with Labstat’s operational and regulatory needs.

The Results

✔ Increased productivity, with more workflows handled in less time

✔ Eliminated spreadsheet chaos, improving efficiency and accessibility

✔ Improved compliance and traceability, backed by full auditability

✔ Greater visibility across teams, from sample intake to invoicing

✔ Scalable system architecture, supporting global expansion under Certified Group

Labstat continues to rely on ISU Corp for ongoing development and support, reinforcing the value of a long-term partnership with a trusted technology partner.

Why Custom Software Matters for Laboratories

Off-the-shelf systems often fall short for specialized labs that require strict compliance, unique workflows, and high traceability. By investing in custom software tailored to its operations, Labstat eliminated manual inefficiencies and built a platform that grows with their business.

In highly regulated industries like health testing and lab science, a custom LIMS can mean the difference between smooth compliance or falling behind. ISU Corp’s deep experience in building secure, scalable, and intuitive lab platforms makes us the go-to partner for labs that want to modernize.

Ready to Modernize Your Lab Operations?

ISU Corp specializes in building custom LIMS platforms and lab automation tools for regulated industries. Whether you’re looking to eliminate spreadsheets, improve traceability, or scale your lab operations, we can help.

Let’s transform your lab. Contact ISU Corp today to learn how our software solutions can support your compliance and growth.

How the Waterfall Methodology Promotes Productivity in Software Development Teams

For years the Waterfall methodology has supported software development projects. Some may consider it outdated with the sheer complexity of most projects and the flexibility required in the modern day. Of course, now agile approaches are very popular, and it could be argued that they were developed to get away from Waterfall altogether. If you’re unfamiliar with the key differences between the two, all you need to know is that agile releases software in increments whereas Waterfall has a strict process leading to a final output followed by verification and maintenance.

Agile was created to put an end to the common notion among project managers who believed Waterfall to be the only approach for software development. In reality, all methods are simply guidelines for problem-solving. Waterfall was super popular in the 1990s since it added structure to huge software development projects. The structure looks something like this:

1. Planning: Identify the goals of the project. This is also where the project manager needs to figure out the requirements for the project. These requirements will depend on the project sponsor's needs and involve identifying risks, dependencies, assumptions, costs, quality metrics, and the timeline. 

2. Design: This is where all decisions are put in writing. The decisions are, in this case, based on legitimizing the requirements for the project. In this phase, you’ll outline the project's goals, budget, and schedule.

3. Implement: This is where you execute the planning and design phase to materialize the product. This is a critical part of the Waterfall; everything done during this phase must be tracked.

4. Verify and Test: During this phase, testing is done to ensure that the product you’ve created serves the requirements of the project. If anything goes wrong, the team must go back as far as the first phase to identify what happened. Quality metrics are used during the testing phase to ensure the client's satisfaction. 

5. Maintenance: The maintenance phase goes past project management and now focuses on the product's longevity. Changes are made as needed to improve what was delivered in the implementation phase.

Let's make it clear that the Waterfall— like any other methodology— is not perfect, but it’s often enough to get the job done and still is. A 2017 study shows over 50% of organizations still use it in their software implementation model. The key to a great software development team is knowing what calls to make in the best interest of your team. Sometimes these calls are going to fall outside the scope of convenience to reach an optimal outcome. 

So, why were other methods created?

One of the primary concerns with the Waterfall method is that a mistake made in an early phase could be costly and detrimental later on. All methodologies are meant to add structure to software development. In 2022, it’s all about speed; whether it's deployment, access to data, or SSL performance, the list is endless. The point is, this is the purpose that agile methods were created to serve. It provides results quickly and continuously innovates to adapt to the needs of the user. 

When would you use Waterfall?

You have to first consider how different every software development project is. There is seldom a product output that doesn’t require changes. In addition, development teams need to make their budget and timelines clear to the client or co-workers from elsewhere. These are the kind of issues Waterfall takes care of since it has a very clear structure. Now, this may frustrate developers who want to interact with the client as much as possible, but it can be a necessary sacrifice to ensure quality over quick deliverables.

Another example is when persuading outside your project, whether attracting investors, seeking department approval or if you think there will be collateral effects. Waterfall can be easier for those outside to understand. Think about it: your intentions for the project are clearly outlined from the planning and design phases which, in effect, kind of drill the end goal into the teams' vision and mitigate the risk of deviating. 

For teams and projects on a small scale, there are a lot of benefits to be found in operating under this kind of focus. Teams can complete the project faster without worrying about allocating time and resources to non-priorities. So, in this instance, working on a small project or in a small team means you’ll need a framework that promotes communication among members and a clear-cut process. 

Waterfall and communication

Waterfall is very systematic and procedural; there should be no shock that communication would be an essential part of every step. Information sharing is far more efficient when documentation is consistent throughout the process. Anyone new brought into the project throughout the phases will be able to refer back to the documentation which makes Waterfall a great communication tool to keep the team in sync. 

In some cases, especially with new teams, communication and getting to know each other can be difficult and negatively impact performance. Of course, this should be mitigated in the case of any team but software development projects are usually operating in a condensed time frame with little to no room for speed bumps. 

So with that being said, take inventory before your team begins a new project. You can do this by considering these questions:

• Who are the stakeholders? How can my efforts serve them?

• Is my team reliable? Do I plan on bringing in extra help?

• What is the primary end goal?

• How much time and budget do we have to work with?

• How will we manage mistakes to not interrupt our end goals?

It’s very difficult to predict the road ahead when beginning a new project, but it will help to first Identify your requirements so you can meet that of the client’s. What hurts a lot of teams is communication barriers and a lack of transparency. 

The Takeaway

Finding the best route to take when beginning a new project is difficult, but choosing a framework that’s right for the team (not just developers) will make the process smoother. The planning stages are usually the most difficult, but when that is the case, execution is often far more efficient. If you’re new to the concept of software development, it likely sounds chaotic, which is why it is so important to work with an experienced team of professionals that can see through the chaos and bring a polished product to the table. 

Written By Ben Brown

—

ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.