Growing Impact of Financial Software Solutions
The COVID-19 pandemic provided a unique opportunity for the fintech industry. It fast tracked a shift from traditional banking services predominance to the abundant digitalization of financial services. This year is likely to be just as momentous, with digital
banking no longer considered just a financial lifeline but a way of life. With that comes countless opportunities to introduce customers to a much broader universe of virtual financial services and the limitless revenue-generating potential these create.
With customers likely to become increasingly familiar with what the industry has to offer - and more sophisticated in their product and service preferences - digital financial services providers will have to continually up their game if they want to build
and sustain a growing and loyal customer base.
So expect ongoing digital innovation and evolution to be the order of the day during the years to come. Staying abreast of customer needs and preferences, fintech companies will need to rely on financial software companies that can keep pace with industry
and build the robust, but agile, digital banking products required.
Why Partner with a Fintech Software Development Agency?
Fintech companies have three options to get the software for their solutions:
- build an inhouse team of software developers and tech specialists;
- buy software off the shelf from a trusted vendor;
- partner with a specialist fintech technology provider that can build customized digital software solutions.
There are several reasons why hiring a financial software development company is the way to go. Among these are they have all the experience and expertise to build, maintain and adapt the technology that underpins any digital banking solution.
- Regulatory compliance. At a time when regulatory requirements are getting ever more onerous and ensuring the business is equipped to deal with these is potentially very costly. Specialized financial services compliant software companies have the knowhow
and software capabilities to ensure the necessary compliance, security and data protections are incorporated into any digital financial services offering.
- Internal procedures in-place. These software developers have already put in place the internal procedures needed to ensure the smooth functioning of a fintech solution and have certifications to confirm their expertise. Open Source financial software developers
are also familiar with the ever-changing fintech landscape and can effectively perform integrations.
- Pre-built frameworks. Any fintech client coming on board will have access to pre-built frameworks that allow the business to get their digital offering up and running in no time.
- Advisory and consulting. The software company can also provide advisory services that will enable the fintech business to maintain its lead in a highly competitive industry where reliability, innovation and customer satisfaction are non-negotiable for success.
Top Financial Software Development Companies
We did the homework for you and compiled a list of some of the best software development companies around.
1.
TatvaSoft
TatvaSoft is a CMMi Level 3 & Microsoft Gold partner Software Development Company. It has 18 years of rich and varied experience in software development and meets stringent performance standards, offering quality, on-time and cost-effective software solutions.
TatvaSoft, whose customers range from big enterprises to small startups, has more than 2 000 success stories.
Services:
- Custom software development
- Web development
- Product development
- Dedicated teams
- Ecommerce
- Mobile apps
- Testing & QA
- UI/UX design
Number of employees: 501-1,000
The year funded: 2001
Hourly Rates: < $25 / hr
Ideal for: SME, startups, cost-effective services.
2. Selleo
For more than ten years, Selleo has delivered professional services on more than 150+ software development projects and it has built a number of applications across a wide spectrum of business domains, industries, and technologies. Its agile teams craft
web and mobile applications. Selleo can deliver the most technologically challenging software solutions by drawing on its vast diversity of skills and partnership with other specialized companies. Through the years the company has gathered a broad spectrum
of specialization in the development of custom SaaS and cloud-based business process management tools, digital dashboards, and other solutions.
Services:
- Consulting
- Custom software development
- DevOps & cloud consulting
- GraphQL APIs development
- UI/UX design
- Testing & QA
- Dedicated teams
Number of employees: 50-100
The year funded: 2005
Hourly Rates: $25 - $49 / hr
Ideal for: SME, startups, dedicated teams, diverse expertise.
3. Velmie
Velmie is a banking technology provider with more than 10 years of expertise in developing software and providing professional fintech services. The company is 100% focused on developing software solutions for digital banking and the fintech industry. To
speed up the development process, Velmie can deliver pre-built banking platform solutions, mobile banking applications, custodial and non-custodial crypto wallets and other tech frameworks. It has the infrastructure to facilitate integrations with financial
services partners and provide bank transaction processing, foreign exchange, debit cards issuances and global KYC/AML verification.
Services:
- White-label banking and fintech platform
- Mobile wallets
- Custom software development
- Product development
- Mobile apps development
- Blockchain development
- Testing & QA
- UI/UX design
- Service providers integrations
- Ongoing maintenance and support
Number of employees: 50-100
The year funded: 2007
Hourly Rates: $50 - $99 / hr
Ideal for: SME, enterprise banks, fast launch, end-to-end solutions, building scale over time.
4. Sidebench
Sidebench is a strategy, design, and development consultancy based in Los Angeles. It caters for the software technology needs of innovative enterprise companies and top new ventures and harnesses the strategic value offered by management consultants and
experienced founders. They are expert data and systems architects and, together with the UX-first approach, is one of the best product design teams in the world.
Services:
- Research and consulting services
- Technical Architecture
- Prototyping
- UI/UX Design
- Web Development
- Mobile App Development
- Systems Integrations
- Testing & QA
Number of employees: 11-50
The year funded: 2012
Hourly Rates: $150 - $199 / hr
Ideal for: Enterprises, consulting services, outstanding design.
5.
Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, the company offers Strategy and Consulting, Interactive, Technology
and Operations services. With an employee base of 500,000+, the company operates in more than 120 countries.
Services:
- Technology and business consulting
- Custom software development
- Application Services
- Artificial Intelligence
- Business Strategy
- Security
- Technology Innovation
Number of employees: 10,001+
The year funded: 1989
Hourly Rates: N/D
Ideal for: Enterprises and banks, consulting services, extensive tech stack.
How to Choose the Best Software Developer?
Finding a financial technology partner is no easy task because there are thousands of software development companies out there. From low cost providers to boutique agencies, it’s understandable if you don’t know where to start.
When considering a software development partner to bring to life a digital financial services solution, considering the following factors will get you closer to finding the right partner that will serve you well in the long term:
- The company should have proven expertise in developing the solutions you want to create. You can determine this by finding out how many years they have been on the market, reading reviews and checking out their portfolio of work. If you find a potential
partner that ticks all of your boxes, you will end up working with a trusted company that will guide you towards creating a phenomenal all-round digital banking solution rather than just doing the coding for it.
- The financial software company should have both fintech and banking expertise. You will be able to find out if that is the case if you go through their portfolio of work. Ideally the company should have worked on projects that are similar to the one you
are building. You will find case studies of work a software company has done on the website but there may be other projects that have not been shared with the public so don’t hesitate to ask them if they have more case studies.
- The finance industry has specific regulations and best practices that companies need to meet and thus it is crucial that find a reliable vendor that understands them because they will help you avoid making costly mistakes.
- The software company should have similar professional ethics and values, such as commitments to transparency, quality and to name but a few. Off this foundation, the software developer and their customers will be better able to understand each other's needs
and collaborate on those in the most effective way.
- Communication and service quality are often the most important contributors to building a successful partnership. By choosing a provider that cares about, the project is likely to stay on an even keel and you can feel safe and secure during the development
of the fintech solution you are creating. You’ll understand whether you can rely on these by the speed of answers and the effectiveness of communication from the outset.
- Another critical factor to consider is whether a software developer provides ongoing software support and maintenance as part of their service.
- Nowadays the tech stack needs to be robust, innovative and easily adaptable.
- Banking and financial services providers need to meet high security standards. Thus, the software development company should be well versed in existing and upcoming compliance standards and in a position to build technology infrastructure that is state-of-the-art
secure for users.
The Final Word
A neo-bank is nothing without the right technology infrastructure. Thus, choosing the best software vendor for the job is mission critical as it will influence how users feel about the product and whether it will meet their evolving needs over time.
Getting that right will determine the overall and long term success of the project. So define your budget upfront and clearly map out your timings and priorities because only then will you be able find the best financial software development companies for
your project.