How to Choose a Trustworthy Banking Software Development Company

Choosing the best software development company is essential when you need custom software development for your bank or fintech business. But figuring out which provider best suits your needs is trickier than some organizations expect.

Fortunately, using a tried-and-true strategy makes a difference. If you need to figure out how to choose a banking software development company for application, cloud or mobile app development, here’s how businesses can make the right choice.

Before you worry about how to choose a financial software development provider, you may wonder if outsourcing your financial software needs is the best choice. After all, many banks and financial institutions handle software creation internally, so why not go that route?

Ultimately, businesses in the financial sector often have significant expertise in finance, but their IT department may not focus on custom builds. Additionally, the internal workforce may have ample skills in one area but not others. For example, cloud development requires specific capabilities that aren’t broadly shared among all software developers, making it hard for financial institutions to achieve their cloud goals.

By partnering with a business information services and software development company, banks and financial institutions get access to critical expertise, allowing their dreams to become realities. Plus, selecting the right fintech technology provider creates customization opportunities, allowing companies to tailor applications to meet their unique needs.

Pros and cons

Financial software development services come with unique benefits and drawbacks for businesses. Here is an overview of the pros and cons of outsourcing the creation of your financial software solutions.

When figuring out how to choose a banking software development provider, you need to examine the right factors to ensure that the company you select is trustworthy and capable. Generally, top banking software companies share specific characteristics, making choosing the best possible financial software developer easier. As you evaluate providers, look for these traits.

Expertise in software development for finance

While many providers offer relevant services, not all have specific expertise in finance. You'll get better results by choosing a company that specializes in IT services for banks specifically. The provider will understand the nuances of your sector, allowing them to create custom core banking applications that meet your unique needs.

Additionally, industry expertise ensures that selected team members have the right skills and experience to bring your project to life. They’re also more likely to have cutting-edge capabilities, allowing them to introduce technologies like artificial intelligence (AI), machine learning (ML), and more into the mix.

Certified developers

Certified banking software developers are more than experienced; they have confirmed expertise. Certification means their capabilities align with standards set by the awarding organization, making the certification a mark of quality.

By creating a team of certified developers, you’re increasing your odds of success. Additionally, they’ll work more efficiently, shortening the timeline.

Company capacity

A financial software development company’s capacity is one of the major factors in the success equation. When capacity is limited, your team members are potentially juggling several projects simultaneously, which isn’t ideal.

By choosing a financial software development company with a larger capacity, you’ll get dedicated team members who concentrate solely on your project. Along with streamlining the process, it can accelerate delivery timelines dramatically.

Plus, the team is more likely to feature IT professionals with a broader cumulative skillset. It may feature user interface and user experience experts, data science professionals, and more, allowing them to handle a wider array of needs.

Security measures

Security is essential when choosing banking software development services. The financial industry is highly regulated and businesses within it are popular targets for hackers.

You need to ensure that the financial software development company you select will go the extra mile to secure your data and systems both during the project and with the resulting applications, and safeguard your customers’ information and financial transactions every step of the way.

Reputable companies won’t just have sound processes in place to maintain your bank cybersecurity; they’re also highly transparent about their security measures. Additionally, they’ll incorporate the latest tech into your solutions, allowing them to use automation and similar advances to boost client and customer satisfaction, increase internal productivity, and ensure your company’s ability to generate revenue.

Risk mitigation plan

A leading banking software company understands the need for risk management and will use suitable tools to assess and mitigate risk. Further, business continuity and data recovery plans are usually part of the equation, reducing the chances of downtime or data loss should the unexpected occur.

Track record of success

A top-quality banking software provider has a proven track record of success and helping clients secure market share. Along with a robust process, it’ll incorporate steps for quality control and quality assurance, leading to better financial software development results.

Usually, companies providing these services have business case studies that outline previous projects, allowing you to review their approach and access details and data about results. Additionally, testimonials and reviews are typically available, giving you more insights into the provider’s performance.

Сompliance with regulations and standards

As mentioned previously, the financial sector is highly regulated and subject to high standards regarding the management and securing of data and systems. Leading bank software providers understand what solutions must do to remain compliant with applicable rules and regulations, reducing the odds of missteps. Plus, they embrace best practices that safeguard data and ensure customer and client satisfaction, allowing compliance and an improved experience to go hand-in-hand.

In-depth understanding of the industry and its specifics

A high-quality bank software company isn’t just familiar with your industry and business market; they have an in-depth understanding of the sector and the nuances of the banking digital transformation. Along with best practices honed over time, its team is usually knowledgeable about emerging trends and advancing technology impacting the industry. That allows them to create robust and scalable solutions that exceed what’s available through market competitors, allowing you to functionally future-proof your application.

After-sales service and maintenance

With bank software development, having ongoing support and maintenance options is essential. Continuous support for patches, updates, and issue resolution for users is available by choosing the right provider. As a result, it’s easier to ensure the longevity of your new software, as the provider will do the work to keep it operating securely and optimally.

Soft skills

Several soft skills are essential for effective working business relationships. Leading providers are highly adept at communication and collaboration, ensuring transparency and increasing the odds of the project achieving its goals. Organization, time management, problem-solving, and critical thinking are similarly crucial, as they help streamline development.

EPAM Startups & SMBs is a platform making banking software engineering accessible to smaller businesses through access to 50K+ top engineers and consultants and industry-aware technology advisory. We offer a wide array of services, including custom application development, fintech solution integrations, financial data management, cybersecurity, UI/UX design, process automation, digital customer onboarding, and much more. Plus, we’re adding new capabilities continuously, allowing us to offer more as the future unfolds.

Choosing us to assist your business gives you access to a dedicated software delivery team that has a profound understanding of banking pain points and challenges for the new market entrants.

Figuring out how to choose a financial software development company for your business begins by assessing whether the provider has all of the traits outlined above. Generally, those are quality markers, making them an excellent starting point when comparing companies.

Ultimately, you want to find a provider with proven industry and technical expertise. A focus on data security and regulatory compliance is also wise, as they ensure the proper safeguarding of data and customer information. The availability of ongoing maintenance and support is another crucial factor, as those services provide peace of mind for your business after project completion.

Finally, don’t overlook a provider’s soft skills when evaluating the decision-making factors. Communication and collaboration are particularly vital, but don’t forget about organization, time management, critical thinking, and problem-solving skills to ensure your project moves forward smoothly.

Today’s fintech software vendors and providers keep their eyes on the horizon, and there are a handful of trends shaping the future of fintech software development. By understanding what the future holds, financial institutions can create new solutions that leverage the best of what emerging technologies have to offer. Here is an overview of leading trends in the fintech industry:

• AI and ML for process refinement and heightened personalization
• Cryptocurrency integration into traditional banking business models
• Increasingly capable digital identity solutions for customer data security
• Biometric features to enhance the client and customer experience while improving data and account security
• Embedded finance to bring financial services to non-financial applications
• Neobanks transitioning into new business areas, such as insurance and wealth management
• Rising use of blockchain for secure transaction recording
• Open banking to make sharing information with third-party providers simpler
• Heavier investing in cybersecurity to protect against intrusions and hacks, identify fraud, and more
• Greater use of virtual bank cards to make payments more secure and protect against card number theft
• BNPL 2.0 to secure business revenues by charging fees to merchants instead of customers
• Increasing incorporation of gamification features to make financial services more engaging

Ultimately, figuring out how to choose a banking software development company for your business isn’t as challenging as it seems. By focusing on providers with the right characteristics, narrowing down your options is reasonably straightforward.

Then, you can factor in the ability to add cutting-edge technologies and incorporate fintech trends into the equation. Doing so makes remaining ahead of the competition simpler, allowing you to future-proof your development.

At EPAM Startups & SMBs, we aim to continuously exceed the expectations of client companies. Our team has proven expertise in the banking and finance industries, and we build highly capable teams brimming with professionals with the latest skills. That allows us to deliver more in less time, all at a price point that meets the needs of startups and SMBs looking to take the fintech world by storm.