How to Choose a Financial Software Development Company?
The influence of financial software solutions is expanding rapidly. The advent of the COVID-19 pandemic accelerated the transition from traditional banking towards the widespread digitalization of financial services. This trend is set to continue in the present year, where digital banking is not only viewed as a means of financial support but as an integral part of everyday life. Consequently, numerous prospects arise to introduce customers to a wider range of virtual financial services, which in turn offer limitless possibilities for generating revenue.
To keep up with demanding customers and maintain a loyal customer base, digital financial service providers must constantly improve their offerings as customers become more knowledgeable and discerning.
In the coming years, continuous digital innovation and evolution will be essential. Fintech companies must stay updated on customer needs and preferences, relying on agile financial software companies to keep pace and develop robust digital banking products.
Why Partner with a Software Development Provider?
There are different two options how Fintech companies get the software for their solutions:
1. Build an in-house team of software developers and tech specialists?
Quality comes at a cost. Having an entire team of the finest talents with the required expertise in the industry might be a tempting prospect, but only so long as you don’t consider the total potential cost.
2. Outsourcing is a viable alternative.
This is where software development outsourcing comes into play. An increasing number of businesses these days rely on external teams to handle either entire Fintech and Compliance projects or specific tasks. The global market for business process outsourcing is growing because this is meant to save you both time and money.
Outsourcing is a viable alternative to in-house development, which comes with its unique advantages. You can easily get access to experts in the field at a much lower cost and with increased efficiency.
Buy software off the shelf from a trusted vendor.
If you’ve decided there are more pros than cons to outsourcing and you’d rather go in that direction, here are some tips to get you started:
1. Find the right outsourcing partner
Choose a highly specialised vendor in developing fintech technology that can build customized digital software solutions. They have the experience and the know-how about how to build, the entrepreneur needs all the intricate details on what to build and how to communicate that to the team.
2. Buy software off the shelf from a trusted vendor
Reputation is key to success. Make sure you understand the software before you commit to purchasing it.
3. Partner with a specialist fintech technology provider
Usually highly specialised Fintech companies can build customized digital software solutions. Choose the software providers that have the white label solutions that are highly customizable and partner ecosystems that can allow your business grow and scale at a rapid pace.
They have all the experience and expertise to build, maintain and adapt the technology that underpins any digital cross-border payment solution.
Regulatory compliance
In an era of increasingly burdensome regulatory requirements, ensuring compliance can be costly for businesses. However, specialized financial services-compliant software companies possess the expertise and software capabilities to seamlessly integrate necessary compliance, security, and data protection measures into digital financial services offerings.
Know-how and Experience
Software providers have speed in delivering in a timely manner because they have established internal procedures to guarantee the seamless operation of fintech solutions, along with certifications validating their expertise. Also, financial software developers possess knowledge of the dynamic fintech landscape and can proficiently handle integrations.
Pre-built frameworks.
Any fintech such as Money Service Business, Foreign Exchange Office or Bank client coming on board will have access to pre-built frameworks that allow the business to get its digital offering up and running in no time.
Consulting and Guidance
The software company that develops financial technologies can offer advisory and consulting services to help the fintech business maintain its competitive edge. In a fiercely competitive industry where success hinges on reliability, innovation, and customer satisfaction, these services are crucial and non-negotiable.
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 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.
Software support and maintenance
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.
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 a technology infrastructure that is state-of-the-art and secure for users.
The success of the project hinges on getting it right, and Tango AML specializes in creating customized fintech software solutions for Banks, Money Service Businesses, Exchange Offices and Payments Companies. With a decade of years of experience and a complete focus on financial technology, we can expertly guide you through the journey to achieve your ideal product.