Top Custom Fintech Software Development Companies 2023

What is Fintech software development? How Fintech development can affect the capability of a business?

In essence, “Fintech” is the acronym for “Financial Technology”. It is primarily the software technology that is used in the banking and financial domain. The idea behind the implementation of the technology is to simplify the workflow and make things manageable. 

If you hire a fintech software developer for creating a solution for your company, below are the way it can affect the capability of a business:

Easy Payment

Optimizing the payment process and making it easier is one of the most crucial aspects of fintech technology. As a vendor, it is necessary to make the payment process as easy and as less cumbersome as possible. This is the reason these fintech technologies enable customer payments via digital payments, online banking, and even cryptocurrency.

Low Cost of Operations

Previously, the cost of operations was high as the workflow required more resources to manage the data. Post the inception of financial technology, the cost has gone down, considering a majority of controls are available on smartphones. Adding to it, these services have also made it easy for customers to complete transactions.

Faster Process

This fintech software developed by the fintech software companies has the capacity to make processes faster. It is because these are created to manage the huge pile of data well and centralize all the users at single platforms. These software solutions also reduce complexities and redundant processes from the workflow, decreases confusion, and sort & segregate data to make things faster.

Risk Assessment

Fintech solutions process large volumes of data. This, combined with the power of AI, has the capacity to predict future trends from the data. This helps in removing plausible risks that might occur and making business decisions effectively.

What are the types of fintech software solutions?

Fintech development companies have been creating different types of fintech software solutions to offer enhanced customer service and revolutionize businesses. Some of the popular fintech software solutions that have been developed over the years include:

Expense management software

The expense management software is used to manage all the expenses of the company providing insight into the detailed expense report. With the help of this software, you get control of real-time financial data and important analytics. By automating money transfers, you can identify cost-saving opportunities for employees and departments as well. 

Blockchain-based solutions

Blockchain technology provides a secure transacting solution while securing the critical financial data of clients by decentralizing the data. The sale and purchase transactions are made secure and safe with tokenization.

Billing and payment software

Every company requires billing and payment software to conduct financial transactions. They need to bill their clients and make their payments to vendors as well. With the help of such software, repetitive tasks are taken care of while eliminating human errors by automating processes like online payments, invoicing, and more. It can also help organizations by generating automated reports providing oversight of the overall financial performance.

Financial planning software

Planning finances with the help of software makes the whole process seamless. A financial software system helps in better planning of resource allocations leading to better results. Sales strategies can evolve with the help of financial planning software as they provide critical insight into business operations. 

What are the factors to consider while hiring a company for Fintech software development?

There are several factors that need to be considered before hiring any fintech app development company. These are:

Expertise 

One of the most important factors to consider while hiring a fintech software development company is the skill set and experience. It is vital to ensure the company has access to all the latest technologies, such as artificial intelligence, big data, cloud, data mining, and more. You also need to be sure that they have already worked and developed a fintech solution before. As the finance sector is ever-evolving, make sure the company you are hiring is adept with the current financial situation while being futuristic in their approach. 

Portfolio

While expertise is essential, it is not enough when hiring a financial software development company. Always make sure to check out their portfolio to determine what type of projects they have worked on in the past. This will help you figure out if they are the right fit for your organization. By choosing a company that specializes in a given aspect of fintech, your company stands a higher chance of getting a product that suits your project objectives. 

Certified developers

The company you partner with must have skilled and experienced developers to ensure you get a high-quality product that is bug-free. Additionally, it’s important to make sure that the team strength is apt and a dedicated development team is assigned to the project to ensure timely completion without compromising on quality. Do not forget to ensure that the team surely has one fintech expert. Also, making sure the dedicated team has expertise in JAVA, .NET, Python, SQL, and so on will be helpful.

Security

According to a CyberEdge report, 86% of institutions suffered at least one cyberattack over the last 18 months. And due to ransomware attacks, 69% of the affected companies experienced disruptions in workflow. 

Security is a core feature of fintech software development. A financial platform that is not secure is a goldmine for hackers and scammers. Therefore, when hiring a financial software development firm, ensure they have excellent security measures in place. 

Besides, they can implement PCI DSS (Payment Card Industry Data Security Standard) and OWASP (Open Web Application Security Project) to meet the financial industry standards.

Track record of success

Partnering with a fintech software development company with a strong track record will benefit your company, especially if you are not a financial software expert.  Analyzing the case studies and portfolios of their previous projects will give you a fair idea of their expertise and success rates. Also, knowing their hiring strategy to hire financial software developers will provide you with a fair idea about their credibility.

Note: Want to learn about the top mobile app development companies in the USA, here is the link!

What are some of the best examples of Fintech software development?

Some of the best examples of solutions created by the top custom fintech software development companies are:

• Chime
• PayPal
• Mint
• Venmo
• Robinhood
• N26
• Monobank

What are the benefits of fintech technology?

There is a reason multiple companies hire a fintech software developer and software development companies to create solutions for their first. To further justify this, here are some of the benefits of using fintech technology for companies:

• It centralized multiple resources on the same platform. For instance, a fintech solution can collaborate all the employees, the data, payment, etc, in a single place.
• As per a Deloitte report, businesses with access to fintech have shown growth up to three times. Also, this happens without making any major changes to the infrastructure.
• Companies are able to improve their retention rate, considering it makes the processing of transactions faster. Using fintech solutions, companies are able to improve the customer experience and create solutions that are easy to use & immersive.

What is the technology stack required for Fintech software development?

For fintech IT development, the custom financial software development companies use a technology stack that can be divided into three segments i.e., Programming, Framework, and Database.

Programming

This is the most crucial part of the development process as it provides the functionalities and features of the solutions. Some of the most common programming languages that are used in the programming are:

• Python
• Java
• Ruby

Framework

This is the other side of development which is the frontend bit. It is important because the user interacts with the front end of the software solution. It is the part that is shown to the user. Some of the most common frontend frameworks used by the best fintech software development companies are:

• Ruby on Rails
• Spring
• Django

Databases

Databases are required to store valuable company data. Below are some of the most common technologies used by custom financial software development companies:

• MySQL
• PostgreSQL
• MongoDB

What are the challenges associated with Fintech software development?

There are several challenges that even the top custom fintech software development companies have to face. These are:

• Fintech solutions have to handle scaling challenges as the data related to financial transactions continuously grows. Also, it is essential to maintain this data for predictions, decision-making, and archival.
• Fintech solutions require multiple internal as well as external APIs that are often prone to error. To avoid this situation, the teams are required to meticulously test the internal ones so that it becomes easier to figure out issues related to external APIs.
• The app and website experience is subjective. Therefore, it is often tricky for custom fintech development companies to figure out the right design for enhanced user experience.
• The fintech applications and software solutions have to adhere to multiple compliance and regulations. This is problematic for fintech app development services because these regulations can change with geography while the businesses are global.

What are some of the future trends in the Fintech software development domain?

As per Forbes, below are the technologies that will be in trend and used by the top custom fintech software development company, these are:

• IoT
• AI & Machine Learning
• Blockchain
• Embedded Finance
• SaaS
• Open Banking

Now, if you are one of the organizations that provide top-notch quality fintech development services, reach out to us to list your company. We will offer your organization a fair review to provide it the opportunity of getting featured by MobileAppDaily. Meanwhile, do not forget to check other companies' reports, such as blockchain development companies, Android app development companies, and IoT app development companies. Also, make sure to go through plenty of other informative blogs on the website to stay up to date with the latest ongoings in the IT industry.