Starting from 1918, when the first electronic fund transfer took place, the development of financial institutions was closely connected with the development of communications and the Internet. In early 1970, the first international digital stock was founded and the first electronic cross-country payment protocol SWIFT was used. With the worldwide adoption of computers, the era of online banking began in the 1990s. In 2009, the blockchain emerged, changing the way customers look at banks today. Big Techs are disrupting the banking industry by spawning financial startups that give end-users security and a sense of control over their finances. For their part, banks and financial institutions are under a lot of pressure to increase productivity and retain customers while optimizing costs. All these led banks to Robotic Process Automation (RPA) adoption, which stands for technological augmentation of banking operations. As an example, AI-driven chatbots only could execute a considerable amount of tasks across a plethora of bank functions allowing skilled professionals to concentrate on higher-value tasks and projects.
Consequently, FinTech development companies with deeper expertise and a longer record list of successful projects could ride in the avant-garde of overall banking digitization taking the realization of mundane tasks away and enabling banks to concentrate on strategies, innovations, and ways to make their customers happy.
Let’s run through 10 banking software development companies that stand out for their innovative technological approach, impressive track record of completed projects, and, also importantly, their pricing policy that makes high-quality software development affordable.
Itexus is a global software development company having vast expertise in FinTech namely banking software development. Itexus’ business analysts have profound knowledge of the mechanics of banking operations, regarding front, middle, and back-office management. One of the company’s specializations is the modernization of legacy banking solutions and the introduction of banking process automation into the bank’s ecosystem, thereby increasing back-office productivity by eliminating human error, taking over repetitive tasks, and streamlining interactions with customers. Itexus engineers are proficient in equipping Robotic Process Automation software with Optical Character Recognition technology. The company has an in-depth understanding of regulatory requirements and FCP & AML software and can either develop a bespoke solution or provide a smooth integration of existing solutions into your product. Itexus engineers are also experienced in the development of AI-driven chatbots that, being implemented into the bank support management, increase customer satisfaction and reduce costs. The company’s team leads and developers are ISO 27001 certified and make sure that the software under development meets all the required criteria for robust service, scalability, and security.
SoftwareMill is a British software development agency with a development office in Poland, committed to bringing cutting-edge technologies and embedding them at the heart of FinTech. The company has skilled programmers for blockchain, IoT, Machine Learning, and other technologies. This banking software development company has already helped various financial institutions across the globe to automate their banking processes, get better control over lending, streamline front and middle office processes, etc.
Praxent is a US-based FinTech software development company that aims to build lasting and trustworthy solutions by offering team augmentation as a service. Based on their expertise, they not only build software from scratch but also actively redesign the front end, rebuild the server part, and offer cloud migrations. The good news is that the company has a flexible pricing policy. If you download the Praxent Pricing Guide, you can get an idea of the company’s pricing logic.
4. STX Next
STX Next is another FinTech development company from Poland. Over the last 15 years, they have been not only developing premium banking software but also providing consulting services in various financial spheres. STX specialists review your idea on the highest possible level and come up with a robust plan for moving forward. Also, they offer the audit of your existing solutions in case of their limited performance, data synchronization issues, uninviting and poor UI and UX, unable to attract new customers, etc.
5. GoodCore Software
GoodCore Software is a UK-based banking software development agency rendering a wide range of development services in various spheres. They have been in the FinTech market since 2005 and have developed their unique way of partnering with big enterprises, midsize businesses, and startups bringing benefits for all. They are mostly concentrating on working with British financial institutions, but are open to growing abroad.
Ardas is a US-based FinTech software development company having local representatives in many European countries which facilitates the obtaining of customers and helps the company speak the same language with its clients. Ardas specialists are attentive to your ideas and are capable of building scalable and detailed MVPs which makes partnering with them easy and enjoyable. Also, the company has extensive expertise in banking software development providing strong intellectual property protection, clear and easy-to-understand code, and 24/7 maintenance of the products launched.
7. Bright Marbles
Bright Marbles is a Serbian development company that offers high-quality back-end and front-end services. The company has 10 years of expertise in different spheres of FinTech development being able to find the right approach to each client and bring the maximum value to the project. They have an in-house design team as well as quality assurance and DevOps, which makes them a sound choice as an outsourcing development partner.
8. Experion Technologies
Experion Technologies is another US-based IT company with local offices in several countries. Apart from providing banking software development services, the Experion specialists are skilled at Data Science and deep analytics which is helpful at any stage of product development, especially if for now you have an idea only. Due to quality analytics and comparative analysis of your competitors, Experion Technologies armor you with the right approach to the product. The company has a good record of several solid projects on legacy banking systems upgrades and system integrations.
Eleks is a Poland-based software development company occupying a steady place in the European IT market. They have vast expertise in several industrial spheres including finances. Eleks provides Data Science services, premium MVPs creation, Big Data, and AI development, including the provision of a dedicated development team as a service. Also, they have skills in re-engineering, DevOps, and cloud migration.
Euvic is another banking software development agency located in Poland serving clients all over the world. Having high-skilled professionals on board, Euvic manages to develop resilient and robust back-office infrastructure for US-based financial organizations. In addition, they offer consulting services for affordable costs.
Itexus Expertise in Banking Software Development
Mobile Bank Transfer App
For a U.S.-based startup, Itexus developed a mobile app-to-bank transfer solution that allows its users to transfer money from U.S.-issued bank cards to Nigerian bank accounts. In addition to transferring money, the app allows users to pay bills in Nigeria, i.e., utilities, phone bills, etc., and link several U.S. bank cards to one account. The solution has a multilingual interface (English, Spanish, and French) and is integrated with two payment service providers and a robust KYC verification system. To learn more about the project, please read the original case study.
Mobile Banking App for Migrants
Another client approached Itexus to develop a neobanking solution for people who represent a large but unbanked segment of the population – migrants. Each year, many people come to the United States to earn a living and financially support their families who remain in their home country. As customers of U.S. banks, these people have unique needs and problems, but they often do not have access to some products and services of banks because of their low credit scores. The app we developed facilitates financial support for migrants’ families, enables them to get early paychecks, provides access to microloans, etc. To learn more about the project, please read the original case study.
Banking App for Students
One more mobile banking app we created is targeted at U.S. and European students enrolled in college, university, or vocational school who are looking for additional sources of financing. The app provides students with unique credit, debit, and payment tools, helps build a credit score and instills financial literacy and money management habits through engaging educational content. To learn more about the project, please read the original case study.
5 Competencies Not to Overlook When Choosing a Top Banking Software Development Company
1. Banking Processes Automation
Make sure your future development partner has expertise in building robotic software to automate banking processes for the front, middle, and back offices. The operations that can be handled by robotic software are numerous including insurance, card issuance, transactions, invoicing, etc. Also, clarify whether the company is competent in recommendation engines development as integrating this tool with your services will positively affect customer experience, reduce churn, and improve ROI generally.
2. AI and ML
Find out if the banking software development company you want to work with has hands-on experience in developing AI and ML-based FinTech products. Your development team should be experts in neural networks, deep learning, and Big Data services and be able to leverage these technologies to scale your automation initiatives.
Natural Language Processing (NLP) software integrated with your banking solution simplifies the exploration of massive unstructured data, provides key insights and facilitates customers’ journey through the banking system. Make sure the vendor you are about to partner with has firsthand knowledge of NLP.
4. Intelligent Automation
At the stage of finding the right vendor, interview company representatives concerning their experience in building and deploying cognitive Intelligent Process Automation solutions. There are many banking procedures i.e. fraud prevention, suspicious pattern monitoring, and regulation compliance, which could be handled with the help of predictive and prescriptive analytic tools, computer vision, NLP, and text analytics. Intelligent Automation helps to process unstructured data and cope with judgment-based tasks.
Distributed ledger technology, along with cryptographic hash functions and public and private keys, is being actively used by companies to encode smart contracts and secure financial transactions and other banking operations. If you want to use the most advanced technologies for your business, you should choose a company that has expertise in developing blockchain solutions.
Finding the right partner for the development of your project is the most important part on the road to success. There are several competencies crucial for the creation of scalable, resilient, and secure solutions capable of providing the transformation across the banking value chain. Finely tuned solutions speed up banking operations bringing productivity and efficiency to front, middle, and back offices.
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By Itexus Team