How To Define the Best Fintech Software Development Company

4 MINS READ

A mobile banking app that exists on your phone, an application that helps you pay your bills, all of them were developed and supported by fintech software. As with any kind of technology out there, fintech is also expanding gradually, leaving behind the days when fintech apps were reduced to laptops. Today fintech gives a wide scope of choice of applications that can be developed, blockchain, mobile banking apps, insurance technology, etc. But a flawlessly working application is not possible without proper financial software development. So, which fintech software development companies can be trusted after all? Don’t worry. We got it all covered in this article.

 

What is Fintech software

In brief, fintech software is what you will find in the back-end of any fintech application that conducts transactions, executes payments, or simply stores digital assets. Fintech software can combine aspects of machine learning, AI(artificial intelligence), BI(Business Intelligence), and biometrics. This digital variety comes from the variety of ways in which Fintech software can be used and the vast variation of Fintech software solutions. Down below, you can find a shortlist of the possible ways how Fintech can be used.

  • Mobile payment platforms ( apps like apple pay)
  • Personal Finance( mobile banking apps, saving apps, wallets)
  • Stock Trading and Robo Advertising(trading bots)
  • Blockchain and Cryptocurrency(smart contracts, asset tokenization, wallets)
  • Crowd Funding Platforms(Kickstarter)
  • Lending
  • Insurance
  • Ecommerce development
  • Regtech
  • Cybersecurity(digital solutions for finding financial institutions offering health or car insurance, etc.)
  • Fintech software development is also used in B2B and B2C platforms.

Which FinTech Company is the fastest-growing

Before dwelling on the other professionals of the industry and finding the best Fintech software development companies, let’s look at the biggest fish in the sea. The most successful and the fastest-growing Fintech company is OpenSea.

OpenSea is the most popular NFT marketplace as of now. OpenSea was founded in 2017 by Devin Finzer and Alex Atallah and is headquartered in New York. The purpose of the company was to establish a marketplace selling non-fungible tokens at a fixed price or through auction.

OpenSea raised 95 million in February of 2021 and reached 2.75 billion in September of the same year during the 2021 NFT craze. In 2022 already, the company has been issued to be 13.3 billion leading the field of the non-fungible token marketplace.

 

What is the number one FinTech Company?

There are dozens of potentially good financial software development companies, but we found the best ones. Taking into account the range of digital solutions provided by them and the level of professionalism of their work. The combines listed here all have various sets of software development services they can offer, so without a doubt, you can find the exact one matching your requirements.

Brainhub

Brainhub brings to the table years of experience alongside expertise in fintech web development and software solutions.

The software development company has produced crypto trading apps. Applications that help users with wealth management and keeping track of personal finance. Aside from that, Brainhub also provides high-level cybersecurity. The team of professionals working in the company has strong skills in UX design as well as QA engineering.

Brainhub offers a special development consultancy service that consists of discovery workshops, helping save 20% of development time and understand the business side of the project.

You can be sure that Brainhub is a trusted software development partner both for growing businesses and already established ones.

UppLabs

While some companies are just emerging in, UppLabs has been in the fintech industry for already ten years. UppLabs is a fintech web and mobile development company that focuses on providing out of box business solutions for their partners and clients worldwide. The fintech company has launched more than a hundred programs and has more than fifty developer teams scattered across the globe.

The fintech solutions provided by the software development company are AI-based with the addition of cutting-edge technology. UppLabs has experience in launching healthcare and real estate platforms.

At the beginning of the development process, UppLabs offers business analysis and consulting services to find the estimated cost of the project and make it ready to meet the business needs.

10Clouds

10Clouds specializes both in fintech and blockchain software development. The mobile app development company creates user-friendly applications for fintech and online banking systems.

After partnering up with Trust Stamp, 10Clouds started providing standing solutions for cyber security protection. The solutions combine in them proof of liveliness, ID verification, or identity lake.

The number of 10Cloudss’ partners is pretty extensive, ranging from medium-sized start-ups combines to huge enterprises. The most successful partnerships of the company include Mambu, Tink, and G-Coin.

Recently 10Clouds has decided to extend their partnerships in the era of blockchain meanwhile growing the combined mobile developer’s team to develop secure data sharing platforms and to help fintech companies easily move to the cloud.

Diceus

Diceus is one of the top fintech software providers, mainly focusing on fintech, banking, and insurance platform development. For leveraging the software, they create Diceus utilizes artificial intelligence, blockchain, big data, and cloud solutions.

Diceus provides professional custom fintech software solutions for building smart contracts on the blockchain, establishing payment platforms, and building online and mobile banking systems.

The main priority for the company is the customer’s happiness and quality assurance. That is why they provide NDAs in the intention stage of the development process and have a strong data security system. They also prioritize seamless user experience to increase user satisfaction.

Miquido

During its ten-plus years in the financial industry, Miquido has partnered up with brands such as Nestle, HelloFresh, and Paribas. Miquido has found 150 end-to-end software development services from scratch.

Miquido helps combine the development of their ideas from zero. The software development company helps its partners establish a market strategy and conducts thorough research, after which the team of professionals walks the client through the design and development process.

The financial and banking products developed by Miquido are filled with machine learning and data science features. The company also designs artificial intelligence elements for the fintech platforms, such as chatbots or voice assistance.

Over the course of time Miquido has developed various fintech products like trading platforms, investment applications, banking applications, and digital wallets.

Netguru

Netguru is one of the most acknowledged fintech software development companies across the globe. It has more than fifteen years of experience in the market and over seven hundred employees from different parts of the world.

The main focus of the Netguru is building personalized and customer experience-oriented products for banks and financial institutions.

The company helps its clients to face the needs of the market by providing consulting services and finding new solutions to overcome business challenges.

The financial software development company uses blockchain to secure the online payment platforms designed by them.

Netguru is open to collaborating with newcoming start-ups and helping them reach the top place in the market.

KindGreek

KindGreek has secured its name as a full-cycle software development company. They provide fintech software development services for uprising start-ups and help with market analysis and development.

Trust is the motto for KindGreek that’s why they choose to walk their partners through all the stages of development, from idea finding to QA testing of the finished product at hand.

 

Why outsource Fintech Software Development?

During the burst of Covid 19, Fintech also became part of the new normal as well. Pandemic gave the emerging technologies chance to make the digital transformation take place as quickly as possible. Surveys show that only in Europe the number of users who preferred Fintech mobile apps experienced increase by 70%.

The new situation made traditional financial institutions turn to online platforms. Hiring a whole section of fintech developers would be quite costly and not timely, so an easier cost-efficient solution that would take less time was to partner with outsource companies.

Yes, being cost-efficient is one of the main advantages of outsource Fitech software development, but it is one of the many advantages that outsourcing has to offer. In this passage, we will explore them separately.

Cost Reduction

Cost reduction is the very first advantage of outsourcing mentioned above. But it is important to look it in a broader spectrum and understand exactly how it occurs. Outcourcing allows hiring companies from different parts of the globe thus the development of the same project done by a US company may cost more than hiring a company from other countries charging less for the same amount of work.

Plus it saves you from spending money on additional expenses such as hiring new people, and acquiring software and hardware licenses.

Time Optimization

If you choose not to hire an outsorce company in that case you will have to deal with the custom software development yourself. That means establishing a team of designers, developers, and data engineers. The whole process is going to take away the time that you could have potentially spent on leveraging your business and focusing on other projects as well.

So, hiring trusted dedicated development teams will help you save up time and deliver projects right on the deadline by keeping in constant touch with them.

Diverse Expertise

Not only software developers are working on Fintech projects it is a whole team of professionals collaborating in sync to produce a flawlessly operating product. Teams usually combine experts ranging from business analysts, engineers, designers etc. Plus based on the nature of the project some teams also involve professionals in blockchain development services and Artificial Intelligence.

Knowing a wide sector of experts helps you understand the market better and be familiar with all the players in the industry. Thus it also opens the scene for new partnerships and being a part of a greater technological change.

Focus on Core Business

Hiring the outsource fintech software development companies reserves the resources that you will need to meet the business requirements. Sometimes some of the companies can provide business consulting as well to understand the costs and the condition of the market.

If the main focus of your company is not the actual development then you can prioritize your main scope of services and let professionals deal with that matter and contribute to the growth of your own business.

Now let’s look at some other minor questions that you may still have left.

 

How to hire a fintech software development company?

There are a few things that you need to keep in mind before hiring a fintech software development company.

Check the portfolio of the company

Don’t forget to actually check out the case study page of the company you are planning to work with and see the level of professionalism and analyze their skills.

The size of the company

If you are planning on developing a big project, then the company you are going to partner with should have the capacity and enough working force to meet the deadlines set by you.

Soft Skills

A good development company should also be good at communicating with their clients. Try to evaluate their skills from the first interaction. They should be ready to answer all your inquiries and walk you through the process of development.

 

What does a fintech software developer do?

The main issue of the fintech software developer is to provide you with custom software solutions. Software developers also deal with the digitalization of the services provided by banking platforms like money transfers, handling payments, etc.

It is needless to say already that the scope of possibilities opened by fintech is endless. Exio.Tech provides competitive fintech solutions for DeFi platforms leveraging the projects and providing a seamless user experience your satisfaction is our priority.