In the modern, IT-driven world, a bank with big-time aspirations has no choice but to harness robust, specialized software. Given the ubiquity of digital technologies, the banking software development sector is on a steep rise, projected to reach almost $58 billion in five years, increasing at a steady CAGR of 6.2%.
Such impressive numbers are an indication of a huge market with hundreds, if not thousands, of software vendors offering their services to financial organizations across the planet. How can you make the right choice of a partner in this ocean of banking software solutions companies?
The major factors to consider during your selection process are the qualifications of the potential candidate’s personnel, their experience in the niche, and their expertise in the technologies to build banking software. To discover those details, you should comb through ranking platforms (such as Clutch, Gartner, TrustRadius, GoodFirms, and others), visit companies’ websites, paying close attention to case studies and testimonials, and communicate with both vendors and their former clients to get a 360-degree view.
But it will take ages, you may say. And you will be right. So, to save you time and effort, we suggest a list of leading vendors in this field.
The Best Banking Software Development Companies to Partner with
1. Django Stars
Django Stars is a leading banking software development company. Founded in 2008, Django Stars has been in the industry for over a decade, developing custom core banking systems, mobile apps, online banking platforms, banking CRMs, payment solutions, lending and investment software, and other digital products for financial institutions worldwide.
During this time, qualified Django Stars specialists have accumulated vast experience to accomplish any banking software project within time and budget. In crafting banking software, the team steers by such principles as security, compliance, scalability, and innovation, which is confirmed by ISO 27001:2013 certification and GDPR compliance.
Django Stars adopts a customer-centric approach to digital banking software development, meeting the clientele halfway in all cooperation aspects, including communication channels and frequency, milestone reporting, and pricing. The first-rate banking products the team has delivered, along with positive reviews from the customers, such as Money Park, Sanostro, Consolitech, etc, are the best proof of Django Stars’ dedication and competence.
2. 4IRE
The primary focus of this Estonia-based company is blockchain development, specifically in the areas of GreenFi and DeFi. Its 300+ developers specialize in offering feature-rich white-label solutions for organizations poised to enter the fintech and cryptocurrency markets.
Other services 4IRE extends include custom software and web development, payment gateway integration, and UI/UX design for NFT and carbon trading marketplaces, crypto-fiat platforms, and digital banking projects.
Among the company’s major clients are Aurora, TradeLeaf, Aztec, Rarible, and OndoFinance.
3. Finastra
This vendor, based in London, has an impressive roster of over 8,000 clients across 130 countries under its belt. It excels in open finance solutions across the niche areas of corporate banking and lending, as well as investment management, digital payments, and treasury markets.
Finastra’s products and services encompass trade and working capital finance, banking as a service (BaaS), banking platforms for retail and commercial organizations, end-to-end managed services, and more.
Finastra’s key partners include Exobank, Jordan International Bank, Natixis, and Seattle Bank.
4. Praxent
The company is a fintech engineering and consulting vendor that helps businesses transition from legacy to state-of-the-art systems and offers dedicated teams. Plus, it also provides a broad range of IT services, including custom mobile and web app development, UI/UX strategy development and design, customer research, competitive analysis, and various banking solutions.
Despite the moderate team size (80 employees), Praxent’s portfolio contains over 450 successful digital transformation projects, the most notable of which are those delivered for TexasMutual, Newity, and Ameritas.
5. Softeq
The vendor’s principal area of expertise lies in embedded and IoT solutions, but it also specializes in mobile development and cloud services. Softeq’s extensive staff (over 250 employees) and innovative focus enable it to assist organizations in modernizing their operations and enhancing the customer experience of their fintech products.
It is no wonder that the company boasts of cooperation with such behemoths as Epson, Lenovo, Microsoft, Intel, NVIDIA, and Disney, to say nothing of smaller enterprises like Revolution Robotics and Happiest Baby, Inc.
6. Experion
This company’s personnel exceeds 1,000 employees, making this US-based vendor one of the juggernauts in the field. Its banking software development expertise is founded on data science, deep analytics, and competitive analysis, enabling Experion’s engineers not only to create custom software products, web, and mobile apps, but also to upgrade legacy banking ecosystems and integrate complex digital environments.
Among the company’s customers are such blue-chip brands as Albert & Mackenzie, Duracell, Johnson & Johnson, AstraZeneca, and others.
7. Backbase
With headquarters on both sides of the Atlantic (in Amsterdam and Atlanta), and over 2,000 employees spread across its 16 regional branches, the vendor caters to global customers by upgrading banks’ and credit unions’ digital infrastructure in line with the call of the times. Its disruptive Engagement Banking platform paves the way for redesigning banking architecture and orchestrating an efficient customer journey, fundamentally transforming siloed legacy systems.
The major-league businesses Backbase has collaborated with include Standard Bank, NBB, WSECU, 365 Bank, and others.
Conclusion
The contemporary software development outsourcing market is oversaturated with numerous vendors offering their services to fintech businesses worldwide. To partner with a reliable and qualified banking software company, you should understand your IT needs and technical requirements, study the potential candidate’s profile, consider its expertise and experience, peruse customer reviews and case studies, and pay attention to its pricing policy.
Author: Johanna Vogel, Risk Manager at BPM Platform
Email: support@bpmplatform.com
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