What Do Fintech Software Development Companies Do?

Studies show that 82% of the workers in financial institutions plan to invest in software development companies.

In fact, in 2018, the number of fintech investments reached $34.4 billion around the globe which is why Fintech software development companies are more demanding than ever.

Their job is to create software for businesses in the banking and financial industry. Thus, they work on building a tailored product based on their clients’ needs while helping them improve their performance.

What Types Of Software Do Fintech Developers Create?

Fintech software development companies work on creating different types of financial technology software including:

  • Payments: Such software allows users to make payments from anywhere without having to visit the physical bank. Statistics show that by this year, 36% of mobile users will use mobile app proximity payments. And, the number will increase in the future.
  • Banking: There are different types of online and mobile banking software that allow users to manage their accounts online and on their smartphones.
  • Loan: Fintech Software also makes lending processes much easier by automating them and simplifying the communication between lenders and borrowers.
  • Insurance: Insurance companies use various types of insurance software which allow employees to have easy access to client info, track progress, generate documents and more.
  • Investment: Thanks to investment software, businesses can get quick access to investment management analytics including client data.

Depending on the type of business you are and bearing in mind your needs, fintech software developers will help you discover what kind of product you should build.

A Fintech software development company working on a project
Fintech software developers create products for businesses in the banking and financial industry.

Which Businesses Need Fintech Software Development Services?

Fintech software development companies constantly improve the solutions they offer to be more accessible and user-friendly to both consumers and businesses.

However, financial and banking businesses, as service providers, particularly depend on their services and cutting-edge software to keep their clients satisfied.

Basically, companies that manage money need development services including:

  • Credit card companies
  • Banks
  • Insurance agencies
  • Investment funds
  • Credit unions
  • Stock brokerages
  • And more

No matter the sector you are located in, considering fintech software development services and hiring a financial software developer will make your work much easier and quicker while boosting your productivity.

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Why Hire Fintech Software Developers: 5 Benefits Of Partnering With A Specialized Company

The advancement of financial technology delivers a wide range of products that allows businesses around the world to serve their clients better.

Here are just a few of the benefits that companies will enjoy by partnering with a specialized company and considering fintech software development services:

  • Advanced security: Partnering with a company means always using the latest security methods. They are experts who follow the up to date technologies and know how to build software that will keep your data and personal info of your clients safe.
  • Better payment systems: Fintech software makes collecting payments easier than ever. They allow companies to provide their clients with professional service where they can send invoices accurately and efficiently.
  • Swift rate of approval: Thanks to the functionality of the software that those companies create, businesses can approve and process applications as fast as within a period of 24 hours.
  • Improved customer experience: Fintech software allows clients to make payments or access different financial services easier than ever. They can connect to financial or insurance systems from anywhere at any time with just a few clicks on their mobile phones without having to visit a physical institution. This improves customer loyalty and contributes to better customer experience.
  • Receiving personalized advice: The latest software that fintech software developers create provides users with guidance and useful information on their investments, finances, risk exposure, etc. This is excellent advice that focuses on the needs of the individual which results in customer trust. Therefore, with the help of a fintech software development company, you can increase the satisfaction of your clients.

What’s more…

Considering fintech software development services gives brands the opportunity to grow and take their businesses to the next level.

Although they do not accelerate growth directly, they do help businesses enjoy bigger revenue by:

  • Making their employees more productive and being able to serve more clients
  • Turning clients into loyal customers by providing them with user-friendly services and better customer experience
Fintech software mobile development
Mobile banking software allows users to manage their accounts online and on their smartphones

How Do Fintech Software Development Companies Charge For Their Services?

The cost of their services will mainly depend on the following three factors:

  • The type of product your business needs: What type of software does your business need exactly? Do you only need a payment system or will you also require some type of loan software? Think about your needs and then ask every potential financial software developer for a price estimate.
  • The time needed to finish the project: How complex will your personalized software be? Will it have many features or it will be a simple one? Make sure you know what you want before you ask your ideal company for the cost.
  • The number of developers who will work on your software: How many developers will work on your project? The more people are engaged during its creation, the more it will cost.

For an exact cost, it is best if you consider your needs and talk directly to the potential fintech software developers.

However, to give a rough number, for fintech software development services, the companies in the US usually charge per hour and they would approximately charge you around $100-$199 per developer.

If you hire a specialized company or a financial software developer from Eastern Europe, then you could pay between $25-$49 per developer per hour.

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Researching Fintech Software Companies: How To Choose The Right Partner

The key to finding a qualified company or a financial software developer for your business needs comes down to five factors.

Before you hire a company and sign the contract, make sure you consider the following:

  • Types of fintech software development services they offer: Depending on what type of business you own, you may need one or different types of software solutions. So, before you agree to work with certain fintech software developers make sure they offer exactly what you need.
  • Location: Will you mind working with an outsourcing team that can meet your business needs and builds personalized fintech software just as well as an in-house team? Or, do you prefer to be close with a financial software developer so that you can have your meetings in person? Think about it well before you make your choice.
  • Post-launch maintenance: Do the potential companies offer after launch services? Fintech software needs to be updated from time to time and changed depending on the needs that the business has. The best fintech software developers are always there for any assistance after the project is realized.
  • Reviews: Reviews are the best way to understand how reliable a certain company is. They will show you what previous clients say about the fitness software developers you consider. Go through them and make sure the fintech software development company you hire has received positive comments.
  • Budget: Which of the companies can you allow to hire? Think about how much you are able to spend on financial technology software and set a budget. Once you get a price estimate you will be able to narrow your list of potential firms down. If there is a financial software developer that you particularly like but it is a bit expensive for you, then try to negotiate on the contract. If possible, it can turn out to be an amazing partnership.
Fintech software developers
The fintech software developers you hire should provide post-launch services

Interviewing A Fintech Software Development Company: 15 Questions To Ask

So far you’ve probably inspected the best companies and narrowed your list down with a few potential partners.

Still not sure which is the right one?

There is one more thing to do that can be the decision-maker in finding your financial software developer partner in this case.

Interview prospective agencies!

To help you out, we’ve put together a list of questions that you should ask fintech software developers during your one on one meeting.

Here are they:

  1. How will fintech software help my company and my employees work smarter?
  2. What types of fintech software development services do you offer?
  3. Do you provide your clients with post-launch fintech software services?
  4. How will a fintech software keep data safe and secure?
  5. What kind of analytics will the software provide, and how can I take advantage of it?
  6. How does your team of fintech software developers stay up to date with the emerging technologies?
  7. Do you have an up to date portfolio with fintech products and if yes can you show it to me?
  8. Where can I see your reviews that your previous clients left?
  9. What will be the deadline for the project?
  10. Do you have a crisis management plan?
  11. Who will work on my project?
  12. How will I track your progress?
  13. Do you use a project management tool?
  14. How much will you charge for my project exactly?
  15. What is the cost of after launch maintenance?

Now you are ready to set up meetings and choose your company and your financial software developer that will make your business work better, bring you more satisfied clients and employees and increase your revenue.


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