How to choose the best financial software development company?

8 min readJul 29, 2022


A distant memory is the days when monetary administrations were restricted to workstations, nearby servers, and paper-based finance frameworks. Whether we are discussing an economic division inside a business, or a particular fintech organization, they all need computerized change to stay aware of the rising contest. Organizations frequently pick to join forces with monetary programming advancement sellers. How do you find one that will meet your business needs and foster a creative arrangement? Find in the article.


Frequently, monetary programming improvement is utilized as an umbrella term for various exercises that are here and there connected with banking, installments, payrolls, or some other economic activities.

The fintech programming improvement market is effectively advancing in different bearings. Hence, according to GlobeNewswire, the fintech market will reach around $305B by 2025. Previously safe and confined, this industry is opening up to computerized change and the reception of trend-setting innovations.

Observing this advanced shift is savvy. The fintech scene has many different developing applications with specialized progressions in regions. For example, protection (InsurTech), installment doors, administrative (RegTech), and other fintech programming are accessible. We take a gander at these utilizations of innovation in these fintech branches.


As per Juniper Research, artificial reasoning will save the business almost $1.3B by 2023. Regarding protection, it is feasible to mechanize post-episode information assortment, dissect photographs of mishap scenes, and carry out roles that lessen the time and cash expected for guarantors to settle claims with innovation assistance.

Installments entryways:

Installment entryways move the information on a planned exchange from a shipper’s versatile application to banks. To do it safely, the framework utilizes security conventions and encryption. Suppose you participate with a fintech programming improvement organization. In that case, they are liable for the approval of a cardholder, handling of a formerly approved installment and discounting a dropped request and void, security, consistency, and individual informationsecurity KYC and monetary observing (generally speaking).


RegTech Market is supposed to arrive at $33.1B by 2026. RegTech assumes a critical part in administrations like KYC, Transaction Monitoring, Customer Credit Scoring, AML screening, exchange information following, misrepresentation counteraction, consistency risk examination, and so forth. Such arrangements use AI and distributed computing blockchain to lessen consistence costs and streamline and normalize consistence processes. Additionally, RegTech is broadly utilized in consistence the executives, character the board revealing, and hazard the board.

Digital currency and blockchain:

The fintech world is yet to embrace digital currency completely. Not all banks are altogether ready for the straightforward and decentralized thoughts advanced by cryptographic money. Customers aren’t entirely sold on the idea either, with just 6% of them utilizing fintech blockchain applications to move digital forms of money. They consider security issues the main concern concerning this innovation.


Grasp records practically 4K of monetary programming improvement organizations. Out of these organizations, more than 62% are little sellers with under 50 representatives on board. Around 35% of these organizations have somewhere in the range of 50 and 999 specialists on board. Also, just 2.1% of merchants are enormous firms, north of 1,000 subject matter experts. And keeping in mind that nothing wrong can be said about more modest organizations, they probably won’t have an adequate number of assets on the off chance that you want an influential group or plan to scale rapidly.

Eastern Europe is a forerunner in the number of organizations, with nearly 1,000 merchants recorded on Clutch. The locale likewise brags the most significant offer average size (30.5%, contrasted with 11% in Latin America and 25.9% in Asia and 11% in Latin America) and considerable sellers in the worldwide market (27% in Eastern Europe versus 23.7% in Asia and 11.7% in South America separately). By far, most of these merchants are situated in rethinking objections (e.g., Eastern Europe, Asia, and South America).

We should make a plunge. Collaboration with fintech programming improvement organizations will assist you with advancing your business processes, staying aware of the rising rivalry, and overhauling the nature of administrations. Be that as it may, you want a dependable supplier of such administrations. We have assembled a plan that will assist you with doing that.


This part separates the essential viewpoints that make a believed monetary programming improvement organization.

1.Characterize your business needs

In any case, you want to match the requirements of your business to the general objectives and vision representing things to come. This is crucial to guarantee the progress of your collaboration with a product improvement supplier. With the assistance of a believed seller, you can, for example:

· Carefully change your business;

· Present another help or arrangement;

· Mechanize commonplace activities;

· Move to another stage;

· Further, develop permeability of your cycles;

· Improve execution of existing frameworks;

· Tackle an intricate business challenge or track down an answer for a current issue;

· Vanquish another vertical with another help.

Whichever is your point, try to pick the merchant that can assist you with rejuvenating these business goals.

2.Lay out the choice standards

To find a believed programming improvement supplier, you need to know precisely what you are searching for. In this way, you want to set the merchant choice models. These rules depend on your particular business necessities and the aptitude you look for in the merchant-to-be. These can be:

· Comprehension of the business;

· Demonstrated history of working with comparative organizations;

· References, audits, and tributes from clients;

· Some other perspectives you consider significant.

3.Make a considerable rundown of likely accomplices

While ordering an extensive rundown of monetary programming improvement sellers, this is the thing you want to consider:

· Reevaluating objective: Look for an area with a respectable number of merchants, adequate tech ability pool, and a decent standing;

· Various workers: Focus on sellers with somewhere around 250+ subject matter experts. More modest fintech programming advancement organizations probably won’t have the option to staff or increase rapidly enough;

· Market insight: Include organizations with north of five years of market presence. Such sellers usually have more involvement with creating complex answers for their clients;

· Client surveys: Use registries like Clutch to determine your expected accomplices’ rundown and review their audits. You can see the Leaders Matrix of fintech advancement organizations (as existing apart from everything else of composing). Such sites confirm the surveys, lead meets, and distribute just certified audits, so this data is unbiased.

4. Shortlist the picked monetary programming advancement organizations

When you have an extensive rundown of organizations, now is the ideal time to check them out and tight down the rundown. This carries us to your business needs. While looking for a fintech programming improvement organization, searching for a seller with an arrangement of tasks in your space and the specialized skill expected to complete them is fundamental. This perspectivecarries us to the following stage of picking a confided-in merchant.

5. Analyze their portfolio and contextual analyses

As we have proactively referenced, the fintech programming advancement market is developing in different bearings and requires additional aptitude. Thus, we can’t cover all business verticals in a solitary article. Yet, here are a few instances of the skill you can search for in your fintech programming improvement organization:

Misrepresentation avoidance

The Association of Certified Fraud Examiners report states that a typical misrepresentation costs more than $1.5M. Nonetheless, the monetary perspective is just a portion of the general effect that a security assault has on a business. Misrepresentation hampers client experience, harms organization notoriety, achieves functional disappointments, and so forth.

Subsequently, specialized arrangements that permit organizations to distinguish and forestall unapproved monetary movements recognize robbery, digital hacking, protection tricks, and more are fundamental for fintech organizations.

Open banking

With open financial APIs, monetary organizations can utilize banking information to pursue more educated choices quicker. New European norms expect banks to impart account information to managed outsider suppliers for installment inception. This step focuses on consistent mixes, smooth processes, and significant bits of knowledge accessible in no time and shielded from digital dangers.

Thus, having a monetary programming improvement organization with such mastery close by will assist with upgrading your business cycles and administrations.

Hearty security skill

The fintech circle works with touchy data (cardholder data, visa information, clients’ exchanges, and so on). So, security is crucial while helping out a monetary programming improvement organization. To guarantee the security of your information, your potential accomplice needs insight in:

· Start to finish encryption. The start-to-finish encryption technique guarantees a protected exchange of installment data, keeping outsiders from getting to the information during the time spent translating it. This skill is indispensable to ensure the high security of your fintech project that arrangements with delicate details.

· An equipment security module. A gadget that oversees mechanical keys, scrambles, and unscrambles capabilities for advanced marks and gives solid validation is an essential piece of the E2E chain.

· Tokenization. This more degree of safety forestalls the utilization (communicating, putting away, and handling) of delicate information, supplanting it with tokens to perform monetary exchanges safely.

6.Search for clients’ input and tributes

Out of more than 20K merchants recorded on Clutch, just 6K have audits. However, this stage may not appear critical all alone; the absence of surveys from clients is a troubling sign.

Take a look at the organization’s site. Search for lengthy text audits, video tributes, and subtleties of the cooperation. It is also wise to research the organization and check surveys on the web. This could explain what a joint venture for this firm seems to be, how they tackle difficulties, and on the off chance, they can convey the arranged outcomes.

7.Look at accreditations, associations, participations, and grants

If you intend to find a trusted fintech programming improvement organization, ensure you manage the one with every required capability. For instance, each dependable organization should have fundamental ISO affirmations (9001 and 27001). On the off chance that your organization is managing installmenthandling, you could require PCI DSS consistency. If you want cloud subject matter experts, the merchant should have association status with no less than one essential Cloud supplier (AWS, Azure, or GCP).

If you can track down the organization in the worldwide evaluations, like Global Outsourcing 100 (it perceives the best reevaluating organizations), it is also a decent sign.

Models for picking the best fintech programming improvement organization


While searching for the best monetary programming improvement organization, select a merchant with solid specialized mastery, start-to-finish improvement administrations, and an inside and out comprehension of the space. This will assist you with finding the tech accomplice for fruitful participation and, accordingly, will help you speed up your fintech arrangement.

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Gravelsoft provides software solutions and solve client’s business challenges by providing expert software engineering and consultancy services.