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Top 7 Banking Software Development Companies to Consider in 2024

2/04/2024
(11 min)
top banking development companies

Banking has been around for many centuries, enabling people to send, receive, and store funds, as well as access a variety of financial services. Times have changed, and the ways banks transact with people are fundamentally different. Modern brick-and-mortar institutions are giving way to robust FinTechs and Neobanks, and those who want to stay are pressured for a massive digital transformation. 

FinTech is surely taking the lead, with a threefold faster pace of growth compared to traditional banks anticipated for 2023-2028. If this pace of development is sustained, we’re sure to witness growth from a $90 billion market in 2022 to a $199+ billion market in 2032. With such tempos, the digital banking market may well exceed the $3 trillion mark by 2028, ushering in a new era of digitalization in global finance. 

As the figures suggest, the future of digital banking is bright. It would be even better to say that digital banking is the new normal, and all financial institutions need to comply with it. Thus, if your business relates to banking or finance, it’s time to find a banking software development company and create a digital product for your business. 

This article will walk you through the intricacies of this process. You will learn the key reasons for considering investments in banking software right now and will understand the main criteria for choosing a vendor, checking all the boxes in your quality checklist. 

Why Invest in Banking Software Development? 

Demand for digital access to banking services grows and becomes the new mainstream. As users are growing tech-savvy and more demanding, they want to have full access to their financial data, transaction history, portfolio of assets, and 24/7 support right in the comfort of their smartphones. 

Diverse banking apps have emerged in response to these needs – from digital extensions of traditional banks to online-only Neobanks and FinTech financial service apps. By using such an app, users can: 

  • Receive personalized 24/7 support. 
  • Check their balance and pay bills in a couple of clicks. 
  • Send payments and transactions instantly. 
  • Use custom budgeting tools and investment advice. 
  • Access their expenditure reports and financial management tips. 
  • Set and monitor personal financial goals. 

All these features and services definitely contribute to a sustainable rise in customer service quality and customer satisfaction. So, if you want to do everything right, it’s time to search for banking software providers with a solid reputation and a good standing in the international market. Next, we’ll examine the main excellence parameters and a couple of tried and tested variants for a smooth flight with your banking software project.  

How to Choose a Banking Software Development Partner? 

The digital banking software industry is complex and heavily regulated. Even though most financial companies and digital apps don’t need to obtain a license similar to that of traditional banks, they still have to do much to ensure compliance. So, how do you know that your selected banking software development company is a good choice? Use this checklist to screen candidates and choose only reliable and trustworthy ones. 

  • Formulate your requirements. You won’t find a perfect software developer until you know for sure what you need. To get this idea clearly, you need to outline project goals, business needs, and your available budget and timing. 
  • Review the candidates’ domain-specific expertise. Though there are plenty of vetted software developers online, not all of them are skilled at finance and banking. That’s why it makes sense to inquire about FinTech and digital banking expertise instead of opting for a jack of all trades. 
  • Check the tech stack and technologies. Innovation-focused businesses with cutting-edge financial solutions should work with software developers with the same mindset and a modern tech stack that can turn these ideas into reality. 
  • Don’t forget about compliance. KYC, AML, and local regulations are an important dimension of digital banking software development. Thus, it is vital to work with companies that know the legal landscape inside out and offer competent, compliant solutions. 
  • Find cybersecurity gurus. Hackers and thieves are preying on users’ money and data online, and digital banking apps should have comprehensive protections to protect their users’ critical assets. 
  • Audit communication channels. It is much easier to work with a responsive company that supports regular and timely communication across numerous convenient channels.  

The List of the Top Banking Software Development Companies 

Now, let’s proceed with the list of top-tier providers that can create state-of-the-art software for you without friction, delays, or quality issues. Let’s go through the list to discover the details about these companies and help you pick the right partner.  

1. RNDpoint 

RNDpoint is a full-service FinTech and banking software provider that can handle projects of any complexity and guarantee top-notch web and mobile app development quality. Its offices are regionally distributed across Poland, Canada, Sweden, the UAE, Ukraine, and Portugal, thus giving the company a global presence and coverage of all time zones for convenient service of clients worldwide. RNDpoint has an extensive track record of working with banks and invests in the development of proprietary software solutions (e.g., credit risk management software, ABLE Microfinance, and ABLE Loan Origination and Management) for strengthening its business offering. It also provides IT staff augmentation services and helps with modern UI/UX design solutions for financial and banking businesses. 

Years in the market: 10+ (founded in 2014) 

Headquarters: Warszawa, Poland 

Company size: 250+ employees 

Services: AI solutions for banking businesses, back-end, low-code software development, e-wallets, digital lending products, remittance apps, neobank software, and FinTech projects.  

Advantages: coverage of a broad range of development, design, and consulting services; a large team of developers with FinTech expertise on board; agile development processes. 

Rating on Clutch.co: 5.0 

Major clients: First Abu-Dhabi Bank, BasisBank, FICO, and Danske Bank.

RNDpoint

2. 4IRE 

4IRE is a blockchain development and consulting company that provides cutting-edge software solutions for innovative businesses in DeFi and digital banking. It has partaken in many grassroots DeFi and GreenFi projects across Europe and currently offers various white-label solutions for businesses wishing to enter the Fintech, DeFi, and cryptocurrencies. With 300+ skilled engineers and 14 years in software development, including 8+ years in blockchain, the team gathered experts who worked in McKinsey, Barclays, and Mastercard.

Years in the market: 14+ (founded in 2010) 

Headquarters: Tallinn, Estonia

Company size: 300+ employees 

Services: Business consulting, blockchain development, DeFi solutions, custom software and web development, UI/UX design, third-party payment gateway integration 

Advantages: feature-rich and cost-effective proprietary solutions (white-label software) for NFT marketplaces, carbon trading marketplaces, and digital banking projects

Rating on Clutch.co: 5.0 

Major clients: Rarible, Aurora, Aztec, TradeLeaf, and OndoFinance.

4IRE

3. Itexus 

Itexus is one of the leading international banking software companies specializing in FinTech solutions. Its team capably streamlines and manages all types of banking operations and assists businesses with transitions from legacy banking systems to innovative infrastructures. The company implements AI technology and advanced FCP & AML solutions to keep their software compliant. 

Years in the market: 11 (founded in 2013) 

Headquarters: Warszawa, Poland 

Company size: 130+ employees 

Services: Mobile app and web development, AI development services, customer software design and development, IT staff augmentation, UI/UX design, and investment management systems. 

Advantages: a vast portfolio of 300+ successful projects, service coverage in 23 countries, InsurTech solutions, CRM systems, full coverage of KYC, KYB, and AML compliance procedures and fraud protection measures.  

Rating on Clutch.co: 4.9 

Major clients: SPARKX5, Mango Connects, Ryze Rewards, finloup, Precoro, Lifehelp. 

Itexus

4. Finastra 

Finastra was formed in 2017 after the integration of Misys under Vista Equity Partners. Throughout its 180+ years of cumulative existence, the company has served over 8,000 clients in 130 countries. Its present-day specialization is open finance, with a focus on lending and corporate banking, digital payments, treasury and capital markets, and investment management. 

Years in the market: 7 (founded in 2017) 

Headquarters: London, UK 

Company size: n/a 

Services: banking as a service, managed services, consumer and corporate lending, trade and working capital finance, cash and liquidity management solutions, payment services, investment banking and trading, banking services for retail, digital, and commercial platforms. 

Advantages: cutting-edge open finance services and software solutions, end-to-end managed services, a wide variety of high-value services, training, and certifications.  

Rating on Clutch.co: n/a 

Major clients: Natixis, Seattle Bank, Jordan International Bank, Ecobank. 

Finastra

5. SDK.finance 

SDK.finance is a provider of a functional and secure core banking and payment engine for FinTech businesses. The company’s proprietary software is a scalable and affordable match for the processing of cross-border payments in the best tradition of FinTech and digital banking. The pre-configured payment kit comes with 400+ REST APIs and over 60 modules from which every client may compile their unique banking solution. 

Years in the market: 10 (founded in 2013) 

Headquarters: Vilnius, Lithuania 

Company size: 40+ team members 

Services: white-label payments software, e-wallets, mobile payment apps, p2p apps, FinTech software 

Advantages: quick launch of a white-label FinTech platform, low transaction processing fees, out-of-the-box wallet features, multiple monetization channels, back-office support, and a variety of pre-configured vendor integrations

Rating on Clutch.co: n/a 

Major clients: payment service provider in the MENA region, MPAY. 

SDK Finance

6. Praxent 

Praxent is a US-based financial services technology consulting and engineering company with a wide range of digital products. Its team specializes in transitions from legacy enterprise systems and robust banking platform engineering. This Type I-certified company also provides dedicated teams to accelerate banking businesses’ growth with relevant tech expertise. 

Years in the market: 24 (founded in 2000) 

Headquarters: Austin, TX (the USA) 

Company size: 80+ employees 

Services: custom web and mobile app development, UI/UX design, legacy systems migration, banking solutions 

Advantages: a portfolio of 450+ successful digital transformations, SOC II certification, UX strategy development, customer research, competitive analysis, and robust FinTech architecture development 

Rating on Clutch.co: 4.8 

Major clients: Ameritas, TexasMutual, Newity. 

Praxent

7. Backbase 

Backbase is an international company specializing in the transformation of existing banks and credit unions in line with the modern demands of agile, customer-centric experiences. The company’s proprietary Engagement Banking platform aimed at user journey orchestration aids the digital transformation of outdated and siloed legacy systems. 

Years in the market: 20 

Headquarters: Amsterdam and Atlanta, GA  

Company size: 2,000+ employees globally 

Services: next-gen Engagement Banking Platform for banking architecture’s redesign, banking modernization, and customer journey orchestration services, retail and business banking, credit unions, wealth management, and private banking. 

Advantages: the assistance of Model Bank accelerators, global coverage in 16 regional offices, managed hosting, and managed services. 

Rating on Clutch.co: n/a 

Major clients: 365 bank, Raiffeisen, Standard Bank, WSECU, NBB. 

Backbase

What Criteria to Look into When Choosing the Right Banking Software 

Many aspects can affect the outcome of your partnership with a banking software developer. Here are a couple more points you should analyze before signing a contract. 

  • Positive reviews and reputation. Working with a tried and tested company that enjoys positive publicity online and among its previous customers is a safe bet for quality-conscious clients. 
  • International presence. A business with a global impact and international presence can become a source of unique expertise and a long-term partner for your project’s expansion and development. 
  • Automation. Digital banking involves many tedious procedures, so your provider should know the right way to streamline, optimize, and automate them without quality compromises. 
  • AI/ML/NLP technologies. Artificial intelligence, neural networks, and big data are the new normal in banking, so you need a provider that can work with them effectively and embrace innovation for your success.  
  • Variety of services. From an update of banking core systems to a robust, feature-rich app, your provider should be able to address your business needs with technical excellence. 

You may also regard the availability of proprietary banking products as a plus when choosing a provider. For example, RNDpoint’s digital wallet solution is a quick and affordable shortcut to the digital banking market for businesses of all scales and types. 

This product has become possible due to our best code-less application development software solution – ProcessMIX. This platform enables powerful business app design with minimal coding skills and is accessible via a user-friendly drag-and-drop interface. 

Neobank app

Conclusion 

Don’t approach the choice of your digital banking software provider lightly. The right choice will guarantee effective and robust software without compliance or cybersecurity flaws. This way, you will acquire a reliable partner who will be able to assist you with any aspect of your digitalization journey or new banking product development and launch. 

Talk to RNDpoint experts if you’re interested in software development Eastern Europe. We have plenty of skilled professionals who can transform your digital banking journey and supercharge your business for success. 

FAQ

What are the key factors to consider when choosing a banking software development company in 2024?
What are the benefits of choosing a specialized banking software development company over a generalist software developer?
What are the latest innovations in fintech that these companies are incorporating into their products?
What are the most significant emerging trends in banking software development for 2024, and how are they expected to transform the financial services industry? 
Can you sign a non-disclosure agreement (NDA) for my project?

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Andrew Klesov
Andrew Klesov
CEO
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