Financial Software Development Services
Serving a wide range of industries, ScienceSoft gives special attention to the banking, financial services, and insurance sector (BFSI). Since 2005, we deliver state-of-the-art BFSI solutions that bring 2–25x+ faster business processes, 5–40% reduction in operational costs, 10–15% increase in revenue, and 100% visibility of financial transactions.
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Financial software development services are aimed to help companies from banking, financial services, and insurance industries increase operational efficiency, improve customer engagement and retention, and leverage new, more profitable business models.
ScienceSoft provides full-cycle IT consulting and custom software development services to help BFSI companies digitally transform their business operations and unlock new opportunities for growth. We guide our clients through the whole financial software implementation journey and give the highest priority to sensitive data security and achieving regulatory compliance.
Software Development for All Financial Service Domains
Click on the cards below to explore a full scope of ScienceSoft’s services for your business area.
Solutions to Handle BFSI Operations of Any Complexity
ScienceSoft develops purpose-built solutions and all-in-one systems with complex financial logic to seamlessly handle even the most complicated, highly specific BFSI operations and sophisticated financial calculations. The examples of BFSI systems we create include:
Web and Mobile Applications to Introduce Excellent Digital Customer Experience
Since 1999 in web and since 2005 – in mobile development, ScienceSoft knows how to create top-flight custom web and mobile applications for banks, financial services companies, and insurance providers. Our financial software development company delivers client-facing BFSI apps for a rich variety of use cases:
Why Trust the Development of Financial Software to ScienceSoft
- Since 1989 in IT and 750+ professionals on board.
- Since 2003 in cybersecurity to guarantee full protection of BFSI software.
- Compliance experts with 5–20 years of relevant experience to achieve BFSI software compliance with the required regulations.
- Well-established Lean, Agile, and DevOps processes to ensure fast development.
- Mature collaborative culture to drive sustainable long-term value of our engagements.
- Quality-first approach based on an ISO 9001-certified quality management system.
- Robust data security management supported by an ISO 27001 certificate.
The Financial Times Includes ScienceSoft USA Corporation in the List of the Americas’ Fastest-Growing Companies 2023
For the second year in a row, ScienceSoft USA Corporation ranks among 500 American companies with the highest revenue growth. This achievement is the result of our unfailing commitment to provide high-quality IT services and create best-value solutions that meet and even exceed our clients’ expectations.
Perks of Our Approach to BFSI Software Development
Risk-free cooperation start
Before the project start, we provide a detailed cost estimate and analyze the economic feasibility of your initiative to help you confidently decide on further engagement. We are ready to sign an NDA before the introductory call to legally protect your confidential business data.
Stable development flow
We accurately scope the project, provide a detailed development plan with time and budget estimates, and introduce a tailored set of KPIs to measure cooperation success. We monitor the project risks and design a pragmatic risk mitigation plan to proactively address potential issues.
Designing for unimpeded growth
We create BFSI software with a cloud-centric scalable architecture to enable smooth integration with all required systems and support business growth.
Ensuring easy maintenance
We thoroughly document our software and technical design decisions and consistently share the documents with your team to streamline software support and evolution.
Driving value with advanced techs
With decades of experience in AI, big data, blockchain, IoT, and AR, we know how to employ advanced techs to improve the speed, accuracy, and safety of financial operations.
Collaborative control
We grant you access to our project tracking systems and provide regular reports on the accomplished tasks to ensure you always stay updated on the development progress.
Focus on security
We follow the SSDLC best practices and design solutions powered with multi-layer data encryption, biometric authentication, intelligent fraud detection, and other advanced cybersecurity mechanisms to ensure full protection of BFSI software and sensitive data it stores.
Guaranteed compliance
Financial Software Development Costs
Financial software development costs may vary significantly depending on the type of software you want to implement, as well as on the scope of the solution's functional and non-functional capabilities.
Based on ScienceSoft's experience, financial software development costs may range from ~$150K (a custom mobile app for the finance company's clients) to $2M+ (a complex software system aimed to digitalize specific BFSI operations).
Want to know the cost of your financial solution?
Technologies & Tools We Use To Build Reliable BFSI Software
ScienceSoft's Featured Success Stories
Award-Winning Mobile Banking Apps
Secure iOS and Android mobile apps for a bank with $254 million of equity capital. The apps provide rich client-facing capabilities, from balance check and credit/deposit management to money transfer and payments, including automated recurring payments. Also, the apps cover the AR geolocation feature.
Online and Mobile Banking Solutions for an Asian bank with 3+ Mln Customers
Online and mobile apps provide functionality for account management, payments (including split payments), money transfers (including P2P transfers), virtual card creation and management, suggestions on the nearest of the bank’s 90+ branches, and more.
Mobile Payment Software for 18M E-Wallets
A complete solution for mobile e-payments for a well-known online payment system provider that serves over 18 million e-wallets. The app by ScienceSoft covers all common payment and money transfer operations and makes transactions fast and convenient for the users.
Online Bond Portfolio Management Solution
An automated portfolio management tool for a financial market information provider. The solution provides the financial and investment professionals with a toolkit to monitor their activities with bonds and Eurobonds, automate trading transactions, and instantly acquire the financial market reports.
Loan Management Software
An all-in-one loan management system for a microfinance company with 50+ offices across the US. The solution provides end-to-end automation of the company’s specific lending processes, convenient UX and UI for the company’s employees and clients, and top-flight security of sensitive data.
Cross-Platform Mobile Credit App
A mobile lending application for GeoCredits, an online credit assistant. The app provides vast self-service functionality for customers to navigate the banks’ cash loans and credit cards offerings, automatically create and submit loan applications, instantly contact customer support, and more.
Consumer Loan Management System for a European Bank
Software provides scalable storage for lending data and documents, offers loan origination, servicing, and analytics features for the lending team, and comprises a web app for borrowers enabling a single point of access to multiple credit accounts and convenient creation of loan applications.
Mobile Apps for a US insurance company with $61bln of total insurance value
iOS and Android insurance apps introduced self-service damage assessment and claim submission capabilities for policyholders. The insurer achieved nearly 50% reduction in the employee workload within 2 months.
Automated Trading Software Powered with Data Science
An AI-powered trading system for a US-based fintech startup. With data science, predictive and prescriptive analytics at its core, the system translates complex scenarios and multiple patterns into precise trading recommendations and allows traders to efficiently manage their investment portfolios.
Financial and Economic Modeling System
A business modeling tool for a company providing high-tech services in all sectors of economy. The solution helps data analysts easily build complex financial, economic, and strategic transaction models to get full insight of the current venture situation and uncover opportunities for the future.
Frequently Asked Questions
Will you help us optimize the project cost?
We analyze a client’s business needs to define an optimal feature set for the finance solution and avoid packing it with unnecessary functionality. We also apply an iterative approach to BFSI software development to introduce essential features first and enable faster payback from software implementation. Plus, ScienceSoft relies on proven frameworks, platforms, and ready-made components where possible to streamline custom financial software development and cut its cost.
What are the popular cooperation models for BFSI software development?
Depending on our clients' needs, ScienceSoft can provide full outsourcing of BFSI software development, a dedicated team to take over a part of the development project, or team augmentation with our best talents.
Do you offer any specific services for fintech?
ScienceSoft provides full-cycle design and development services to help fintech startups and traditional BFSI companies create innovative solutions that enable more efficient financial service models. For fintech companies specifically, we provide product, security, and compliance consulting services to help them step into the market with minimal risks and promptly succeed with the brand-new solution. Visit our dedicated page to learn more about ScienceSoft’s fintech development offering.
