Velmie
9 min readAug 30, 2023

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Top 5 Banking Software Development Agencies

Agile and adaptive banking is on the rise. In the past several years, the demand for flexible and virtual financial services options has prompted a transition from traditional banking methods to automated and AI-generated customer features, access, personalized recommendations, and 24/7 online support.

In today’s rapidly evolving, disruptive technological economy, financial institutions need to keep up with new developments to survive and thrive. If you have a banking or fintech company, you can boost customer loyalty and retention by choosing a skilled and trusted software development company that can provide advanced digital financial services and transform your financial operations.

Let’s dive into the top 5 best software development companies that can transform your bank or fintech industry.

  1. Velmie

We kick off the list with Velmie, a leading fintech software development company with over 10 years of experience in building software for banks and fintech startups. The company provides a white-label digital banking software platform customized for every client, this approach allows 6x faster time-to-market compared to other vendors.

The company is using a modern tech stack (Golang, Flutter etc.) to build its projects. Additionally, Velmie are experts in building modular and composable systems to simplify scaling, integrations and customizations. According to customers’ feedback, this approach helps reduce development and support costs.

Velmie offers a wide range of fintech software development services, including:

  • Back-end development
  • Mobile development
  • Web development
  • Blockchain development
  • Artificial intelligence (AI) development
  • DevOps

and more.

2. Vention

Vention is a software development solutions company with a skilled team of 1,000–5,000 employees that includes experienced engineers and developers who craft scalable software products designed to enable both startups and fast-growing banking and FinTech companies to improve their processes.

Founded in 2002 and based in New York, Vention remains at the forefront of innovative and high-performing cloud, mobile, and web-based applications. Some of the company’s big, name-brand clients include PayPal, StoneX, EY, PWC, Brex, and Zilch.

Vention’s software development solutions take companies through a complete developmental lifecycle, from the planning phase all the way to launching a functional product that will help companies dominate the financial market. They deliver fast and robust services that focus on quality and usability.

They stand behind their commitment to excellence to create stable, reliable, detail-oriented, and scalable banking and fintech solutions that sync with your existing business processes. Vention is great at hitting deadlines and bringing clients into the conversation every step of the way during an application’s lifecycle, from the strategy stage to UI/UX design, integrating feedback, and deploying the completed product.

Whether you’re a banking giant or a fintech startup, Vention’s goal is to deliver top-notch and c customized financial solutions that take you from initial design all the way through to a completed product that optimizes and automates every process and service that you require.

Some of Vention’s top clients include Ic Markets, Sungage Financial, Merkle, Doctors Without Borders, Thomas International, Slice, VerseX Studios, Stone X, Vestwell, Integrate, Verfacto, and more.

A sample of their top-rated services include:

  • Cloud development
  • UI/UX design
  • Back-end and front-end web application development
  • iOS, Android, and cross-platform mobile application development
  • Quality assurance and testing processes

Vention’s hourly rate ranges from $55-$99/hour

Minimum project size to take on a client: $25,000

3. Praxtent

With 20 years of experience in the banking and FinTech software solutions sectors, Praxtent is a leading name in software development innovations.

This major company’s skilled team of over 70 software designers and developers keeps customers as their central goal as they do UX design research, perform testing, develop customized software in agile developmental ways, and validate their applications via users to provide intuitive, high-tech software solutions.

Praxtent has been featured in Inc 5000 and has a solid reputation for providing superior financial software applications that have made it one of the best financial software companies out there today.

The software solution company helps you upgrade your operations without slowing down your daily processes. They will help you rapidly evolve in a changing market with fresh product design and innovative developments that help augment your team, update your software via front-end redesign, and perform any necessary cloud migrations.

Praxtent’s client-centered team is there to communicate and seek feedback throughout the entire lifecycle of a project which usually kicks off within two weeks from the start of the project. This timeliness and dedication to clients ensures that they deliver agile and dedicated solutions that enable clients to keep business running as usual while updating some or all of their financial services and processes.

Skilled, adaptable, and agile, Praxtent is a company with tons of experience in the fields of fintech and banking including insurance, investments, financial advising, and automatic service solutions.

Some of the company’s featured clients and partners include OpenLending, Austin Capital Bank, Sage Equity Partners, BlueStar Retirement, Synctera, Meriwest Credit Union, Dimensional Fund Advisers, Neocova, Integris Group, and MX.

Praxtent’s services include:

  • UI/UX design
  • Mobile app development
  • Web app development
  • Cloud deployment
  • Back-end development
  • Front-end development
  • Staff Augmentation
  • Implementations
  • Application modernization

Praxton’s hourly rate ranges from $100-$149/hour

Minimum project size: $100,000

4. Itexus

Headquartered in Dover, Delaware, this company has a decade of experience in the financial software solutions industry and caters specifically to companies in the banking and financial sectors. During this time, Itexus has created customized digital financial applications and products for established banking and FinTech businesses and startup enterprises.

One of the best things about this company is Itexus’ seasoned developers’ ability to deliver excellent software development quickly and at a cost-effective price. Their process starts with the planning stage and a UI/UX mockup to determine the best software for your specific goals, needs, and industry specifications. Next comes the design and deployment process.

From start to finish, this company works with you to launch a new service or product or automate your financial processes to help you expand your influence and revenue on the market.

If you’re an enterprising financial services business that wants to access some of the best fintech software development services available, Itexus excels at digitizing services and automating processes that adhere to standard industry compliance.

A few of Itexus’ clients have included Chick-fil-A, McDonald’s, and Mango Connects.

The services offered by Itexus include:

  • DevOps
  • FinTech application development
  • Bank processing automation
  • Mobile banking development
  • FinTech UI/UX design
  • Insurance development
  • FinTech development
  • Digital wallet development
  • Lending and trading app development
  • AI-powered financial analysis

Itexus’ hourly rate ranges from $25-$49/hour

Minimum project size required: $10,000

5. Andersen Lab

If you’re looking for a top-notch company that is a leading developer of financial solutions, Andersen has you covered. They have received awards and recognition both from clients and other groups due to their exceptional developments both in banking and fintech fields and with their customized solutions for ISTQB, Red Hat, and many others.

Based in New York, Andersen Lab has worked with more than 140 companies and completed over 90 significant projects worldwide.

The company’s team contains more than 3,500 employees with 1,000 qualified, innovated, and highly experienced developers, business analysts, project managers, and QA engineers who provide competitive end-to-end services and forward-thinking products to clients. Their goal is to help financial businesses transform their services and operations with improved efficiency, enhanced security, and innovative products.

Andersen doesn’t try to make products fit a cookie-cutter mold. Instead, they skillfully tailor each solution to an individual client’s needs, goals, and desired outcomes while conforming to industry compliance, regulations, and standards. Their experts display a deep knowledge and understanding of the financial technical industry that enables them to bring the latest, cutting-edge technologies, which include AI, data analytics, blockchain, and machine learning to optimize each software solution.

These forward-thinking abilities enable Andersen’s team to analyze your company’s data to analyze what works and what doesn’t. They streamline financial operations, automate processes, and ensure that results are data-driven.

Since 2013, this thriving company has designed and deployed over 640 successful projects that improve clients’ services and enable them to succeed in their fields of fintech and banking services.

During any project, Andersen remains transparent, keeps open communication, offers regular updates, asks for feedback, and works to adjust products to deliver a final product that not only meets specifications but exceeds the client’s expectations.

With seamless services and responsive support, Andersen will even provide a 6-month warranty on all the codes that they develop. They even provide a free consultation before you get started with their services. Get the best post-development support from this company to ensure that your software solution stays scalable, reliable, and agile, and fulfills your businesses’ needs in an evolving financial market.

With these kinds of superior products and customer service, we can understand why 98% of Andersen’s customers come back when they need a new software solution project to help them optimize services, automate operations, and stay ahead of competitors.

Famous Andersen Lab clients include Mercedes-Benz, UNESCO, Samsung, GlobePayroll, TUI, Johnson & Johnson, Paysera, Ryanair, Swiss Red Cross, TUI, BNP Paribas, and Verivox.

Some of the financial software development services that Andersen provides include:

  • Alternative lending software
  • Customized digital wallet development
  • G-Bank finance tool for mobile banking
  • Blockchain-based fintech software testing
  • FinTech products for card issuance and online payment services and compliance
  • Solutions for personal finance management
  • FinTech payment portal solutions
  • Cloud FinTech solutions
  • Crypto software development

Andersen’s rates range from $50-$99/hour

Minimum project size required: $50,000

5. IntellectSoft

Intellectsoft is our final pick for the top five best software development companies to choose for a banking or fintech update.

This company has gained a reputation for creating cutting-edge digital solutions that transform banking and fintech enterprises worldwide. They do this by speeding up tech solutions for complex problems that slow down the evolution towards pioneering technologies.

As one of the most trusted financial service software providers, Intellectsoft’s portfolio demonstrates customer commitment, strategic planning, innovative UX design, and a wide range of software development services that help banks and other financial tech institutions stay up to date with digital financial trends, optimize operations and processes, and offer convenient and accessible online services to customers.

When you partner with Intellectsoft as a client, you get a customized and strategic cycle of development management that integrates tech, updates systems, implements systems, and much more.

Choose from any of Intellectsoft’s three specific service models. These include a model for startup enterprises, another for small or medium-sized businesses, and a third model for big companies. That’s because Intellectsoft understands that every size company has different needs, goals, infrastructure, and budget.

This blend of innovative solutions, flexibility, and customization is what has made Intellectsoft one of the best banking software companies for the past 13 years. During this time, the company has delivered excellent products to a wide range of celebrated financial clients. In fact, Intellectsoft’s ability to deliver a superior high-tech technology stack for the financial and fintech sectors has enabled clients to achieve full digital transformation that has revolutionized their processes, services, and growth.

Some of the company’s clients include the London Stock Exchange Group, Investment Evolution, Land Rover, Universal Picture-Radar, Universal, Eurostar, Griffins, Jaguar, Audi, Giant, Bombardier, Wipro Technologies, Hoosbaam, Gulls, Nestle, Clinique, and many more.

Services provided include:

  • UI/UX design
  • Dedicated development and engineering team
  • IT Consulting
  • DevOps
  • Internet of Things
  • Extended AR/VR reality
  • AI/ML cognitive computing
  • Blockchain
  • Product engineering
  • Digital systems transformation
  • Mobile app development
  • Testing and QA

Intellectsoft charges a rate of $25-$50/hour.

Minimum project size: $50,000

How to Choose a Software Development Agency for Banks or FinTech

There are tons of options available when it comes to looking for a banking or FinTech software development company. This sea of options can seem overwhelming when it comes time to choose the best one for your company.

While we’ve chosen five outstanding software development companies for this list based on their solid reputations, industry success rates, cutting-edge, customizable work, and satisfied clients, it’s important to keep a few qualifying factors in mind to help you make the right decision.

Each company that you consider should display a strong industry experience. While there are some great startups out there, it’s important to put your banking or FinTech development process in the hands of a stable company with a solid reputation and years of experience in the financial software industry. Secondly, your company of choice should contain certified and highly skilled developers who can deliver work in a flexible and timely manner.

Whatever company you choose to create software development for your bank or FinTech institution must offer complete transparency about its pricing and processes, demonstrate a strong commitment to client security, and have experienced risk management procedures in place.

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