The right vendor does not just come with low cost or years of experience. Discover how experts evaluate outsourcing companies with these top vendor selection criteria.
Top Fintech Software Development Companies in Vietnam – Editor’s Pick
Fintech is no buzzword in the area of digital transformation, where technological advancements and all sectors cross paths. The disruption of fintech web and mobile apps has laid the foundation for the future flourishing economy and triggered the evolution of finance and banking digitally, involving e-wallets, mobile banking, online payment systems, trading platforms, cryptocurrency, and heaps more.
The financial services industry is booming in size, sharply growing from $25848.74 billion in 2022 to $28115.02 billion in 2023 (reported in Financial Services Global Market Report 2023). There are enough slots for all businesses with an ambition to infiltrate and thrive in the financial technology sector as long as they step in with a revolutionary idea and a deft product.
A majority of startups orientate themselves to become software houses and build their own digital solutions from scratch. Meanwhile, many others take a niche path to deliver financial services instead and entrust their fintech solutions to other parties specializing in custom software development for the fintech field. Without self-execution, financial institutions and corporations can turn to outsourcing companies to meet their bespoke business needs.
This is where financial software development services enter the picture. Indeed, outsourcing is a shortcut to the final goal, and it offers an array of benefits. But above all, the key to unlocking those lies in the hands of the right partner. So, you’d better choose it right.
What Are Software Development Services for Fintech?
Fintech is short for financial technology, which involves the utilization of technological advancements (such as artificial intelligence, blockchain, big data, robotic process automation, and cloud computing) in delivering, enhancing, and automating financial transactions and services. The acceleration of this sector creates an urgent need for fintech software developers as well as administrative and support services.
In the sphere of fintech outsourcing, custom software development encompasses a suite of services catered to each phase within an SDLC (Software Development Lifecycle). From the initial idea conception to the creation, design, and maintenance of customized software solutions (could be websites, mobile apps, or mobile and web applications) tailored for various purposes of financial operations.
Fintech software development services cater to the specific needs of every business. They include:
Mobile Application Development
Mobile apps, such as e-wallets, mobile banking, and investment apps, are a vital part of fintech services nowadays. These applications are purposefully designed to enable easy and secure financial transactions on the go, creating seamless and enjoyable user experiences on mobile devices.
In this regard, mobile app development services make it easy and accessible for tech startups and financial institutions to build their own user-friendly, intuitive applications up to their specific needs and requirements across several platforms (iOS, Android) or devices (smartphones/tablets).
Fintech web development services are all about crafting secure, responsive, and user-centric websites that act as digital storefronts for financial institutions. These platforms not only display an array of products and services but also facilitate customer support and ensure safe transactions.
Additionally, these web development providers extend their expertise to e-commerce solutions. They empower businesses with the ability to operate online stores and process payments directly on their site. This strategic move can significantly broaden their customer reach and boost revenue generation.
Web App Development
Web apps are a hybrid of both web and mobile applications, operating on any platform with internet access without necessitating downloads or installations. They are heavily reliant on web browsers like Chrome, Safari, and Firefox for functionality.
Usually, fintech firms resort to outsourcing web apps when digital services require either more complex functionalities or superior user experience but are short on budget and resources. The service providers will develop and maintain a web application that works flawlessly as required.
Blockchain is a cutting-edge technology and a disruptor in the world of finance. Its decentralized system provides a secure, transparent, and immutable data storage solution, as well as smart contracts capable of automating transactions without intermediaries.
Fintech blockchain development focuses on creating custom solutions that leverage this innovation to enhance transparency and security in financial operations, facilitate cross-border payments and remittances, streamline asset management, and many more.
Software integration services aimed at connecting existing software systems (e.g., accounting software, CRM) or third-party APIs with newly developed fintech solutions. This helps businesses streamline financial operations by reducing manual work and increasing efficiency. It also allows for the incorporation of AI and other advanced technologies to improve business analysis, decision-making processes, and overall customer experience.
Cloud computing is a dynamic approach to storing, managing, and processing data online. Using cloud services, fintech enterprises can avoid the complexities of setting up and maintaining on-premise infrastructure, thus reducing costs.
Fintech cloud development services enable businesses to capitalize on scalable, pay-as-you-go solutions offered by cloud providers. This includes tailored database management systems, software development kits, and computing resources, leading to efficient IT resource utilization, rapid deployment of digital financial services, and enhanced interdepartmental collaboration.
Artificial Intelligence (AI) Development
AI development is reshaping the fintech landscape through cutting-edge technologies, typically machine learning, natural language processing (NLP), and predictive analytics. However, getting started with AI can be challenging for most businesses due to the high costs of acquiring skilled AI engineers and setting up infrastructure.
Services for AI development can be a game-changer for businesses of all sizes to build fintech solutions, and harness advanced AI technologies to automate processes, enhance risk management, personalize customer experiences, and detect fraudulent activities. With AI-powered solutions, companies can accelerate decision-making processes and create new opportunities for growth in the highly competitive financial sector.
Aside from the above-mentioned services, outsourcing firms often extend staffing solutions to fintech businesses. These services include recruiting, training, and onboarding top-notch financial software developers in two models - augmented staff and dedicated teams.
Augmented staffing entails hiring technical resources to temporarily complement an in-house team and complete a specific project within a set duration, while dedicated staff augmentation involves hiring long-term developers who work exclusively for the client on several projects. With staffing services, fintech startups and companies can quickly scale their team with experienced professionals without worrying about administrative hassles or investing time into training new hires as well as dealing with staff shortages or retention issues.
Identify Quality in a Custom Fintech Software Development Company
With an abundance of fintech software development companies in the market, it can be overwhelming to screen and sort through them to find the right fit for your business. Fortunately, it is not clueless. On the way to a bespoke fintech solution, consider the following key factors that make for a quality custom software development company:
There is a vast number of good software engineering companies on the market, but not all of them specialize in fintech. In the highly regulated and rapidly changing financial industry, it is crucial to work with the ones who have experience and expertise in creating secure, compliant, and innovative financial solutions. They are not only fintech connoisseurs but also well-versed in the complexities of financial compliance and regulations.
Technical Skills & Capabilities
Beyond technical prowess, the company should adhere to a well-articulated development process and utilize proven project management methodologies to guarantee the punctual delivery of high-quality software solutions. This would involve deploying agile or other iterative development strategies, maintaining consistent communication channels, and employing an efficient system to monitor progress.
Proven Track Record
A strong portfolio demonstrating the fintech software development companies’ capabilities is an absolute must.
Evaluating the reliability and proficiency of a fintech development company demands a careful review of their previous projects, client feedback, and case studies. By delving into their past work, you can assess the caliber of their output and determine whether they have a track record of crafting solutions akin to your business needs.
Client testimonials and case studies serve as windows into the company’s communication approach, project management expertise, and degree of customer satisfaction. In essence, a comprehensive examination of their portfolio and online standing can empower you with a practical understanding of the company’s competencies and experience.
Last but not least, you should gauge comprehensive solutions offered by a fintech software development company. That may include consulting, custom software development, quality assurance and testing, maintenance and support, staff augmentation services, etc. This criterion would help you assess the company’s versatility and range of services that could bring tangible value to your business. Also, you can decide whether to go with an all-in-one fintech company or hire separate vendors for different services. An all-in-one company can be a more cost-effective and convenient option, but it is essential to ensure that they have the technical skills and expertise in each service area.
Spotlight on Three Shortlisted Candidates for Fintech Software Development Services
It will be your biggest mistake to overlook Vietnam when looking for the best places to locate a software house for your fintech solutions. Vietnam is an attractive destination for offshore software development services and has been on the rise as a top choice for fintech companies worldwide. Here are three candidates who have stood out from the rest and made it to our shortlist.
Since its establishment in 2005, Orient Software has flourished as a powerhouse in the software development outsourcing landscape, earning a reputation as one of Vietnam’s leading IT service firms. The company boasts partnerships with hundreds of global clients and takes pride in successfully executing numerous projects of varying scales across diverse sectors, including fintech.
Orient Software excels in crafting tailored software solutions, leveraging cutting-edge technologies and methodologies to meet their clients’ requirements. The company’s strengths aren’t limited to technological prowess and experience. They also boast a robust team of dedicated developers, each bringing a unique skill set to the table.
In addition to fintech solutions, Orient Software extends its services to a range of industries, including healthcare, retail, and logistics transportation, offering IT consulting, application development, and more. Regardless of your business needs, Orient Software stands ready to deliver.
Axon Active is a Swiss-based software development company with a branch in Vietnam that has been providing custom software development services since 2008. The company boasts a broad portfolio of successful projects, demonstrating solid expertise in the software engineering field and fintech software development, in particular.
Axon Active differentiates itself through its agile approach, emphasizing flexibility and frequent product deliveries that accelerate time to market without sacrificing quality. Their services include software development, testing and QA, DevOps and cloud consulting, and more.
Innotech Vietnam Corporation
Innotech is a Vietnamese outsourcing company specializing in large-scale services for banks and financial institutions. The software house has carved out a reputation as a reliable provider striving for the creation, innovation, development, and advanced solutions. The company specializes in creating efficient software solutions custom-made to meet the needs of various industries, including finance, e-business, logistics, transportation, and healthcare. Innotech boasts a team of professionals experienced in the latest technologies. The company’s extensive portfolio includes various fintech projects such as core banking solutions, payment gateways, and more.
These are three recommendations for the fintech software development companies in Vietnam. Each of these candidates possesses a strong track record, specializes in fintech solutions, and has been trusted by numerous global clients. There are certainly more options to explore in Vietnam, but these three are a great place to start. With the right partner, your fintech solutions can reach their true potential and drive your business forward. So don’t overlook Vietnam when searching for the best location for your fintech software development services. If you are in need of a capable IT partner, contact Orient Software now.
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