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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 have been delivering secure and compliant 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.
Financial software development services are a way for BFSI companies to obtain robust solutions that automate and transform service workflows. Custom financial software helps boost operational efficiency, improve customer engagement and retention, and leverage new, more profitable business models.
ScienceSoft provides full-cycle IT consulting and software engineering services to help BFSI companies digitally transform their service operations and unlock new opportunities for growth. We guide our clients through the entire financial software implementation journey and give the highest priority to data security and regulatory compliance.
Software Engineering 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 engineers purpose-built solutions and all-in-one systems with accurate financial logic to seamlessly handle even the most complicated, highly specific BFSI operations. Examples of BFSI systems we create include:
Underwriting automation systems
Insurance claims processing systems
Policy administration systems
Actuarial software
Loan management software
Mortgage automation systems
Debt collection systems
Treasury software
Payment gateways
Payment orchestration software
Investor relationship management software
Investment platforms
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:
ScienceSoft's Featured Success Stories
Here are some examples of software solutions we created for banks and financial services companies:
Our BFSI Customers About Their Experience With ScienceSoft
What always set ScienceSoft apart is their resistance to mediocre results and their proactive advice on meaningful improvements. Their early suggestions on optimizing the UX of BPM apps helped improve software usability and avoid costly code-level changes down the line. With ScienceSoft’s assistance, we stayed on schedule and delivered efficient, user-friendly BPM apps that perfectly met our client’s needs and UX expectations.
Since the start of our cooperation in 2016, ScienceSoft has been a reliable tech partner in our mobile banking development projects. We are impressed with their pragmatic project management, quality-first mindset, and transparent communication. ScienceSoft’s solution architects, developers, and QA engineers are true experts in their fields.
ScienceSoft powered Tieto with a competent team to develop products for banking services. The team has been delivering results within budget and time. I’m absolutely satisfied with the quality of their services, their development skills and responsibility as well as the way they manage communication with us and our clients.
Why Trust the Engineering of Financial Software to ScienceSoft
- Since 2005 in engineering solutions for banks and financial services companies.
- 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 to ensure BFSI software adherence to the required regulations.
- Well-established Lean, Agile, and DevOps processes to ensure fast development.
- Quality-first approach based on an ISO 9001-certified quality management system.
- Robust data security management supported by an ISO 27001 certificate.
- ScienceSoft is named among the 2024 Best Banking Tech Solution Providers by FinTech Futures.
ScienceSoft USA Corporation Is a 3-Year Champion in the Financial Times Rating
Three years in a row (2022–2024), the Financial Times has included ScienceSoft USA Corporation in the list of 500 fastest-growing American companies. This is the result of our dedication to driving project success despite any constraints and disruptions.
Our Success-Driven Approach to BFSI Software Engineering
Our teams and dedicated project managers ensure that goals are achieved, costs and time are predictable, and uncertainty is addressed agilely. You are welcome to check the descriptions of our project management and development practices backed by examples from our real-life projects. We also highlight unethical market practices and ways to address vendor-associated risks.
Project planning
- Agile scoping and scope creep prevention.
- Project resource selection and assignment.
- Analyzing the project’s economic feasibility.
Cost estimation
- Our software development pricing models.
- Cost estimation factors and models.
- Cost optimization best practices.
Development flow
- Our risk mitigation steps throughout the SDLC.
- Our change management process.
- Sample software documents we deliver.
Collaboration
- Collaboration roles, models, and toolkit.
- Our knowledge management activities, techniques, and tools.
- Data and assets we secure.
- Security management procedures during the cooperation.
- BFSI standards and regulations we help address.
- Our compliance-centered development process.
- Our approach to engineering software with accurate financial and actuarial logic.
- Operations to drive financial app accuracy in the long run.
- How we foster longevity throughout the software lifecycle.
- Our tech stack to build durable financial software.
- Our approach to after-launch software support.
- Terms and coverage of our software warranty.
Financial Software Development Costs
Finance software engineering 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 ~$150,000 to $2,000,000+, the lower applying to a custom mobile app for the finance company's clients and the upper – to a complex system automating specific BFSI operations.
Want to know the cost of your financial solution?
Learn the Cost of Your Financial Solution
Please answer a few quick questions about the BFSI solution you’re looking to build. This will help our experts better understand your needs and calculate a tailored quote much faster.
Thank you for your request!
We will analyze your case and get back to you within a business day to share a ballpark estimate.
In the meantime, would you like to learn more about ScienceSoft?
- Project success no matter what: learn how we make good on our mission.
- 19 years in financial IT services: check what we do.
- 4,000 successful projects: explore our portfolio.
- 1,300+ incredible clients: read what they say.
Technologies & Tools We Use To Build Reliable BFSI Software
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 financial software engineering 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 project, or team augmentation with our best talents.
Do you offer any specific services for fintech?
ScienceSoft provides full-cycle design and engineering 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.
Bring Your BFSI Business to New Heights