Financial Software

Development Company

At Binary Studio, we have experience building a lot of different fintech solutions: lending applications, payment integrations, CRM systems for financial institutions, and financial data analytics systems. Whether you need software for payment processing, insurance automation, personal wealth management, trading, or anything else, we’ll be happy to help. Regardless of the software type and purpose, we’ll scrupulously analyze your requirements and goals to tailor the solution to your business model, target audience, and compliance needs.

Yes. We work closely with legal and compliance experts to ensure that your fintech product adheres to international regulations such as KYC/AML and PCI DSS or location-specific ones such as FCA in the UK.

The exact team composition will depend on the type of product you’re building. Ideally, a financial development team includes:

• a business analyst to make sure your requirements are adequately translated into tech specs
• a project manager to control the progress and provide you with updates
• a software architect to design a secure and scalable architecture for your product (especially valuable for large-scale solutions with complex logic and lots of integrations)
• UI/UX designers to create interfaces and user flows
• frontend developers to build customer-facing parts
• backend developers to handle the overall logic of software, its databases, and integrations with other services
• DevOps engineers to manage secure deployment
• QA engineers to check the functionality, performance, accessibility, and other aspects of software
• additional professionals such as compliance experts (if you need a separate compliance module or some other unique functionality)

The financial sector requires significant initial investments regardless of the type of product, but the final cost varies greatly. A financial solution can cost you from around $200,000 to $1,000,000 or more, depending on the set of features and the rates of hired specialists. Startups testing market fit can release an MVP even under $80,000. While advanced features like robo-advisors or crypto wallet integration can add $30,000-50,000 to the cost. Don’t forget about the impact that the cooperation model and team location have on the project cost. It will be much more expensive to hire developers internally, while the most cost-efficient option is finding an outsourcing partner with a range of developers charging different hourly rates. With outsourcing, you also won’t have any associated expenses that you’ll have with an internal team (hiring, onboarding, equipment, office space, benefits, etc.). If you want to get an estimate based on your particular idea, drop us a line, and we’ll guide you through cost calculations based on each feature and development specialist involved.