Top 10 Banking Software Development Companies for 2024 | DashDevs (2024)

Nowadays, it’s nearly impossible to imagine life without finance, apps, and software.The software development market is projected to achieve a value of $1039 million by the year 2027, demonstrating a Compound Annual Growth Rate (CAGR) of $22.54% from 2020 to 2027.

What’s even more intriguing is McKinsey’s research indicating that the fintech industry is anticipated to grow roughly three times faster than traditional banking from 2023 to 2028.

This surge in the fintech sector has led to a booming phase for banking businesses striving to be competitive and meet customer needs. However, creating top fintech products requires a deep understanding of finance and expertise in building these solutions.

As demand drives supply in fintech solutions, picking the right software developer is a big deal. You should understand that it’s not just about writing code. An efficient banking development company understands all the nitty-gritty details, keeps things secure, and makes different systems work smoothly together.

You may wonder why choosing a developer with experience is better than doing everything in-house. The answer is simple - they’ve been around. These companies know exactly what they’re doing and have a track record to prove it.

To aid in your search, I’ve compiled a list of standout banking software companies worthy of your attention. A necessary tip before delving into this article: stay focused on your needs and determine what you want from the vendor.

If you aim to find a partner aligned with your requirements, this selection of top-tier banking development companies will steer your future decisions.

#1. DashDevs (UK)

Years on the Market: 13+ (founded in 2010)

Company Size: 200+ experts

Ratings: Clutch 5.0

Number of Implemented Projects: 500+

Services Offered:

• Product Development
• IT Outsourcing Services
• Dedicated Team
• Staff Augmentation
• Fintech Consulting
• Web Development
• Backend Development
• Product Discovery
• Robotic Process Automation (RPA)
• Fintech Software Development
• Mobile App Development
• UI/UX Design
• Quality Assurance
• Solution Architecture
• Cloud & DevOps
• Recruiting Services
• Business Analysis

About the Company:

DashDevs is an agile and solution-oriented partner, serving the diverse needs of companies across the spectrum—from small startups to large enterprises. DashDevs tailors its services to meet your requirements regardless of your size or industry. They specialize in development, design, vendor integration, and navigating legacy regulations for banks and other companies. This company’s main principle is to create comprehensive solutions tailored to your business goals.

Whether you’re launching a startup or seeking solutions for an established enterprise, DashDevs is a prominent core banking software development company showcasing unparalleled software development and digital transformation expertise. The company specializes in crafting cutting-edge solutions and core banking systems tailored to the unique needs of the financial technology sector.

Competitive Advantage:

A significant aspect of DashDevs’ specialization lies in digital banks creation, integrating diverse fintech providers for a seamless payment gateway experience. The company’s proficiency in integrating over 70 fintech providers underscores its commitment to providing clients with a holistic and interconnected suite of services.

Noteworthy about this company is creating Fintech Core, an innovative white-label modular fintech solution. This product is particularly advantageous for fintech startups, offering a faster and more cost-effective route to market while avoiding the complexities of lengthy development from scratch. It also benefits retail banks and established products, allowing them to enhance functionality, modernize, and align with the latest industry and market trends.

Technology Stack:

• Web & API Development (Python, Node.js, .Net & .Net Core)
• Frontend (Angular, React, HTML5, CSS)
• Native Mobile (iOS (Swift, Objective-C) Android (Kotlin, Java))
• Cross-Platform Mobile (Xamarin, React Native, Flutte)
• Databases (MySQL, PostgreSQL, MongoDB, Elasticsearch)
• Cloud Providers (Google Cloud, IBM Cloud, Microsoft Azure, Heroku, AWS (Partner))

Target Audience:

DashDevs collaborates with various industries, with a strong focus on banking development and fintech solutions. They work closely with startups, fintech ventures, and businesses in the financial and technology sectors.

But it doesn’t stop there—DashDevs positions itself as a versatile company that handles projects across any industry. They’re not exclusive; they’re inclusive. Whether you’re a forward-thinking bank ready for a digital facelift, a fintech startup dreaming big, or an institution eyeing a tech upgrade, DashDevs banking software developers got you covered.

DashDevs stands out with its 360-degree fintech solutions—a full-spectrum approach to project delivery that’s trusted by a diverse clientele. Their client-focused methodology ensures success and is not limited to any particular industry, yet specializing in banking development and fintech solutions. The company positions itself as inclusive and welcomes projects from various sectors.

Whether you’re a newcomer venturing into the industry or a seasoned player, DashDevs promises to collaborate and tailor tech solutions precisely to your needs.

#2. Accenture (Ireland)

Years on the Market: founded in 1989

Company Size: over 10.000 experts

Ratings: Clutch 5.0

Number of Implemented Projects: over 9,000

Services Offered:

• Application Services
• Artificial Intelligence
• Automation
• Business Process Outsourcing
• Business Strategy
• Change Management
• Cloud
• Customer Experience
• Data & Analytics
• Digital Commerce
• Digital Engineering & Manufacturing
• Enterprise Platforms
• Finance Consulting
• Infrastructure
• Marketing
• Mergers & Acquisitions (M&A)
• Metaverse
• Operating Models
• Security
• Supply Chain Management
• Sustainability
• Technology Consulting
• Technology Innovation
• Zero-Based Transformation

About the Company:

Accenture is no newcomer to the business world, it’s been around since 1989 and is headquartered in Dublin. This Irish-American services company has become a big deal, making it to the Fortune Global 500 list with $64.1 billion in revenues in 2023. With over 30 years of experience, Accenture is a seasoned expert in the field and professional in core banking creation.

What caught my eye is how versatile Accenture is, diving into over 40 industries. While their diverse portfolio showcases their ability to cater to various business types, it’s essential to note that this broad focus may lead to some scattering and defocusing.

The company positions itself as alway striving to find smart solutions for any type of business. Thus, their track record over the years demonstrates their consistent growth and increasing strength.

Competitive Advantage:

Accenture excels across the digital, cloud, and security domains. They’ve got specialized skills tailored to over 40 industries, which is a big deal in a world starving for good specialists.

The company is at the top of the list in their industry on the Fortune World’s Most Admired Companies, holding the 32nd overall spot. Plus, being a top 10 “Great Place to Work” in multiple countries is also a great achievement.

Technology Stack:

• Application and Data (NET, Amazon EC2, Android SDK, Bootstrap, C#, Django, Firebase, HTML5, Java, JavaScript, jQuery, Microsoft Azure, MongoDB, MySQL, Node.js, PHP, PostgreSQL, Python, Ruby, SQLite, Swift, Vue.js)
• Utilities (Amazon Route 53, Amazon SES, Elasticsearch, Google Analytics, PayPal, Postman, Stack Overflow, Stripe)
• DevOps (Docker, GitHub, Jenkins, Visual Studio, Webpack)
• Business Tools (Asana, Jira, Slack)

Target Audience:

Accenture serves diverse industries, including Aerospace & Defense, Automotive, Banking, Capital Markets, Chemicals, Communications & Media, Consumer Goods & Services, Energy, Health, High Tech, Insurance, Life Sciences, Natural Resources, Retail, Software & Platforms, Travel, etc.

Their development services cater to businesses across various sectors seeking digital transformation and consulting expertise. While their services cater to a wide range of needs, it’s important to note that Accenture is known for its premium solutions, making them a suitable choice for those with sufficient financial resources.

#3. Finastra (UK)

Years on the Market: 6+ (formed by the integration of Misys and D+H in 2017)

Company Size: 10.000+ experts

Ratings: Gartner 3.5, Glassdoor 3.7

Number of Implemented Projects: 9.000+

Services Offered:

• High-Value Services
• Training & Certifications
• Partner Services
• Preferred Active Support
• Managed Services
• High-value Services (US Community Markets)

About the Company:

Headquartered in London, England, this fintech powerhouse caught my attention for its forward-looking approach. Finastra is pioneering the future with its open FusionFabric software architecture.

They are committed to open banking, and this approach is a breath of fresh air in an industry accustomed to closed systems. Finastra is on a mission to break down the barriers of legacy systems, liberating businesses from constraints that hinder transparency, stifle innovation, and ignore valuable data.

Competitive Advantage:

So, what gives Finastra the upper hand? The FusionFabric.cloud is an open technology stack that caught my eye. Unlike the old-school “rip and replace” approach, Finastra encourages an evolutionary journey. This means banks and financial institutions can modernize their systems step by step. It’s a strategic move away from complex integrations, reducing implementation risks.

Technology Stack:

• Application and Data (jQuery, NGINX, CloudFlare, jQuery UI, Amazon Web Services (AWS), Modernizr, Slick, Akamai)
• DevOps (New Relic, Varnish)
• Business Tools (Google Fonts, Drupal, Acquia)

Target Audience:

They’ve got solutions tailored for everyone. Whether you’re in retail banking, transaction banking, lending, or the treasury capital markets, Finastra has something for you.

#4. Nortal (Estonia)

Years on the Market: 20+

Company Size: 1.700+ experts

Ratings: Recognition in awards like Go Global Awards 2023 and Kununu Top Company

Number of Implemented Projects: 100+

Services Offered:

• Strategy and Transformation
• Product and Experience
• Technology and Engineering
• Data and Artificial Intelligence
• Cyber Resilience
• Seamless Teams

About the Company:

Nortal positions itself as the architect of tomorrow. The team played a crucial role in Estonia’s digital government and led 100+ projects worldwide. They conceptualize, design, and implement vital components of Estonia’s e-governance infrastructure. This includes crafting innovative solutions for digital identity, interoperability frameworks, parliamentary electronic voting systems, digital banking portals, and streamlined government one-stop shops.

What makes Nortal unique? It’s their ‘why’-driven approach. They don’t just do projects; they embark on missions, ensuring each makes a real impact.

Competitive Advantage:

Awards like Germany’s Company with a Future and Washington’s Best Companies to Work for in 2021 speak volumes about their excellent workplace.

However, Nortal’s impact extends beyond client work. With a renewed focus on environmental, social, and governance (ESG) efforts, they aim to minimize their footprint while maximizing positive contributions.

Technology Stack:

• Application and Data (jQuery, NGINX, CloudFlare, Bootstrap, Modernizr, Google Cloud Platform, Slick, fancybox)
• Utilities (Google Analytics, Google Tag Manager)
• Business Tools (WordPress, Google Fonts, Font Awesome)

Target Audience:

Nortal works with everyone—from governments to big businesses. Nortal’s projects show they’re not just about tech but about making things work better. So, if you’re after a partner who gets your digital dreams and wants to make them real, Nortal can be the one.

#5. Mambu (Netherlands)

Years on the Market: 11

Company Size: 600+

Ratings: Gartner 4.2

Number of Implemented Projects: 200+

Services Offered:

Mambu provides a suite of services that includes lending solutions such as SME lending, retail mortgages, personal lending, Buy Now Pay Later, and purchase finance.

Additionally, they offer daily banking solutions covering deposits, stored value accounts, business banking & deposits, and personal banking & deposits. Their overarching solutions include embedded finance, loan management, and Banking-as-a-Service.

About the Company:

Mambu, founded in Berlin and headquartered in Amsterdam, is a trailblazing software company that aims to bring core banking solutions and financial services into the digital-first world. With a mission to empower customers to deliver modern financial experiences and mobile banking apps globally, Mambu began its journey by servicing microfinance institutions and fintech startups, quickly expanding its reach.

Competitive Advantage:

Mambu’s advantage lies in its agile, open, and accessible approach to transforming financial experiences. The company’s culture emphasizes teamwork, transparency, and a true sense of ownership. Mambu’s ability to adapt to diverse customer needs, composable banking approach, and commitment to sustainability contribute to its edge in the banking industry.

Technology Stack:

• Google Analytics
• Google Font API
• Apache
• HTTP/2
• Javascript
• Google Tag Manager

Target Audience:

The company provides different development services, including fintech startups, telecommunication companies (telcos), and top-tier banks. Its platform, designed for developers, architects, business analysts, and innovators, empowers users to create outstanding global financial experiences for millions of customers.

#6. Praxent (the USA)

Years on the Market: 23+

Company Size: 100+

Ratings: Clutch 4.8

Number of Implemented Projects: 400+

Services Offered:

• User Experience Design
• Customer Journey Mapping
• Design Sprints
• UX Audit
• User Testing
• User Research
• Custom Software Development
• Application Modernization
• Mobile App Development
• Web App Development
• Web Portal Development
• Front End Development
• Backend Development
• Cloud Deployment Implementations
• Staff Augmentation

About the Company:

Praxent is a seasoned digital consulting and development expert in financial services. With a rich history spanning two decades, Praxent has executed over 400 custom solutions, earning clients’ trust and achieving a remarkable 4.8-star rating on Clutch with 66 reviews. Specializing in end-to-end digital transformation and core banking software solutions, Praxent stands out in developing custom digital products.

Competitive Advantage:

What sets Praxent apart is its pragmatic approach to innovation. Rather than pushing for complete rebuilds, they focus on modernizing existing customer-facing software applications through manageable development sprints. This approach ensures a quicker return on investment, allowing clients to witness tangible results within weeks, not months.

Technology Stack:

• Mobile Development (React-Native, iOS, Android)
• Cloud Services (AWS, Azure, Google Cloud)
• Backend Technologies (C#, NodeJS, Java, Python, PHP, Ruby/Ruby on Rails)
• Databases (MySQL, MSSQL, PostgreSQL, MongoDB, Oracle)
• CMS (WordPress, Drupal, Sitecore)

Target Audience:

Praxent’s sweet spot lies in partnering with clients in the financial services sector, including Fintech, Insurance, Lending, Wealth Management, and Real Estate. Their tailored solutions cater to businesses looking to stay ahead by delivering modern, intuitive digital experiences to their customers.

#7. PixelCrayons (India, globally)

Years on the Market: 18+

Company Size: 650+ experts

Ratings: Clutch 4.9

Number of Implemented Projects: 5.400+

Services Offered:

• Web Development
• Ecommerce
• CMS Development
• Mobile App Development
• Custom Software Development
• IT Consulting
• Blockchain
• IoT Development
• DevOps Solutions
• Machine Learning Services
• Artificial Intelligence
• Cryptocurrency Development

About the Company:

PixelCrayons, founded in 2004, is an award-winning digital consulting and engineering firm. While they excel in various digital areas, the company stands out for its expertise in creating advanced solutions for banks and financial services. With a mission to be a globally recognized integrated digital agency, PixelCrayons has garnered a reputation for its agile/DevOps development process, SLA-driven approach, and punctual project delivery.

Competitive Advantage:

PixelCrayons influences attention to detail and unwavering commitment to customer satisfaction. With a client-retention rate of 97%+, the company focuses on authentic communication and offers exceptional value, leadership, a quest for perfection, respect, and employee satisfaction.

Technology Stack:

• Web & Full Stack (PHP, Python, Java, MEAN Stack (Java & Javascript, Angular JS, Node JS, React JS, Vue.JS)
• Microsoft Technologies (ASP.NET, Sitecore, Xamarin)
• Mobile (Android, iOS, Kotlin, React Native, Flutter, Ionic)
• eCommerce and CMS (Magento, WordPress, Drupal)

Target Audience:

PixelCrayons caters to various industries, including BFSI, Fintech, Retail & eCommerce, Education & eLearning, Logistics & Supply Chain, and Healthcare & Life Sciences. Their versatile service offerings make them an ideal partner for enterprises, digital agencies, and startups looking for end-to-end digital solutions.

#8.FIS (USA)

Years on the Market: 54+

Company Size: 55.000+

Ratings: Glassdoor 3.7

Number of Implemented Projects: 20.000+

Services Offered:

• Retail and Institutional Banking Solutions
• Payments Services
• Asset and Wealth Management
• Risk and Compliance Solutions
• Outsourcing Services
• Banking
• Financial Services
• Information Technology
• Payments

About the Company:

Fidelity National Information Services Inc., known as FIS, stands as a global leader in providing cutting-edge financial services technology and outsourcing solutions. With a history dating back to its foundation in 1968, FIS has evolved into an industry powerhouse, with headquarters in Jacksonville, Florida, United States.

FIS connects merchants, banks, and capital markets on a global scale. The company’s extensive experience, spanning over five decades, positions it as a leader in the financial services technology domain.

Competitive Advantage:

The numbers speak for themselves. The company’s uptime of over 99% and the processing of $40 trillion annually reflect its commitment to maintaining healthy financial systems. FIS collaborates with 95% of the world’s leading banks, supporting over a million merchants globally.

Technology Stack:

FIS covers various banking services, from Advance Integrated Banking, Core Banking, and Omnichannel Banking to Lending, Asset Finance, and Commercial Deposits. Their technology expertise extends to Blockchain, Machine Learning, and Digital Payment Solutions.

Target Audience:

FIS caters to different industries and clients, including Financial Institutions, Securities & Investments, Insurance, Merchants, Enterprise Technology, Fintechs, Retail, Restaurants, Energy & Utilities, and Healthcare. FIS provides tailored custom solutions and addresses the specific needs of each sector.

#9. a1qa

Years on the Market: 20+

Company Size: 1.100+

Ratings: Clutch 4.9

Number of Implemented Projects:

Services Offered:

• Full-cycle testing services
• QA consulting
• Test automation
• Quality engineering
• Continuous testing
• Ad-hoc testing
• Pre-certification testing
• Documentation services
• Dedicated QA teams
• Microservices testing
• Complete test coverage
• Functional testing
• Performance testing
• Cybersecurity testing
• Usability testing
• Integration testing
• Regression testing
• Compatibility testing
• Embedded testing
• Localization testing

About the Company:

Established in 2003, a1qa is a trusted name in delivering top-notch software QA and testing services globally. Headquartered in Lakewood, Colorado, the company is a hub for innovative QA solutions that reach clients worldwide. a1qa is genuinely the go-to destination for those seeking a seamless blend of expertise and commitment in the software quality world.

Competitive Advantage:

With a robust team of over 1,100 full-time QA engineers, the company is deeply committed to delivering reliable and high-quality services. Creating their exclusive QA Academy highlights a1qa’s ongoing effort to stay updated with the latest industry trends and continuously enhance skills. They operate from 10+ offices worldwide to ensure accessibility and quick response to client requirements on a global scale.

Technology Stack:

Technologies for its QA services include: TestRail, VirtualBox, AzureDevOps, Quality, Jira, Trac, VMware, Project, Postman, Swagger, Redis, Fiddler, BlockCyper, Manticore, Exonum, Selenium, Selenoid, Appium, BrowserStack, Ranorex, Xamarin, SpecFlow, Jenkins, etc.

Target Audience:

a1qa can be a good fit for any company looking for expert testing services in various industries. They cover BFSI, Telecom, eCommerce, eHealth, Media and entertainment, Software development, Real estate, eLearning, Oil and gas, Automotive, and logistics. The company takes a comprehensive approach, providing customized and effective quality assurance solutions across various business sectors.

#10. Eleks (Ukraine)

Years on the Market: 30+

Company Size: 2.000+

Ratings: Clutch 4.8

Number of Implemented Projects: 700+

Services Offered:

• Data science
• Cybersecurity
• Technical feasibility study
• Data strategy
• Sustainability consulting
• Agile transformation
• PoC development
• Application development
• Product-oriented delivery
• Enterprise applications
• ERP consulting
• CRM consulting
• Application re‑engineering
• Cloud migration
• Artificial intelligence
• Generative AI
• Machine learning
• Conversational AI
• MLOps
• Business intelligence

About the Company:

ELEKS is a tech ally based in Lviv, Ukraine. With three decades of experience, ELEKS is a reliable companion for businesses worldwide.

Focusing on custom software, product design, and quality assurance, ELEKS positions itself as an experienced guide in the world of technology. Every project they undertake, like ESET or Civex, showcases a legacy of innovation and dependability.

Competitive Advantage:

ELEKS maintains a competitive advantage through a multifaceted approach to engineering. The company’s exploration of new technologies led to a remarkable 96% client recommendation rate. ELEKS places a strong emphasis on performance, ensuring satisfaction for both the company and its clients, with a client satisfaction rate surpassing 97%.

Technology Stack:

• IT Security (AWS Backup, Azure Key Vault, AWS Identity and Access Management (IAM), Microsoft Azure Active Directory, Microsoft Active Directory, Splunk)
• Testing and QA (Appium, Selenium, Gatling, JUnit, Testflight, NUnit)
• Productivity and Operations (Oracle Warehouse Management, Apache OpenOffice, Microsoft Office, Adobe After Effects, Articulate Storyline, Adobe Presenter)
• DevOps and Development (Google Cloud Build, Gravity Forms, Alibaba Cloud, Microsoft Azure, TeamCity, QuickBase)
• Programming Languages and Frameworks (Thymeleaf, Socket.io, Microsoft Azure, C, Elasticsearch, SAP Sybase)

Target Audience:

ELEKS brings its know-how to diverse industries, spanning Logistics, Fintech, Retail, Insurance, Automotive, Healthcare, Agriculture, Energy, Media & Entertainment, and Government. Whether you are into DevOps, VR/AR/MR, IoT, Market Research, Digital Enterprise, UX Consulting, or Nearshore Development, ELEKS presents its expertise for diverse business requirements.

What Principles Did We Use to Curate This List?

In putting together this list, my aim was simple: to bring you content that holds real value and relevance. Here’s a glimpse into the principles steering the curation:

Expertise and Specialization

By digging into each banking software development agency you can now understand their expertise in the fintech arena. My focus was on those with a proven history of delivering inventive solutions tailored to the distinct challenges of the software development industry.

Client Satisfaction

Your satisfaction is at the heart of our selection process. I’ve zeroed in on companies with consistently high ratings and positive feedback on platforms like Clutch and Glassdoor. It’s a testament to their commitment to quality service and building enduring client relationships.

Innovation and Flexibility

Navigating the ever-changing fintech domain requires constant innovation. I’ve favored agencies showing a dedication to staying ahead in technological advancements, ensuring banking software developers can adapt to the evolving needs of the banking sector and clients.

Global Impact

Recognizing the global scope of fintech, the companies included here have a substantial international presence. This way, regardless of location, you can find a banking software development partner tailored to your needs anywhere.

Versatility

The agencies on this list boast versatility in serving diverse businesses—from startups to established enterprises across various industries. It ensures you can find a partner to meet your specific requirements, whether you’re a forward-thinking bank, a fintech startup, or an institution eyeing a tech upgrade.

How to Choose a Banking Software Development Agency?

Selecting the ideal online banking software development partner is a crucial decision that can significantly influence the outcome of your projects. Here’s a guide to help you make an informed choice.

#1. Define Your Goals and Requirements

Start by outlining project goals, budget, and specific needs. This foundational step will guide you toward a partner with expertise and capabilities tailored to your unique requirements.

If you want to create a cutting-edge fintech app, consider DashDevs. They are recognized for specializing in such solutions, catering to small enterprises and industry giants.

#2. Check Industry Experience

Seek partners with a proven track record in the financial sector. For example, Accenture has been in fintech for over 30 years, which proves its expertise across diverse industries, including banking.

Experience in banking software development equips a company with insights into industry regulations, security standards, and the specific challenges of the financial domain. DashDevs, with 13+ years in the market and a focus on fintech, presents a specialized approach to fintech and banking software development services.

#3. Technology Stack and Innovation

Evaluate the vendor’s technology stack and commitment to innovation. A forward-thinking partner with a modern tech stack is better equipped to deliver scalable, secure, and cutting-edge solutions for your banking software needs.

For instance, DashDevs, with a technology stack including Ract, Node.js, and .Net Core, is committed to staying abreast of technological advancements.

#4. Compliance and Security Measures

Given the sensitivity of financial data, ensure your chosen partner adheres to industry compliance standards and robust security measures. This is vital for maintaining data integrity and protecting against potential threats.

With global leadership in providing financial services technology, FIS is committed to maintaining healthy financial systems with an uptime of over 99%. DashDevs, leveraging expertise in payment gateway integration, ensures robust security measures for financial software development as well as banking operations.

#5. Communication and Collaboration

Opt for a partner who values transparent communication, understands your vision, and is willing to collaborate closely throughout the development process.

One company from the list with an impressive client-retention rate of 97%+ is PixelCrayons, which underscores transparent communication and client satisfaction.

Wrapping Up

In conclusion, finding the right banking software development agency is crucial to your business goals. So it would help if you tailored your choice based on your project’s unique requirements, whether you’re a startup, an established financial institution, or a forward-thinking bank.

Focus on cultivating quality partnerships. Armed with the right expertise, a well-chosen agency can significantly impact your project’s success.

Lastly, keep abreast of industry trends, emerging technologies, and best practices. This knowledge will definitely help you make informed decisions and foster meaningful collaborations with your chosen agency.