How much does it cost to create financial software?
Financial software development costs mainly depend on your project’s complexity, software type, and functionality scope. The other critical cost-affecting factors to consider are team location and size. As an Eastern Europe outsourcing company, we have talented and, at the same time, diverse technical experts and high-level IT education, allowing us to provide a reasonable quality-to-cost ratio for financial software development services.
The average cost ranges from $30,000 to $550,000+ depending on the project size and FinTech product scale.
Along with efficient tools and project development approaches, we oversee all potential risks and plan each project milestone in detail. Before the project starts, we suggest the most optimal technology stack and prepare a risk mitigation plan to ensure no extra resources are required.
How long does it take to create financial software?
To calculate the timeframe for financial software development, we split the project into 4 major stages where our customers often need help: product discovery, UI/UX design, development, and QA. The following vital criterion to keep in mind when calculating the entire project timeline is the project’s size (small, middle-size, or large-scale project). With these factors in mind, we can estimate the project’s timeframe accurately.
On average, the time for custom financial software development is typically between 4 to 12 months.
Northell has in-depth expertise and has already worked out the best practices and approaches, so we know how to speed up the development process and meet tight deadlines.
How to develop financial software?
To develop financial software, you will need to define your core business request and identify the main goal (or value) of your FinTech product. At Northell, we can help our customers with only a raw idea. Once we achieve the request from our customer, we adhere to such development milestones:
- Technical documentation – Identify software and business requirements among all project stakeholders, estimate project timelines and budgets, and create a clear project roadmap.
- UI/UX design – Create all user interfaces and visual elements, branding elements (if required), and map out the user experience
- Development – Developers write code for all software components
- Deployment & Integration – Deliver software to users for beta testing, collect and analyze feedback and make software improvements
- Maintenance – Support the FinTech software upgrades and fix bugs
How to hire a financial software developer?
One of the simplest ways to hire developers is to scan different online platforms for hiring individual specialists or a dedicated IT vendor. By accessing online platforms (e.g., TopTal, Upwork, Linkedin, etc.), you can hire software engineers, designers, and testers of any seniority level to work on an hourly, part-time, or full-time contract basis.
By accessing Clutch or GoodFirms, you can hire a full-stack dedicated software development provider. Once you define the potential contractors, you should start an interview process to choose the best-fit candidate or team and define cooperation terms. After you’ve chosen a candidate, you can finally discuss legal nuances and sign a contract.
What services does financial consulting include?
Northell provides financial consulting services to support the digital transformation of numerous FinTech organizations and businesses. The sub-services included are professional FinTech consulting and risk assessments. We can help you find the right solution based on several evaluations and in-depth FinTech business audits.
What are the best collaboration models for financial software development?
There are three collaboration models for financial software development: dedicated team, fixed price, and time & materials. The choice of collaboration models depends on your project size and scope of work. We recommend working with a dedicated team model for large-scale projects or different pools of tasks without a clear vision of future project objectives. A fixed-price model is more suitable for projects with a predefined and precise scope of tasks. For the time & materials collaboration model, the customer pays for work completed. Such a model suits mid-size and large projects with no clearly defined scope.