According to Allied Market Research, the global financial services software market is projected to grow significantly, potentially reaching $282.71 billion by 2031, with an estimated CAGR of 9.2% from 2022 to 2031. The emergence of fintech web and mobile applications has set the groundwork for a thriving future economy and sparked a digital revolution in the BFSI sector, including e-wallets, mobile banking, online payments, trading platforms, and heaps more.
To adapt and stay ahead of the curve, Australian financial institutions and corporations seek the assistance of offshore companies specializing in custom fintech software development. However, not every IT service provider possesses the required capabilities and industry domain knowledge to meet the stringent standards vital for developing robust financial services solutions.
The key to achieving business goals lies in selecting a reliable technology partner. Thus, today, we’re highlighting the top Fintech software development companies in Australia that can help BFSI businesses propel their ambitions and gain a competitive edge.
What Are the Quality of a Trusted Fintech Software Development Company?
Given the multitude of fintech software development firms available nowadays, it can be overwhelming to discover the right fit for your business. Some key factors that make for a top software development company
1. In-depth Domain Expertise
Although there are many good software engineering companies in the market, not all of them specialize in the BFSI sector. In the highly regulated and evolving financial services industry, engaging with technology service providers possessing proficiency and background in developing secure, compliant, and innovative financial solutions is crucial.
Thus, it’s worth considering seeking companies that are not only fintech connoisseurs but also can understand the intricacies of financial regulations and compliance.
2. Technical Skills & Capabilities
A leading fintech software development should have a pool of experts well-versed in a wide range of technology stacks. This comprises proficiency in most in-demand programming languages in finance like Java, Python, C++/ C#, Ruby, etc, front-end development using HTML, JavaScript, database management systems such as SQL and NoSQL, and cloud services.
Beyond technical prowess, the offshore company should have the capability to ensure the punctual delivery of software solutions by utilizing agile methodologies and automation testing strategy.
3. Proven Software Success
When looking for a fintech software development business, you can consider those that have a strong portfolio showcasing their capabilities in successfully delivering financial software projects.
Evaluating the credibility and proficiency of an offshore company requires a thorough review of its past projects, client testimonials, and case studies. By delving into their previous work, you can gauge the quality of their result and make the decision of collaboration or not. Through the client testimonials and success stories, you can understand the company’s competencies and experience.
4. Service Offerings
The IT service provider’s capability to provide comprehensive fintech solutions is necessary to help you expand the range of services. Here are some key fintech software development services that you can look for:
- Digital Banking App Development: This service may include payment gateways, a digital wallet, convenient and secure transactions, real-time fund transfers, and seamless integration. Banking app development services also comprise maintaining and upgrading systems constantly to deliver a hyper-personalized banking experience to their customers.
- Digital Platform Development: Launch digital platforms and expand their services at different stages of their digital journeys. The advanced services include cloud-based platform development, API externalization, and middle-layer integration.
- Insurance Software Solutions (InsurTech): Concentrate on streamlining critical processes such as underwriting, claim management, risk assessment, etc. and provide seamless digital experiences for insurers. Insurtech software may comprise mobile insurance apps, digital claim processing systems, usage-based insurance platforms, and AI-powered chatbots for customer support.
- Trading Platform: Solutions for trading companies include upgrading existing commercial trading solutions, and ensuring software integrates with existing banking systems, ERP & more.
- eWallet Development: With a well-designed wallet app, financial institutions can meet the demands of modern users for high security and personalized experience. Fintech software developers help deliver feature-rich and fully secured professional eWallet apps that let banks and financial institutions handle transactions faster and more efficiently.
Top 5 Software Development Companies for Fintech in Australia
1. KMS Solutions
As a verticalized business of KMS Technology with 14+ years of experience, KMS Solutions has operated offices globally, including Australia, India, Vietnam, and other countries. Boasting a team of over 1,600 tech professionals with expertise in fintech software development services, KMS Solutions helps BFSI enterprises enhance operations, foster innovation, and elevate their products and services.
KMS experts are well-versed in a broad spectrum of tech stacks and tools related to financial services to deliver advanced technologies and specialized solutions for your special needs.
Achieving an astonishing growth rate of 260.35%, the company earned the 9th spot on Clutch’s Top 100 Fastest-Growing B2B Providers list and won the Asia Pacific Enterprise Award at the APEA 2022. Moreover, the company has collaborated with 130+ global clients and supported 250+ software partners.
As a trusted Financial Technology Services and Solutions vendor, KMS Solutions has successfully delivered numerous projects for renowned companies such as Asia Commercial Bank (ACB), TPBank, “Big Four” Australian bank, Discovermarket, Axi Trading, and many more. KMS creates tech-driven advantages with core service offerings:
- Financial Software Development Team specialized in mobile banking app development, digital banking platform development, insurance software solutions, eWallet, and trading platforms.
- Enterprise Software Testing for bank and finance that is powered by AI.
- Offshore Technology Center
Besides, its services draw on a wide array of expertise, including Technology Consulting, Software Quality Services, Digital Banking Systems Transformation, App Management, Integration, and Migration.
By partnering with many leading technology companies such as AWS, Silverlake Axis, Katalon, Kobiton, Microsoft, etc., the KMS team can learn and embrace emerging technologies to strengthen its position as one of the top Fintech software development companies in Australia.
2. Appello Software
Founded in Sydney, Australia, Appello provides fintech software development for enterprises demanding to scale and digitally transform. The company has a strong portfolio of digital products and services in the financial services sector and offers a full-service software solution from design to launch stages. Fintech development services that the company provides include:
- Fintech UX/UI design
- Financial applications
- Custom financial software
With 8 combined years of experience, Appello has leveraged its expertise in Artificial Intelligence (AI), Big data, and Open banking API to complete over 140 projects in various industries. Besides, the company is also highly rated by recognizable directories like Clutch, GoodFirms, etc.
3. TatvaSoft
TatvaSoft is a full-fledged fintech application development company with expertise in building high-quality custom solutions for businesses worldwide. With 21+ years of unparalleled capabilities and experience, the company has bagged a reputation for delivering financial software development and customization.
With a dedicated team of 900+ IT professionals skilled in various technology and platforms spanning across Microsoft .NET, Java, Node, PHP, etc., TatvaSoft has covered a comprehensive range of services, comprising:
- Consumer Finance
- FOREX Solutions
- Custom ERP Solution
- Fraud Prevention Solution
- Microfinance Solution
As a Microsoft Solutions Partner and CMMi accredited organization, TatvaSoft has successfully served more than 2000 success stories with a client portfolio ranging from large enterprises to small start-ups.
4. Fortunesoft IT Innovations
As a software product engineering and consulting company based in Australia, Fortunesoft IT Innovations provides full-cycle financial services software development for enterprises and startups. The corporation has 10+ years of experience in software product engineering, has serviced over 150+ happy customers worldwide, and has successfully completed 500+ projects so far.
With core technology expertise in the BFSI domain, the company’s core competencies covering:
- Mobile Banking
- Digital Insurance
- P2P Lending
- Enterprise Financial Software
- Crowdfunding & Fundraising Platform
5. Classic Informatics
Since its founding in 2002, Classic Informatics has expanded its operation worldwide to Sydney, Australia. The company provides growing financial institutions with innovative and easy-to-comply tools and technologies to meet the ever-growing expectations of consumers.
Classic Informatics has implemented its knowledge and expertise in developing meaningful apps and software for a wide range of industries, including healthcare, SaaS, retail & e-commerce, Logistics, FinTech, & more. The company also delivers the best of IT engineering to build outstanding financial digital solutions for FinTech:
- Multiple Finance Platform Development
- Money Transaction Platforms
- Online Trading & Exchange Platforms
- Digital Banking Solutions
Last Notes
The five prominent Fintech software development companies above have been shortlisted based on domain expertise, track record, and positive feedback from multiple global clients. Although there are more options in the market, the above candidates are a great place to start.
