In the former days, people depended on pen and paper for record-keeping while running financial operations. Today though, things have changed since we are in the advent of technology. Financial institutions make use of financial software to run their activities which include processing transactions, keeping records, sending messages, and analyzing the business sustainability.
To do all this, a financial software development company is such an important entity in the picture. Because our technology is fast expanding, there are many financial software development companies with similar descriptions. This can act as a loophole for the financial organizations since they can easily fall for a financial software development company that underperforms or has higher quoting than their budget. To avoid this pitfall, what should a financial organization consider in settling for a financial software development company? This article tackles the 8 most important criteria that when paid keen attention to, no regrets will be had.
1. The size of the financial software development company
It is of utmost importance that a financial institution knows the size of the financial software development company that it wants to give its tender. Why is this important? Essentially, the main reason is that the size of the company determines how they will serve you and the quality of the size they will offer. Big companies that have a lot of experience in financial software development are good. However, chances are, they will be too busy serving other organizations that equally need them as you do.
Think about small companies too. They may be ready to serve you at just a call away but they may be lacking the needed experience, leading to underperformance. So then, what should you do? Spend time analyzing the size of the financial software development you want to work with and establish if it matches your organization's size. If it does not, then move to the next one until you are certain about the size compatibility.
2. The financial software development company website
In most instances, the very first step in getting a service provider is researching about it online. This happens before you can talk to them on the phone or even visiting their offices if possible. Owing to this fact, reputable companies do a great job in ensuring that their website can say it all with just a single click. Now that you want the services of a financial software development company, keenly look at its website.
Is the website fully informative- does it provide sufficient information on the specific services offered by the financial software development company? In case you come across a site that is full of excuses like, ’we did not have enough time to detail our services’, then run for your dear life. However busy a financial software development company could be, it should create time to promote itself through its website.
3. Technology and experience
These two are significant in choosing the right financial software development company. In gauging whether a financial software developer can service you well, look at the success of the previous projects. Can you relate to the stated experience? Is it anything close to what you have in your business niche? If the previous projects were successful and are within your niche of business, the probability that they will serve to your satisfaction is high.
Additionally, get to know the sort of technology the financial software development company will employ in serving your financial institution. With vast experience, a financial software development company can offer you an alternative means to financial freedom, in fact, something different from what you envisaged at the onset yet affordably and efficiently.
4. Cost of the financial software development company services
Obviously, this is not the first criterion to peer into but it does hold a lot of weight in your choice. There are different formats of payment modes that inform the cost of the entire software development project. What majorly should inform your selection of a certain payment mode is the model of service you settle on.
For example, if you need the services of a financial software development company for a short time because of a breakdown, you may go for hourly rates payment mode but not a fixed price. However, in case the project goes for a long time, the hourly rate payment will be high and unsustainable to the business. Fixed monthly rates would serve better.
Today all software development companies have the knowledge of agility in business. That does not suffice though- the financial software development company must demonstrate that it is flexible with the business dynamics.
If the scope and goals of your financial projects change, is the company able to adjust as well? In case one day the technologies you have been employing become outdated, will the company adapt to such changes? If the need to revise the payment models arise, will the financial software development company give an alternative model?
A financial organization that is outsourcing a financial software development company must pay attention to the location of such a company. The proximity informs time differences, the distances covered by flights in case urgent services are required, and the need for a visa.
A closely located financial software development company will have negligible time difference with, visa-free travels to, and quick flights to the financial organization it is serving. These are advantages that are not to be enjoyed when you choose a far located company.
How passionate and enthusiastic is the financial software development company about serving you? In some instances, a company may fail to demonstrate excitement about offering you services at the onset. If that is the case, kindly get up from your slumber. Only entrust a financial software development company with your financial body if it shows true starvation to serve you by responding quickly to your needs, and listening actively.
8. Communication patterns
This criterion carries as much weight as the previous seven. If a company does not demonstrate good communication skills, this should be a warning sign to you. For example, does it reveal genuine interest in the success of your financial software development project by the number of calls it makes to you?
How proficient is the company in English (assuming you and your team speak English)? Additionally, the financial software development company should state clearly its follow-up plan. This is critical since from time to time system failures may occur.
There are so many companies in the market that can help your financial entity carry out its software development. The more they are, the greater the challenge in settling for the best financial software development company. I am aware of this and in trying to save you from making mistakes; I considered some eight important criteria you can look at before you can make a choice.
Such are the size and website of the company, its technology, and experience as well as the pricing it offers. Ensure the company is agile to market dynamics and its proximity matches your organization. Establish the company’s enthusiasm about serving you and the patterns of its communication.