Leaders-approved banking software development process

Banks are at the heart of our economy, their stability is critical to our way of life. Ensuring that their software applications are stable and meet the needs of their customers is essential, which is why many leading banks use a formal banking software development process. This article will explore the benefits of using such a process and how it can help your bank stay ahead of the curve.

1. Establish Your Purpose

When you are just getting started with your financial application development idea, this is the very first thing you must do. What are you thinking? What are the objectives of this new software project? How will this project help your business? Any software project must have a goal and a purpose in mind. Define your own. Are you planning to create a mobile banking application, or do you require investment banking CRM, core banking software, and so on?

Perhaps your goal is to make your services more accessible to your clients, or you require a more effective internal human resource management system. Whatever that purpose is, define it clearly before proceeding. After determining the project’s purpose, you must decide what type of software you want to create.

2. Perform Research and Feasibility Analysis

After determining your ultimate goal, you can proceed to the next critical step: researching and analyzing the feasibility of your software development project. To begin, learn about the type of software you want to create, its features, and current market trends.

Look for existing examples of the product type you want to develop. Examine them carefully and make a list of the key features, as well as what you like and dislike about them. Look for case studies that are relevant to your situation. Learn from other people’s mistakes and experiences. If possible, conduct this analysis with the assistance of your project manager or business analyst.

3. Select the Right Platform

You must now make an important decision: which platform to use for your software. The platform you choose is heavily influenced by the purpose of your product and the end user. For example, if we’re talking about mobile banking app development, you’ll only have two platforms to choose from iOS and Android or both.

In other cases, you may require web-based financial application development. Whatever your specific situation is, make sure you choose the platform that best meets your needs and goals. Backbase can help you do these things.

4. Choose Your Technology Stack

Choosing the right platform isn’t enough. It is also necessary to plan your technology stack, which is a collection of software development technologies and languages that will be used in your project. This stack may contain but is not limited to, programming languages, database systems, frameworks, and other components.

The purpose and application of your software, as well as the end user, will determine the composition of your stack. A web banking application, for example, will almost certainly make use of Javascript, PHP, MySQL, and Ruby. However, for finance mobile app development, an iOS-based application, for example, will necessitate a different set of technologies.

5. Develop a Technical Specification

After completing so many critical steps, you may believe that the majority of the work is done. Unfortunately, this is incorrect. The most important part of the job is still ahead of us, and it starts with another critical step: creating a technical specification document for your project.

This is a technical description of your project and what you’re attempting to build in a nutshell. It answers detailed questions like who, why, what, how, when, and so on. It outlines a project’s objectives, resources, plan milestones, critical elements, and other important details.

6. Determine Your Budget

With a detailed technical specification in hand, we can finally perform some calculations to determine the appropriate budget for our project. Keep in mind that financial software development services typically imply large budgets because this type of software is complex and requires a significant amount of time and effort.

7. Find the Best Developer

Finding the best banking software development company is akin to finding the right spouse. If you pick the wrong person, your life may turn into endless drama. So is it the case with picking the right financial software development partner for your project?

If you choose an unreliable developer you will waste a lot of time, nerves, and money. So it is worth taking your time to find the company that you can fully trust and rely on. SmartOSC is an option you can’t miss, we are an official partner of Backbase, and we help deploy technology solutions on the Backbase platform.

Conclusion

If you want to create a banking software development process that will be approved by leaders in the industry, then you need to consider all of the different steps involved. By breaking down each step and ensuring that you have a clear plan for each one, you can increase your chances of success. 

If you need help getting started or want some expert guidance along the way, we’re here to help. With our experience in developing successful banking software solutions, we can provide you with the tools and resources you need to get started on the right foot. Contact SMARTOSC Fintech today to learn more about how we can help make your vision a reality.