How Our Innovative Custom Financial Software Development Services Will Benefit You

When it comes to the public’s expectations from financial institutions like banks and investment firms, words like reliability, trustworthiness, and responsibility come to mind.

As a result, the individual and the organization alike turn to financial platforms to instill that same reliability, trustworthiness, and responsibility. For that reason, Pi Tech offers financial software development services to help companies build that bedrock of dependability, security, and peace of mind.

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We rely on financial services for every transaction we make online and in person. We turn to these institutions to help us plan for the future and to finance life-changing purchases like a car or our first home.

Pi Tech's Custom Financial Software Development Services

Pi Tech works with financial software development at all stages, from planning and design to deployment, monitoring, and maintenance. How to get started:

Submit an inquiry

Give us a detailed description of what your project(s) entails.

We’ll sign an NDA to protect your privacy

Work with us to develop a plan that delivers on your needs

We'll align our team with yours to bring goals to fruition

The majority of our team of visionary engineers are business-focused senior talent, so we understand your needs at every development stage: from startup to enterprise solutions.

Pi Tech understands the complex regulatory nature of FinTech, and we are certified for working with compliance-related projects.

About Custom Software Development for Banking, Financial Services, and Insurance (BFSI)

The broad field of BFSI is shifting from centuries of traditions, with FinTech shaping the way these institutions serve customers, and how this new generation transacts. 


Never before has there been such a fast-paced transformation in banking, payment systems, fintech, and insurtech.


Below, we’ll briefly examine a handful of these challenges and consider what is financial software development’s role in helping BFSI industries overcome the new challenges they face.

Digital Payments

In addition to a growing trend of internet-only banking, many are embracing the idea of going completely bankless, where intermediary digital-payment platforms are replacing cash and credit. Mobile apps, mobile wallets, peer-to-peer (P2P) payment systems, and even decentralized networks using blockchain are prevalent.

These payment platforms lean heavily on software developers that are current on regulatory compliance and safety, while also having the capability to integrate these apps with brick and mortar businesses seeking new ways to accept payments, along with disruptive business models like digital aggregators.


Much like banking, insurance is undergoing radical shifts from technology as well. Old systems simply cannot keep pace with the need for instant data. These companies rely on developers that can help them sniff out sophisticated new fraud schemes, improve claims processing, reduce operation costs, and manage huge amounts of data—all while protecting user privacy.


The banking industry faces numerous challenges in the wake of economic uncertainty and the shift from traditional models. Many smaller institutions face credit, market, and operational risks while attempting to transition to new platform models.

These new systems center around online-only account management, providing instant transfers and customers that expect 24/7/365 services.

The combined challenge of higher consumer expectations and shifting economies means a distinct possibility many small-to-midsize institutions will be merged with the largest institutions that can handle the capacity of complex financing, advisory services, and everyday banking.

In order for banks to succeed under these pressures, they rely on custom software that is developed with a team that understands the need for rapid deployment, flexibility, and highly complex automated systems that can meet tight regulatory compliance standards.


Software development for BFSI is relied on more heavily today than any time prior, where safety, privacy, compliance, and consumer expectations require teams to deliver extremely fast deployment cycles that are free of errors or security risks.

On the consumer side, technology is meant to blend seamlessly with users anywhere they log-in, and on any device. Apps for the financial sector are expected to integrate with third-party services focused on improving the UI and automating services.

Financial organizations turn to development teams that are up to the high standard of protecting applications from cybersecurity vulnerabilities. These platforms use two-factor authentication (2FA), data encryption, KYC/AML (know your customer, anti-money laundering) methodology, and biometric identification to protect user privacy and to align with regulatory guidelines.


Why Is It Important for FinTech Industries to Develop Custom Software Applications?

Technologies like artificial intelligence (AI), the Internet of Things (IoT), and blockchain change rapidly and call for experts who know how to manage the intricate connection between features, scale, and security.

Similarly, broad changes to how electronic payments are made and experiments in P2P solutions will require constant expertise in design, maintenance, and deployment.

Central Bank Digital Currencies (CBDCs)

Central Bank Digital Currencies are a modernization of traditional sovereign currencies. They differ from our concept of digital banking in that our payment solutions and accounts still represent—and interact with—physical currency. CBDCs represent a truly digital base currency.

CBDCs are being explored by dozens of countries, and the US isn’t an exception. They are set to revolutionize how payments are issued, how we interact with our financial accounts, and how money is digitally minted and issued.


The US FedNow real-time gross settlement service (RTGS) will be the first major update to the Federal Reserve’s payment technology since it was established in 1913. For the first time, settlement will occur instantly at any time of day—no longer bound by banking hours.

FedNow will improve speed and efficiency between institutions, starting with banking entities that opt in before full adoption. This is the first of many global changes to the banking sector that will call for the highest-tier financial software development services.


FedNow, CBDCs, P2P solutions, and decentralized currencies require financial institutions to implement changes to familiar systems. New systems will need constant integration with traditional infrastructure, from how users manage their personal account profiles and dashboards to the actual payment gateways.

Financial institutions will rely heavily on the most advanced financial software development services to enhance user security, follow compliance, and manage the future of centralized digital money and decentralized finance. As futuristic as these concepts may sound, these are the very trends calling for development expertise today.


As technology advances, the need for security increases, along with a rise in new compliance and regulatory standards.

Financial institutions rely on software experts that know how to develop with security in mind. Regulatory compliance brings stiff fines and penalties to institutions that don’t meet the most stringent requirements to protect user accounts and private data.

Rules surrounding Know Your Customer/Anti-Money Laundering (KYC/AML) call for cutting-edge account security and methods for people to verify their identity. As AI becomes more advanced, the challenge to facilitate secure transactions will only increase reliance on trusted software development experts.

Scalability and Flexibility

Financial institutions will need to be able to adjust to these changes and launch features and updates at full scale, along with the ability to adapt to regulatory changes as they come.

Software engineers working on project and programming in company

What Are Some of the Emerging Innovative Fields Requiring Financial Software Development Services?

People have grown accustomed to the instant connectivity of the internet and mobile devices. As a result, there’s a growing demand for mobile apps that serve people’s financial needs at any time, in any location.

Digital Processing Solutions

In addition to banks that require robust processing solutions to and from user accounts and in issuing third-party credit cards, other P2P solutions are rapidly emerging.

Some platforms allow people to connect to their bank accounts to make online payments; others help individuals and businesses connect directly with lenders. Furthermore, others let people use mobile apps for instant, direct payments as an alternate solution to credit cards.

Decentralized Finance and Exchange

Decentralized finance (DeFi) and non-custodial asset management are growing rapidly as alternative solutions arise. Cryptocurrencies like Bitcoin have increased interest in a large market where people use eWallets and blockchain technology to send payments and store digital assets without relying on intermediary platforms.

This new field of blockchain technology involves hundreds of applications and platforms people need for security, storing digital assets, and managing payments. Financial software is developed for online cryptocurrency exchanges, automated trading and high-frequency trading, portfolio management, and more.

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Develop Customized Financial Software with Pi Tech

Pi Tech delivers experts that synchronize with US-based time zones while providing you with the cost benefits of offshore development. Whether it is frontend, backend, or full-stack development you need, we look forward to aligning with your goals to make them happen.



Get in touch with us today!

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