By 2024, the global number of online and mobile banking users will reach 3.6 billion . The unprecedented number shows that banking services go online, uniting about half of the world’s population. In many cases, consumers even prefer mobile solutions over mobile sites. 73% of smartphone users have managed their finances through an app in the past month.
But did you know that many famous apps like Prosper, PayOp, Monobank, Revolut, and others come from Eastern Europe? These apps have millions of users, extensive financial operations, and unique investing capabilities. They either derive from Eastern European countries or have mobile banking app development centers in the region.
Therefore, Eastern Europe is an excellent destination to outsource fintech software development . Read on to learn about top local companies to choose from.
Why delegate mobile banking app development to companies in Eastern Europe
Speaking of Eastern Europe outsourcing destinations, we mean Ukraine, Poland, Romania, Belarus, Czech Republic, Hungary, Moldova, and Bulgaria. These countries keep attracting international investment from companies searching for mobile banking app development services. In 2022, the segment IT outsourcing revenue will reach .32 billion .
What makes this area so popular?
- A large number of software engineers. Countries like Ukraine and Poland have over 200,000 software developers and thousands of other specialists, including QAs, UX/UI designers, project managers, and business analysts ready to support your project.
- Easy communication with teams developing a mobile banking application. Due to the high level of English and cultural similarities, Western Europeans and Americans will find it easy to communicate with Eastern Europeans. Despite being often underestimated, the soft skills of the people you hire are essential for fruitful cooperation. 75% of project success depends on people skills, and only 25% on tech knowledge.
- Lower mobile banking app development cost. While in the US and Western Europe, mobile banking app development rates vary from $70 to 150, in Eastern Europe, the average rate is around $50. The difference is striking and gives companies a solid reason to shift to this area.
- Geographical proximity and infrastructure. Investors can effortlessly visit these countries since they have a convenient infrastructure. It takes several hours by plane to reach Eastern European countries from London. Even though a trip from the US will take longer, it’s still much more comfortable than traveling to Asia, for example.
- Experience with outsourcing and local digitalization. Eastern European countries both provide mobile banking app development services to companies from other areas and invest in local initiatives. It was found that 50% of Eastern Europeans were likely to conduct financial operations through apps compared to 39% of Western Europeans. It translates to the digitalization experience global companies should leverage.
Top mobile banking app development companies in Eastern Europe – Overview
Now that you know what matters in mobile banking app development services let’s discuss some options. Check out these companies and consider one of them for your upcoming project.
Binariks is a Ukrainian software development company headquartered in Lviv, Ukraine, that unites experts with over 20 years of software development experience. The team focuses on fintech, insurance, education, and healthcare, among other industries.
Clutch rating: 4.9
Services: Dedicated software development, Quality Assurance, UX/UI design, Big data and analytics, Web and Mobile, Cloud, and IoT development
Offices: Lviv, Ukraine; Katowice, Poland; Tallinn, Estonia; Torrance, CA, USA
Local market developer rates: $30-45
Certifications: AWS Consulting Partner, Google Cloud Partner, Microsoft Gold Partner, ISO 9001:2015, ISO/IEC 27001:2013
Fintech projects: Web application for investment, Secure messaging platform
Steelkiwi is a mobile and web app development company providing services to startups and SMEs. Steelkiwi’s team mentions financial software development among their core industries. These guys are located in Vinnytsia, Ukraine, and have branches in Odesa, Ukraine, and Belmont, CA, USA.
Clutch rating: 4.8
Services: Web and mobile development, Quality Assurance, UX/UI design, Data engineering, Business analysis
Offices: Vinnytsia, Ukraine; Odesa, Ukraine; Belmont, CA, USA.
Local market developer rates: $25-45
Certifications: No data provided
Fintech projects: Mobile app development for a bank, Finance management mobile app
Scand is a software development and design company that focuses mainly on fintech, lending, eCommerce, healthcare, logistics, and energy&utilities industries. It’s a comparatively large agency that has been operating in the Eastern European tech market for over 20 years.
Clutch rating: No data provided
Services: Web, desktop, and mobile app development, Cloud solutions, Embedded software development, UX/UI design, DevOps services, Quality Assurance
Offices: Minsk, Belarus; Warsaw, Poland
Local market developer rates: $40-55
Certifications: ISO 9001:2015, ISO/IEC 27001-2013
Fintech projects: Online digital banking platform (BaaS), Personal app for bank clients, Cryptocurrency trading platform
Netguru is a Polish custom software development company with over 14 years of experience. Most of their projects are related to mobile and web development, BI&Big data, cloud consulting, and web design.
Clutch rating: 4.8
Services: Web and mobile development, Ideation and evaluation, Product design, Machine learning, Support & management
Offices: Poznan, Krakow, Wroclaw, Warsaw, and Białystok, Poland
Local market developer rates: $40-55
Certifications: ISO/IEC 27001-2013, AWS Advanced Consulting Partner, Microsoft Gold Partner
Fintech projects: Banking as a service platform for corporations and startups, Family banking application for kids
Itransition is a mobile banking app development services provider working with customers from over 30+ countries. It’s a global company with many branches worldwide, including an office in Warsaw, Poland, and Kyiv, Ukraine. Apart from fintech development, they also have healthcare, automotive, retail, and telecommunications projects.
Clutch rating: 4.9
Services: Software development, IT consulting, Product development, Managed IT services, DevOps, Quality engineering & testing
Offices: Warsaw, Poland; Kyiv and Kharkiv, Ukraine; Vilnius, Lithuania; London, UK; Denver, CO, USA.
Local market developer rates: $25-45 and up
Certifications: ISO/IEC 27001:2013, ISO/IEC 15408:2009, ISO 9001:2008, ISO 9001:2015, Microsoft Gold Partner, AWS Consulting Partner
Fintech projects: Stock trading solution, Cryptocurrency exchange platform, Automated loan management platform
Mobile application development for banking by Eastern Europe
Eastern European companies have many fintech software development projects to boast of. These mobile banking apps have found their market niche and shown incredible growth.
Revolut is a British fintech company that offers a banking app for quick payments, crypto conversion, international transfers, and finance management. Launched in 2015, this mobile app has become one of the fastest-growing fintech solutions reaching over 18 million users in the last three years only. They have offices across 23 countries, including Poland and Romania.
Revenue: 340 million USD
Users: 18 million and growing
Prosper is a P2P lending app based in San Francisco, California, that has a part of its development team in Ukraine. This app enables users to take loans with flexible 3 or 5-year terms easily. They can manage their loans, get estimates, enjoy loans with the lowest rates, and complete many other lending actions on their smartphones.
Revenue: 144.63 million USD
Users: Over 1 million
Monobank is a Ukrainian neobank with an app that allows users to do every action online. Since this bank doesn’t have classic physical branches, all capabilities are available on mobile devices. Customers can order personal credit cards, open a business account, pay taxes, make investments, pay utility bills, etc.
Revenue: 21.4 million USD
Users: 5 million
5 Tips on choosing mobile banking app development service
Before starting mobile application development for banking, you should find someone who knows how to create a mobile banking app. It means they must have the relevant experience and a track of completed fintech projects. The cooperation model, cultural fit, and other factors listed below are equally important.
#1. Experience with mobile banking app development outsourcing
Outsourcing requires a different approach to team management than regular engineering. Therefore, you’d better find a partner specializing in outsourced mobile banking app development services. These companies have already completed dozens of remote projects and employ the most effective ways to organize the cooperation. For example, they may be ready to adapt their working schedule to match the time difference. Such flexibility is particularly convenient for US companies.
Besides, professional outsourcing agencies usually offer several cooperation models, including a dedicated team, T&M, and fixed price. Each of these models is tailored to different kinds of outsourcing projects. When you contact a provider for developing a mobile banking application, they promptly estimate your business needs to offer the best collaboration model. Companies without outsourcing cannot provide such smooth and personalized services.
Fortunately, Eastern Europe is a hub of software development outsourcing. Hence, you will find hundreds of companies open to taking up your project.
#2. Completed mobile banking app development projects
Choose mobile banking app development services that can provide a portfolio with completed projects. Most companies publish case studies on their websites, so it should be easy to check what the agency has previously worked with.
You don’t necessarily have to find someone who has launched a banking app, but a fintech experience is a must-have. It will help the hired company create an app that will become popular in the market, ensure a high level of security, and follow regulatory requirements. Moreover, you can see how the company deals with engineering challenges and organizes the SDLC based on the completed projects.
#3. Local talent pool
The size of the talent pool impacts the mobile banking app development cost and success in many ways. First, the scarcity of skilled software engineers always complicates the recruitment process and results in higher rates. When the competition for a potential employee is high, you are likely to spend a fortune on their salary. Besides, when it takes too much time to find a suitable candidate, you cannot keep working on the project and may start lagging behind schedule.
Therefore, choosing a banking mobile app development destination in Eastern Europe, make sure the area has a large talent pool. It will positively impact the quality of your software and give you more flexibility.
Currently, the leading Eastern European outsourcing destinations have the following number of engineers:
Number of engineers
#4. Authoritative certifications and ratings
When analyzing the website of a potential banking mobile app development partner, look for certification badges. These icons prove that the company’s team has professional software development skills in multiple domains. For example, you can check if the provider is a certified Google Cloud, AWS, or Microsoft partner.
You should also pay attention to industry-specific ISO certifications since they signify that the company has narrow fintech expertise (e.g., ISO 1004-1:2013, ISO 1004-2:2013, ISO/CD 5201, and more ).
We also recommend you to check the feedback about researched companies on the web. Clutch is one of the most popular resources to learn more about mobile banking app development services. Here you can see the rates, experience, and verified feedback from other customers.
#5. Quality tracking practices
To get a reliable product at the output, the software development team must track its quality at each stage. Hence, you should know what quality assurance practices the hired company utilizes.
Ideally, the company must measure code quality and stay transparent, apart from using advanced QA approaches, including test-oriented software development management, formal technical reviews, user acceptance testing, and automated tests. Code quality measurement allows you to learn reliability, efficiency, usability, security, and maintainability of code – the factors that directly affect how the software operates.
The Eastern European area has a lot to offer regarding mobile banking app development services. Local outsourcing companies ensure an outstanding quality of work at affordable rates. A large talent pool and cultural similarities are an extra advantage.
If you have a banking mobile app development project and need a partner, consider Binariks. We are a mobile and web app engineering company with substantial fintech expertise. We know how to make a mobile banking app that can ensure market success.
Contact us to learn how we can help you with developing a mobile banking application or any other software.