How Does Banking Software Development In Vietnam Work?

In the modern-day, every aspect of our lives is being digitized, from the way we work and eat to how we manage our money. To follow the digitized trend, every big or small bank in the world has an IT solution or is planning to hire IT outsourcing services. But what is software banking outsourcing, and how does banking software development in Vietnam work?

1. Why are banking institutions going digital?

In today’s 4.0 society, it’s hard to come across a person who doesn’t know what mobile banking software or online banking are. And almost everyone is adapting positively to this trend positively.

Financial organizations are rushing to integrate software into their operational procedures. The motivations range from improving the user experience to building a workable infrastructure that is more effective because, in the past, many people had to wait a long time to make a transaction and the number of transactions per day was low. ineffective against customer needs.

In addition, this trend was further accelerated when the whole world was blocked by the recent Covid-19 epidemic. And people realize the convenience of this software and accept its use.

2. WHAT’S A BANKING OUTSOURCING SERVICE?

2.1. What is Banking Software?

The process of developing banking software involves automating financial and banking procedures so that customers and employees can access the financial services they require at any time, anywhere, through online banking platforms.

The latest technologies that enable developers to create top-notch custom banking software are supported by tools like AI, Big data, and DevOps.

2.2. What’s a bank outsourcing service?

In order to participate in the mobile banking software and application development gold rush, one-third of banking institutions are trying to engage remote developers. 

Banking IT solutions design or modify software systems used in the financial industry for several enterprises and government-related organizations.

Every person in outsourcing services (like L4 Studio) normally works as part of a team that creates, alters, or upgrades software. Throughout the software development lifecycle, senior-level outsourcing services in the financial sector will lead development teams and apply creative solutions to business needs. All IT outsourcing developers must be familiar with all aspects of software development, including testing, analytics, and coding. A bachelor’s degree is normally required, and pay is usually commensurate with education and experience.

With the explosion of banking software, banking software companies were born in many countries and regions. Banking development software in Vietnam also appeared.

3. Types of Banking Development Software in Vietnam:

A wide variety of software solutions are included in banking software development. You can choose to develop one of the following financial software products:

• Financial Operation Management Software:

These banking solutions give administrative personnel and bank employees management tools to assist with planning, budgeting, accounting, and transactional processes.

 Such banking software solutions enable more managers to participate in the management process and achieve a coordinated effort from all stakeholders in the organization. They also provide transparency about business objectives and operational results.

The planning and reporting system, which includes incoming and outgoing financial documents, memos, administrative documents, and contractual papers, is automated with the aid of document management software for banks.

Software for managing banking documents aids in accelerating banking procedures. These tools support decision-making and task completion while protecting security.

• Administrative Management Software:

Products for managing administrative tasks like staff attendance, task assignment, scheduling, etc. include administrative software.

The administrative effectiveness of the banking system is increased by powerful administrative management software. The bank is able to save countless hours thanks to the improved administrative effectiveness, which results in financial savings. Because the administrative software handles the low-priority tasks, the managers may concentrate on the high-priority projects.

• Customer Service Solutions:

Core (Centralized Online Real-Time Exchange) Banking Software is one example of this, which provides services to clients through ATMs and branches from any place.

In order to automate these procedures and provide them to consumers, all bank branches are connected to a single server. Real-time and synchronized transaction processing is provided via integrated bank services.

4. The demand for banking development software in Vietnam

4.1. The demand for banking software in Vietnam

The banking and financial services sector is experiencing disruptive developments, just like every other sector. The future of banking will be shaped by technological advancements. In the digital age, the expansion of the banking sector has increased. That is why the banking development software in Vietnam has also developed rapidly. This can be seen through the fact that consumers hardly need to go to the bank as the majority of banking tasks can be done online or using a mobile banking application.

4.2. Common technologies used in banking development software in Vietnam

• Data Analytics

Big data analytics, advanced analytics, and business intelligence are all types of data analytics that banks use to fully utilize the massive amounts of data they produce every second. Every time a consumer interacts with the technology, it analyzes their data to provide customized financial services. The status of financial institutions is depicted by performance dashboards and thorough compliance reports. The addition of using data-driven insights to improve goods and services.

• Cloud computing

The banks and financial institutions choose to migrate to the cloud or develop cloud-native software from scratch in order to construct a centralized, scalable database that offers a wide range of prospects. It makes real-time data access easier and makes settlements possible without requiring offline document signing. It also makes fraud detection programs possible to run and prevents data exchange for anti-money laundering.

• ERP software

In order to manage the data for all financial activities across many departments, an ERP software serves as a central system. Thus, it makes it possible to generate intelligent data analytics from a single source, which ultimately aids banks in enhancing their services. For instance, banks can facilitate smooth data flow and obtain a 360-degree perspective of their consumers.

• IoT technology

Executives can determine which branches of physical banks have more customers so they can close those branches appropriately by installing movement sensors at the branches. The placement of sensors and cameras at ATMs aids in detecting fraud and predicting cash shortages. Banking facilities are kept up to date with digital infrastructure thanks to IoT technology.

5. CHOOSE BANKING SOFTWARE DEVELOPMENT PARTNER IN VIETNAM

5.1. Choose banking software development partner in Vietnam

Building an in-house development team will require a lot of time and effort. Each developer will require you to go through a recruitment and training process. You will only need to go through the registration process very quickly if you are outsourcing your banking project to develop your banking software.

Finding a competent, experienced, and trusted financial banking software developer in Vietnam is an important step in the process,  as it will determine whether your banking software product will succeed. public or not.

Skip hiring freelance developers for complex software products like banking software because they lack the expertise and technical capacity in the industry, which will lead to product failures or cost overruns. Instead, choose a company that combines internal and external development teams to provide financial software development services. Companies that create software must be adept at creating a variety of enterprise-grade software solutions.

A good business will have a top-notch product creation and communication process. Most importantly, they will help your business reach many developers with different knowledge, each of whom is an expert in a particular programming area.

Focus your research on examining the company’s past projects (especially those related to banking), case studies, customer testimonials, technical qualifications, methods, and more. law, etc.; development, etc.; to make sure you hire the best developer.

Then all that is left to do is contact the best banking software developers in Vietnam, ask them to look into the specifics of your banking software project, rate the developers they recommend for your banking software development needs, and start working with your new remote software development partner.

5.2. What’s the responsibility of all IT outsourcing teams?

As we mentioned above, banking software developers in Vietnam must create, test, change, and improve software for the financial services business. They may work for lending institutions, banks, credit card processors, and many other financial institutions.

To produce the required software products, they must be able to define design requirements for projects, review coding and testing, lead or participate in development teams, and understand needs. non-technical financial staff. As financial industry employees are increasingly using mobile devices, financial software developers must be knowledgeable about mobile apps and cloud-based application interfaces.

Not only that, a good banking software development team in Vietnam (like L4 Studio) must work comfortably in the development process at all stages and types of systems, languages, and data structures. difference.

6. Requirement skills as a banking IT outsourcing employee?

6.1. Do bank software developers in Vietnam need a degree?

Like other IT developers, in order to become a bank software developer in Vietnam, you need the following basic degrees: A bachelor’s degree in computer science, software development, statistics, mathematics, or a closely related field is required for most financial software development professions. Software development and testing certifications may also be needed. Higher education qualifies software developers for more senior positions with additional responsibilities, such as software development manager, team leader, vice president, or director of engineering.

Working for investment banks, stock or futures exchanges, mortgage lenders, and credit card processing portals are all examples of additional majors that may require education. and certificates. Additional education certifications in coding and software architecture, security, and systems design can lead to new job options.

6.2. Required skills when working as a banking software developer in Vietnam:

In the field of finance and IT outsourcing, banking software developers in Vietnam must have good computational, technical, and mathematical skills. They must be familiar with development and testing best practices, and have experience with and training in object-oriented programming languages. Java skills are advantageous, but C++ and C# are also widely used in the financial sector.

Web technologies (Javascript, Ajax, and ASP.NET) and an understanding of relational database systems are often required. Other fundamental talents include the ability to work well in teams with both technical and non-technical members. Basic planning and problem-solving skills, as well as time management skills, are a plus.

Furthermore, financial data sets are often very large, and software development in this business requires knowledge of mathematical modeling and distributed system architecture.

7. How does a company specializing in providing banking software development in Vietnam work?

Just like other companies around the world, each company has its own processes. But in general, companies specializing in providing banking software development in Vietnam will operate according to the following criteria:

7.1. Define customer goals

The first step: This is the most important step, deciding customer satisfaction, that is, companies specializing in  banking development software in Vietnam must determine what the customer’s goal is.

You cannot start a project and expect it to succeed unless you know the goal(s) from the start. It is important to be clear about this and communicate these goals first internally, within your organization, and then externally, with the outsourcing software development company of your choice.

7.2 PLAN AND READY TO WORK

To optimize the working process, the banking software development in Vietnam will draw up a plan and start implementing it.

When do you want the final product? Who will check it? How do you want the project done? You need to discuss some common questions with an outsourcing company to ensure the final product is completed on time.

7.3 ACTIVELY MONITORING PROGRESS OF WORK AND VALUE ADDED

Finally, it is also a very important step that banking software development in Vietnam pay great attention to monitoring the progress of the project to immediately remedy if there is a risk.

An accurate set of key performance indicators (KPIs) can assist both you and your suppliers in determining what needs to be done when and how. These signs assist executives in determining if the chosen employee enhancement plan is the best option.

With clearly defined outsourcing goals, KPIs can range from outsourcing cost analysis and additional employee performance metrics to measuring outsourcing costs versus productivity to reading results. effectiveness and efficiency of different reinforcement groups. Finally, internal protocols for KPI measurement and reporting must be made available from the outset.

8. Requirements for financial software development

Every financial institution should take care of the specifications that this software must follow when developing. Banking development software in Vietnam is also subject to the following requirements: Your software must be inaccessible to hackers, bug-free, and provide a user-friendly interface for your employees.

The following specifications must be met when creating software for banks:

• Speed: The software must operate instantly and without any hiccups. If we’re talking about developing software for financial services, there is only one way to be successful: do this.
• Security: The building of software that is resistant to hacking, system failures, and errors is necessary for the development of a core banking system. Such systems must be trustworthy because they handle clients’ private information.
• Comfort: The development of banking solutions software necessitates the design of a dependable and understandable graphical user interface that is comfortable and health-safe if we must use it for extended periods of time.
• Profitability: The process by which bank authorities hunt for high-quality financial software development services and efficiently return is known as the “establishment of software solutions for banking.”

9. Top banking software development companies in Vietnam

• Agile Tech

Agiletech Vietnam Co., Ltd. is a reputable provider of banking development software in Vietnam, such as: for big data, blockchain, Website/Mobile apps. AgileTech Vietnam quickly established its position on the Vietnamese technological landscape after only three years of establishment and development. 

AgileTech has implemented and provided consulting services for IT service and solution packages for companies in several international markets, including the US, Sweden, Singapore, Thailand, Korea, and Vietnam.

• BiPlus Vietnam

Agile software development is the area of expertise for BiPlus, a Vietnam-based software business. BiPlus was established in 2017 and focuses on creating on-demand software and IT services for clients in the telecoms, financial, banking, and start-up industries. BiPlus not only responds to customer demands for software development but can also offer guidance and assist clients in creating full solutions due to its significant experience in setting up and utilizing huge systems.

BiPlus collaborates with a wide range of clients in Vietnam, including major corporations like Viettel and Samsung as well as institutions like MSB, Techcombank, and VPBank.

Therefore, if you are looking for a banking software developer in Vietnam, BiPlus Vietnam is an option.

• Innotech Vietnam

Innotech Vietnam is a trusted banking software development company in Vietnam. Appreciated for high quality products, services, and innovative solutions in a fintech company.

Innotech has completed more than 200 mobile application projects for clients across the globe, including those in Singapore, Vietnam, Australia, the United States, and Japan.

Over 90% of businesses have kept coming back to Innotech to create a variety of mobile applications, and they have always received the same level of support. Innotech is also honored to have the trust of numerous institutions in the financial and banking sectors, including ACB Bank, Tyme Bank, Unifimoney, Manulife, Commonwealth Bank,…

Conclusion

The truth is not every bank can develop and sustain an in-house IT team for themself. So, a good banking software development in Vietnam like L4 Studio can be the perfect solution for them to not get left behind in the digitalization race.

Sources: Internet    

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