Building vs. Buying Financial Software

If you’re in the financial sector and a big part of your job involves trying to keep up with client needs, regulatory demands, or product innovation, you probably rely (or plan to rely) heavily on financial software. But aside from choosing between the different products on offer, there’s an important question to ask before you even start looking: should you build or buy your software?

Not every business is going to have the same answer, here. But if you’re a fast-moving firm, it’s worth looking closely at what each option offers and considering where custom development can give you an edge.

Here, we’re comparing building vs buying financial software, so you can decide on the best option for your budget and needs.

Speed of Deployment

Buying off-the-shelf software has the advantage of speed from the get-go. Since most sellers have pre-built solutions with basic configurations, you’ll have what you need to get up and running faster, which is great if you’re under time pressure to go live.

But this initial speed might end up costing you later on. You’ll face issues if your system doesn’t fit how you actually work, or isn’t designed to scale with your growth, leaving you with no choice but to build workarounds or even switch platforms altogether. Comparably, custom software takes longer upfront, but the big advantage is that you have more control over its long-term efficiency.

Cost and Resource Management

When you’re buying software, there’ll usually be a clear upfront fee to pay, along with ongoing licensing (and possibly subscription) costs. That makes it the more predictable option, and you won’t need to worry about the cost of hiring a large in-house dev team to maintain it.

If you’re building a custom solution with a company like Devexperts, it will, of course, involve more initial investment. But you’re getting better value from your investment, since you’re not paying for features you don’t need or stuck with pricing models that hinder your growth. You also get to adapt your platform as your business model evolves, which can help you keep your operational costs down over time.

Fit and Flexibility

Off-the-shelf platforms tend to be pretty rigid, with not much room (if any) for customization. If you’re trying to do something outside the standard model, there’s a good chance you’ll find yourself boxed in.

If you’re after flexibility, building with a specialist partner is the better alternative. You’ll be able to design the workflows and interfaces that your teams actually need, which offers a big advantage if you’re trying to differentiate yourself in a crowded market.

Which is Best: Buying or Building Your Software?

If you’re testing new products or expanding into new markets, building software with a tech partner like Devexperts is probably going to give you the flexibility and control you need. But that doesn’t mean it’s always the right choice.

Buying your software may still suit you if you’re a smaller or slower-developing business, and you don’t necessarily need to respond quickly to the markets or scale without compromise.