Advantages of Partnering with an Offshore Development Company

Partnering with an offshore web and mobile app development company in Chiang Mai to establish an Offshore Development Centre (ODC) offers numerous benefits for banking and financial institutions, including:

Access to Expertise in Financial Software Solutions

Offshore development companies in Chiang Mai, like Manao Software, have extensive experience in creating custom financial software solutions. This expertise ensures that banks and financial institutions receive high-quality, secure and compliant software that meets industry standards.

Scalabilit

Outsourced software development companies offer the flexibility to scale your team according to project demands. Whether you need to ramp up development quickly or scale down after project completion, offshore teams provide the agility to adjust resources as needed.

Focus on Core Competencies

By outsourcing financial software development with offshore companies, banks can alleviate the growing operational costs associated with maintaining large in-house IT teams. Although many banks have their own IT departments, the expenses related to recruiting, training and expanding facilities continue to rise. Outsourcing allows banks to focus on their core strengths while relying on specialised experts to handle their IT function extension.

Speed to Market

Banks can accelerate their development timelines with a dedicated offshore app development team that can bring new products and services to market faster. This speed is crucial in the highly competitive financial services industry.

Cost Savings

With Chiang Mai’s lower operational costs, companies can achieve significant cost savings while maintaining quality. These savings can be reinvested in other business areas, enhancing overall growth and profitability.

Risk Mitigation

Outsourced development companies specialising in financial software solutions bring a wealth of experience in risk management, implement robust security measures, ensure compliance with regulations and have disaster recovery and business continuity plans in place. In the event of a natural disaster, power outage or other unforeseen circumstances that disrupt operations at the bank’s primary location, the ODC can serve as a backup facility to ensure critical operations continue without significant interruption. The ODC can maintain essential banking services, including transaction processing, customer support and IT services, so that the bank remains operational during emergencies.

Data Protection & Security

The ODC can help ensure compliance with data protection regulations by serving as a secure backup location for sensitive financial data. This is particularly important for banks operating in multiple jurisdictions with varying regulatory requirements.

Another significant differentiator is that Chiang Mai operates in the same time zone as Bangkok, ensuring seamless collaboration during business hours, with no need for complex scheduling or delayed communication. Last but not least, collaborating with Thai-speaking developers ensures clear and effective communication, which is critical for project success. For that reason, building an offshore development center in Chiang Mai with a company like Manao Software offers more advantages for companies in Bangkok than going with vendors in Vietnam or India.

The Future of Chiang Mai as an Offshore App Development Hub

As more banks and financial institutions discover the benefits of outsourcing their software development in Chiang Mai, the city’s economy and tech industry are poised for continuous growth. The influx of projects needing offshore development services from the financial sector will likely attract even more tech talent to the city.

To sustain this growth, Chiang Mai must continue to invest in its tech ecosystem. This includes supporting educational institutions in their efforts to produce skilled graduates, encouraging collaboration between local tech communities and businesses and promoting the city as a viable destination for financial software development services.

For Bangkok-based banks and financial institutions looking to stay competitive in a rapidly evolving industry, partnering with a reliable and experienced financial software development company in Chiang Mai, like Manao Software, could be the key to unlocking new opportunities for growth and innovation. By partnering with us, banks and financial institutions can gain a competitive edge through access to top talent and experts in offshore web and mobile app development services.

Contact Manao Software today to learn more about our services and how we can support your business by building your own Offshore Development Centre.