Criteria Off-the-Shelf Software Custom Financial Software
Deployment Time Faster to implement, usually ready out of the box Longer development cycle, built from scratch
Cost Lower upfront cost, subscription-based pricing Higher initial investment, but no ongoing licensing fees
Customization Limited customization options Fully tailored to your business workflows and compliance needs.
Scalability May struggle with rapid growth or complex requirements Designed to scale with your business and adapt to future needs
Integration Capabilities Might not integrate well with existing ERP, CRM, or banking APIs Built to integrate with your current tech ecosystem seamlessly
Security & Compliance Standard security features may not meet industry-specific regs Built with enterprise-grade security and compliance from day one
Support & Updates Vendor-dependent; generic support Dedicated support with full control over updates and improvements
Ownership Software vendor owns the codebase and features. You retain full ownership and control of the software.