Are you thinking of getting a qualified fintech software development company for your project? Well, before we go into this, let’s talk about what fintech is. Fintech, which means Financial Technology, has grown massively to become an integral part of today’s contemporary world. With the massive volume of business transactions happening online and the intricacies associated with many modern businesses, financial solutions are not just a choice anymore but a necessity.
The fintech industry is constantly evolving into a more futuristic version as the robust solutions it provides have proved their worth by delivering the desired output to various financial industry segments. Though getting quality software development for fintech services can be challenging, you don’t need to worry, as we have compiled ways to go about it in this post.
What Is the Big Deal About Fintech?
According to Statista, the market’s largest segment will be Digital Payments with a total transaction value of US$6,752,388m in 2021, with the number of users projected to amount to 4,929.55m users by 2025. You can read this article for more mind-blowing statistics about fintech.
With these stats, it is clear that the global digital market acknowledges the relevance of fintech for the robust and highly efficient financial solutions it provides.
Due to high competition and the presence of many fintech companies in the global digital market, a lot of demand is placed on fintech developers’ talent pool. Thus, it becomes a heavy task for business owners to find the fintech software development agency that knows its beans and best meets their project requirements.
Factors to Consider Before Choosing a Fintech Software Development Company
Fintech development isn’t an easy task, and only a few businesses can build their own in-house software development team. Due to the high cost of hiring a team of in-house experts, the most profitable and optimal way to create your Fintech product is by outsourcing a fintech solutions software development company. Here are a few factors to consider when doing this.
The primary purpose of fintech is to increase online interactions, which means an increase in the number of potential outlets for data theft and security gaps. The topic of cybersecurity has remained one of the hot topics in software development’s global market for quite some years. It should be your primary concern while developing a fintech solution, as it can drastically affect your business. According to CyberEdge, 86% of companies suffered at least one cyberattack in the past 18 months, which led to disruptions in their workflow. Therefore, you must be sure that your prospective fintech software development company can forestall and prevent these security flaws.
Also, ensure the company follows proper regulations and standards in building fintech projects to avoid regulatory issues.
2. A Team of Certified developers with perfect skills
Fintech development is a complex process, and unlike other types of website and software development, you need a fintech software development company with industry-specific expertise. Your choice of software vendor company must be highly skilled in the standard programming language used in developing financial solutions. These includes:
A qualified Fintech software development company should have access to the latest technologies such as AI, ML, Big Data and understand various layers of product security such as API endpoint integration. Also, there is a need to check out your prospective vendor’s portfolio and get feedback from their previous clients for a unique look at the product services they offer.
3. Risk Management Plan
Outsourcing your fintech software development services requires a high level of trust since the developed products work with highly sensitive customer information. A minor product malfunction or quality problem can have devastating effects such as regulatory breach, data loss, identity theft, etc. Therefore, you must ensure that your prospective fintech software development company has a solid risk mitigation plan before committing your project to them.
Outsourcing your fintech product saves you time and budget. However, it would be best to put quality effort into choosing a qualified fintech software development company that will deliver a high-quality result per your specific project requirements.