It seems like everyone is looking into software development for fintech. Fintech software development services are a new technology that tries to improve and automate the delivery and use of financial services, like digital banking or e-wallets. If your team of developers doesn’t have the skills to build a challenging fintech application, you might want to look into hiring a fintech software development company.
The right fintech solutions software development company will have all the skills you need at the right price and will be able to deliver within the perfect time frame. Finding the right fintech software development agency is the biggest challenge you’ll face.
Table of Contents
Why Hire a Fintech Software Development Company?
You could try to assemble an in-house team of fintech specialists, but this can be expensive, time-consuming, and stressful – especially if you don’t have the time and resources to find and train an expert team on your own. Offshore software development services are always on offer, but understanding the documentation, compliance requirements, industry standards, and product libraries can be complex.
What to Look For in a Fintech Software Development Company
When you are hiring an agency, you have to look for the following qualities:
1. Fintech Expertise
You will need fintech experts that are familiar with the industry that you want to develop a solution for. Only specialized fintech developers will be able to build a product that meets the industry security and UX standards. An agency can deliver the right team that understands product security, API endpoint integration, and other compliance requirements.
2. A Proven Portfolio
Don’t just take the agency’s word for their work. You need to evaluate them based on their portfolio of work, including past projects and client testimonials. You want them to have the right experience in the field you are hiring for, e.g., payments. If possible, speak to the clients.
3. Ability to Deliver on Time
The market is so competitive that it’s important that your team is able to deliver according to deadlines. Your time to market might be your only competitive advantage as similar products could launch at any time. Make sure that you discuss deadlines and their ability to deliver in detail. Do they follow an agile development framework? What happens if they miss a deadline? How long did their last project take, and what caused delays? Asking the right questions is critical.
4. Excellent Security Knowledge
Financial applications and sites contain a wealth of information that hackers would love to get their hands on, including credit card information. Make sure your agency is reliable and knowledgeable when it comes to cybersecurity. They need to understand and mitigate risks from the start and follow safety guidelines according to industry standards. Malware attacks, cyber breaches, server failure, authentication errors and access control issues can sink your whole business in minutes. They have to know how to spot and prevent errors. This also applies to data collection. Make sure that you are mining the data from your potential customers in an ethical and secure way.
5. Look for AI Knowledge
Most modern fintech applications have machine-learning elements that can provide financial advisory services, analyze the huge amount of data generated by users and automate services. Make sure your team understands how AI operates in the financial world.
Fintech is extremely complex, and hiring the right experts isn’t easy. Finding the right fintech software development company requires investigating each candidate and interrogating their expertise. Look for someone with a proven track record and the right experts on the team to ensure your success.