How to Choose and Hire Software developers for your Fintech Startup
Living in a world powered by technology is not only an opportunity but also a challenge to face. Neoteric software solutions have penetrated every single scope of human activities, changing the way people live and interact.
The Fintech industry emerged as nothing else but the industry’s response to the fluctuating and swiftly changing needs and demands of the financial institutions’ customers. Spruced by a heavy worldwide cumulative investment of $24.5 billion in 2019, today’s Fintech market is doing just fine, as it is expected to grow by nearly $325 billion in 2030.
There is no wonder why those willing to remain in the financial services domain are looking to hire software developers capable of designing and delivering reliable fintech software. Today, we will tell you how, where, and why you should look for the best outsourced developers for your fintech start-up.
Why Outsource?
Before we cut to the details, let’s first establish the ground for common understanding. The avenue of software outsourcing still faces rampant opposition from the so-called “expert,” claiming that outsourcing developers are unreliable.
Nonetheless, their statements are not backed with data, which automatically renders their opinion redundant. At the same time, outsourcing developers have proven their worth when it comes to developing cost-efficiently, swiftly, and profoundly.
Go ahead and find another reason to explain why the software outsourcing market is expected to grow to $410 billion by the end of 2022. Yet, let’s have a look at some impressive statistics justifying the use of outsourced developers when it comes to developing fintech projects.
- 59% of clients claim that outsourcing developers are an efficient cost-cutting tool;
- 57% of clients claim that outsourced developers helped them focus on their core business;
- 47% of clients stated that outsourcing developers have been instrumental in closing their capacity gaps;
- 31% of clients testified to outsourcing developers’ pivotal role in enhancing their services quality.
As you can see, opting for an outsourced software vendor might not be a wrong decision at all, as outsourced experts will save you a lot of money by letting you pay solely for their services, with no operational or office expenses foreseen.
Which Countries are The Leaders of Outsourcing?
When you start your search for a reliable tech partner for your fintech project, you go to software vendors’ customer feedback platforms, such as TopTal, Clutch, etc. Yet, the ultimate question to answer is what are the countries running at the forefront of software outsourcing services, as choosing the right geographical destination in your search matters a lot.
It is not a secret that Asia and Eastern Europe are the two major destinations to look in the direction of, as there is a lot of talent and a long-established tradition of delivering top-notch fintech solutions for their overseas clients. However, if you were to choose between the two, it is highly recommended you opt for Eastern Europe and Ukraine, particularly as there are many reasons to do so.
Sure enough, there are also Poland, Romania, Hungary, and other IT outsourcing powerhouses in Eastern Europe. Nonetheless, there are a few factors that objectively play in favor of Ukraine.
First of all, outsourcing developers in Ukraine come in abundance because of the country’s immense pool of high-profile specialized universities. Secondly, Ukrainian developers have already proven their efficiency when it comes to fintech software development.
Back in 2016, Ukraine hosted more than 100 multinational R&D offices, as Kharkiv IT Cluster claims. Finally, Ukrainian developers come at an average price of $50 per hour, which is quite a reasonable offer to accept while the quality of services received skyrockets.
How to Hire Development Experts for Banking and Fintech?
Now you know why and where you can hire software developers for your fintech start-up. Hence, let’s proceed to learn the steps to take in order to choose the ones that will deliver the result you want. No, let’s put it that way. Let’s learn how to hire software developers to provide solutions and products for your clients to long for.
1. Set Your Project Expectations
You will not be able to hire software developers that will deliver the result you’re looking for if you don’t actually know the outcome you’re expecting. Hence, start by defining the vision of your product, and an experienced vendor will easily help you implement it.
2. Expertise
As soon as you know your project’s specifications, you’ll be able to define the expertise required for its successful completion. When it comes to developing a fintech project, stay informed that the scope of expertise required might be somewhat wider than in any other project.
The minimum list of tech expertise the team you’re looking for must embrace: Python, Java, C++, C#, C, JavaScript, Ruby, PHP, Scala, Perl, GO, Swift, Bash, and others. As you can see, your outsourced fintech developers have to be pretty comprehensive in what they do.
Nonetheless, it would help if you looked for a team that understands all the specifics of completing a fintech project, as writing code is the smallest of concerns.
The outsourced developers of your choice must be able to make your product compliant, as there is a lot of legal run-around when it comes to fintech. That is, you should expect the developers themselves to have a degree in economics or finance.
Yet, an experienced fintech development team features finance experts and project managers who work together with the developers to create a workable, secure, and compliant solution for you.
3. Portfolio
Extensive expertise is important, and there’s no doubt about that. Nonetheless, it does not matter if the fintech software vendor has no relevant experience. Hence, make sure to check their portfolio of related projects, as you’ll surely want someone with relevant experience to deal with your project. Thus, you can rest assured that your outsourced vendors will deal with the project smoothly and within the deadline stipulated.
4. Clients Reviews
Unfortunately, software vendors might often overestimate their attainments in the fintech development sector. Therefore, if you’re satisfied with the expertise and portfolio of the fintech software vendor of your choice, proceed with reading the customers’ reviews of their services.
The very same Clutch, TopTal, GoodFirms, and other customer feedback platforms would be a good place to find and hire software developers of genuine value. If the vendor’s customers were satisfied with the quality of services received, they would have no reason to lie; if they were not, they would have no reason to keep it down.
5. Cybersecurity
Last but not least, the team that you choose for developing your fintech solution must be able to make it secure, at first, and then provide ongoing cybersecurity support for it.
So, when choosing your fintech developer, make sure to stress on the importance of cybersecurity for your project.
For example, the team must comply with coding standards that would allow it to infuse the code with embedded error and intrusion-detection mechanisms. The security requirements of a fintech project are a custom matter that might change in accordance with the type of solution you want developed. So, pay specific attention to discussing this matter.
Conclusion
If you’re launching a fintech start-up, you’re moving in the right direction, as the world of financial business is at the brink of a massive change that is already in progress.
Understanding that you need outsourcing developers’ help to deal with your mission is the next right thing to do. Yet, choosing the right software vendor is a challenging task.
Hopefully, our article has been of help to you. If you have any questions left regarding your future fintech projects, drop us a line, and we’ll get back to you for an extensive, free-of-charge consultation.
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