How to Choose a FinTech Software Development Company


Financial technology also known as FinTech has become an essential part of the contemporary world. With a large number of users transacting online and the complexities involved in almost every business, financial solutions have become a necessity.

These robust digital fintech solutions have a proven track record of delivering the desired outcome to many segments of the industry. In addition, FinTech is constantly evolving towards a more sophisticated version. This is perhaps the main reason why the number of fintech projects is increasing every year and bringing new progressive solutions to the financial industry.

According to Statistical, the digital payments industry is expected to be the largest market in the world. Moreover, the total FinTech investment reached $ 55.3 billion in 2019. It is clear that the digital world has slowly started to recognize FinTech and its solid benefits.

To implement a great business idea, you don’t just need cutting edge technology, but most importantly a talented development team who can create a high quality, law-abiding software product.

Let’s go!

1. Perfect skills:

An ideal skill set is the main premise of a successful FinTech software development business. There should be certified developers and qualified engineers to make your software bug free and useful. Make sure the company you are dealing with has access to artificial intelligence, machine learning, predictive analytics, and data mining.

The FinTech solution provider should have a solid grasp of coding knowledge to write clear, error-free codes to power your mobile financial software and system. However, the standard programming languages ​​used to develop financial solutions are C ++, Java, C #, Python, Ruby, and Scala. So check that the company has dedicated experts in Java, .Net, Javascript, Python, etc.

In addition, the developer must be familiar with the latest trends in the financial industry to develop a useful product. In addition, selecting an experienced supplier will help you reduce the risks associated with creating a new product and be profitable.

2. Cybersecurity:

Developing a Fintech software solution, security should be the biggest concern as a minor mistake can drastically affect your business. So, you and your political partner should be very aware of the broader security issues. The FinTech solutions company should be familiar with solutions to security issues. Therefore, verify their knowledge of sensitive information security procedures.

Also verify that the IT company is adhering to the appropriate rules and standards when developing your product. Find out if engineers are familiar with the security aspects to protect your important data? In addition, the team should be aware of its role in risk mitigation and safety. All of these things will help you make a better and informed decision.

3. Organizational capacity:

The size of your development team may vary depending on the different phases of the development process. Make sure the organization has the right pool of engineers and other IT experts to handle your project tasks. Your developers must have an adequate level of expertise and seniority. The development company should have all the dedicated members i.e. developers, testers, UI / UX person, designer, financial expert, etc.

You need to make sure that your strategic partner uses mature and efficient recruiting processes to hire the best candidate. Plus, find out if your developers know the fundamentals of the fintech industry. All of this would help you properly analyze your fintech software development team.

4. Previous projects:

The projects carried out by the company are the first measure of its success. When selecting a fintech software development partner, feel free to look at the company’s portfolio of fintech projects to see what types of products the team has been working with. If a company has experience in a variety of projects, its expertise grows. Engineers can also come up with new ideas based on what they have learned from previous projects.

Also consider asking for referrals from past clients. It is advisable to consult customer reviews of the company you plan to work with. This will help you uncover the strengths and weaknesses of your potential development team. Additionally, you can request hands-on demonstrations from digital wallet solution providers.

5. Risk management:

Fintech software development involves a high level of trust because the products developed work with very sensitive customer data. Therefore, when selecting your development partner, make sure that the FinTech solutions company has a risk mitigation plan in place to prevent future conflicts.

In other words, if a company is not delivering the product of the desired quality and is not following the regulations, then it should have a plan ready to compensate for this thing. Additionally, make sure the company accepts the terms and conditions from your back source before signing the main contract.

Conclusion:

The FinTech industry encompasses a wide range of sectors, including payment services, investments, insurance, various types of loans, and non-banking services. This implies a high level of responsibility in the areas of cybersecurity, financial and technical prowess of developers, and regulatory matters. Therefore, you should look for FinTech software development companies that have a proven track record in FinTech.

In addition, you must invest enough time and effort in the selection process to ensure a high level of service to your project. Remember that a FinTech software development company should be familiar with current and future compliance standards.

Authors biography

Nikunj Gundaniya, Digipay.guru Product Manager, one of the main FinTech Software Development Company. He is a visionary leader whose flamboyant management style has yielded profitable results for the company. He believes in the mantra of being 100% dedicated to his job.


Gordon K. Morehouse