Innovative technologies are revolutionizing all the spheres of our life. Modernization is observed across all the industries and spheres. We live in the best time to be a customer or a company owner.
The emergence of the FinTech industry is clear evidence for that. FinTech is a booming business nowadays. It has grown significantly during the COVID-19 pandemic as lots of customers have turned to online money transfers and e-commerce solutions. This software is designed to embrace as many businesses as possible.
Many companies that have more particular requirements are willing to find a FinTech app development company. If you plan to do it but have several concerns about selecting the right services provider, this article will be helpful. We suggest a list of points to take into account while hiring and working with an outsourcing partner.
Main types of FinTech software development
Before we move on to selecting the right vendor, you must first decide on what features you need from your software. Various software development companies offer different options for building financial software. An experienced service provider offers the best business solution depending on personal requirements and goals. Here are a few main types of financial software. You need to choose one that fits your company’s needs. If you want to combine various types of functionality, you can always turn to a custom financial software development company, such as keyua.
1. Payment and Billing Software
All businesses have to bill their clients and process transactions if they want to gain profit. Developing financial software can help you deal with numerous simultaneous payments. Payment software manages online billing and gives helpful income and customer reports.
2. Cost Management Software
With the help of this solution, a company can operate its expenses more efficiently. This software type involves transaction automation and analysis of all the company’s expenses, enabling determining the weakest points and best cost-saving strategies. Cost management software offers visualized reports on financial analytics and real-time financial data control.
3. Investment Platform
If you work with this platform type, you receive all the data concerning your potential investments in one place. The result is rational and more enlightened decisions, helping your business avoid risks and save money. Investment management is also included.
4. Blockchain-based software
Blockchain-based technologies are revolutionizing the fintech sector. They include top-notch tools to provide fully secure money transfers. Besides, they decentralize valuable financial data and make it more secure. Another useful tool is tokenization, which safeguards all your purchasing and selling payments. That is the reason why almost every business in the financial sphere utilizes this software to be future-proofed.
5. Digital banks
Modern technologies manage this new banking type as it doesn’t involve a physical situation and is operated with Internet technologies. Financial software is crucial for building an internal structure of such banks. You also get access to the accounts and can manage the money transfers easily.
We hope this list gave you more insight into what result you want to receive at the end. It will help you hire a FinTech software development company that will provide you with precisely what you want.
How to choose a financial software development company? 5 Easy Steps
Step 1. Define the target country
First, get acquainted with the laws and regulations concerning the financial sphere in the country you are targeting. This can help you avoid numerous pitfalls on the way. Ensure the product you are going to launch corresponds to the country’s regulations where it is going to function.
Step 2. Find an experienced team
Going freelance is always risky as you may have a negative experience. As cliche as it sounds, select a fintech development company for hire that has already dealt with similar projects as yours. This will help you save costs and boost the speed of the whole building process. They will deliver an excellent product that would correspond to all your needs as they are experts in what they are doing.
Step 3. Select future-ready technology
If you want your product to last long in such a rapidly changing industry, you need to provide the best possible solutions. The faster you launch your product, the more relevant it will be. Don’t let your idea remain an idea for too long as someone else may make it real much faster than you. While looking for a great outsource FinTech software development partner, make sure they utilize the latest tools and technologies. They should also be ready to improve the quality of already existing software. Select a high-level coding language, such as Python, that makes development fast and seamless. Maintaining security is also a point to take into account while selecting a company.
Step 4. Support and Testing
Once the product is launched, the development is not over. Testing is an essential part of the development cycle. Ensure the selected company utilizes the latest tools and that post-launch maintenance and support services are also included, as there is always a risk of issues.
Step 5. Define the hiring model
A trustworthy company always offers various hiring models hinging on your goals. While discussing the cost, pay attention to these hiring models.
- Per hour – you pay for the amount of time the whole company spent on your product.
- Resource allocation – you hire only one or several staff members from a company and pay per hour.
- Set price – you discuss the budget beforehand and pay the fixed price.
All these factors will help you choose a FinTech software development company that will be worth your attention and deliver an excellent product that will help you grow.
Also, mind such points as:
- customer reviews and brand image;
- transparency in operating and partnership;
- readiness to communicate.
Long story short
Developing FinTech software is a must for those who want to remain competitive for a long time. You need to specify your needs and define the type of software you wish to receive. After that, check out several essential points for choosing a reliable service provider. We hope our article will help you make this process easier.