Firstly, fintech technologies are on the rise day by day. They are on an increasing surge in popularity. Due to this fintech software is evolving rapidly to serve the masses and be useful to the public. They are making the lives of the general public more comfortable day by day with each passing day.  They are here to facilitate financial transactions in an easy way.

Over the last few years, the amount of fintech app downloads has increased by up to 75 percent, and this number has crossed the mark of about 3.4 billion in the year 2018. India is the biggest market for fintech software, the government is taking steps to allow the rise and development of fintech industries and apps in this segment. In the coming future, it’s predicted that about 36% of smartphone owners will have a fintech app in their smartphones. About 36% of smartphone owners expected to make use of payment apps. This blog will help you outsource fintech software development in the most efficient way.

This is the reason that over the past two years, the number of investments in the fintech field has increased to 18 billion dollars.  And this figure is expected to keep growing. Secondly, fintech apps promise to become even more powerful and personalized to the taste of the users.  They promise to offer unrivaled security and efficiency for both companies and users alike.

Each and every modern fintech company’s interested in application development. They are looking for the most effective ways and approaches when it comes to fintech usage.
 

Why should you Outsource Fintech Sofware development?

It requires a lot of dedication and hard work to create an outstanding fintech app that has great functionality and a high-security level. Not all businesses are capable to have their own software development team set up to develop such an app. The amount of expenses and investment is simply out of their control. It simply does not have the required IT knowledge and domain expertise when it comes to the development of fintech apps. Because of this, the companies feel it is essential for them to outsource the fintech software development. They should do this to a comfortable third party where they can overlook the development efforts. More and more western companies are looking to outsource their fintech software development. This is to get access to well-operated customers and user-friendly apps.

Here are the main reasons why outsourcing fintech software development is the best solution for your company:

• Cost Arbitrage:

When it comes to small businesses and startups, it is important and crucial for them to strike a balance between quality development efforts and expenditure. For small startups and businesses hiring a team of in-house developers usually can be very expensive to bear and is often much time-consuming.  However when you plan to outsource the software development team for your fintech company. You get access to real professionals and experts at an affordable cost.

This outsourcing team of professionals allows you to start outsourcing fintech software development. They help software building right away. Moreover, you don’t have to spend any amount of budget on recruitment, training is done for new employees, paying for their systems and setting up an office for them to work, etc all of such things.  When you outsource, you cut down on expenses for such things. As outsourcing allows you to save on operational costs, enabling and allowing you to achieve your goals, and get the jobs and tasks done at a much faster pace for your needs and requirements.
 

• Access to a Large Fintech Talent Pool:

The experiences that companies have due to the talent shortage is immense. This has been an issue for companies who are looking for experts in the field of software development. They feel outsourcing is the most effective solution to this development shortage problem. They can have access to huge talent pools of software developers who are experts in what they do. It is not always possible to find the right tech guy who can deliver on results and the talent pool of software developers help you to accomplish this at the very first need.  When you plan to outsource, you allow yourself access to professional experts all around the world to make the best choice for you and hire developers.  You can get your tasks done at an easy and accomplishable rate. Hire professional software developers to tackle your project development challenges in an easy and efficient way.

You can find the necessary developers who have the necessary skills and expertise. They can start working on your fintech projects right away. Access to a large and expert talent pool can open up new opportunities and profitabilities for you.  They provide you with a strong possibility for the latest approaches.  Instead of having you manage an extensive talent base and search for them, you can always concentrate on having a productive workflow and sound planning strategies.
 

• Focus on core business:

When you plan to outsource software development, you delegate the most important aspect leaving you to be free to focus on core business operations. You save time and effort and dedicate your attention to managing your core business problems and workflow operational optimization. You don’t have to worry and carry out the efforts needed to manage and create a team. As a company, you don’t have to bear their operational expenses, as well as establish effective communication methods and models.

An outsourced fintech software development team can take care of the entire software development process and workflow, you will just have to supervise the process. You will have more time for strategic planning and development and other business activities. These activities will be more beneficial for your company.

• Enhanced Security:

Particularly, the Fintech industry is one such industry that requires you to pay extra attention when the question is about security. In terms of security, customers put their trust in companies that their data and vitals will be safeguarded. Customers hand their data in view of better security measures and efficient use of customer’s data. Local developers might not have access to the completer knowledge bank when it comes to ensuring a proper security layer for their fintech software. Data breaches, security attacks, and cyberattacks often pose a problem to fintech software and can cost way to much to such companies.

For safeguarding customers’ critical and important data, it is essential that you hire a professional team of developers have proven experience in managing and building secure software.

Also Read: Benefits of Outsourcing FinTech Software Development

How to find the right Fintech Software development, outsourcing partner?

The benefits of outsourcing fintech software development are immense and undeniable. However there are many outsourcing companies in the market, so finding the right one can be difficult. It can be a real challenge to find a reliable and experienced one.

It is essential for you to cooperate with a credible and reliable software development company. This company that has expertise and experience in achieving software development and deployment goals should be the right target for you.

• Find a reliable partner having relevant experience:

Particularly, when it comes to finding the right partner for you to outsource fintech software development. You need to channel your efforts in finding a reliable partner who has proven experience and track record of software development, and solid client feedback. Therefore, make sure that you narrow down your search to clearly defining your needs and requirements as well as your preferences. When your requirement is clear and well defined it becomes easy for you to find and hire the right partner to supplement your software development efforts. Your partner should be affordable and convenient for you to agree on a certain budget and timeframe for developing fintech software for you.
 

• Choose the correct engagement model:

You should ensure that you select the right engagement model for your software development needs and requirements. Either you can go with a staff augmentation model or hire a full-time team that is outsourced to your development needs. The first one enables you to get the required resources for the development of in-house software development. By doing that you can oversee within your company. The second one means that you completely outsource your entire software development team. This should be done by a third party and they will take care of the entire development needs for you.
 

• Risk assessment:

Before you set your mind to delegate your outsourcing fintech software development goals you should assess the potential risk that can happen to your needs.  Therefore, you should take into consideration, risks associated with possible data loss. Risks such as disclosure of sensitive information, violation of policies, and reputation damage are into consideration as well. You should consider doing a risk assessment to determine which risks you are comfortable taking.  And which you should delegate and resolve to a third party. All of the associated and substantial implications applicable should be mentioned in the contract agreement. This contract that you hand over to the outsourcing fintech software development firm should be abided by them.

Read More: Why Python is Right Tech to Build Your Financial and Banking App?

Conclusion:

So with these objectives and strategic planning, you will be able to outsource Fintech software development to an easy and efficient third party company.

Firstly, FinTech companies are those who deal with finances for companies. These may include banking institutions and non-banking financing institutions. Particularly, software companies should make sure to provide the necessary objectives. FinTech companies operate the same way many banking companies operate. They also have set processes and functions. Software development related to FinTech companies is a huge deal because of the money and credibility given to these companies.

So, what requirements do FinTech companies have? How do emerging software companies solve the business problems that these companies face? These are the questions that software development companies need to answer for FinTech corporations.
 
For such companies, outsourcing software development is the best bet they can count on. There are a wide variety of reasons specific to these companies.  FinTech corporations work the same way as many other institutions do. Managed by people and processes, as well as newer features and work functions identified.

Here in this blog, let’s look at the various benefits of software development outsourcing provided to FinTech companies and corporations.
 

Benefits of Outsourcing FinTech Software Development:

• Custom Development:

Firstly, as far as software development is concerned, FinTech companies should go for Custom software development. This is because, when you plan to go for off-the-shelf software, there are some features that you will use and some which you may not use. But are still paying for it. Off-the-shelf software is developed and designed with a wide variety of requirements from different companies and verticals. All of these may not properly fit into your set of processes and functions for your company.

• Tailored requirements:

Secondly, outsourcing provides you a chance to provide your set of requirements that fit well into your business model and processes. These requirements prove a better fit for all the processes that you follow for your FinTech company.

Outsourcing provides you a chance to examine and provide through requirements that you have and companies can work on it to develop custom software that fits your needs well in the best scenario. Having tailored requirements means ease for your business and processes as well as people.  This will ensure that it fits the bill well and is able to handle your company processes well.

• Focus on core business:

When you outsource software development to companies, you are free to concentrate on core business activities that you can normally do. This provides you peace and freeness that does not interfere in your work and you can manage things well, which in mean time software is being developed for you.

Companies can focus on their business and do not have to divert their attention towards development and creation of the custom software. As these activities are done by the software outsourcing company, they will ensure all the processes are able to fit well into the FinTech business companies are handling.

• Better fit than off-the-shelf:

Particularly, when you compare and contrast off-the-shelf software with custom developed software. You will find that in the long term, custom software is able to meet requirements and needs well as it is tailor made for the business operations. This ensures your business functions smoothly as it is designed and developed from scratch.

This will better fit your processes and the things that you do. In the long run, your returns on investment are surely going to be of value to you.  As you do not have to manage and deal with compatibility issues and predefined processes in the software. This can be a real headache when it comes to using off-the-shelf software.

• Saves time and money:

Agreed that initial investment for developing FinTech based software from scratch will certainly prove to be expensive, but it pays off and you get maximum returns in the long term. As it ensures a smooth flow for your business and ensures that you do not have any hiccups in following processes efficiently.

In the long term, you are bound to recover the investment done for your custom software and receive maximum benefit out of it. So outsourcing FinTech software development is always best for your business
 

• Access to experienced talent:

Specialised software development companies have very experienced and seasoned software developers and professionals working for your FinTech based project. So you do not have to worry and manage the headache of software development in-house.

The outsourcing company will take care of all your requirements and needs easily and efficiently. You can get access to premium talent and also get a dedicated project manager to handle your requirements on your behalf. All updates and follow ups will be regularly communicated to you as things proceed. So your best bet is to find a software development company that you can develop FinTech software from.
 

• Future scope to add features:

When it comes to adding features and functions to the software, this is a tedious task. As the already produced software is created and shipped, you cannot do it. Compared to custom developed FinTech software you can add features later on if your process needs it.

Because the software is tailor made to fit into your business process easily and efficiently. You can get this done and add any feature that you later need by contacting the concerned software development company. There will be times when you need particular features. You can add them to your list of existing features and get them developed by the company.
 

• Better services and support:

Custom software development can provide you better support and sales after-service than off-the-shelf software. This is because no one better understands your needs and requirements well than the custom FinTech Software development company. You cannot go and claim sales and support for software that is already produced and shipped.

They are delivered and sold in the market as a generic product and not a custom made product. But when you compare it to custom developed FinTech you can always avail custom support when you require it. This is the major difference between off-the-shelf software and custom developed FinTech software.

• Increased efficiency for long term:

It has always been that custom developed FinTech software has proved to give increased and improved efficiency in operating in the long term. So initial investments may seem to be high, but they are recovered by business generated and managed by custom software.  Off-the-shelf software does not provide you with as improved efficiency for FinTech business as would custom developed FinTech software. So the best bet for you is to go and develop or outsource FinTech software development for your specific business needs and requirements.
 

• Better safety and security:

When you outsource custom software development and get FinTech software developed and designed, you get better safety and security features integrated into your software product. This will help you to better function as a FinTech company and manage people’s finances well pretty easily and efficiently.

Better safety and security means less headache of managing any situations that can come up and these would not impact your business. It is always good to have better safety and security than to be sorry for any problem tomorrow. Hence you should always go for custom FinTech software development by outsourcing your requirements.

Conclusion: So we have discussed the various benefits that come with developing custom software by means of outsourcing FinTech software development. If you would like to develop FinTech software, contact us at enquiry@nimapinfotech.com with your requirements.