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.

Outsourcing the areas of software development has always been a challenging task. The task is indeed challenging for companies who are looking to develop their projects in the latest technology. Firstly, the technological challenges and the infrastructure that is required in providing service has always been hard to find. Therefore as a business owner who is looking to solve a business problem must always look out for alternatives when trying to develop projects in the house.  There are many obstacles when the projects are being developed in house. Expenses are one of them. What’s more, is that there is a lack of potential expertise that can help in the development of projects that allow the business to expand.

Secondly, as these challenges mature there can be difficulties to launch the project in production. So what is the alternative here? The alternative is outsourcing. Here in this article, we will discuss the various benefits that create outsourcing to be a good idea. Let’s have a look at the various options for outsourcing, also called outsourcing benefits.

Why Outsourcing Software Development to India:

Professional leaders in software development

India has been a global leader in outsourcing software development projects. Therefore it can be well said that there are many different professionals who are into the development of IT software projects. Statistics prove that India is on the number 2nd position when it comes to IT infrastructure and the development of IT software projects. Not taping into such potential can lead to flimsy development and obstacles being unnecessarily created for your projects. No one want that, everyone wants their IT projects to be completed in time and should be beneficial for the company or the organization. Being a global leader in IT software development activities, it should be worthwhile for emerging companies to grab this opportunity and outsource their IT development projects to India such that they can get the guaranteed results that they always aspire for.
 

Cheap labor and works

India is known to provide cheap labor. Particularly, this means that the costs associated with employing IT staff for the projects are far lower compared to other countries. Therefore it should be worthwhile for emerging and developing companies to look for this asset and outsource their project development activities to India. This does not mean that the quality associated with the projects will be low. As stated in the points above, India being a global leader in IT outsource development. The quality of work that is done is of high quality. The success factor of these IT projects is also therefore very high. These guarantees that the IT projects being outsourced will be successful in a wide variety of ways. These are the ways that benefit the company or the organization to a great extent.
 

Tap into expert development potential

India is a leading hub of expert potential developers and designers that many companies can tap into. This dictates that the success factor of the project will be high because of professionals who are good at what they do best. All of these qualities work best for the success of the IT project. You can get into tapping and using the high quality work done by Indian professionals.

These professionals are good at what they do and can be used for IT development projects.

Also Read: How Much Outsourcing Software App Development Costs?

No communication gap

India is the 2nd country that has the ability to speak English. Statistics prove that there are 90% English speaking citizens who are experts in speaking and talking in English. Therefore you can guarantee that the professionals that you employ for your project will be able to understand your requirements easily. Therefore there will be no communication gap for comprehending the requirements that you have for your project.
 

Dedicated Coordinator for the project

When you decide to outsource your project to an Indian software development company, you will be assigned a dedicated project manager and coordinator who will be coordinating with you for your requirements. Getting a dedicated project manager can provide a multitude of benefits to you. Especially making sure that the customer requirements are being met and 100% satisfied according to you. These managers are extremely patient and sincere to work with thereby assuring you that your project is in good hands.
 

Use of latest technology

Indian developers and professionals are known to use the latest technology when it comes to developing IT projects for companies. You can rest assured that your project will be based on the technology that you want it to be in.

Read More: How to successfully outsource software development

Conclusion

So now you see why it is best to outsource the IT development projects to India and Indian companies. If you have any projects then you can contact us at enquiry@nimapinfotech.com with your requirements. We have expert professionals ready to onboard your project with a 100% customer satisfaction guarantee. As we have different professionals that are experts in a wide variety of technologies and know-how, we can assure you that your project is well taken care of.

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The development of bespoke software makes it possible to meet the demand of companies in order to create personalized programs that, from management to marketing, can simplify their lives and even develop their business.
The custom production of specific software for companies is an operation that of course requires the services of specialists, most often external to the company.

Having a high-performance custom software is one of the success factors for your company, for this reason the selection of a management application is an important and quite delicate operation that undoubtedly requires referring to a custom software development company such as woo-commerce mix and match or woo-commerce mix and match products that is best suited to give us more details on the important facts that we need to know about this development.

Why make custom software development?

Whether it is a PC, tablet and/or smartphone software, embarking on the development of custom software is an important decision that must be carefully considered, as it is a time-consuming project. There are several reasons why you may be interested in this type of project:

There is no software on the market that fully meets your needs and working methodologies. The proposed software packages have superfluous functionalities for your company and do not meet all your criteria. In this instance, it is important to work with a software development company to ensure the functions meet your needs exactly.

• Your software is no longer maintained or outdated and you want to renew it with current technologies.

• The licensing costs of your software package are very high for software that is not necessarily adapted and adaptable to all your needs.

• You want to become the owner of your software to gain a competitive advantage.

• You are considering monetizing or reselling this software solution.

• Application software developed according to your specific needs allows you to perform certain tasks more efficiently and thus increase the profitability of a process. The use of the developed software must require less effort than the manual process it replaces.

Here are 6 most important facts you don’t know about custom software development.

1. Increase revenues

There are several ways to use software to increase your company’s revenue. Basically, there is all the online sales software. These allow you to have access to an ever-growing market of buyers. By displaying your products online, you can facilitate the decision-making and purchasing process. In this category, there are software programs that I call “semi-ready-to-use”.
They mainly offer basic functions such as product, inventory, purchasing and buyer management. Often, these functions are developed in a very summary and general way. It is possible that such software may cover a large part of your needs, but there will most likely be gaps to be filled. I will talk to you later about the possibilities in this area…

2. Reduce expenses

In the industrial sector, it is necessary to automate processes to increase productivity. Whether it is to automate an assembly line or to optimize a representative’s route, the software has become a necessity.
By reducing downtime or increasing the speed of execution, they reduce the production and delivery costs of your product. In the field of cost reduction, there are also all the internal management software: personnel management, quality control, process monitoring, management report…

3.Making operations more profitable

When we talk about custom software, we are talking about application software developed according to specific needs. This software are often unique or comparable to others, but with unique aspects. The objective of using software to accomplish a task is of course to increase the profitability of the process.
The use of the software must require less effort than the manual process. This brings me to the two categories of software that can increase profitability: software that generates or increases revenues and software that reduces expenses. Ultimately, if software can do both at the same time, it will be even more profitable.

Read More: Five Software Development Trends For 2019

4.Evaluate the development of custom software

Never before have the IT solutions offered to SMEs been more varied and accessible than today. Many common needs have their solutions. Whether it is accounting, marketing or customer relationship management, there is a wide range of software solutions that enable companies of all sizes to find cost-effective solutions without the need for software development teams.
Software as a service (SAAS) is popular because it provides a quick solution while controlling costs as the company grows. However, the needs are sometimes so specific and specialized that the solutions offered are not appropriate. This is when managers must turn to tailor-made development.

5. The cost of custom development?

The problem with custom development is that you don’t always know exactly what you need in terms of software. Obviously, we can get a general idea of a software that meets a real need at a high level. It’s when you go into the details that everything gets complicated.
The characteristic of bespoke software is that it exists first in someone’s head to meet a unique need. Since it didn’t exist, no one could really try it, test it, and see what works and what doesn’t.

It is therefore difficult to imagine the whole work before creating and testing it. It’s like building a house from a plan. The result is achieved as the walls appear. However, one thing is worse than not knowing, it’s when you think you know exactly what you need. We imagine a lot of features that seem essential to us and, in many cases, we don’t have a clear idea of the need we want to fill.

6.Original and innovative services

You can offer your customers original and innovative services that your competitors do not offer.
Custom-made software is also software that will be able to evolve with the needs of your company. Your working methods evolve with your company. New needs are emerging. Your software can also evolve and meet your new requirements!

Know More: 7 Aspects Of App Development

Conclusion

Developing bespoke software is not an adventure to be taken lightly. There are many advantages, but also obstacles to overcome or better to avoid. Before making this choice, make sure you understand your needs and choose a reliable partner who will support you throughout the process.
Don’t just ask for a final result. Take the time to talk about your real basic needs.