Technology is bringing changes in the financial sector. Every business has braced itself to reap benefits by developing high-end technology solutions for their businesses. Financial technology aka Fintech is one such area that has shown breakthrough results and improvement when multiple businesses switched from paper to paperless banking. This swift was so quick that businesses are still trying to upgrade themselves with the new-edge technologies. In doing so, they understood how important it is to hire an expert from a finance software development company for their business. Their role for an organization is always lucrative and businesses can generate profit from it.
In this blog, we have decided to put the limelight on why businesses should hire fintech developers, what knowledge in terms of development needs and latest technologies should they possess, and finally how can we find an ideal fintech developer as per specific financial accounting software needs.
1. What Kind of Fintech Software Can You Develop?
There are some business-specific solutions that any expert fintech developer can create, implement, and manage for your organization. Here’s the list of types of software solutions –
1.1 Banking Apps
Fintech developers can easily create a secure and reliable digital banking solution that can help clients handle their bank accounts anytime they want. Besides, the security systems of this application will ensure that the client’s personal information is secured from malicious third parties.
1.2 Lending Apps
Another type of software solution that fintech experts can help in creating is a lending app. The programmers from the fintech software development company can draw on their deep knowledge of coding languages like PHP and Python to build a lending app that has the capability to streamline the loan request process. Lending apps come with features like billing, loan application forms, credit scores, and more.
1.3 Insurance Apps
Insurance apps are something that fintech developers can handle perfectly. The fintech experts make sure that they give your company the boost it requires in terms of insurance apps to stand out from competitors. And this is possible because there are companies in the market that still rely on legacy technology stacks. Besides, the fintech development team can use its knowledge of AI to implement automated writing, programming interface, end-to-end insurance solution, and more.
1.4 Payment Apps
Fintech developers can be hired to create payment apps which are also known as digital wallets. These payment applications enable the users to send and receive funds through the app by linking their card details and bank details.
1.5 Cryptocurrency Apps and Platforms
Fintech developers have expertise in creating applications, websites, and e-wallets that are associated with cryptocurrency companies. They work with the IT team of the business organization and mitigate tech issues. Later they troubleshoot problems related to a cryptocurrency transaction.
1.6 Trading and Investing Apps
Fintech software development companies can also help in creating trading and investing apps. These applications enable users to invest easily in stocks. Besides, users can also buy and sell digital currencies like Dogecoin, Bitcoin, and Ethereum.
2. What Fintech Developers Should Know?
Since most companies are now dependent on leading-edge technologies to gain an upper hand over their peers. Therefore, when you select specialists for your business, you should ensure that they should be proficient with these technology offerings. Instead of spending on training, hiring, and purchasing different technologies, it is a viable option to hire developers who would cater to the need.
2.1 AI and Machine Learning
Imbibing Artificial intelligence and machine learning within the software is the need of the hour. Using the Big data stored in their data drives, the AI-enabled devices will automatically drive operational success and offer hassle-free functioning.
2.2 Blockchain & Distributed Ledger Experts
Blockchain is a safe way of doing business and many organizations favor it. Especially for finance-related data needs to be secured and safeguarded from cyber crimes and Blockchain in Fintech is the safest choice. Good knowledge about Blockchain, Smart Contracts, and distributed ledgers make it worth it in Fintech.
2.3 DevOps and the Drive for Automation
RPA accelerates the way your organization is processing and DevOps in other ways takes care of good quality and is delivered by taking feedback and implementing it in the next sprint. Automation in fintech adds efficiency and boosts the productivity of the overall cycle of the application.
2.4 Security Services
Security is a primary aspect when it comes to financing software. Your Hired team of developers must know how they can integrate security within multiple software apps for the fintech domain. Your developed applications must be protected by secure technology that makes the finance data and information resilient against any malicious acts and hackers.
2.5 Fintech Technology Stack
Apart from new-edge technologies, what equally play an important role is the technology stack. Why do most non-IT businesses look for fintech applications? The answer is very simple, to efficiently manage their applications in-house without sufficient knowledge. But outsourcing has given options to multiple businesses to harness their skill set in the development of Fintech apps. Developers have a keen interest and proficiency in Technology stacks. Enlisted are a few technologies that every business expects in the development process
Python- Django, Flask
Python is a web development framework responsible for successfully developing many web and mobile applications. In Python, there are two major open source development frameworks Django and Flask, let us get into it briefly
Django is a Python web development platform that fits the Model–Template–View (MTV) pattern and is free and open-source. It emphasizes reusable components, minimal coding, and fast growth. Its aim is to make the website creation process easier. It is built on the principles of less coding, interchangeable parts, and fast growth.
Flask is a microframework built on the idea of focusing on one task at a time. It lacks an ORM and only has a limited range of web creation tools. The majority of Flask apps are single-page (SPAs). It’s ideal for small to medium-sized sites like forums and personal blogs.
For more than two decades, financial institutions and banks have relied on Java for software development. Java offers a safe and stable environment for building web applications for the Fintech industry, from revolutionizing how data can be processed to structuring processes.
The object-oriented programming language Java has played a significant role in the Big Data ecosystem. Since finance companies deal with huge amounts of data on a daily basis, Java can handle these massive amounts of data with full protection.
Since the Fintech sector expects high levels of responsiveness, security, and reliability from its apps, Kotlin is a carefully considered choice for a programming language in the development of your application software. Kotlin is an advanced, open-source language used to create web applications, Android apps, backends, and everywhere else where the JVM is used by developers. This simple and easy-to-understand language is completely compatible with Java and is the most preferred platform for conventional banking systems.
Ruby on Rails
Ruby on rails is one of the affordable ways of processing development for any size of budget. It offers all the capabilities of developing software better than any other programming language. The features that make Ruby a strong programming base for your potential project, as well as Ruby on Rails for fintech startups. It provides a lot of power by turning on new servers that take some of the pressure off the old ones and keep the output stable.
2.6 Soft Skills
When it comes to having soft skills, fintech developers must have the following –
Communication skills: Any fintech developer must have strong communication skills as they will have to work with a team of developers and will also have to deal with clients. Besides, good communication skills help the developers to create team spirit and reduce conflicts.
Adaptability: Fintech developers must be adaptable enough that they can handle unpredictable situations without any issues.
Problem-solving skills: Being a fintech developer, one will have to deal with complex solutions and this is why one must be able to solve challenging issues effectively.Proactivity: Any company would want to hire a developer who can act without any orders or directions. And this is what every fintech developer must learn to have as a skill. Being proactive and finishing tasks faster with great solutions is great quality.
3. Where to Hire a Fintech Developer?
Financial businesses know and understand that their business needs to upscale and only software developers could help you. Businesses of all sizes can get the help of fintech developers irrespective of what size of company they belong to until they have the potency of getting their work done. Fintech startups and businesses can find the necessary skills in a variety of ways: They have three major ways of hiring developers for their business
- Hire freelancers or
- Augment Fintech developers or
- Outsource to a trustworthy company
In the case of hiring Freelancers– You can recruit top-rated talent of any seniority across various channels such as Upwork, Toptal, or any other website. The disadvantage includes the complete burden of operating with a dispersed team, development process, management, and the risk of confidential data leakage.
Staff Augmentation– In this method, you can hire engineers from remote locations. Many companies have been doing this. Though they don’t work in the same workplace, those workers are still part of the project. They are in legal contract with your business. This also means that you will be the one handling legal issues and providing the appropriate equipment to hired fintech developers.
Reliable Outsourcing Company- These are one of the most trustworthy and sure-shot solutions for businesses to get assured business results. Companies and organizations that specialize in outsourcing. An outsourcing firm will help you shape a team for your fintech project. Although they typically have a pool of developer profiles at their disposal where you can get a group of fintech developers for their development project. They are well-trained and skilled with a result-oriented perspective.
As we’ve discussed in this blog post, there are several advantages to hiring a high-quality software developer for your company. Fintech software development outsourcing offers multiple benefits and motivations to start adopting it, whether you want to save prices, work on your growth plans, or merely boost your processes. So, when you look out for a software developer, ensure they know and understand all these skills of software development. Every domain from retail, eCommerce, or telecom can check on these details and ensure that the partnered people are using these technologies as their expertise to develop a customer-expected application. In the end, all we need is a satisfied client.