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 financial software developers for their business projects. Their role for an organization is always lucrative and businesses can generate profit from it.
Table of Content
- Reasons to Outsource Finance Software Development
- What Finance Developers Should Know
- Fintech Development Technology Stack
- From where can you hire Finance Software Developers?
In this blog, we highlighted why businesses should hire finance software 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 business needs.
Let’s get started with an understanding of why a company needs finance software developers.
1. Reasons to Outsource Financial Software Development
The investment in software outsourcing is increasingly expanding and it’s challenging for businesses to cope up with the trends. The higher business expectations and lowering the cost of operation is not something that works in sync with the needs. To design custom applications while keeping lean in-house Fintech developers , many of these financial services companies are moving to offshore software outsourcing. This is because offshore software development firms have decades of experience in developing custom fintech softwares for major tech startups and other Fortune 500 companies and ensures basic functionalities & security features .
We have found three major reasons why businesses should actually consider finance software development for their business.
1. Experienced Custom Team of App Developers
It wouldn’t be right to say that your business is not capable of delivering Fintech services but the concern is that it will consume unnecessarily large amount of time and effort. Hence, when there is an opportunity to hire trained fintech developers to monitor the functional success and progress of software elements, so, why not leverage that?
The first advantage of outsourcing any software development project is that you get access to proficient and adept developers. It is possible to hire fintech app developers or a third-party agency of workers. These fintech developers meet the absolutely essential requirements for work that is not part of the company’s core operations using outsourcing.
2. Accessible Developing Tools and License
There should not be any doubt when it comes to hiring a fintech app developer or performing in-house expertise. Unquestionably, you should go for a finance software development company and hire a team of finance software developers for your specific business requirements. After all, your business is consistently dependent on how the software progresses faster.
When there is a shift in technology changes, you don’t have to buy both programming languages and their license. Your outsourcing company will tell you that Python is a better programming language than Java while developing Android apps. They will offer you their expertise as per the changing market dynamics and will deliver you cutting-edge software solutions.
3. Improved Time to Market and Cost-Effective
When there are experts managing your development process, you don’t need to worry about time and money. This strategic way of outsourcing and hiring finance software developers will definitely align with your way of working. Their polished industry-specific knowledge combined with technical proficiency will enhance your business services with a more focused approach.
When it comes to Outsourcing companies, they have clients from multiple domains to cater to and build unique software development services. The outsourcing team is developed from a vetted process of knowledge and understanding of the latest technologies and how they expertise in it. These are some of the imminent technologies that one’s outsourcing must specialize in.
2. What Finance Software Developers Should Know?
Since most of the company is now dependent on leading-edge technologies to gain an upper hand from their peers. Therefore, when you select specialists for your business, you should ensure that they should have the expertise with these technology offerings. Instead of spending on training, hiring, and purchasing on different technologies, it is a viable option to hire a fintech app developer who would cater to the need.
1. AI and Machine Learning
Integrating 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. Blockchain & Distributed Ledger Experts
Blockchain being one of the safest ways to do business is favorable by most organizations. 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.
3. DevOps and the Drive for Automation
RPA accelerates the way your organization is processing and DevOps in other ways takes care that good quality is delivered by taking feedbacks and implementing it in the next sprint. Automation in fintech adds efficiency and boosts the productivity of the overall cycle of the application.
4. Security Services
Security is a primary aspect of financial software development to protect user personal data.. Your Hired team of fintech 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 personal information resilient against any malicious acts and hackers.
3. Fintech Technology stack
Apart from new-edge technologies, what equally plays an important role is the tech 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 tech stack. Enlisted are few specific technologies that every business expect in the development process:
1. 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 framework 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 so that their softwares can function properly . Java is a perfect choice for developing fintech apps as it is secure and supported by many operating systems. Java offers a safe and stable environment for building web applications for the Fintech services 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 finance software developers. This simple and easy-to-understand language is completely compatible with Java and is the most preferred platform for conventional banking software.
4. Ruby on Rails
Ruby on Rails is one of the affordable and high demand frameworks which is used to develop any application irrespective of the budget. It offers the best solution for developing software better than any other programming language. The wide range of features from Ruby on Rails for fintech startups create a strong programming base for your next potential project. It also 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.
4. From where can you hire Finance Software Developers?
Financial companies know and understand that their business needs to upscale and only finance 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 finance developers for their business.
- Can either hire freelancers or
- Augment Fintech developers or
- Can outsource to a trustworthy company
In the case of hiring Freelancers Candidates– Fintech Company 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 financial software programmers from remote locations. Many financial companies are doing this. Though they don’t work in the same workplace, those workers are still part of the project. They will be legally contracted to 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 some 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 fintech app developer profiles at their disposal where you can get a group of finance 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. Finance 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 the desired tech stack as their expertise to develop a customer expected application. In the end, all we need is a satisfied client