The fintech industry is developing at a breathtaking pace. Financial technologies keep evolving to facilitate commercial operations for companies, businesses, and people. Nowadays, there are diverse technologies that include payment gateways, accounting and invoice software, cryptocurrencies, online money transfer apps, digital lending solutions, credit scoring, and worthiness assessment software, mobile wallets, and so many others.
Payment gateways are used by e-commerce companies, retailers, stores that allow them to authorize credit cards. Accounting and invoice software is used to help diverse financial institutions make the workflow more effective and reduce the time and resources spent on bookkeeping and invoicing. Transfer applications by fintech companies are quite popular as they offer clients less expensive money transfer solutions. Digital lendings facilitate the process of borrowing money, and with this technology, there is no need to turn to banks – people can lend money fast and easily. Mobile wallets are more and more used instead of standard credit cards.
Check out compelling outsourcing cases in FinTech, Crypto, and Insurtech!
All these financial technologies are widely used; therefore, the demand for fintech development is becoming higher every day. In this article, you will find out more about what technical skills are needed for an effective fintech development team. Also, get to know more about the main roles and talents needed to perform respective jobs to create a fintech application or software.
Essential Tools and Programming Languages for Fintech Development Team
Right now, there are approximately 40K job openings in fintech, and with each month, this number increases by 9%. So what exactly do professionals have to know to provide quality software development for fintech projects?
Programming Languages and Tools Required for FinTech Development
To drive innovations and create outstanding fintech products, extensive experience and knowledge base are obligatory.
This programming language is the most widely used among fintech, banking, and insurance companies, as it’s not very sophisticated and has a clear and concise syntax. Python has the most powerful framework Django which is more functional than in other languages.
Another great programming language for fintech and banks is Java, which gives high-security levels and is perfect for building an app with a huge amount of data included. This language is portable, as it’s supported by different operating systems.
C++ is well-known for its high efficiency, and this programming language will be perfect for a project which requires a high speed of development execution. It’s one of the fastest languages available today. It contains a rich library with versatile tools for various needs and offers code reusability, which is perfect for large and complex projects.
C# is a quite simple programming language. Many developers work with it as it enables cross-language interoperability, offers a significant amount of libraries, and this language is type-safe. C# has incorporated the best characteristics of Java and C++.
Fintech development requires not just impeccable knowledge of the most commonly used programming languages, but also knowledge of the following aspects that are needed for efficient job performance.
Knowledge of Artificial Intelligence (AI) and Machine Learning (ML) is mandatory as fintech field encounters with a vast amount of data from multiple sources and, therefore, AI is useful for a data scientist that can navigate and find relevant information faster. A perfect specialist should have proficient knowledge of visualization tools, NoSQL databases, and query languages. AI and deep learning are the core knowledge for automation engineers, as well.
Check out the Five Steps To Success In ML Outsourcing.
The most important thing to keep in mind when it comes to fintech application development is cybersecurity. That’s obvious, as fintech deals with a big amount of confidential data, and is prone to cyberattacks, so providing the highest level of security is a top priority for a company.
For effective task management and job performance, a team has to be familiar with such tools as Jira, Targetprocess, Trello, etc. For the coding process, code editors such as Sublime or Atom are also required.
Soft Skills Required for Successful Fintech Development
Whereas hard skills, knowledge of programming languages are obligatory, there are some soft skills that a team of professionals has to possess for successful and effective collaboration.
Excellent communication skills allow not just to integrate into a team but also to find understanding with other team members regarding diverse working aspects, avoid conflicts, and establish smooth workflow while building strong bonds within a team.
Fintech software development can be quite challenging, and it’s apparent that some issues might occur during the processes. Therefore, it’s paramount for a team to have excellent problem-solving skills to address all issues fast and take the workflow back on track in no time.
Flexibility and adaptability
The financial technologies industry is a fast-paced working environment. No matter what your teammate position or experience is, they all have to be flexible to handle unpredictable situations and come up with inconvenient and creative solutions.
Typical Structure of an Effective Fintech Software Team
To create a well-working and successful fintech application, your company has to take care of hiring relevant professionals. Here are the main roles and their core functions within a team.
- Product manager is a person responsible for the overall product vision, defining business goals and objectives, monitoring all the processes, and ensuring the timely task distribution and delivery.
- Product owner is the one who translates the general strategy defined by product managers into a set of actionable tasks. They ensure all the requirements are executed.
- Business analyst gathers business requirements, documents it, and ensures the project deliverables meet these requirements.
- Data scientist is a person who analyzes product-related information, builds machine-learning algorithms, offers business solutions and strategies, and works closely with the development team.
- QA manager creates testing cases and scripts to make sure all client’s requirements are met.
- Test Engineer is a person responsible for defining required tests, evaluation of the testing process, and testing outcomes.
- Process analyst monitors, reviews, and improves all processes, takes care of product documentation and support.
- Software developers (front-end, back-end) are those who complete software development tasks. Depending on a product, it might also include AI and machine learning specialists.
- UX/UI designer. Along with accomplished software developers, your team has to include UX/UI specialists who will work on making the software more user-friendly, easy-to-navigate, and understand.
- UX writer is the one who writes copy for your fintech solution and collaborates with a design team (or a designer if you have a single-person department). They conduct UX research, understand and leverage best practices, and create entire user experiences from end-to-end.
Example of Effective Fintech Software Development Outsourcing Solution
Not all businesses and companies have all the financial resources to hire a team of professional software developers to work on their projects. Annual salaries for experts are quite high, and it takes approximately one month to fill fintech positions. To minimize expenses and still get all the jobs done in the most fast, effective, and quality manner, more and more companies turn for help to outsourcing teams of software engineers to work on fintech development.
Our team of dedicated developers at 8allocate has recently worked on a money transfer web application development and provided top-notch services to meet all of the client’s expectations.
Software development consultants from Ukraine were assigned to this project, which included one senior and one middle Java backend developer, two junior developers, and one trainee. All of them possessed relevant skills, outstanding knowledge of Java, professional experience, and expertise in fintech software development to ensure the best results possible.
This team offered effective development solutions while significantly saving client’s recruitment expenses. Developers came up with convenient solutions and still work with a client to improve the application and add new functional features.
The total monthly cost of a 5-person offshore team made about $21,000, including all taxes, social packages, and our management fee.
Time to build and onboard the team in Ukraine was 4 weeks, including all interviews by the Client.
Fintech industry currently is and will be one of the most popular on the market. It offers users diverse solutions to facilitate all financial operations. While developing new financial technologies, software and applications require qualified professionals with relevant skillset and experience to ensure the effective workflow and quality results. As you can see, in order to bring your fintech ideas to life, software developers have to know diverse programming languages, possess hard and soft skills.
The most effective way for fintech software development will be to hire a dedicated team of outsourcing professionals that will get provide first-rate services. As you will have access to a larger talent pool, you will be able to choose the best teams with the required tools, knowledge, skills, and expertise to ensure impeccable results.