New technologies in banking are continually transforming the financial services industry. In the next few years, traditional banks will need to adopt Fintech technologies to keep up with customers’ shifting demands. For security and protection from fraud, there exist emerging technologies such as blockchain, cryptocurrency (e.g., XDR wallets), and biometrics.
On the other hand, digital banking, money transfer apps, and payment gateways have made it easier and faster to make transactions. In fact, according to Think with Google, smartphone users have an average of 2.5 apps installed on their devices.
As people increasingly acknowledge the benefits of Fintech, the demand for these Fintech apps grows. And because of the lack of talent, high hiring costs onshore, regulatory restrictions, and increased value of resources, it’s best to outsource your Fintech app development to an offshore company. So, here are some essential steps to make the right decision when picking a Fintech app developer.
Steps for Finding a Right Custom Fintech App Development Company
According to Statista, mobile app retention rate in 2019 dropped to 32% from 38% in 2018. Therefore, to gain traction, you should create an app that offers an unforgettable experience. This success is dependent on the Fintech development team you hire. So, how can you ensure that the company you hire is the best in the field? Get the most out of your outsourced team by looking for a Fintech application developer who meets the following criteria:
When you decide to develop a Fintech app, probably, you have specific goals in mind. Therefore, a good development company should understand their client’s needs and offer solutions to meet those needs. It should go beyond just providing the app development service. You should be able to achieve the goals you have set for the app as well. Your potential app developer has to be ready to put in consistent effort and dedication to achieve result-oriented objectives.
Client Involvement in the Development Team Recruitment
In the Fintech world, clients should be involved in the process of interviewing the candidates and the final hiring decision. Accordingly, your Fintech app developer should be willing to incorporate you and give you control over part of the recruitment process. You don’t have to see individual candidates in each stage. However, you should have a say on who is hired and what qualities they possess.
You can involve your professional team to make sure the developer knows what your project requires, as well as the skills and competencies needed to build an excellent Fintech development team. Furthermore, a potential development company must comply with global standards and be aware of recruitment methodology and screening.
Technical Skills and Aptitudes of the Developers
Skilled and experienced app developers are key to the successful development of your app. Therefore, check the level of competency of the team you want to hire. You can look at previous projects they have completed for clients to get an idea of what they can do for you. Also, make sure they are updated on the current technologies in Android and iOS app development. Checking that the developers have these skills will ensure the project goes on with no hiccups.
Company Compliance with Regulations
Clients today demand transparency of operations and compliance. They will not tolerate companies that don’t follow regulations, have tax problems, or are involved in shadowy deals. That’s because liaising with a Fintech developer that does not adhere to your state’s or country’s laws can gravely affect your reputation.
For this reason, look for a Fintech app developer having operations in your country and understanding your region’s legal framework. The specialists should be well aware of the regulations surrounding Fintech app development in your area, including laws governing customer data.
This step of vendor selection is especially important as both you and your prospective developer should be on the same page, regulatory-wise. It will also save you a lot of hassle when you are done with the development phase and want to deploy your app.
The Use of AI, Big Data, and Predictive Analytics
A reliable app developer should be conversant with modern Fintech technologies affecting the sector. The development company should understand artificial intelligence, the Internet of Things, predictive analytics, data mining, among other techs in finance.
You must look for a development partner who understands cross-platform development. This way, your app will be accessible to a large number of users. When you hire a company experienced with cross-platform development, you will not need to contract another partner when you decide to expand to other platforms later on.
Android is the most popular smartphone market, with 75.55% of the market, followed by iOS with 22.4%. In the US, however, iOS leads with 54.74% and then Android at 44.89%. So, look for a developer who possesses the skills, resources, and tools to program for Android, iOS, Windows, and other popular platforms at the same time.
Agile Development Process
Agile processes or methods promote disciplined management of projects. In an agile software environment, software development requirements, as well as solutions, are handled through collaborative efforts within cross-functional dev teams and clients.
An agile process encourages frequent inspection and adaptation, as well as accountability and organization. It also ensures that your app is scalable and flexible in both design and code. In short, the team you hire to develop your Fintech app should be willing and capable of adapting to changes, feedback, or suggestions in the development process.
In conclusion, your potential app developer should have all these qualities and be creative enough to make your app stand out. With modern-day consumers having several apps on their phone, your app won’t be noticed unless it performs well and is relevant.
At the end of the day, your goal should be to offer a convenient and unforgettable experience to your target users. Make your goals and requirements clearly and use these tips to find an application developer who can create a good Fintech app for you.