The financial technology sector, known as fintech, is a rapidly growing industry that has revolutionised how businesses and individuals manage their finances. Fintech companies leverage cutting-edge technologies such as artificial intelligence (AI), machine learning, blockchain and cloud computing to develop innovative solutions for banking, insurance and other financial services.
By offering greater convenience, faster transaction processing times and lower fees than traditional banks or financial institutions can offer, fintech has disrupted the standard banking model.
According to reports, the global fintech industry is worth more than $194.1 billion, and it’s expected to reach around $ 492 billion by the end of 2028. Moreover, the fintech industry will grow with a CAGR of approximately 16.8% YoY between 2023 and 2028.
As a result of this disruption, more organisations than ever before are looking for the best fintech developers for hire who specialise in fintech development. In this guide, we will provide an overview of what it takes to hire a competent fintech developer so you can make sure your project succeeds.
Why Hire FinTech Developers?
Fintech developers can help you create a custom financial software solution that is tailored to the specific needs of your business. They are also skilled in developing complex back-end systems, integrating third-party applications and services, creating user interfaces (UIs) and graphic design elements, and implementing secure payment processing systems.
Moreover, fintech developers are also responsible for testing and maintaining the software, ensuring that it functions as expected and is free of bugs or glitches. Most importantly, they can provide valuable insights into emerging technology trends in the fintech industry so you can stay ahead of the competition.
Businesses can gain an edge by leveraging the latest fintech technologies, such as AI and blockchain. Fintech developers can help you create custom solutions that meet your specific needs, allowing you to capitalize on the opportunities presented by these innovative technologies.
Outsourcing vs Freelance FinTech Developers: Which is Right For You?
When it comes to hiring fintech developers, you have two main options: outsourcing or freelance.
Outsourcing is the process of transferring certain tasks or projects to an external provider. This is ideal for organizations that are looking for a large team of developers who can work in close collaboration with the in-house team.
Freelance fintech developers, on the other hand, are typically self-employed professionals who are hired on a project-by-project basis. This is ideal for organizations with smaller budgets, as freelance developers tend to charge lower rates than outsourcing agencies.
For faster turnaround, effective communication and cost-efficiency, it is important to choose the right option for your project. Outsourcing can be an ideal choice if your project requires a large team of developers who can collaborate with the in-house team.
Why Outsource Fintech App Development?
Organisations looking to outsource fintech app development can take advantage of several benefits. Hiring an offshore software development agency for your fintech project allows you to access the best talent in the industry without spending a fortune.
Outsourcing gives you the edge to access global talent, cutting-edge technology and innovative solutions. It also helps you stay ahead of the competition as outsourcing agencies are usually well-versed in the latest trends and technologies.
Moreover, outsourcing gives you access to a team of professionals who are dedicated to delivering quality results within the specified timeline. This helps you reduce the turnaround time and get your project off the ground faster.
Outsourcing fintech developers also eliminates the need for an organisation to manage the entire process from start to finish. When you outsource your project, you can rely on the expertise of experienced professionals who know how to get things done quickly and efficiently.
Thus, outsourcing fintech app development can save you both time and money, making it an ideal choice for organisations looking for experienced and skilled developers.
Different Fintech App Development Solutions Available For Your Business:
Before hiring a fintech developer, knowing about the different solutions they can provide is essential. Here are some of the most popular fintech development solutions available:
Mobile-based Investment Solution:
An app-based solution helps customers manage their investments on the go. It includes features such as portfolio tracking, automated trading and real-time analytics. Moreover, these solutions also allow users to access their accounts from any device and make payments quickly.
Custom Banking Apps:
For creating a reliable digital banking experience, financial service providers can hire fintech developers to develop custom banking apps. This solution offers secure authentication, personalisation options and streamlined checkout systems. It also helps customers to manage all their banking activities, such as money transfers and payments, in one place.
Enterprises can hire fintech app developers to create custom insurance solutions for an enhanced customer experience. These solutions can include automated claims processing, fraud detection, and real-time data analytics.
Cryptocurrency Wallet Development:
Fintech developers can also create cryptocurrency wallets that enable customers to store, access and manage their cryptocurrencies. Customers can easily buy and sell cryptocurrencies, track their balance and receive notifications about transactions from their wallets.
Lending applications can help financial services providers to manage their loans and customers. These solutions can provide features such as automated loan approval and processing, credit score tracking, and loan repayment analytics.
What Skills Does a Fintech Developer Need?
A successful fintech developer needs to have a mix of technical and non-technical skills. Here are some of the most important skills they need to possess:
Deep Knowledge of The Financial Services Domain:
A fintech developer should have a good understanding of the different aspects of financial services, such as banking, insurance and investments. This includes knowledge of the regulatory environment, technology trends and industry best practices.
Advanced Programming Skills:
Knowledge of Security Protocols:
A fintech developer should be familiar with security protocols and encryption standards, such as SSL/TLS. They should also have experience in designing and implementing secure authentication systems.
A successful fintech developer should be able to identify and solve complex problems quickly and effectively. They should also have excellent analytical and critical thinking skills to make data-driven decisions.
Fintech developers need to be able to communicate effectively with both customers and stakeholders. They should also have strong interpersonal skills to build relationships with colleagues and clients.
Technology Stack for Fintech App Development:
To create secure and reliable fintech solutions, developers need to use the right technology stack. Generally, you can make two types of mobile apps — native and hybrid.
Native App Technology Stack:
- Swift or Objective C
Hybrid App Stack:
- React Native
- Ruby on Rails
How To Hire The Best Fintech Developers?
For robust fintech app development services to grow your business, hiring the right developers is essential. Here are some tips to help you choose the best fintech developers:
Relevant Experience And Expertise:
The best way to find the right fintech developer for your project is to look for professionals with relevant experience and expertise. Consider developers who have experience working on similar projects and can bring value to your project.
When you hire developers with similar work experience, you can rest assured that they will have the necessary skills to deliver quality results. For example, if you want to develop a custom banking app, look for developers with prior experience working with this type of application.
Go Through Their Portfolios And Case Studies:
When hiring a fintech development company, always review its portfolio and case studies. This will give you an idea of the types of projects they’ve completed and the quality of their work. It also helps you to get a better understanding of the developers’ skills, experience and expertise.
Moreover, you can ask for references from the fintech development company to get feedback from their past clients. It will help you make an informed decision about hiring the right developers for your project.
Communication and Collaboration:
To get the best results from your fintech development project, it’s important to work with developers comfortable with communication and collaboration. Look for professionals with excellent communication skills who can easily collaborate with other team members.
Moreover, before hiring a fintech developer, discuss the project details thoroughly to ensure everyone is on the same page. It will help you hire the best fintech app development company and get the desired outcome.
Interview the Developers Personally:
Before making a final decision, you must interview the developers personally. It will help you get an idea of their working style, technical and soft skills, and commitment to the project. By asking the right questions during the interview process, you can quickly identify whether the developer is a good fit for your project.
Moreover, ask them questions about their experience in fintech development and how they handle challenging situations. This will give you a better understanding of their abilities and help you make the right decision.
Ask About Their Biggest Fintech Challenges:
Before you hire a fintech development company, ask them questions about their biggest challenges. This will give you an idea of the type of projects they’ve handled and how well they can work with complex requirements.
You should also ask about the tools and technologies used by developers to create secure and robust solutions. By understanding their skills and experience, you can easily make an informed decision about the right fintech development partner for your business.
Requirements and Qualities to Look for in a Fintech Developer:
When you’re looking to hire the best fintech developer, it’s important to look for professionals with the right qualifications and skills. Here are some of the qualities and requirements that you should consider when hiring a fintech developer:
- Previous experience in developing financial applications.
- Experience in developing APIs, database systems and payment gateways.
- Ability to understand customer requirements, analyze data and create solutions accordingly.
- Knowledge of financial regulations and industry standards.
- Strong problem-solving and communication skills for effective collaboration with other team members.
Questions to Ask in the Interview When You Hire Fintech Developers
Now, it comes to the interview part for hiring a fintech developer. Here are some of the questions that you should ask when looking for fintech developers:
- What experience do you have in developing financial applications?
- How familiar are you with the latest technologies and tools used for creating fintech solutions?
- What strategies do you use for developing secure and reliable applications?
- How do you handle the unexpected challenges in fintech projects?
- How do you handle customer feedback and what strategies do you use for delivering quality solutions?
- What processes do you follow for testing and validating the applications?
- What challenges have you encountered in your past fintech projects?
By asking the right questions, you can easily identify whether the fintech developer is a good fit for your business.
Cost For Developing a Fintech App:
The cost of developing a fintech app can vary depending on the complexity of the project and the features you need. Generally, the cost of developing a fintech app will range between $50,000 and $150,000. The fintech app development cost varies based on factors like:
The cost of developing a fintech app also depends on the technology stack used by developers. You should choose an experienced team that works with the latest technologies and frameworks to deliver secure and reliable solutions.
Location of Developers:
The cost of developing a fintech app also depends on the location of the developers. If you hire local developers, it will be much more expensive than hiring developers from offshore locations.
Size of Team:
The size of the development team also affects the cost, as more resources will be required to complete the project. So, make sure to assess your project requirements and determine the size of the team accordingly.
Thus, it becomes crucial to hire an experienced company like Auxano Global Services to get started with fintech application development.
Why Hire Auxano Global Services for Fintech Development?
AGS is the top fintech app development agency that provides comprehensive services in fintech development. Our experts have extensive experience in developing secure and reliable solutions for startups and enterprise businesses.
We also specialise in blockchain and cryptocurrency development, artificial intelligence (AI) and machine learning (ML), as well as web application development. Our team is dedicated to delivering high-quality solutions that meet the specific needs of our clients. In addition, we provide comprehensive maintenance and support services for all our projects.
Hiring the right fintech developers is essential for the success of your project. You should look for an experienced and reliable development partner that has extensive experience in developing fintech solutions. At Auxano Global Services, our developers have the technical skills required to create a secure app for our business and make you thrive on success.
Frequently Asked Questions
1. What is the cost of developing a fintech app?
The cost of developing a fintech app can vary depending on the complexity of the project and other factors. On average, the cost of developing a fintech app can range between $50,000 and $150,000.
2. What types of financial solutions are available through fintech developers?
Fintech developers can provide financial solutions ranging from payment processing to stock trading applications. They are also able to develop solutions for banking, asset management, insurance and other financial services.
3. What technologies can be used to create a fintech app?
4. What kind of features should a fintech app have?
Features like secure payment processing, data encryption, fraud prevention, account management, and customer service are just a few of the features that should be included in any fintech app. Additionally, any fintech app should have a user-friendly interface and be optimised for mobile use.
5. How long does it take to develop a fintech app?
The duration of development for building a fintech app can range from 6 to 18 months, depending on the complexity of the project. Development teams typically have to develop and test features, integrate systems and secure financial data.