How to Find the Right Fintech App Development Company?
Sector: Digital Product
Author: Chintan Bhatt
Date Published: 08/10/2020
Disruptive technologies are shaping our present and future. Evolution is evident across all industries and sectors and this is probably one of the best times to be alive as a consumer, business owner, or entrepreneur.
Technologies like artificial intelligence, machine learning, the internet of things are influencing every industry they touch and fintech is no exception. Across the globe, these disruptive technologies are rewriting conventions and approaches. Banks and other financial institutions are adopting trending technologies to optimize their service delivery and offer maximum convenience to their customers.
They have brought in automation, deployed chatbots, implemented artificial intelligence to conduct background checks for borrowers, made availing loans simpler, and more.
Fintech is riding a high tide when it comes to profits and growth to such an extent that even a global Covid-19 pandemic hasn’t had a heavy impact on its operations or adoption. In fact, the uses of fintech apps have only increased during the pandemic with people preferring cashless transactions, eCommerce, and on-demand services to get what they want.
So, if you are someone who is looking to capitalize on this current situation and get a fintech app developed, this is the ideal time. In less than two years, the fintech industry is all set to become a $26.5tn industry and there were 20925 Fintech startups globally (7,385 fintech startups in Europe, the Middle East, and Africa, 4,765 fintech startups in the Asia Pacific region, and 8,775 fintech startups in North America) in Feb 2020. So, if there is a perfect time to venture into fintech, it is now.
But how do you go about doing it?
How do you get a fintech app developed?
More importantly, how do you find the right fintech app development company?
Let’s find out.
5 Steps to Find the Right Fintech App Development Company
Developing a fintech app is complex and requires the intervention of pros and experts who bring years of experience to the table.
But the market is too cluttered with app development companies. How do you find the right one?
Well, a really good fintech app development company should cover all aspects we are going to discuss below. So, make a note of them and ensure you look for them when you’re searching for a good fintech app development team.
1. Agile Development Process
If you didn’t know, close to 71% of companies around the world adopt agile frameworks and 60% of them have witnessed growth in profits.
A buzzword in recent years, the agile development process is an umbrella term that translates to getting more things done in the half the actual time required. It is a framework comprising a set of tools, techniques, principles, and methodologies that ensure optimum customer satisfaction through early and consistent product delivery.
Unlike the waterfall method of software development, where making changes to anyone particular module stalls the entire development process, agile ensures a smooth development process regardless of the onset of bugs or concerns.
Some of the key aspects of the agile process include –
- Perpetual development
- Adaptive planning
- Swift and early delivery
- Continuous improvement and more
The company you are approaching should implement an agile development process so you don’t spend too much time and money developing your product. This process also ensures transparency and increased client-company collaborations. If your time-to-market is less, agile development should be a crucial factor in your list.
Read More: 7 Key Challenges of FinTech App Development and their Solutions – A Complete Guide
2. Fintech Portfolio
Like we said before, developing a fintech app or product is no joke. It is one of the most sensitive industries in the world as it directly deals with people’s confidential data like their personal details, financial statements, money, money’s worth, and more.
So, an app or the fintech product you intend to develop has to be airtight in terms of security, safety, aesthetics, and functionality to arrive as a serious contender in the market.
To pull this off, what you need behind you is an amazing team of fintech developers who has the right experience and expertise in developing fintech products before. A regular portfolio is not enough for you to outsource your project. Look for at least two fintech projects in their portfolio before proceeding with them. They are the ones who understand the industry in and out.
Let’s take a view on one of the Fintech projects which are developed by Techtic.
3. Product Security
The security of your app is one of the most fundamental aspects when it comes to developing a fintech app or product. And your team or company should be able to offer you an extensive product that is secure against any online threat.
Since finance is involved, it easily lures the attention of hackers. That’s why your company should implement all the necessary measures possible to optimize app security. Look for the following aspects when talking to your potential candidates –
- Security right from coding level
- Backend network connections
- Mobile encryption policies
- Security standards in the company’s in-house team members and more
Sensitive data is involved right from the moment you flag off your development process. So, it is on you to ensure your company is serious about these aspects and that you constantly monitor the development process.
4. Testing, Support, and Maintenance
App development doesn’t end once the product is live in the market. In fact, it only gets tougher and more serious after that. While testing should be crucial until app launch, your company should offer adequate support and maintenance services after your product’s launch as well.
While we don’t recommend launching with bugs, there could be small loopholes that are bound to go unnoticed. Such loopholes should be identified and patched immediately before customers bring them up online. It is a matter of reputation and the company you intend to hire must offer support services a good number of times after you launch your product.
5. Hiring Models
Your potential company should offer you, diverse hiring models, for you to choose from. Depending on what you intend to build – an MVP, a website, a full-fledged app, or all of these – you should choose a hiring model that best meets your needs.
When you talk to your company about pricing, look for the following hiring models –
- Hourly – where you bill the company for the number of hours spent on working on your product’s development
- Dedicated resource – where you hire a fintech app developer or a team member from the company is hired and billed on an hourly basis. This resource works on your project alone.
- Fixed cost – where the budget is fixed after discussing your overall needs and requirements
Apart from these, you should also look for –
- Client reviews and recommendations
- Online presence and digital footprints
- Their modus operandi
- And Transparency in operation and collaboration
Finding the right fintech software development company can be a daunting task, especially if you have to consider all these factors before deciding on one.
That’s why we recommend getting in touch with us for all your fintech software development services needs. This is the simplest way as we follow and implement all the factors we have discussed so far. From handpicked developers and project managers to flexible hiring models, we offer you all the benefits and perks you need to roll out an impeccable fintech app.
When everything else is taken care of by us, all you need to do is focus on what matters – your business.