The finance industry has seen a massive digital transformation over the past decade. Innovative technologies like mobile, Blockchain, AI, IoT, and cloud have significantly changed traditional financial services. For this reason, many FinTech companies are hunting the best FinTech app development company to innovate their services and processes. This blog will help you learn about the best measures.
Developing a FinTech App
A FinTech application transforms traditional banking and financial services to achieve better productivity, reliability, convenience, and smoothness. Moreover, in this competitive age, it has become very important for businesses to develop such innovative digital solutions for their users. However, developing a FinTech app is a very challenging task for an organization. There are a lot of compliances and security protocols which need to be followed if you want to build a FinTech solution for mobile.
Let’s have a quick overview of the FinTech industry to learn about the potential of mobile apps;
FinTech Apps Market Overview
The FinTech industry might touch the astonishing market cap of $26.5 trillion by the end of this year (2022)
Stripe, America’s largest FinTech company has a market value of $35 billion
FinTech has become the most lucrative industry as it attracts annual investments of almost $50 billion
Around two-thirds of the world, transactions are done with the help of online solutions.
The COVID-19 global pandemic was a major event to increase the adoption rate of FinTech solutions with 64%
How to Find the Right FinTech Software Development Company?
The market to hire FinTech app developers has become very complex and segregated. However, you need to be very strict and analytical while choosing the right company for your project. Moreover, your choice might depend on a lot of factors such as platform, functionalities, scale, business goals, region, etc. These should be your primary considerations to find the best FinTech app development company;
1. The Team Must be Proficient with the Agile Approach
The app development process is a very complex process with multiple stages to execute. If you don’t have much technical expertise, it would be very hard for you to understand the traditional development approaches. For this reason, your choice of FinTech app development company must be working with the Agile approach.
This approach is known for providing maximum customer satisfaction with transparent insights, adaptability to change, and innovation. Furthermore, developers using Agile are known for following innovative tools, techniques, principles, and methodologies.
Therefore, if you are building a FinTech project, the Agile approach can help you ensure timely delivery and quality development. Continuous improvement, flexibility, early delivery, adaptive planning, and innovation are some key benefits of using Agile methodologies.
2. Check their FinTech Portfolio
Portfolios provide the best reflection of their past experience with FinTech businesses. Above all, it will provide you with a closer look at their development style, quality of work, dedication to promises, and more. Also, try to analyze visual details and technical specifications in their FinTech portfolio.
By analyzing their FinTech portfolio, you must understand the reliability, functionality, aesthetics, security, and safety of their previous FinTech projects. After all, you want to have the best FinTech app development services for your solution.
3. Security Measures and Protocols
FinTech businesses have to follow tons of protocols and security measures to protect themselves from fraudulent activities and cyber criminals. Therefore, it becomes important for you as well to find the right company that follows the latest security measures and protocols.
The FinTech app development company must be taking extensive measures to protect its products against cyber criminals. Having expertise in secure backend network connections and encryption policies should be preferable. Ultimately, you will be able to protect your important user data from hacking or theft.
4. Ensure Testing, Support and Maintenance
The Fintech app development process doesn’t reach its end once the app gets developed. For this reason, your development team must be proficient enough to ensure the quality of the project with proper testing, support, and maintenance.
When you hire FinTech app developers, you need to make sure that they are able to create multiple test cases for your app. This would help you to organize adequate functional testing, user experience testing, functional testing, performance testing, device & platform testing, and more.
Moreover, your testing team must have enough experience to create both manual and automated test cases. Ultimately, conducting proper testing will help your organization to ensure a high-quality product in the end.
The development company should also promise to provide extensive technical support even the after deployment of your FinTech app. Thus, you will be able to tackle any technical issue in the future with their assistance. Proper technical support is important to resolve bugs, glitches, and errors.
The FinTech industry continuously evolves with dynamic requirements and innovation. Therefore, it becomes important for finance companies to keep up with user demands, industry trends, and security protocols. Therefore, regular maintenance should also be a part of Fintech app development services by your chosen vendor.
5. Highly Skilled Professionals
Building an innovative FinTech application is not an easy task. Therefore, you must ensure the skills, education, experience, and knowledge when you hire Fintech app developers, designers, QA professionals, etc.
Having a skilful and knowledgeable team gives you incredible confidence that you will be able to innovate with cutting-edge FinTech tools and technologies. Moreover, these professionals are capable enough to overcome any development challenges and ensure timely delivery. Expertise and proficiency with Python, Java, SQL, .Net, Blockchain, and AI should be given priority.
6. Complying with Regulations and International Standards
The finance industry is at the highest risk of getting hacked or breached by cybercriminals and frauds. For this reason, international banking institutions have taken preventive measures by establishing various standards and regulations for banks and financial institutions around the world.
The best FinTech app development company should be able to comply with these global regulations and compliances. Moreover, proficiency with encryption methods and authentication processes should also be given high priority. Ultimately, you will be able to ensure high security, build trust, and comply with the global regulations for FinTech businesses.
7. Understand Their Hiring Models
This point is very important, especially if you are running a start-up business. Above all, the mobile app development budget becomes an important concern for many businesses. Moreover, your business might have different preferences and requirements.
Try to find a fintech app development company that provides multiple hiring models according to different budgets and requirements. Above all, you will be able to stick to your budget and avoid overspending. Choosing a company with a rigid hiring model can significantly impact the FinTech app development cost. Your choice of company should provide the following hiring models;
- Hourly model
- Fixed price model
- Dedicated resource model
8. Data Protection Policy
Innovation is the main driving factor behind the FinTech industry. Therefore, it becomes important for FinTech businesses to protect their business and intellectual ideas from their competitors. Therefore, try to find a FinTech app development company that prioritizes privacy and data security by signing an NDA document with its clients.
This would be a great factor in determining the competitive edge for your finance business and also maintaining the security of your data.
Summing Up
FinTech technology is changing the face of traditional banking and finance institutions. Moreover, innovative technologies like Blockchain, Artificial Intelligence, Machine Learning, Data Science, and IoT are also responsible for this transformation.
It would be highly advisable to hire a FinTech app development company to build an innovative digital solution for your business. They would have the right talent pool, years of experience, and professionals to handle the development process with ease.
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