Fintech App Development
Fintech is an innovative industry of companies using the latest technological advances to compete with traditional financial institutions.
Fintech refers to the combination of finance and technologies used to enable business operations and financial services, whether software, service or business, to implement technological advancements to make financial processes more efficient by introducing traditional methods.
5 Steps to Find the Right Fintech App Development Company
Developing a fintech application is complex and requires the intervention of specialists and experts who bring years of experience to the table.
Agile Development Process
In case you didn’t know, 71% of companies worldwide adopt an agile architecture, and 60% of them have seen growth in profits.
A buzzword in recent years, the agile development process is an umbrella term that refers to doing more things in half the actual time required.
It is a framework that includes a set of tools, techniques, policies, and procedures that ensure optimal customer satisfaction through early and consistent product delivery.
Unlike the waterfall method of software development, anyone making changes to a particular module stops the entire development process, ensuring an agile development process even if bugs or concerns arise.
Fintech Portfolio
As we said earlier, building a fintech app or product is no joke. It is one of the most important industries in the world because it directly deals with confidential data like people’s personal details, financial statements, money, the value of money, and so on.
Therefore, the app or fintech product you intend to develop must be airtight in terms of security, safety, aesthetics, and functionality to become a serious competitor in the market.
Product Security
Security of your application is one of the most fundamental aspects when developing a fintech application or product. Your team or organization can provide you with a comprehensive product that is safe against any online threat.
Since finance is involved, it easily attracts the attention of hackers. That’s why your organization should implement all necessary measures to improve app security. Look for the following aspects while talking to your potential candidates –
- Security right from the coding level
- Backend network connections
- Mobile encryption policies
- Security standards in the company’s in-house team members and more
Testing, Support, and Maintenance
App development does not end once the product is live in the market. In fact, it is only after that that it becomes difficult and serious. While testing should be important until the app is launched, your company should provide adequate support and maintenance services even after your product is launched.
While we don’t recommend starting with errors, there may be small loopholes that can go unnoticed. Such loopholes should be identified immediately before customers bring them online. It is reputational and the company you intend to hire should provide support services many times after launching your product.
Hiring Models
Your potential company should offer a variety of 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’ll need to choose a hiring model that meets your needs.
When talking to your company about pricing, look for the following hiring models –
Hours – You charge the company for how many hours you spent on the development of your product
Dedicated Resource – If you hire a fintech app developer or a team member from an organization, you will be hired and charged on an hourly basis. This source only works in your project.
Fixed Cost – The budget is determined after discussing your overall needs and requirements
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