The last decade saw the rapid growth in fintech software popularity. All thanks to the lowering costs of cloud computing resources, extended 4G coverage, and the increased popularity of mobile banking, blockchain, and Big Data analytics. And where there’s demand, there’s supply. This made finding fintech app developers a pressing issue for startups and mature companies who placed their bets on financial app development.
If you’re also looking for engineers versed in fintech, you’ll really have to work for it. We know what we’re talking about since Relevant has ample experience providing fintech software development services. More than eight years of development expertise and hundreds of projects delivered for 200+ clients taught us that finding the best candidates is a long and painful process, but boy, is it worth it!
In this article, we’ll show you why outsourcing fintech software development is actually a great idea. You’ll also discover how to gain access to experienced fintech engineers, their must-have skills and knowledge, and, of course, rates.
Let’s dig in!
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There are several ways fintech startups and enterprises can find the required expertise:
It’s no surprise that we lean toward outsourcing software development. Why? Listen to Paul – CTO from London, who hired offshore engineers through Relevant:
If you’re deciding between hiring fintech developers in-house and outsourcing your project, perhaps this piece will help you choose. The high demand for fintech developers means it can be hard to find unemployed experts in your location. This prompts many businesses to look for engineers in outsourcing countries — a decision they don’t regret. Here are some reasons why.
Without the constraints of finding local talents, your hiring range expands to the entire world. And believe us, outsourcing vendors know which technologies, frameworks, and services are hot right now. After all, their business depends on providing the most up-to-date software engineering services to clients. So, say, when Kotlin beats Java in Android development, outsourcing companies will rearrange their offering accordingly faster than you can say “functional programming.”
Instead of assembling a team of experts one by one, it’s much more beneficial to start working with an already formed team that has niche expertise. This is critical as even senior engineers can make mistakes without prior experience in developing financial software.
Another benefit of working with a ready-made team is that they have all the processes polished and their workflows are in place. Every team member knows what to do at each given moment in time, shortening the overall SDLC.
Outsourcing vendors work with dozens of clients, which allows them to polish their knowledge of each specific industry. For example, the outsourcing teams that have experience developing apps for the finance sector are skilled in:
If you’ve warmed up to the idea of outsourcing – great. But before you start roaming through vendors, you have to make sure the team you select has all the appropriate skills.
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Finding a developer for a fintech company will be a bit easier if you interview the candidates according to the following criteria:
However, there are still things to consider when selecting among a pool of candidates with similar skills. How to hire programmers for a fintech startup that will not make costly blunders?
First of all, mind their experience. Sure, general knowledge of fintech apps is good, but working with developers that have already delivered products like yours, made mistakes, and know how to avoid them in the future is much better.
Now, think of this: is your fintech solution going to become your key product, or is it an extension to your range of offers? How simple or feature-rich should it be? Will it be a one-time-job, or are you planning to keep developing this product over the years? Answering questions like these helps find the right approach to fintech development.
Your choice should also depend on the app type you are going to develop. It can be:
And while you’re deciding, mind that after the introduction of the Open Banking initiative in the UK, the market has been looking for “hybrid” fintech products, where a single platform can deliver a wide range of functions. The latest revision of the Payment Services Directive (PSD2) demands that financial institutions provide easy API access to integrate with third-party products while ensuring data security. But your skilled engineers should already know that.
Speaking of skills, using the right tech stack is also critical. So look for fintech developers who have experience with:
On top of that, your tech team members should know the aspects of cloud platforms like AWS, IBM Cloud, GCP, Microsoft Azure. Not to mention they should be working with Docker, Kubernetes, Jenkins – the DevOps tools used to deliver and run your fintech software.
Relevant has conducted thorough research of the factors influencing the costs of hiring employees in different regions across the globe. Here are the results.
|Full-Time Employee (FTE)||Latin America||Eastern Europe||Asia|
|Junior QA engineer||$30-$39||$25-$42||$15-$24|
|Middle QA engineer||$35-$44||$30-$49||$20-$30|
|Senior QA engineer||$40-$50||$40-$63||$25-$36|
We can’t say for Asia or Latin America, but Eastern Europe has proven to be a reliable destination for hiring dedicated software development teams. Ukraine’s outsourcing culture and rates make it one of the best countries for hiring fintech software developers in 2021.
We wanted to give you a brief recap of all the things to consider when hiring fintech software developers in 2021. Simply put, keep an eye on their seniority levels, hourly rates, tech skills, previous experience building apps for the finance sector, and the best practices they can bring to the table.
Relevant is ready to provide experienced dedicated development teams of any size to handle fintech software development of various scopes. Contact us to build the right product with the right team!