Software development for fintech is high on every entrepreneur’s agenda right now. Banks and other financial services companies invest heavily in fintech solutions software development services in the US and offshore. The fintech market will be worth more than $300 billion by 2023.
If you want a piece of the pie, you have to find a fintech software development company to build the right solutions for your market as soon as possible.
How To Find a Company That Does Software Development For Fintech
Many companies out there promote their fintech software development services and claim to be the best in the business. But how do you know if they are really up for the challenge? Picking the wrong fintech software development agency can sink your entire business before it even gets off the ground.
Here’s how you should approach your search:
Ask About Their Track Record
Ask the agency about their experience and track record. You can examine their ranking on Clutch, read Google Reviews, and ask for recommendations and reviews from past customers. It’s best to hear the good and the bad upfront. Make sure that the company is specific about its experience within the fintech space.
Ask About Their Processes
Before you engage with any fintech software development services, you have to establish what their processes are. How and when do they communicate with you? How do they triage problems that they encounter? How do maintenance and bug fixing work? What happens if the deadline approaches and they don’t think they can complete it? You have to understand how deadlines, projects, and disputes are managed if you want a successful working relationship (and a good product!).
Ensure Your Access To Code
Disputes do crop up, and if they do, you want to ensure that you don’t have developers holding a principal hostage due to a personal conflict. Make sure that you are guaranteed access and ownership of your code at all times. You don’t want to see your competitor using your source code six months after the project has ended. Set boundaries early on to protect your business.
Watch Out For Cheap Quotes
You don’t necessarily want to rule anyone out, but if a quote is significantly cheaper than all the others you’ve received, you should ask questions. Why are they so much cheaper? Is something being left out? Is there a condition on the contract? Worst-case scenario, the agency doesn’t have the experience to know how much a project of that scale will cost. Which might mean they won’t have the experience to deliver the requirements you’ve set out.
On the other hand, you should also have some idea of what the requirements in terms of skills, hours, and workforce will be to evaluate the quotes properly. Don’t worry if you don’t have much experience. Interrogate the various quotes and ask the right questions, and you’ll soon figure it out.
Determine the Cultural and Time Zone Fit
Before you hire a team, you need to ensure that they fit your company culture and way of working. You also have to ensure that their time zone is conducive to your working environment. Developers in India are affordable and highly skilled, but if your company is based in New York City, they will be asleep when you are awake and vice versa. That might work for you, or it might not.
Make sure that they have experience managing time zone differences and a plan for keeping you in the loop at all times. Insist that your team regularly demo and update you on progress, even if they have to work late on occasion. You should also ask some questions about the team’s internal culture. If the company pushes their developers to their breaking point, they are likely to burn out, quit, and leave you in the lurch.
You want to have the freedom to manage your development team and stay up to date with their projects. The agency should manage payroll and HR but run the team like your in-house staff. Make sure that you have access and the right tools to manage your offshore team.
Stay involved in software development to grow business.
If you want to hire a team to handle the software development for fintech, make sure that they are ready and able to do so. Protect your business by doing your due diligence, asking the right questions, and vetting all the agencies carefully.
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