According to Research and Markets, the global fintech market is expected to grow at a CAGR of 23.58% from 2021 to 2025. The global mobile banking market is estimated to reach $1.36 billion by 2028.
Financial App Growth Data
Due to this rapid expansion, it has become increasingly important for payments companies and entrepreneurs to understand the key points of FinTech software development.
In this article, we provide an insight into the FinTech development business, highlighting the key points you should focus on when selecting financial development services, as well as introducing a trusted payment software provider with over 10 years of experience in the industry. of FinTech.
Internal development versus dedicated team
Developing paid software can be a difficult task that requires a significant investment in time and resources and can take several years, mainly because hiring experienced developers and building a competent project team is a time-consuming process.
Furthermore, you must also consider maximum security and compliance of the financial industry, ensure seamless integration with required payment gateways, ensure scalability of your products and services if the number of transactions increases and many other important things in the payment cycle. life of software development. , thanks to cooperation with a reliable software development company, you will be able to overcome all these obstacles. When you turn to an experienced financial product development team, you not only save resources but also accelerate product launches. But now the big question is: How to find a reliable company to develop payment systems? What should you take into account when looking for a supplier?
Below are some important points to consider when selecting fintech software development services to build your payment solution.
Key Factors You Should Know Before Choosing Software Development Services
There are 5 main points you should consider when choosing the right FinTech provider for your payments business:
Experience and knowledge
Experienced development teams are essential as they bring extensive knowledge to FinTech projects. With their experience in developing the financial sector, the technical team has the skills and knowledge to develop your payment solution effectively. For example, if you are developing a paid app, an experienced team can lead the development process based on their previous successes with similar projects.
Therefore, choosing an experienced team can minimize risk, improve problem-solving skills, and increase the delivery of a software solution that meets your goals and expectations.
Technology stack
The technology stack determines whether the tools, languages, and frameworks you choose meet the specific needs of your project. It is important to ensure that the stack supports the features and functionality you need. It can also accelerate FinTech software development. For example, well-established frameworks and libraries can speed up coding and shorten development time.
The most popular technology package for financial products includes:
- Programming languages: Java, Python, and C# are commonly used for back-end development, while JavaScript and TypeScript are popular for front-end development.
- Frameworks: Spring Boot and Django are commonly used for back-end development. Angular, React or Vue.js are best for front-end development.
- Databases: Relational databases such as PostgreSQL, MySQL, and Oracle are commonly used to store structured financial data.
Watch this video to learn more about the technology stack for FinTech product development: https://www.youtube.com/watch?v=bJ0V6VGmys0
Development focus
Different payment products have different requirements. Therefore, it is important that the development methodology fits your specific objectives. Agile methodologies, for example, are known for their flexibility and ability to adapt to changes during the software development process. This approach also emphasizes regular customer participation and feedback, which is extremely important for the development of financial systems.
Team communication
Clear communication is one of the most important considerations when selecting a FinTech development service. It serves as the backbone of effective collaboration between the development team and your company. Good communication can ensure that your product is on track, that issues are addressed in a timely manner, and that the final software meets the needs of your business and those of your customers.
Cost and budget
Cost considerations play an important role in supplier selection. Knowing development costs can help you estimate the potential ROI of your software project. It ensures that expected benefits exceed costs, which greatly influences investment decisions.
By considering all these factors, you can choose the right payments software development company that exactly fits your product vision and can help you create a powerful FinTech solution that meets your business needs.
SDK.finance FinTech Development Services
SDK.finance is a PayTech software provider offering FinTech development services. The company can help you accelerate time to market, thanks to its pre-built software and the deep experience of our development team.
The SDK.finance technology team has a deep understanding of the complexities of the FinTech industry. With over 10 years of experience developing PayTech products, they created a powerful platform that serves as the basis for various payment products: digital wallets, neobanks, money transfer software, currency exchange solutions, etc.
Why should you choose SDK.finance financial software development services?
- Expert team of financial software developers
Its experienced fintech development team has been developing robust financial services solutions for over 10 years and has won numerous fintech awards.
- In-depth discovery phase
Their experts will guide you through the fintech product development process to ensure the final solution aligns with your requirements for the next decade.
- Easy integrations
The SDK.finance software platform has over 400 API endpoints and is designed for easy integration with payment gateways and other third-party providers.
- Cutting-edge technology stack
They use the most advanced technological standards for the latest solutions, including Java 17 LTS, PostgreSQL 13 and MongoDB 6. With SDK.finance you can choose the most suitable development, depending on your business needs: a dedicated development team with more than 10 years . of expertise that can help you bring your product to life faster or self-service development with a ready foundation to build PayTech on top of the SDK.finance platform.
Read more Author: Adam Green Adam thinks it’s great to be a software expert, but it’s much better to share all the experience you’ve gained from all your years of experimenting and learning.
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