It is indeed confirmed that the financial industry is revolutionizing and skipping to a growth-oriented ecosystem. As per the latest findings of Fintech experts, the Indian FinTech industry is experiencing a market size of $150 billion by the end of 2025 which was previously recorded at only $50 billion in 2021. That’s a huge jump, don’t you think?
Now, with the market globally receiving high demand for FinTech website development services, it is important to build a finance application that uplifts your business further.
A few basic steps to begin the planning of a Fintech application are researching, comparing, and analyzing the demands of the market. Once that is approved by your internal team, your next job as a business owner of the financial company will be finalizing the hiring process of a FinTech app development company that perfectly aligns with your expectations.
Let’s be honest, the industry is crowded with software developers and companies. In cases like these, you must set some parameters that involve convenience, reliability, smoothness, and most importantly trust. Therefore, this post is a jackpot for you!
From the comprehensive benefits of Fintech development to the critical steps needed to hire a FinTech app development agency, this blog covers all the essential aspects to give you the best solution.
Market Statistics On FinTech App Development
The dominance of Financial technology has spiked in recent years. However, the market statistics of the FinTech industry have not stopped growing ever since. Let’s observe some key surveys and numbers here:
1. A report presented by Mordor Intelligence states that the Finance technology industry is the fastest-growing market across the Asia Pacific region.
2. From the current 2024 to the future 2029, FinTech development will grow up to 14%.
3. North America is said to be the largest player in the Fintech market.
4. Some of the biggest Fintech companies are Ant Financial, PayPal, SoFi, coinbase, and Atom Bank.
5. Covid-19 was the major cause of the Financial industry’s growth as people were in urgent surge of online solutions.
FinTech Development Trends To Know In 2024
We are not going to bore you with the same trends of Fintech development. However, these trends are a crucial segment in the finance industry that you have to contemplate any day and every day. Here it goes!
1. Consumers and investors showing interest in the increasing use of embedded finance
2. The adoption of a Regtech solution that provides accuracy and efficiency to startups and enterprises.
3. With the more use of Robotic process automation systems Fintech experts are resolving mundane tasks seamlessly.
4. Fintech businesses offer finance solutions along with green initiatives.
5. Users are finding the buy now, pay later feature a convenient option that has increased sales and contributed to the country’s economy.
6. With AI being the center of attention in the technology world, the FinTech and Banking industry has profited majorly and saved resource costs.
7. FinTech brings a newfound idea of on-demand pay functionality.
8. The adoption rate of Biometrics has also steadily accelerated in the financial sector and even other industries as well.
It’s time to know the steps to find and hire a FinTech app development company for your next business project development.
Steps To Choose The Right FinTech App Development Company
Before we begin the steps, we want you to summarize all the mentioned concepts and have a clear understanding of what is needed when hiring the Financial development company.
Done? Okay now let’s begin!
1. Research For Potential Financial Partners
Seeking a partner with experience in your business and sector will help you identify the ideal one. The top fintech software development firms will be well-versed in the requirements needed for your company model to thrive.
They ought to be aware of how their technological stack may support you in reaching your objectives. If they have experience working on projects comparable to yours, they can provide insightful advice on how they would tackle yours as well.
To guarantee fruitful cooperation, think about working with respectable financial software development services.
2. Regulatory Compliance
It is the process of creating and keeping up rules and processes that guarantee you are abiding by legal standards. Selecting a partner who can assist you in achieving regulatory compliance involves some considerations, such as:
1. The kind of regulatory body (federal or state) that your company is subject to.
2. Whether they know the particular rules that apply to your sector and/or region (banking legislation, for example).
3. How long has the fintech software development company been in business? The longer they’ve been in business, the more probable it is that they are aware of these rules!
3. Development Methodology
It’s critical to take into account a partner’s development technique while selecting one. Although there are other methods, here are a few of the most popular ones:
- Agile Development: Throughout the process, users and stakeholders provide regular input. It enables prompt alterations in response to evolving needs or fresh perceptions of user-friendly solutions.
- Waterfall Model: This model executes each phase in turn, requiring little to no input from other phases until it is finished before going on to the next. If problems are found later in the development process that require further thought before proceeding with other sections of your product strategy plan (PSP), this might cause delays.
- Scrum Methodology: In addition to daily standups where team members discuss progress made today and plans for tomorrow’s activities as equals, this method uses short iterations called sprints where team members work cooperatively toward achieving specific goals set forth by management at each stage.
4. Scalability and Future-Proofing
Future-proofing and scalability are essential factors for any financial software provider. Software that can expand and change to meet the demands of the company and its customers is crucial in the quickly expanding and changing financial sector.
Scalability is the software’s capacity to accommodate growing numbers of users, transactions, and data without compromising its functionality. Having a system that can manage large transaction volumes, rising client expectations, and shifting regulatory constraints is essential for banking software companies. Scalable software enables development and expansion to occur naturally and without hindrances.
Scalability and future-proofing go hand in hand. It entails projecting into the future and becoming ready for shifts in consumer expectations, market trends, and technological advancements.
A financial software firm that is future-proof considers cutting-edge technology such as cloud computing, blockchain, and artificial intelligence. They make constant investments in R&D to stay on top of the game and provide their clients with cutting-edge solutions.
Using modular and adaptable software architecture is one method to guarantee scalability and future-proofing.
This method makes it simple to integrate with current systems and gives you the freedom to add or remove features as needed. It also makes it possible to quickly adjust to new regulations and technological advancements without having to completely rebuild the system.
5. Cost & Budget
Make sure your budget is founded on reasonable expectations before choosing a partner. How much money you spend on development should take into consideration the complexity of the project and the worth of the result. The time needed for delivery and the possibility of additional maintenance expenses following launch must also be taken into account.
Choosing the Right FinTech Development Company Is Important
Your financial technology project’s success depends on your choice of partner. You must locate a firm that shares your vision for the project and have the knowledge, assets, and experience necessary to realize it.
Because this process might be difficult, we have created this guide to help you choose a financial software development partner. We’ll go over everything from knowing how best-in-class partners work (and how they differ from their rivals) to determining which one is best for you based on elements like the regulatory landscape and the technology stack/tools that prospective vendors use in their service offerings.
Conclusion
Selecting the ideal partner for your fintech project is a crucial choice that may greatly influence its outcome. It’s also one of the hardest parts of creating a profitable financial technology business, so don’t be afraid to ask as many questions as you need to until you’re comfortable with your choice.
When choosing the best mobile app development company, keep in mind that there are many additional considerations than knowledge and experience, such as regulatory compliance and the technological stack that developers utilize.