Fintech software development: The art of choosing the right team

Despite economic and legal obstacles, the number of Fintech software development increases every year, offering innovative solutions to financial sector.

Are you interested in Fintech software development? Are you a founder or CTO of a startup seeking investment opportunities in the fast-expanding Fintech industry? AI, blockchain, IoTs, and big data analytics have already altered the Fintech business, but this is simply the tip of the iceberg.

In 2026, the global market value for Fintech software development will reach 342 billion US dollars. This demonstrates the immense potential for organizations in the Fintech industry. This article will explain Fintech software development and how to assemble a capable Fintech software development team.

Fintech software development: Journeying through fintech sectors

What are areas of Fintech?

The term Fintech refers to financial technology. Areas of fintech, such as digital lending, digital payments, mobile banking, cryptocurrencies, etc., contribute to the rapid expansion of the Fintech business.

Fintech software solutions can offer more convenient services than banks due to advancements in technology.

Big data, data mining, and machine learning algorithms have resulted in the creation of user-centric software solutions that have altered the way we view our finances. As a result, people are becoming acclimated to the advantages of digital Fintech services that don't require them to go to their bank or talk on the phone.

The recent Covid-19 pandemic, which put almost all businesses into survival mode, gave the Fintech industry a huge chance to grow. Even though everyone was locked down, businesses and new businesses were able to stay open by doing business and shopping online.

Today, almost everyone keeps at least one app that lets them pay online on their phone. The size of the Fintech software development market can be seen in the following statistics.

Fintech development: Remarkable stats to know

66.7% of financial experts believe Fintech will affect mobile online payments.

Currently, global investments in the Fintech industry are worth $33.9 billion. 

In 2027, the Fintech industry’s market value will reach 382,38 million US dollars. This expansion is anticipated to occur between 2020 and 2027 at a CAGR of 7.05%.

Privacy and security issues prevent clients from utilizing Fintech services more than anything else.

75% of consumers have adopted Fintech services.

Fintech software development is a difficult process. Every fintech product that is to be competitive on the market should be developed using the most recent technologies. Furthermore, fintech software solutions must adhere to the country’s stringent financial rules and regulations.

Before discussing how to develop the correct team, let’s analyze the appearance and functionality of a financial product. Knowing which features and functionalities should be included in your fintech software will also assist you in assembling the proper team for fintech software development.

3 must-have features for the success of fintech software development services

Each industry has its particulars. Fintech software development is not unique. This industry is quite inventive and active, offering novel ways for financial management. Based on this concept, many Fintech software development project owners prioritize the tech stack while selecting the development team. For instance, the adoption of Fintech technologies such as blockchain, AI, machine learning, and cloud computing requires developers with substantial knowledge and experience. But, the bar is lifted even higher when additional Fintech project characteristics are added to the development team selection criterion.

Guarantee the safety of fintech product

Security is an essential component of any Fintech product. Because they handle sensitive client information, financial institutions are the primary target of fraudsters. Data loss poses a threat to a company's reputation and customer trust. Thus, businesses are required to pay special attention to the security of transactions and the protection of client information. 

Your development team must fully comprehend this to make security a top priority. Before initiating contact with a vendor of outsourced Fintech software development, immediately inquire about the team's security capabilities. Ensure that they take this issue seriously.

Traditional methods for protecting Fintech applications include encrypting sensitive data, tokenization, multi-factor authentication (SMS confirmation code, or biometrics (fingerprint, face, etc.), integration of multi-step approval processes for key actions, run-time app self-protection, and compliance with security protocols, among others. 

You can integrate AI technology for operational data tracking and discovering patterns of unlawful transactions to prevent future occurrences.

Regulatory compliance

Compliance is the second most important aspect of a Fintech software development project, as well as a security factor. You should keep in mind that there are no globally applicable laws and standards. Before beginning with the construction of a Fintech software development project, you should investigate the legal framework of the location in which you intend to market your product. 

Regulatory compliance will lower your clients' risks by raising their level of confidence, as well as safeguard you and your brand by enabling you to fulfill industry requirements.

Custom financial software development

There are various services that fintech software can offer, but not every user requires every function. Users today anticipate a customized user experience due to the development of AI and automation tools. The activity data of each user enables the software to comprehend the user’s preferences and adapt the user’s experience accordingly.

Using predictive machine learning algorithms, social media apps automate user preferences. These strategies can also be applied to the creation of fintech software development by displaying customer-preferred elements such as monthly spending breakdowns.

5 key criteria for choosing a reliable Fintech software development company

There are numerous factors to consider while selecting a Fintech software development company. You likely already have the resources you use to study outsourcing providers. However, due to the unique characteristics of Fintech software development projects and the stringent requirements for developers of such projects, we urge you to focus on the following criteria first.

1. Expertise in financial software development

So, we stated that Fintech software development demands a great deal of skill. Your team should not only be able to create code but also be well-versed in the industry's peculiarities to build the appropriate architecture and ensure that the product is compatible. 

No one will tell you that every developer on your team must have a master's degree in finance, but a team lead or lead engineer should have familiarity with financial products. Examining the company's projects is the simplest way to determine its level of skill, although we will discuss this further down.

The key to success is in selecting staff with relevant experience. You do not necessarily require the most reputable business on the market. You require a business with experience in Fintech software development and the required technology stack.

Thus, we recommend that you begin by compiling a comprehensive list of criteria. Provide the characteristics you desire for your application or platform to determine which developers you require. Selecting an experienced Fintech software development provider can assist you in minimizing the risks connected with the creation of a new product and achieving cost-effectiveness. 

2. Success rate for completed projects

Delivered projects are the primary sign of the company's success. When selecting a Fintech software development partner, inquire about the company's Fintech project portfolio to determine the types of products with which the team has experience. 

You can likely discover similar projects in the portfolio and evaluate their level of implementation. After a corporation has worked on numerous projects, its knowledge increases. Engineers not only know how to implement this or that feature, but they may also contribute innovative ideas based on their experience with previous Fintech software development projects.

Software development companies cannot discuss some projects. Fintech is an industry in which clients frequently request NDAs. If you share this concern, do not forget to request a non-disclosure agreement before discussing your idea.

3. Capability to meet cybersecurity needs

As said previously, security is a top priority for any Fintech product. Yet, for a Fintech software development team to incorporate the necessary security measures and safeguard you and your clients from data loss, this issue must be taken carefully. Ensure that the development process of the organization with whom you will be collaborating meets all cybersecurity criteria.

Good software security procedures can avert a multitude of potential security issues. Thus, your development team must adhere to coding standards, especially if it uses complicated programming languages that are open to interpretation and lack error-detection methods. 

Likewise, if open-source software is utilized for product development, the development company must ensure that it adheres to the organization's security policy. The staff must be acutely aware of their role in minimizing risks and guaranteeing security.

4. Real clients review for evaluation

You may or may not believe reviews, but it's best to read client comments about the Fintech software development company you're considering hiring. This will assist you in understanding the strengths and shortcomings of your prospective development team. You can locate reviews on independent websites such as Clutch and GoodFirms if you do not wish to read those posted on company websites. 

Clutch, for instance, requests that customers submit extensive feedback on a company's work, including information about the development process, impressions of teamwork, and realized achievements. Moderators verify that all reviews are from actual customers.

5. The capacity of the fintech app development company

Throughout the development process, the number of your Fintech software development team can vary. Ensure that the organization has the requisite number of engineers and other IT professionals to complete your project. Your developers must have the necessary experience and level of seniority.

In addition, we advise selecting a company that offers the entire spectrum of Fintech software development services, from market research and design to coding, testing, and support. There are numerous benefits to working with a single team across the full Fintech software development process. 

First, you will collaborate with individuals that have intimate knowledge of the entire Fintech software development project from its inception. Second, because multiple departments within the same organization have experience collaborating, it is easier for them to retain contact and transfer your project from one stage to the next. Working with a single group will be more cost-effective and convenient for you.

How can fintech software developers from Adamo Software can help you with your Fintech project?

Adamo Software, a top Vietnam software development company, has vast expertise in developing Fintech software development projects of varying degrees of complexity. We leverage cutting-edge technologies like blockchain, AI, and ML to innovate Fintech products and alter financial institutions.

Feel free to review our completed projects and get in touch with us to speak with a technical expert.