Financial technology is one of the most in-demand in the world. A shift in the way that people pay for goods, from a cash society to one that uses their phones and credit cards to make payments, continues to take place worldwide.
If you want to create financial software, outsourcing may be a better option than development in-house unless you have a robust team in place already.
Fintech Software Outsourcing Market Trends
The fintech market is rapidly growing, with expectations that its market value will rise to over $300 billion by 2025. Tens of thousands of startups are focusing on fintech, and we’re seeing the following trends take hold this year:
- Blockchain technology and solutions remain one of the most important parts of fintech and will continue to be crucial this year, too.
- RPA, which is short for robotic process automation, is one of the most in-demand solutions to help financial institutions improve both efficiency and productivity.
- Voice controls are rising in demand, and it’s something that is used for everything from verifying financial identity to requesting transactions be made.
Big data and ways to aggregate data will remain very important in the fintech world. The rise of online banking and rapid transactions will increase the demand for fintech solutions this year and for the foreseeable future.
However, the industry remains in a very innovative stage that will empower new solutions and allow startups to rise in popularity.
Why Outsourcing for Developing Financial Software is a Smart Choice?
Working with a fintech software development company has many benefits and is often a smart choice because of the following:
Lower Costs
Many companies decide to hire a fintech software development provider because the costs are much cheaper than in-house if you don’t have a team in place. You can also leverage the expertise of others who have experience in similar development that can help you refine your product.
A lot more information about costs is listed in the next section.
Experienced Developers
Skill gaps slow projects down. You can outsource your project to a team of experienced developers who have the experience necessary to complete your project fast, efficiently and without major bugs or security holes.
Speed Up Development
Rapid development is an essential part of product success. If your MVP is released too late, there’s a chance your competitors will release something similar. Outsourcing development will allow you to:
- Keep development processes quick
- Release your product on time
- Better meet the needs of your audience
Access to Different Technologies
Outsourcing development also allows you to gain access to technologies that you may not know about or have experience with. For example, you can outsource the quality assurance and testing, which the company may automate to help find more issues, save money and free up time.
Working with a seasoned development team will help inch your project closer to success.
Fintech Software Outsourcing Cost
Fintech software outsourcing costs less than hiring in-house because you don’t have to spend money on:
- Outfitting offices
- Onboarding
- Hiring
- Benefits
- Payroll
You can hire someone who offers fintech services and software that will handle all of the upfront costs for you. Most developers will charge on an hourly basis and will provide an overall project cost estimate for you.
A general cost breakdown, which varies greatly from the company’s country of origin, includes:
- Development: $25 – $80+ an hour
- QA: $15 – $65+ an hour
- UI/UX: $25 – $100+ an hour
In terms of overall project time, your project is unique and will require an untold number of hours to complete. For example, small projects can take the following amount of time to complete:
- UX and UI: 50 – 95 hours
- Frontend: 70 – 90 hours
- Backend: 80 – 100 hours
- QA: 40 hours
Enterprise projects can take 1,000+ hours for just the backend and frontend development that takes place. Having a firm idea of your project’s needs and goals will allow you to get a project cost estimate that is more accurate.
Wrapping up
Working with a fintech software developer will help you speed up your project and develop a solution that works well for your business or customers. If you don’t have an in-house team or need to fill skill gaps, you can hire fintech software developers to meet your needs.
