How to Choose a FinTech App Development Company?

It is an established fact that the finance industry is growing rapidly with the help of FinTech technology. In fact, financial institutions are now heavily dependent on fintech app development to digitally transform their operations and services. Moreover, the users also have an increasing demand for digital technologies to avail convenient financial services.

Developing FinTech apps help businesses to achieve better convenience, reliability, smoothness, and trust among customers. In this blog, we are going to help you choose the best FinTech app development company for your digital solution.

Before we understand the tips to hire the right FinTech app development company, let’s explore the potential of the FinTech industry. 

FinTech Industry Market Overview 

• It is expected that the total market size of the financial industry might reach $26.5 trillion by the end of 2022 
• America’s largest FinTech company Stripe had a value of $35 billion. 
• Every year, the FinTech industry attracts more than $50 billion in investments. 
• It is estimated that around two-thirds of financial transactions around the world are made online. 
• In 2020 itself, there were over 8,775 start-ups in the US. 
• The COVID-19 pandemic made the global FinTech adoption rate touch 64% in 2020.

Tips to Choose the Right FinTech App Development Company 

Although the market is segregated with so many app development companies, you should be very analytical when choosing the right option. Above all, your choice might depend on your business goals, platforms, functionalities, app complexity, etc. However, you must consider the following tips to hire the right FinTech app development company; 

1. Agile Development Process

The software development process is a complex process consisting of multiple stages. Thus, the project management style is also quite challenging for beginners. Above all, development companies often rely on a project management methodology to develop digital products. Agile, Waterfall, and Scrum methodologies are some of the most popular approaches among app development companies. 

It would be advisable to consider a FinTech app development company that uses the Agile development process. Above all, this development approach is known to be the most flexible and streamlined one. 

Developers following Agile are able to access a set of tools, principles, techniques, and methodologies that help them ensure maximum customer satisfaction. Thus, businesses are able to ensure timely and consistent delivery of their FinTech app development project. It is also important to learn how FinTech app development services can help your business.

Traditional project management methods like the Waterfall method are cumbersome when it comes to implementing changes. Thus, they are not efficient and might stall the entire fintech app development process. Ultimately, Agile is more useful to ensure a smooth development process. Perpetual development, adaptive planning, swift and early delivery, flexibility, and continuous improvement are some key concepts of the Agile methodology.

2. Portfolio of FinTech Clients 

Portfolios are super important when it comes to understanding and analyzing the work quality of a FinTech app development company. Thus, a good portfolio will give you a better understanding of safe, security, aesthetics, functionality, and reliability of their past FinTech projects. For example; you might want to hire Blockchain developers for your FinTech project, a good portfolio is always a great proof of work in this special technology.

A well-designed portfolio will give you the confidence to make the hiring decision to choose the right FinTech app development company. Moreover, you will be able to understand both the visual details and technical specifications of their past projects. Ultimately, this also helps you to choose the right FinTech app development company. You can also learn about some of the best FinTech app ideas for startups in 2022.

3. Security Measures for the Products

The finTech industry is often highly vulnerable to security risks and cyberattacks. In fact, cybercriminals often have their prying eyes on financial institutions and their technical infrastructure. Thus, it becomes very important to hire the right FinTech app development company that implements the right security protocols for your digital product.

The FinTech app development team must take extensive measures to secure the product against any offline or online threat. Your development team should be proficient enough to implement security measures right from the coding level. 

It would be highly advisable that your chosen company ensure secure backend network connections and mobile encryption policies. Ultimately, this would help you to protect critical user data and funds from getting hacked or stolen.

4. Data and Privacy Protection

Ideas are everything in this competitive world. Thus, you might not be comfortable sharing your idea with a company which doesn’t protect your privacy and data. In fact, trusting such a company could compromise your business idea, competitive edge, and even a huge piece of your market share.

It is highly advisable to only consult a FinTech app development company that signs an NDA document to give you the assurance of data and privacy protection. Therefore, your ideas and data will be secure from getting leaked to competitors or the public. Ultimately, this becomes an important factor in gaining a competitive edge in the FinTech industry. 

5. Proper Testing, Support, and Maintenance

The mobile app development process isn’t actually finished even after deploying the app. In fact, there are several stages that need to be properly conducted to ensure a quality product. 

• Testing 

This is a crucial process to ensure that the developed apps behave and respond exactly the way it was intended in the first place. Therefore, you must ensure that your development team is organizing proper user experience testing, functional testing, performance testing, security testing, and device & platform testing. Ultimately, only these test cases can help FinTech companies to ensure a smoother deployment. 

• Support

The mobile app development company should also provide extensive support even after the deployment of your app. Even after ensuring perfect deployment, anything could go wrong in your FinTech application. Thus, you must have a technical backup that can resolve critical issues without hindering your financial services. Above all, technical support is also an important factor in FinTech app development services. 

• Maintenance

Regular maintenance of a FinTech app is also important to keep up with the user demands, security protocols, and industry trends. Thus, your choice of FinTech app development company must maintain your FinTech app periodically. Regular maintenance ensures better customer loyalty, security, and reliability. 

6. Flexible Hiring Models

Every business has different app development requirements. You might be running a FinTech start-up or a global enterprise, thus, your requirements will be different and unique.

Your choice of FinTech app development company should be providing diverse hiring models depending on different budgets and requirements. Thus, you can choose the appropriate hiring model that meets your development and business needs.

When we are talking about different hiring and pricing models, these are some of the most prominent models:-

• Hourly Model: In this model, the FinTech app development will work on an hourly basis. A bill will be generated according to the number of hours spent on development. 

• Fixed Price Model: This model is ideal if you have a limited budget and don’t want to overspend. Thus, the FinTech app development cost is estimated after evaluating the needs and requirements. 
• Dedicated Resource Model: In this model, you hire dedicated resources like developers, designers, QA professionals, or project managers for FinTech app development. Here, the bill is generated on an hourly basis. 

7. Certified Tech Professionals

If you are planning to have a quality FinTech app development process, then you must have the right team with you. Thus, it would be advisable to hire only certified tech professionals to ensure bug-free software development. 

Having skilled and talented professionals onboard gives you the assurance your team can manage the latest tools and technologies with ease. Plus, they will be professional enough to overcome development challenges, adapt to change, and ensure quality and timely delivery of the product. 

You should also ensure that the team you hire should have expertise in FinTech app development. Plus, having proficiency in Java, Python, .Net, SQL and Blockchain would be an added benefit.

8. The Capacity of the FinTech App Development Company

Successful app development is only possible when you have a dedicated team of tech professionals working on your project. Thus, you cannot accept the app development company outsourcing your project to external professionals. This would only degrade the quality and might even create delays in the deployment date.

The mobile app development company must have dedicated resources like developers, UI/UX designers, QA professionals, project management, etc. Furthermore, you should also try to understand their hiring model helps you to evaluate the professional quality.

9. Planning for Risk Mitigation

Every mobile app development process is bound to have risks. Thus, your choice of FinTech app development company must be prepared with a risk management tool. Furthermore, they must have proficiency in identifying, accessing, and evaluating the risks that might result in possible losses.

Thus, your chosen mobile app development company should be able to mitigate risks by understanding the market demands effectively. Ultimately, planning for risks would help you to avoid future conflicts. 

10. Regulations and Standards Compliance

As we have mentioned before, the financial industry is more susceptible to fraud and hacking than any other industry. Thus, international banking institutions have established several regulations and standards. Your choice of FinTech app development company must abide by these compliances and regulatory standards.

It would be best if the company have proficiency in financial security approaches, such as authentication processes and encryption methods. This helps financial institutions to protect critical data and financial transactions. 

11. Communication Methods and Transparency

The FinTech app development company should have a clear communication policy to ensure that you are updated about every development stage. Moreover, it is important for the development team to understand your key requirements and vision to implement the key factors that might determine the app’s success.

A transparent development process gives you better insights into each and every stage and lets you make instant changes. Furthermore, the development team should have time management skills, flexibility, innovative thinking, and problem-solving abilities. It would be best if your team has some financial knowledge. 

What Types of FinTech Apps You Can Create?

You can develop diverse digital solutions by taking FinTech app development services from a prominent FinTech app development company. These are some of the best-known FinTech apps that you can develop;

a. Lending Applications

These lending apps have become prime examples of FinTech app development. In fact, leading businesses are implementing technology to provide lending services. Above all, these applications provide better efficiency, automate compliances, and give total transparency. Together, these qualities simplify the complex loan processes. 

b. Core Banking Apps

Today, every account holder wants the convenience of doorstep banking. Thus, mobile banking apps provide effective financial services in the comfort of their home. Financial businesses can push more personalized customer experience through FinTech mobile apps. Overall, these make the net banking experience more intuitive and enriching for the customers. 

c. Insurance Apps

Digitalization is also changing the insurance services provided by financial institutions. In fact, it is much easier to manage day-to-day insurance operations with FinTech applications. Businesses can easily track every single detail in insurance tech. Whereas, the customers can process claims digitally by providing sufficient documents. 

d. Pension Management Software

These apps are still in their infancy. However, FinTech app development companies are already experimenting with these apps. Above all, pensions management digital tools will certainly improve efficiency and cost-effectiveness. 

Financial businesses will be able to process the administration and payroll processes with ease. Moreover, they will also improve their operational efficiency, help the customers to navigate smoothly, and meet the regulatory standards. 

e. Regtech Apps

These applications combine the best knowledge of FinTech, law, and regulations. Thus, businesses often develop innovative automation tools to avoid errors. By using such innovative apps, you can easily generate balances, automated data sourcing, and regulatory reports. Moreover, as a financial institution, you can improve forecasting, data safety, and enhance analytics. 

f. Mobile Payment Wallets

Instant payment through mobile apps has become very popular around the world. Thus, as a financial business, you cannot overlook the potential of this use case. Hiring an expert FinTech app development company can help you with robust payment and mobile wallet solutions.

g. Blockchain & Cryptocurrencies

Blockchain technology itself has become a massive industry. It has immense potential to revolutionize the finance industry around the world. In fact, cryptocurrencies are already changing the world with decentralized finance. If you hire Blockchain developers, you can also build your strong blockchain-enabled FinTech applications. 

h. Trade Tech Apps

Hiring the right Fintech app development company can help you take full advantage of artificial intelligence, 5G, cloud-based platforms, and the Internet of Things (IoT). Ultimately, together these technologies can be very helpful in developing a trading platform with world-class regulatory and onboarding technologies. 

i. Risk Management & Fraud Detection Apps

Risk management and fraud detection are two very important components in the finance industry. The right FinTech app development company can help you easily deal with risks and challenges. By using the right tools & technologies, you can detect and stop fraud even before it takes place on the network. 

j. Investment Management Apps 

Personal finance and investment management apps are gaining huge popularity after people became more financially literate. Thus, you can also develop your own app by hiring the right FinTech app developers. They will help you integrate the best tools & technologies to provide you with precise investment management apps. 

k. Business Plan Management Apps

Building a business plan with traditional software might be ineffective and inefficient in this dynamic world. Thus, you can rely on modern technology-driven SaaS (Software as a Service) solutions for your business plans. The right FinTech app development company can help you go completely paperless and ensure effective business plan development. 

Summing Up 

FinTech technologies are massively changing the scope of the finance industry. In fact, more and more financial institutions are implementing digital technologies in their operations and services to provide better customer experience and reliability. You can also develop your world-class FinTech app solution by hiring the right development team.

MobileCoderz is a leading FinTech app development company with years of experience in the finance industry. Even some of our FinTech clients have over 300,000 downloads from Play Store and App Store. We have an extensive portfolio of FinTech clients that loves our client-centric development approach.