Fintech development outsourcing: A complete guide

Fintech development outsourcing: A complete guide
N-iX
1970-01-01T06:44:23+00:00

This is an overview of fintech development outsourcing market, key fintech nearshoring trends, insights, challenges, and solutions. It features the selected materials which will help you to: decide upon the right fintech software development strategy; choose an IT outsourcing provider; ...

Fintech development outsourcing: A complete guide
By Tetiana Boichenko January 24, 2018

This is an overview of fintech development outsourcing market, key fintech nearshoring trends, insights, challenges, and solutions.

It features the selected materials which will help you to:

  • decide upon the right fintech software development strategy;
  • choose an IT outsourcing provider;
  • streamline a viable cooperation with a software development vendor;
  • and ensure successful and timely fintech project delivery.

Specializing in Fintech software development, we have delivered projects in the cross-border payments, P2P lending, online trading, blockchain, digital banking, and other domains. Throughout our long-term partnership with Fintech businesses and financial services startups from Europe, the US, and Nordic countries our engineers have collected an ample knowledge base. They regularly share these practical insights and best practices with companies who are seeking advice on how to do it right.

Many companies choose fintech outsourcing and hire a Dedicated Development Team as:

  • They want to start fast and produce an MVP to test the feasibility of their business idea. Thus they need to find experts fast.
  • Fintech development often entails using complex technology, distributed programming, etc. Qualified software developers are scarce, and it is hard and costly to find the experts in Europe and the USA.
  • Outsourcing your fintech project to a Dedicated Development Team provides you with great scalability and flexibility. That is a must when talking about fintech projects and a growing number of users.
  • Fintech projects can be implemented with a wide range of technologies depending on a great variety of factors. It is a strong advantage to contact a company which has built fintech projects using different approaches, types of architecture, etc. They can give you practical advice on how to better start transition or how to launch your project from scratch, and which technologies to use to focus your digital transformation strategy on improving your customer experiences.

We’ve included several key sections in our guide:

  1. Overview of fintech outsourcing market

It includes recommendations on how to choose a vendor and establish cooperation. We have collected the data from various sources including findings by PwC, Bloomberg, Tholons, A.T. Kearney, Clutch, and others to help you make an informed decision.

2. Security, GDPR, and meeting industry standards

The section focuses on how outsourcing companies satisfy the needs of the fintech industry and comply with security standards.

3. Key fintech trends and technologies

We point out here which financial technologies businesses should adopt as their key areas of investment focus, and how to do it prudently.

4. Blockchain

The section will help you to understand whether it is feasible to use blockchain for your project. In case, you do choose this technology, we provide you with the info on how to do it right and how to choose the best blockchain developers.

In addition, we discuss the distribution of engineering talent in Eastern Europe and determine the best countries for outsourcing this expertise. Special attention is dedicated to Ukraine as one of the leading IT outsourcing markets in the region, the blockchain solutions developed by Ukrainian vendors, and the expertise of Ukrainian blockchain developers.

We also explore the implementations of this technology in Insurtech and Fintech, the success stories of the blockchain startups, and the impact of this technology on the Fintech sphere.

6. Insurtech

As tightly related fields and both part of financial services, fintech and insurtech are developing hand in hand. Although fintech business ecosystem has grown more intensively, there are many bright players on the insurance technology market, and this industry has great potential.

The articles feature top insurtech development trends, use cases, and give an overview of insurance software development outsourcing.

7. Digital transformation in finance and banking

The selected materials give practical advice to banks on how to catch up with fintech companies. What’s more, the articles give a roadmap of digital transformation in banking, from the discovery phase to implementation enumerating all the pros and cons of the recommended strategies.

We’ve based our research on reports by Forbes, CGI, McKinsey, The Financial Brand, and many more.

8. Success stories of established FinTech companies.

The selected case studies demonstrate how renowned fintech companies delivered successful projects in cooperation with their outsourcing partner, N-iX. You are going to find out how they established the development centres in Eastern Europe, grew their dedicated development teams, chose the tech stack for their software products, overcame challenges, and delivered great fintech solutions.

Wrap-up

A lot of fintech companies outsource software development and extend their teams with remote engineers to fill the skill gap, boost their capacities, and bring their products to market faster. Currencycloud, Ratesetter, Lebara, and many other businesses partnered with software vendors to innovate and adopt latest technologies such as blockchain, biometrics, microservices, and more. Whereas banks and traditional financial services companies are trying to withstand the disruption and implement the digital transformation of their businesses.

In our overview of the fintech development outsourcing landscape, we’ve tried to answer the questions of why, how and where to outsource fintech projects. We’ve gathered the articles and case studies covering major challenges fintech companies face, their cooperation strategies, the outsourcing vendors they trust, and the benefits they get from these partnerships. However, if you have more questions on the topic, please contact our experts, and we’ll be happy to share our expertise.

Fintech Development Outsourcing: a Complete Guide

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By Tetiana Boichenko January 24, 2018
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About N-iX

N-iX is an Eastern European provider of software development services with 900+ expert software engineers onboard that power innovative technology businesses. Since 2002 we have formed strategic partnerships with a variety of global industry leaders including OpenText, Novell, Lebara, Currencycloud and over 50 other medium and large-scale businesses. With delivery centers in Ukraine, Poland, Bulgaria, and Belarus, we deliver excellence in software engineering and deep expertise in a range of verticals including finance, healthcare, hospitality, telecom, energy and enterprise content management helping our clients to innovate and implement technology transformations.

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