According to Research and Markets, the global FinTech market is expected to grow at a CAGR of 23.58% from 2021 to 2025. The global mobile banking market is estimated to reach $1.36 billion by 2028.
Financial App Growth Data
Due to this rapid expansion, it has become increasingly important for payment companies and entrepreneurs to understand the key points of FinTech software development.
In this article, we provide an insight into the FinTech development business, highlighting the key points to focus on when selecting financial development services, plus introducing a reliable payment software provider with more than 10 years of experience in the FinTech industry.
In-house development vs. Dedicated team
Developing payment software can be a difficult task that requires significant investment in time and resources and can span several years, primarily because hiring experienced developers and assembling a competent project team is a time-consuming process.
In addition, you also need to consider maximum security and financial industry compliance, ensure seamless integration with the required payment gateways, ensure scalability of your products and services if the number of transactions increases, and many other important things in the software development lifecycle.However, thanks to cooperation with a reliable software development company you can overcome all these obstacles. When you turn to an experienced financial product development team, you not only save resources but also speed up product releases. But now, the big question is: How can you find a reliable company to develop payment systems? What should you keep in mind when searching for a provider?
Below, we present some important points to consider when selecting fintech software development services to build your payment solution.
Key Factors to Know Before Choosing Software Development Services
There are 5 main points you should consider when choosing the right FinTech vendor for your payment business:
Experience and Expertise
Experienced development teams are critical as they bring extensive knowledge to FinTech projects. With their expertise in financial sector development, the technical team has the skills and know-how needed to develop your payment solution effectively. For example, if you’re developing a payment app, an experienced team can lead the development process based on their previous successes with similar projects.
Therefore, choosing an experienced team can minimize risk, improve problem-solving skills, and increase the delivery of a software solution that meets your goals and expectations.
The technology stack determines whether the tools, languages, and frameworks you choose meet the specific needs of your project. It’s important to ensure that the stack can support the features and functionality you need. It can also accelerate FinTech software development. For example, well-established frameworks and libraries can streamline coding and shorten development time.
The most popular tech stack for financial products includes:
- Frameworks: Spring Boot, and Django are commonly used for back-end development. Angular, React, or Vue.js are best for front-end development.
- Databases: relational databases such as PostgreSQL, MySQL, and Oracle are commonly used for storing structured financial data.
Watch this video to get more information about tech stack for FinTech products development: https://www.youtube.com/watch?v=bJ0V6VGmys0
Different payment products have different requirements. Therefore, it is important that the development methodology fits your specific goals. Agile methodologies, for example, are known for their flexibility and ability to accommodate change during the software development process. This approach also emphasizes regular customer involvement and feedback, which is extremely important for financial systems development.
Clear communication is one of the most important considerations when selecting a FinTech development service. It serves as the backbone of effective collaboration between the development team and your company. Good communication can ensure that your product is on track, that issues are addressed in a timely manner, and that the final software meets the needs of your business and the needs of your customers.
Cost and Budget
Cost considerations play an important role in vendor selection. Knowing the development costs can help you estimate the potential ROI of your software project. It ensures that the expected benefits exceed the costs, which influences investment decisions a lot.
By considering all of these factors, you can choose the right payment software development company that fits your exact product vision and can help you build a powerful FinTech solution that meets your business needs.
SDK.finance FinTech Development Services
SDK.finance is a PayTech software provider that offers FinTech development services. The company can help you accelerate the time to market, thanks to its pre-built software and the deep expertise of our development team.
The SDK.finance tech team has a deep understanding of the FinTech industry complexities. With more than 10 years of experience in PayTech product development, they made a powerful Platform that serves as a foundation for various payment products: digital wallets, neobanks, money transfer software, currency exchange solutions, etc.
Why Should You Choose SDK.finance Financial Software Development Services?
- Expert team of financial software developers
Their experienced fintech development team has been developing robust financial services solutions for over 10 years and has won numerous fintech awards.
- In-depth discovery phase
Their experts will guide you through the fintech product development process to ensure the final solution aligns with your requirements for the next decade.
- Easy integrations
The SDK.finance software platform has more than 400 API endpoints and is designed for easy integrations with payment gateways and other third-party providers.
- Cutting-edge tech stack
They use the most advanced technology standards for the latest solutions, including Java 17 LTS, PostgreSQL 13, and MongoDB 6.With SDK.finance you can choose the suitable development more, according to your business needs: a dedicated development team with over 10 years of experience that can help you to bring your product to life faster or self-service development with a ready foundation for building PayTech on top of the SDK.finance Platform.
Adam believes it’s pretty cool to be a software expert, but it’s much cooler to share all the expertise he has gathered in all his years of experimenting and learning.