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 USD 1.36 billion by 2028.
- 1 Financial application growth data
- 2 Internal development versus a dedicated team
- 3 Key factors to know before choosing software development services
- 4 SDK.finance FinTech development services
- 5 Why should you choose SDK.finance financial software development services?
Financial application 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 insight into the business of FinTech development, highlighting key points to focus on when choosing financial development services, and introduce a trusted payment software provider with over 10 years of experience in the FinTech industry.
Internal development versus a dedicated team
Developing payment software can be a difficult task that requires a significant investment of time and resources and can take several years, primarily because hiring experienced developers and assembling a competent project team is a lengthy process.
In addition, you also need to consider the maximum security and compliance of the financial industry, ensure seamless integration with the necessary payment gateways, ensure the scalability of your products and services if the number of transactions increases, and many other important things in the software development life cycle. 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 release. But now the big question is: How to find a reliable payment system development company? What should you keep in mind when looking for a service provider?
Below we present some important points to consider when choosing 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 payments company:
Experience and expertise
Experienced development teams are essential as they bring extensive knowledge to FinTech projects. With their expertise in the development of the financial sector, the technical team has the skills and knowledge necessary to effectively develop your payment solution. For example, if you are developing a payment application, an experienced team can guide 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 is important to make sure that the set supports the features and functions that you need. It can also accelerate the development of FinTech software. For example, well-established frameworks and libraries can simplify coding and reduce development time.
The most popular technology package 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 to store structured financial data.
Watch this video to learn more about FinTech product development technology stack: https://www.youtube.com/watch?v=bJ0V6VGmys0
Different payment products have different requirements. Therefore, it is important that the development methodology matches your specific goals. Agile methodologies, for example, are known for their flexibility and ability to adapt to changes during the software development process. This approach also emphasizes regular client involvement and feedback, which is extremely important for the development of financial systems.
Clear communication is one of the most important factors when choosing 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 resolved 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 supplier selection. Knowing the development costs can help you estimate the potential return on investment of your software project. It ensures that expected benefits exceed costs, which greatly influences investment decisions.
By considering all these factors, you can choose the right payment software development company that exactly matches your product vision and can help you build a strong FinTech solution that meets your business needs.
SDK.finance FinTech development services
SDK.finance is a PayTech software provider offering FinTech development services. The company can help you accelerate your time to market, thanks to its pre-built software and the deep expertise of our development team.
The SDK.finance technical team has a deep understanding of the complexities of the FinTech industry. With more than 10 years of experience in developing PayTech products, they have built a powerful Platform that serves as the foundation for various payment products: digital wallets, neobanks, money transfer software, exchange solutions, etc.
Why should you choose SDK.finance financial software development services?
- Professional 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 is aligned with your requirements for the next decade.
- Simple integrations
The SDK.finance software platform has more than 400 API endpoints and is designed for easy integration with payment gateways and other third-party service providers.
- Top technology
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 a more suitable development according to your business needs: a dedicated development team with more than 10 years of experience can help you to bring your product or self-service development to life with a ready foundation for building PayTech on the SDK.finance platform.
Read more Author: Adam Green Adam believes that it’s pretty cool to be a software expert, but it’s much cooler to share all the expertise he’s accumulated over all his years of experimenting and learning.