Which of the fintech companies is right for developing your solution (10 questions, 10 criteria)

Choosing the right partner from hundreds of fintech companies is almost never easy. It’s not enough to know that a software development company is rated as one of the top/as the largest one. It has to be, first of all, the right for your business.

Check out the following 10 questions to see which are the most important criteria you have to consider when selecting the company that will develop your fintech project.

 

#1 What proves that the company has experience in fintech projects?

The financial industry has several particularities. And so are the digital projects developed for it (e.g., performance and security requirements). In other words, experience in software development is essential but not sufficient.

Check the company’s portfolio first to make sure that it has enough experience in developing solutions for the financial industry.

Testimonials, case studies, and reviews on external websites are also excellent clues on the company’s performance level, and on the industries the company’s teams worked for.

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#2 Does the company have enough resources to take over your project?

And by resources, we mean enough, diverse and skilled staff (developers, UX/UI designers, etc.), access to modern technologies, etc.

Why the skilled staff? For getting a great result, your project needs experienced people. People who have worked on similar projects, who have an excellent command of modern technologies, and that are able to adapt fast to dynamic requirements.

Why diverse? Rarely a project needs development-only. From UX / UI designers to QA and project managers – the partner you choose from fintech companies must be able to offer you a complete team.

 

#3: For what types of markets the software company has developed projects so far?

You know better than anyone that every market is specific. And you are familiar with this because managing a business means creating products that meet each market’s specificity and understand what customers/users need and expect. And so should do the software development company that you’ll work with.

 

#4 What technologies does it use for developing fintech solutions?

When a company promises you “modern technologies” it is a great sign.

How choosing the wrong technology could impact your project? If a project manager doesn’t have enough experience in developing fintech solutions, he may choose technologies based on his personal preferences, what is trendy and emerging. And that will result in major short-term errors, long-term blockages (difficult integrations, reduces opportunities for extended features, etc.), and additional costs.

How choosing the right technology can help your business? Launching (on time) a functional and intuitive app can help your business stand out and keep its customer engaged. Practically, you will have the solution delivered in a final form without consuming time and effort or defocusing your internal teams from the core business objectives.

 

#5 Does it have certified and professional developers in its teams?

Certified developers are a great guarantee for a project. And this is even more important as your project will be in their hands over the entire developing process.

Check with your fintech software development company if its professionals are certified and have proven financial project experience.

 

#6 What security measures does it adopt for developing an app?

The more technology evolves and becomes more diverse, the bigger the security risks are. Fintech software solutions are the most exposed to cyber threats and risks. So, cybersecurity must be a top priority while developing an app.

Services covered by a Dedicated Team (for software outsourcing):

 

#7 Does it allocate a dedicated team for your project?

The Dedicated Team Model is an approach based on bringing together business analysis, project managers, and skilled external employees’ absorption. A dedicated team will cover all the needs and risks that can occur on a project by taking over an entire project: from setup operations to project management and the team’s architecture and functionality.

First things first: ask your software development partner about the security measures that it adopts for your solution

• high-level management;
• project management;
• task management;
• activities and processes supervision;
• project stages and workflow development;
• team architecture;
• logistic management;
• recruiting/selecting/integrating professionals in the project team.

Check our dedicated team services

 

#8 What is its risk mitigation strategy?

A reliable software development company has its own risk mitigation strategy. Ask your software development partner about it to avoid high risks and conflicts in the future.

 

#9 What type of services does it offer?

Your project development may need multiple services – development, design, maintenance, QA, 3rd-party integrations, etc. For choosing the right partner from a list of fintech companies, check first its services.

 

#10 How much does your project cost, and how does the software company calculate its value?

The dedicated team pricing system is simple and allows easy estimation. Based on an hourly rate, the client pays monthly bills according to the team size and structure.

The main costs a client has to take into account for working with a dedicated team are:

• Hourly rate according to the team structure

• Travel expenses (if applicable)

• Management & communication for the project

Costs like…

• professionals’ salaries
• associated hiring taxes
• logistic investments
• benefits, taxes
• recruiting investments

…are supported by the company that provides a dedicated team.

 

Is Roweb the software company that you need for your project?

Here are some things you may want to know about our company before booking a discussion with one of our professionals.

 

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