Fintech is a continuously evolving industry that keeps affecting the global community with the possibilities like digital payments, crypto trade and exchange, and online P2P lending/borrowing. The businesses of different levels: from top-notch corporations to startups acknowledge its potential, aiming to integrate fintech opportunities to differentiate their services and improve their corporate performances.
Business owners can consider hiring finance software developers to fulfill those goals, ensuring maximized tech efficiency and cost-effectiveness. But how to hire them and benefit from the cooperation? In this article, we discuss the knowledge base the fintech developers should have, the fintech software that can be developed, and the channels for hiring these dedicated professionals.
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Hiring fintech developers requires considering their knowledge base, including but not limited to security, blockchain, the drive to automation, AI & ML, etc., depending on the project objectives and requirements.
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The key applications the financial developers can craft include, but not limited to, payment applications, crypto wallets, lending apps, and banking solutions.
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It is possible to hire fintech programmers for the projects based on freelance and outsourcing models of cooperation, each with its unique advantages and limitations, worthy of consideration for choosing the most optimal variant.
What Knowledge Fintech Programmers Should Have
Since high competition on the market, financial software developers are keen on continuous improvement of their expertise in order to ensure the up-to-date digital solutions, both time-effective in its development and error-free in operation.
You should pay attention to a few essential directions where financial software developers should accumulate and expand their knowledge base as they elucidate the professionals’ alignment with the demanded trends/services and methodologies that can make the software comply with your project needs.
1. Blockchain & Distributed Ledger Technology (DLT)
Knowledge of the blockchain is a must for fintech programmers to tailor secure and transparent P2P systems for transaction recording and asset tracking, although there are other technologies that can be applied, depending on the project’s requirements.
The fintech software developers should understand DLT as it is the backbone of blockchain development, which ensures the infrastructure for tracing changes and access is limited by the cryptographic key, although, there are other technologies for reaching similar goals. DLT ensures data security through cryptography, such as cryptographic signatures. To understand more about cryptographic elements, we highly recommend you to read the article, “The Role of Cryptography in Blockchain Security.”
2. The Drive for Automation
The team of fintech developers should have a decent level of knowledge in Robotic Process Automation (RPA) as this technology enables automating routine tasks such as payment proceedings, account verification, and detecting fraudulent activities, thus there are other automation technologies that can be used depending on the project’s needs.
3. Security
To ensure the secure storage and transfer of data and digital assets, fintech IT developers have to use security measures like encryption, secure APIs, and multi-factor authentication as part of a complex security strategy that includes regular testing and threat tracking.
Hence, we clarified what knowledge base the finance programmers should have to craft decent fintech solutions. Now, it’s time to analyze what fintech software products the hired programmers can develop for you.
4. AI & Machine Learning
AI and ML are in the spotlight of today's fintech development. As the current compound annual growth rate is 2.91%, Statista indicates that the AI market size is anticipated to hit 50 billion U.S. dollars in 2029.
Fintech developers for hire can integrate personalized recommendations in the neobank applications by assisting the users with the effective operation of their finances through the analysis of their expenses and offering individual strategies for savings or investment.
Additionally, fintech programmers can integrate AI algorithms to analyze users’ behavioral patterns and implement gamification elements that can stimulate their activity due to the personalized rewards. However, the integration of the simpler forms of gamification with no complicated AI elements can be suitable, depending on the application. Knowledge of the blockchain is a must for fintech programmers to tailor secure and transparent P2P systems for transaction recording and asset tracking, although there are other technologies that can be applied, depending on the project’s requirements.
Finally, based on the insights from the 2024 Money 20/20 Conference, personalization is anticipated to become a top trend in the fintech industry because individual AI-powered financial recommendations or analytics on expenditures can assist fintech in enhancing involvement and client retention.
Knowledge of ML predictive analysis can assist fintech programmers in integrating such functions as the assessment of investment risks, personalized recommendations for investment portfolio, and a real-time forecast on market tendencies, which helps clients in making thoughtful financial decisions.
What Kind of Software Can Fintech Programmers Develop?
Regarding the versatile spectrum of fintech software on the market, we would like to focus our attention on the following four applications.
Banking Apps
Depending on the tech requirements of the client, the fintech developers can tailor mobile banking applications by integrating basic and/or advanced features. Some of the basic features include logging in to the account, money transfer within the same bank or to the recipient of another bank, history checking, etc. On the other hand, fintech IT specialists can integrate advanced elements like personalized recommendations, AI-driven chatbots, cryptocurrency support, etc.
Lending Apps
The fintech developers to hire can build the lending app from scratch. By implementing the lender’s features like loan portfolio management and loan search, borrower’s features of loan calculator and loan originator, and document scanner, the developers can build the lending application enabling the borrowers to get their identity verified and clarify their monthly payments per the loan type. The developers can implement features that let lenders categorize offers per risk level and interest rate by helping diversify their investment portfolio.
Payment Apps
Financial developers can tailor payment applications by crafting the features of money transfers, money requests, bill scanning, transaction history, support, etc. Additionally, fintech IT specialists can integrate payment app monetization options like paid subscriptions, in-app advertising, and transfer fees, among other strategies that can be adaptable to clients’ and businesses’ needs. For more information, we highly recommend you read about how to build a P2P payment app.
Cryptocurrency Applications
The fintech IT professionals can craft custodial and non-custodial crypto wallets. The first type of crypto wallet implies that the third party preserves the users’ private keys and funds. In the non-custodial wallets, the developers provide clients with full control over funds and private keys. The fintech developers tailor smart contracts for P2P transactions and embed security measures to ensure safe user authorizations.
Where to Hire Fintech Developers?
Now, it’s time to discuss the channels where you can hire the fintech programmers per the unique tech requirements of your projects. We’d like to focus on freelance and outsourcing models and where you can hire the required professionals.
Hire Freelancers
As independent professionals, freelancers provide services to their clients based on the three-mode setup: project-based payout, hourly pay, and contractual setting. The spectrum of their services includes graphic design, website development, etc. Freelancers usually apply personal equipment, which does not always adhere to the project’s tech requirements.
When cooperating with freelance developers, it may seem that the client’s control over the progress is limited due to the flexibility of the schedules. Nevertheless, freelancers provide customers with regular updates and support active communication.
Lack of control is the result of the freelance model of cooperation. Clients can have limited access to tracking the project’s progress as freelance developers usually work independently and might not provide regular updates between the predefined deadlines. You can use Upwork and Toptal channels to cooperate with high-rank freelance developers.
Pros:
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Flexibility in payment modes.
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Availability of the required equipment.
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Compliance with deadlines.
Cons:
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Lack of client’s control over the project.
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Independent professionals.
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Increased risk of data leakage.
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The risk of reduced quality. Freelancers perceive a job as a set of gigs that comes along with their main job. The priority to responsibilities on the main job can cause errors within the gig.
Outsource to a Trustworthy Company
Outsourcing represents a model of cooperation between the client and a third-party service provider. Outsourcing differs from freelance as it presents the work of the well-structured team or organization that can provide your project with the required specialists or team based on the project deadlines and needs. Outsourcing can utilize off-contract, fixed price model, time & material model, and provide you with additional specialists in the case of requirements alteration or new business needs.
You can arrange the tasks based on the part-time, full-time, and project-based agreement with the service provider. The business owner can specify a specific set of requirements regarding the fintech developer’s years of experience and expertise. The preference for an outsourcing model can give different control levels over the progress. For instance, staff augmentation gives full control over the specialist’s progress, while project-based outsourcing ensures providers a high level of independence. One of the essential channels of outsourcing is Agilie, where you can select an outsourcing model of collaboration that fits your specific business needs.
Pros:
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Improved performance quality. The outsourcing companies can integrate Quality Assurance team for regular testing, error detection, ensuring the alignment of the final result with the client’s expectations and predefined deadlines.
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The hired outsourcing employees focus mainly on their fintech-specific tasks, which means that they do not address the admin-related duties. It is the outsourcing company that will work on staff payroll and equipment provision.
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Focus on the security. Third-party service providers are obliged to comply with anti-money laundering, Know Your Customer, and other country-specific regulations to ensure that users’ data is protected and that potential manipulations with financial resources are prevented.
Cons:
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Lack of cultural alignment. Different hired teams, like Asian Indians or Eastern Europeans, may have different approaches to cultural interaction. The differences between cultures and workplace ethics might lead to misunderstandings in communication.
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Challenges regarding regulatory compliance. Although, outsourcing companies have to adhere to KYC and AML laws, the country-specific labor laws, cryptocurrency regulations, or bank-relevant collaboration might lead to complexities with project development.
In this article, you can explore implementing fintech outsourcing into your business operations.
There are three models of outsourcing we would like to discuss: staff augmentation, dedicated team, and project-based outsourcing.
Staff Augmentation
Staff augmentation is a model of outsourcing, where the business owners hire one or a few niche specialists to streamline their engineering capabilities. These financial software developers come along with the in-house teams but work on the parts of the project that can require narrowly-specialized skills, like in the instance of building the predictive models for AI,, as well as crafting AI-powered apps.
Dedicated Team
A dedicated team is an outsourcing model applied for both, long-term and short-term projects, which implies hiring a full team of finance developers which can include a dedicated project manager (PM) based on the project needs. The staff can include UX/UI designers, front-end and back-end developers, quality assurance specialists, etc. This model of cooperation shows a high level of flexibility per the altering requirements and gives you full control over the project development.
Project-Based Outsourcing
This model of outsourcing enables the client to delegate the completion of the project to the third-party service provider. Project-based outsourcing requires a full clarification of the scope of requirements, so that the hired development team will know all the required scope of work they have to complete within the defined time. In this outsourcing model, PMs and business analysts create a team of developers to complete the step-by-step project.
Pros:
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Staff Augmentation |
Dedicated Team |
Project-Based Outsourcing |
| Narrowly-specialized specialists. | Full control over the project. | The from-scratch project development. |
| Flexibility in project changes. | The high scalability in human resources. The client can add/remove specialists. | The hired PM formulates the team. |
| Client’s full control over the project development. | Flexibility in requirement. | PM sets quality control. |
Cons:
| Staff Augmentation | Dedicated Team | Project-Based Outsourcing |
| Emphasis on training of the internal working processes. | Limited perspective, as the developers can prioritize some aspects over the other (e.g., cost-effectiveness over security). | Expensive in execution and may contain hidden expenses. |
| Management Overhead: Third-party developers need supervision of their work. | Is not suitable for short-term projects. | There is a high risk of misunderstanding the project requirements. |
| Client's limited control over the progress. |
Therefore, hiring fintech professionals through the freelance and outsourcing channels can impact your project development significantly as they consider time and cost specificity to cover your unique business needs.
How Agilie Can Assist You in Launching Your Fintech Product
Hiring financial software developers is an essential task for the business owner as further partnership with the candidate will affect the overall time of product or project development, considering the understanding of the instructions, setting clear deadlines, and aligning with the owners’ expectations to quality.
Selecting a reliable fintech partner requires taking into account the factors like the candidate’s years of experience, services, and expertise directions.
Agilie is a European IT outsourcing organization that, for over 14+ years, has focused on crafting result-oriented and deadline-compliant from scratch or optimized fintech solutions per the client’s needs. Dedicated to the values of customer-centricity and passion, our dedicated developers tailor software applications in blockchain, fintech, and payment areas of expertise, assisting industries like fintech, real estate, healthcare, logistics, etc., in optimizing their working processes.
Our Services
| Mobile banking solutions | Payment applications services |
Financial software development services
Agilie’s Success Story: Level01
Agilie worked on Level01, a P2P decentralized platform for conducting fair and secure crypto trading operations. Our development team integrated the Android and iOS clients by crafting a cross-platform front-end solution. The application aimed to serve both experienced and new users in crypto-trading, so the safe onboarding was one of our principal priorities. For this purpose, we retained our wallets as custodial by adding additional security decisions, like restricting the access to private key storage through VPN.
Integrating AI insights into smart contract development was one of our core challenges. Our financial developers solved it by preserving AI prediction data inside the contract for further improvement of the model.
If you need to develop a fintech software per your project needs, Agilie can assist you with tailoring the tech-savvy digital solutions for diversifying your businesses.
Conclusion
In this article, we aimed to explore how to hire fintech developers, focusing on the knowledge they should have, as well as analyzing potential services they could provide. Additionally, the analysis of three models of outsourcing and freelance channels of cooperation sheds light on the cooperation specificity, advantages, and disadvantages that the business owner should keep in mind when hiring financial developers. Hence, hiring financial developers can benefit businesses in a cost- and time-effective manner when elaborating on the fintech software.
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