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The finance industry is an industry that is rapidly undergoing a major digital transformation. The global financial technology market is expected to reach a value of 324 billion US dollars by 2026. Mobile banking apps, online insurance apps, payment apps, cryptocurrency platforms, etc., are just a few of the many revolutionary applications in the finance and banking sector.
If you are looking to invest in the fintech market that has many lucrative opportunities for growth, you will be looking for competent fintech app developers. These developers will help you to build great fintech apps to give you the best chance of success in the competitive fintech mobile app market.
While freelance platforms may seem an attractive solution for hiring fintech software developers, finding expert fintech developers in the saturated freelance market is quite hard. A trusted software development company like DevTeam.Space is the best option for hiring developers with your required fintech skills. We will get to that later on.
First, you need to understand the skills required for a fintech app developer:
Primary Fintech App Developer Skills
The primary skills for a fintech app developer are the following:
The primary skills of a fintech app developer include:
- Strong knowledge of programming languages such as Java, Python, JavaScript, and Swift.
- Developers should be experienced in backend development frameworks like .Net, Django, Ruby on Rails, Express.js, Spring Boot, etc.
- You require developers who are experts in front-end development technologies like CSS, HTML, and JavaScript.
- Experience with mobile app development for iOS and/or Android platforms. Depending on your product requirements, you will need developers knowledgeable in native, hybrid, and web app development. For example, Swift programming language, Xcode IDE, etc., for iOS app development. Java or Kotlin programming languages, Android Studio IDE, etc., for Android app development;
- Familiarity with modern front-end frameworks such as React Native, Angular, and Vue.js.
- Understanding of REST APIs and experience integrating them into mobile applications.
- Knowledge of databases such as MySQL, PostgreSQL, and MongoDB.
- Security is a top priority in fintech, so developers should be knowledgeable about various security protocols, such as encryption, multi-factor authentication, and secure socket layer (SSL) certificates.
- Familiarity with cloud computing platforms such as AWS, Google Cloud, and Microsoft Azure.
- Good understanding of agile software development methodologies and experience working in an agile development environment.
- Passion for continuous learning and keeping up with new developments in the fintech industry.
Other Software Development Skills
In addition to the core skills required for developing a fintech app, the following are some of the additional skills that would be beneficial for a developer working on a fintech project:
- Understanding of financial products and services: Having a good understanding of financial products, such as loans, investments, and insurance, can help a developer design a user-friendly interface and implement the relevant features effectively. Look for past project experience in these areas.
- Payment gateway integration: Developers should be familiar with payment gateways and have experience integrating them with a fintech app to enable transactions.
- Blockchain technology: Familiarity with blockchain technology and its applications in finance, such as cryptocurrency, is becoming increasingly important as the industry is moving towards decentralized finance (DeFi) solutions.
- Regulatory compliance: Developers should have an understanding of the regulations and laws surrounding financial services, such as the Payment Services Directive (PSD2) and the General Data Protection Regulation (GDPR).
- User experience (UX) design: A fintech app should be user-friendly and intuitive, so UX design skills are important to ensure that the app is both functional and visually appealing.
- DevOps or Development and Operations: DevOps helps developers quickly meet user requirements through continuous development, continuous integration, task automation, close communication, metric monitoring, etc. You require developers experts in DevOps tools like Git, Jenkins, Jira, Kubernetes, etc., to implement a DevOps pipeline efficiently.
- Code Review: Your developers should be able to write high-quality code. Senior developers conduct code reviews, detect bugs, improve code quality, and ensure the software product meets all the functional and non-functional requirements.
Note: Remember that the specific skill set that you will need from your developer will depend on your unique project requirements. The list above is a general example so won’t be wholly specific to your project.
Additional Soft Skills
You need fintech developers with great interpersonal skills. Some of these soft skills include the following:
- Communication Skills: Fintech technology is complex. Your developers will create technical solutions that need to be related to the project’s stakeholders. A whole range of communication tasks will result from this. For this, they will need good communication skills.
- Commitment: You need developers committed to delivering a high-quality software application to the competitive target market. They should be motivated to ensure that they always meet the project deadlines, goals, budget expectations, etc.
- Self Learner: Good developers are passionate about the software development process. They are always ready to learn new technologies and implement them to build cutting-edge software solutions that stand out in the market.
- Team player: Your fintech developers should be able to collaborate closely to understand stakeholder demands and deliver software with the required features.
These are just a few of the additional skills that can enhance a developer’s ability to work on a fintech project. Having expertise in these areas can make a developer more versatile and well-rounded, increasing their value to potential employers or clients.
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How to Find the Best Fintech App Developers?
You now know the skills to look for in fintech app developers. But how can you now find developers? You need to go through the following steps:
Decide the platform to hire fintech app developers
There are lots of freelance platforms to find developers. You might think of hiring fintech app developers from such platforms. However, this option has multiple drawbacks.
Firstly, freelance platforms only match you with software developers. There is no effective screening process to attest to the credibility or abilities of such developers. You might only find freelance developers who are lacking the latest technology skills required for fintech app development.
Software app development companies like DevTeamSpace are the best option to hire competent developers as they have a proper vetting process and all their developers work for the platform full-time. All the developers in the DevTeamSpace community are fully vetted and trained. As such, you can rest assured that top-quality talent is working on your fintech application.
Freelance developers are also engaged in multiple projects to maintain multiple streams of income for themselves. There is a chance of freelancers not giving their hundred percent to your project. Team management gets quite difficult with freelance developers. You are responsible to maintain effective communication with each developer and for their performance too. This becomes a lot more difficult if there is a time zone difference.
On the other hand, developers from DevTeamSpace are completely dedicated to your software development project. Moreover, these full-time developers are managed by experienced senior developers making it easier for you to manage your remote development project.
DevTeamSpace follows an AI-powered agile process that helps you effectively manage and communicate with developers working on your projects. You get daily and weekly updates, track developer progress, quickly identify roadblocks, and timely resolve them.
It is highly recommended that you hire skilled, vetted, and managed developers from a reputable software development company like DevTeamSpace. You can either outsource your complete fintech app development project to dev teams at DevTeamSpace or hire developers from us to work with your existing team, according to your requirements.
We start the onboarding process by signing an NDA to ensure the security of your software product. Hire experienced fintech developers from us to build market-competitive fintech applications.
Interview the shortlisted candidates
You have posted your fintech developer requirements on a hiring platform and received resumes. Now, you need to shortlist fintech developers’ profiles based on their fintech app development skills and experience. Once you have done this, you are ready to conduct the interviews.
If you do not have enough technical experience in fintech development, we would advise you to take help from colleagues, friends, etc., with relevant knowledge and skills. You can also look up fintech interview questions and answers on the internet.
You need to ask detailed questions to judge the developer’s knowledge, technical skills, and professional experience working with fintech products.
Discuss their past development projects, complex problems they have worked on, their way of problem-solving, etc. You also need to judge the interpersonal skills of a developer. Ask questions to assess how well they perform in a team, their communication skills, their motivation for software development, etc.
Provide detailed information about your fintech app project
After you hire your fintech app developers, you need to onboard them efficiently. Firstly, explain your fintech app development project to the new developers in detail. Provide them with the project documentation and discuss your project goals and objectives.
Next, introduce them to your team lead and other team members. Establish communications channels and set up team meetings. You need to provide them access to the relevant code repository and tools.
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You also need to describe your project plan and future milestones. Explain to your new developers their roles and responsibilities. Set expectations and establish accountability so that your fintech project concludes successfully.
Tips to Hire Fintech App Developers
Some tips to hire a fintech app developer are as follows:
1. Hire an experienced team leader when you hire remote fintech developers
Hiring remote software developers is a good option. You get access to a global pool of top-quality developers and save yourselves from many expenses that come with the maintenance of in-house teams. Keep in mind that you should stay clear of freelancers.
However, remote team management can get hard. We would advise you to hire a competent team leader who can coach and mentor your remote team members. This will save you time and effort and help with effective project management.
2. Hire developers with a range of experience
Fintech is a highly regulated industry, and robust fintech app development is quite a challenging project. You should not hire junior developers for your fintech app development project.
We would advise you to hire experienced developers with enough knowledge of the industry compliances and experience with cutting-edge technologies to build compliant, secure, and feature-rich fintech applications.
Senior developers come at a higher rate than junior or mid-level developers. Do not consider this high cost as a burden. These developers deliver long-time quality and profits to your business through a high-functioning and performing fintech app that attracts and retains your app users.
3. Consider developers with experience in meeting non-functional requirements.
While functional requirements are essential to meet, they are not enough. You need developers who can meet the non-functional requirements so that your fintech app runs smoothly even with a sudden increase in the number of users, transaction volumes, etc. You will require experienced developers to build a performant, scalable, maintainable, and secure application that performs well in such scenarios.
4. Look for a flexible service provider when hiring fintech developers.
Now that you have decided to hire developers from a mobile app development company, look for flexible hiring options.
The software development service provider should offer multiple hiring models to suit what you need. This will help you scale up and down your resources according to your project requirements and save costs.
Fixed-cost models work with simple app development projects. Fintech software development projects have uncertain requirements that depend on a range of different factors, including industry regulations, user requirements, etc. Fintech software development companies should offer a time-and-material model (T&M) for such development projects.
Hire expert Fintech App developers for your next project
You should also talk with past and current clients of a mobile app development firm to evaluate the credibility of their fintech app development services instead of just trusting the word of a sales team or a developer’s resume.
Examples of coding questions to ask during the interview when hiring Fintech App developers:
Ask questions that help you assess the hands-on skills of developers. The following are a few examples:
1. What experience do you have in data analysis?
Your candidate should discuss data query languages like SQL and NoSQL, data visualization tools like Tableau, data models like ER and Object-Oriented, database systems like PostgreSQL and MongoDB, etc.
2. What do you know about automation?
The developer needs to know about machine learning algorithms, integration of ML models with business data, etc., to increase the efficiency of fintech operations through automation.
3. What is the role of cybersecurity in fintech?
Developers are required to be knowledgeable of the advanced cyber threats that fintech applications face. They should be able to tackle these security challenges via the latest cybersecurity techniques, such as secure configuration, network security, data encryption algorithms, etc. Developers should also be familiar with security compliance regulations like ISO 27001.
Submit a Project With Zero Risk
Given the strict compliance requirements and complexity of fintech app projects, you need highly-skilled and experienced developers to develop your fintech app. Why risk your project success by hiring anyone but the best developers from the top fintech app development company?
DevTeam.Space is a community of field-expert software developers. All our fintech developers are vetted for their skills and trained to follow an AI-powered agile development process.
We match the best-suited developers with your product specifications. If you plan to partner with our high-quality developers for your fintech mobile development project, send us your initial project specifications. One of our experienced account managers will get in touch with you to answer any questions you may have.
