Experts From N-iX Share Tips for Choosing Fintech Software Development Provider
Though the Fintech market is flourishing with projects and startups, it's never too late to impress everyone with a great idea. However, just having an awesome idea isn't enough. One should also find a professional Fintech software development provider that will help implement this idea successfully. Experts from N-iX, a provider of software development outsourcing services, share some great tips.
KIEV, Ukraine, March 26, 2018 (Newswire.com) - Traditional banks treat Fintech companies as a threat and as possible collaboration partners at the same time. Consumers state they are ready to switch from traditional banks. Moreover, many of them have already done it. What is this fuss all about? The Fintech software development!
By 2021, the market of potential users in the Fintech sphere is expected to reach 288 m. It’d be awfully unreasonable to lose the chance to become a part of this market. Those who are ready to hop on the bandwagon and find their place in the Fintech world should start by choosing the best Fintech software development provider. Looking for the cost-effective and productive cooperation, one may consider outsourcing product development.
What’s going on in the payments segment? TransferWise, Stripe, Mobikwik were the pioneers. Specializing in payments, these companies have attracted millions of clients. PayPal, Apple Pay, and Android Pay are the leaders in the US and European markets of digital and in-store mobile payments. As for China, there are such popular systems as Alipay and WeChat. However, each of the previously mentioned products has got some disadvantages.
There is a tremendous opportunity for both B2C and B2B Fintech businesses. That’s why N-iX experts recommend finding a software development provider that knows about the main trends and the state of the Fintech market. It maximizes entrepreneurs’ chances to succeed in this sphere. The entrepreneurs should describe their ideas. Besides, they should analyze the information a company provides. Icy intelligence is vital.
Has the chosen company got enough experience in the Fintech sphere? N-iX experts suggest one should check out the portfolio and project cases of the potential partner. The more examples businessmen see, the easier it will be for them to decide whether they can achieve great results together.
There are some questions to put before choosing Fintech software development provider. What services does the company offer? What technologies does it use? What partners does it have? Are there any relevant projects in the portfolio? Having found a company that has some experience in the Fintech sphere, entrepreneurs will find it easier to start a successful Fintech business.
The devil is in the details. It's easy to find a perfect company with an impressive portfolio. However, such features as company's blog and communication style are also worth the attention. An entrepreneur may not like the way company representatives communicate with him. He may also spend too much time explaining his thoughts and resolving misunderstandings. In such a case, this company may not the best option for the entrepreneur. It's better to choose a Fintech software development provider that won't bring negative emotions.
Why is it clever to outsource to Eastern European countries? There are three important factors: fair pricing, employees' extensive experience, and high-quality services. Currency Cloud, Yapital, Salsa Labs, Expensify, Prosper, Leverate, Kyriba, Kreditech, Five Degrees, Misys - these are some Fintech companies outsourcing to Ukraine. All of them have got a substantial funding (from $7 million to $263 million).
For example, Currency Cloud is a B2B company with $17 mln funding the main purpose of which is to deliver cross-border payments as a service. It provides access to different payment networks, offers comprehensive administration, and automates the payments lifecycle. Moreover, Currency Cloud was nominated for a FinTech startup of the year.
Another great example is Expensify, the US-based financial services startup offering expense management services for customers worldwide. More than 2 million people and 300,000 companies are active Expensify users.
Those who enjoy cooperating with IT outsourcing companies from Ukraine prefer the following companies: Bridge Global, N-iX, Ignite, Vakoms, ELEKS, Soft Serve, Intetics, IT Svit, YourServerAdmin. Using the tips mentioned before, it's easy to choose the company for successful Fintech cooperation.
Source: N-iX, Software Development Provider