We all know and see that financial technology is a rapidly evolving field, and as the industry grows, so does the need for mobile app development for enterprise outsourcing. In fact, according to a 2021 report by Moorwand, 49% of fintech spend 10-20% of their annual revenues on outsourcing because streamlines processes, enhance accessibility, and create better user experiences.
Partnering with an external company for app development gives you access to a wider set of skills. They are used to working on a range of projects being perfectly capable of performing complicated tasks in a short time, giving you access to expert guidance, and helping you determine the right mobile app development for iOS and Android for your small business since they have a deep understanding of the newest technologies on the market.
Also, another of the benefits of working with a tech partner for your fintech app is that they have a strong agile mindset and flexibility because is critical to be able to cope with market fluctuations to drive greater efficiency within the project and make it all a much smoother and efficient process.
Choosing the right company for app development is a critical decision that can significantly impact the success of your financial business, not only for the aforementioned reasons but also because they can help you regulate and minimize any risks since they are well-versed in the laws. If you have any questions, you can ask for project examples and client reviews to prove their reliability.
Why Should You Set Criteria for Selecting Your App Development Partner?
In order to not make mistakes in the selection of a reliable technical partner to build your fintech solution as per your requirements, you should set criteria, this will eliminate the chances of selecting the one that fails to meet your requirements and deadlines.
Setting up a standard framework for evaluating IT vendors according to your project requirements and business objectives will enable you to compare different companies for mobile app development for startups based on factors like experience, quality deliverables, reliability, engagement proposals, and others.
We know that in order not to make mistakes in the selection of a technical partner you might need to consider a lot of details.
Let’s see a few points that will help you before selecting your app developer partner:
1) The team must be at the forefront of technology: Every company for app development offers different services that are aligned with the proficiency of their specialist, such as frameworks, APIs, programming languages, UX and UI design, and others. The only thing you will have to do is to ensure that the chosen tech partner is aware of the latest innovations in mobile app development for enterprises in fintech software development like Artificial Intelligence, machine learning, predictive analytics, and so on.
2) Possibility of interviewing your development team: Another point to consider is, as a client you will have the opportunity to talk to the development team that was assigned to your application, engaging you in the complete process of building your fintech solution. This means that you could stay in contact with the developers and get to know more about their soft skills and hard skills.
3) Personal consultant at your disposal: If you have any questions, you can ask the personal consultant assigned to you who is acquainted with the tech stack needed for your project.
4) Knowledge of official security regulations: We will see later about all the requirements and regulations for fintech apps, but in the meantime, it is important to consider that your tech partner should not just be aware of these laws but should provide all with the proven and documented compliances. Notice that without complying with these regulations, your fintech app won’t be allowed to be deployed and used for many purposes.
5) Knowledge of risk management plans: Your technical partner has to be proficient in creating risk management plans. If you want your users to trust your financial facility, security, and protection of private financial information, are everything to a fintech app development.
Requirements and Regulations for Fintech Apps
When it comes to fintech apps there are a few requirements and regulations you need to follow to get a range of permissions related to private data security. Of course, the range of regulations depends on the specific state or town, for example, if you are in the U.S here are some regulations for fintech development you need to follow:
- Federal Deposit Insurance Corporation (FDIC), they are responsible for analyzing and managing the federal financial organizations.
- Securities and Exchange Commission (SEC): they regulate and protect investors, brokers, exchanges, dealers, and others.
- Financial Industry Regulatory Authority (FINRA): they manage the registered brokers, their financial activity, and crowdfunding to protect investors and their funds.
- Financial Crimes Enforcement Network (FinCEN): they are responsible for gathering and reviewing information about financial services and transactions. In this way, they can detect local and international money laundering and other financial criminal acts.
- Commodity Futures Trading Commission (CFTC): they protect the customer funds by regulating the derivatives market including brokers, swap dealers, currency dealers, and COMEXs.
- Consumer Financial Protection Bureau (CFPB): they supervise the organizations that offer financial services by detecting fallacious and abusive actions to protect customers from being frauded.
Certainly, they are a few more to consider, such as US Anti-Money Laundering regulations (AML) or Financial Modernization Act, so be aware and investigate all the required compliances for your fintech development.
Features for Your Fintech Solution
It is very important to know all the features that should have your fintech solution. Let’s discover some of them.
- The most critical feature will be security and protection: to have a high level of safety in your internal processes, you must be aware of the laws we mentioned before and implement them into your fintech solution.
- Product design: it must be intuitive and modern to attract your potential customers.
- Risk management plan: this will help you to forecast and prevent any risks related to financial operations facilitating internal processes.
- Blockchain technology: if you want to avoid money laundering and other malicious acts, blockchain technology will help you to connect internal operations efficiently and structure financial data with special access to this database.
- Compliance with all official laws: as we mentioned before these regulations must be taken into account so the single framework for the fintech apps could be created and implemented.
Don’t forget to also integrate a custom report generation, this will help you analyze the strategy of the financial facility, optimizing it for the purpose of mobile app development for startups cost reduction and income increase.
Where to Look for a Tech Partner?
When you are looking for a tech partner, you are looking for a reliable technical company. Of course, you can start traditionally by looking through the internet, but just be careful because not all of them are trustworthy.
We recommend you explore their websites, the descriptions of trusted mobile app development for small business software development companies, proven compliances and awards, cases, and client reviews. This will help you to know a little bit deeper each of them.
Likewise, you can look at thematic and Q&A platforms, in these sites, you can leave your request or question so that other users could suggest fintech software development. Also searching these types of websites you can read about different fintech partners and all the information about the software development company.
Another place to look is the reviewal websites, they usually contain information about the company such as a short description of the company, portfolio, links to the company website, and more. All of them, are related to different industries to see which one best suits your project.
And of course, there are freelancer websites, you can find here companies that collaborate with freelance platforms to promote their services.
To sum up, Fintech technologies are changing the scope of the financial industry. More and more financial institutions are incorporating digital technologies into their operations and services to enhance customer experience and reliability.
For that reason, choosing a partner who provides you with invaluable specialized expertise, security, and agile technologies and teams will make it feel a lot more like a collaboration than outsourcing. With the right tech partner, you can open the full potential of your fintech app and stay ahead in the rapidly evolving financial market.
Ready to take the leap?
Consider partnering with ThinkUp, an experienced fintech app development company that understands the intricacies of fintech mobile apps. Let us help you transform your business and stay competitive in today’s fast-paced.