While you reflect and hope to excel beyond the ordinary in terms of enabling consumers to do their finances better, we want you to look towards the fintech ecosystem.
Look around and see how trends are evolving and where consumers are heading in the upcoming decade. With digital transformation underway and rapid developments for the software development company in chicago – it is time for businesses to evolve and look toward newer opportunities.
Fintech aims to revolutionize conventional banking and over the past decade, it has succeeded in doing so to a high extent. An Android application development company of today has potentially worked on delivery apps, taxi platforms, and numerous fintech products. Banking is more than digital and the entire ecosystem is constantly evolving.
Keep reading as we disclose why different kinds of businesses should consider outsourcing their next digital product idea. Research and reflect. See where your entire team stands and where you need to scale toward.
How the Market is Looking Like
Look at the numbers and evaluate everything. There are over 26,000 fintech startups globally and the number is continuing to grow exponentially as more economies adopt digital payments as the next norm.
And, you would be pleased to know that the most promising fintech companies known today have secured over $115 billion during different rounds of funding in the past half-decade. If we look at the stats, it shows an average of around $20 billion in equity deals per year.
Some more than others. Investors are hooked and so are other businesses. The fintech industry has doubled since 2017, according to Deloitte. The ecosystem is thriving right now.
Venture capitalists (VCs) are looking forward to seeing innovative products come up and lead the pathway. When you outsource and consult a company that specializes in customized software solutions – expect to see a long list of potential insights and strategies.
The Audience
Now, you might be wondering if moving toward the fintech industry is even a feasible idea or not. We understand and despite the fact that every industry is seeking a digital product that relates to fintech in one way or another, it is still important to research and strategize accordingly.
- Startups
- Enterprises
- Mid-sized firms
Yes. Startups could benefit in terms of resources and outsource the ideal talent out there. Go global and seek the best there is to offer. And the fact that we highlighted enterprises and mid-sized firms is to state that fintech is a vital component of different industries as well. For instance, you enable people to collaborate with a diverse talent pool, increase project scalability, and the eventual cost lowers down.
Furthermore, partnering with the best Fintech companies in 2024 can provide cutting-edge financial solutions, integrating advanced technologies like AI and blockchain to revolutionize payment processes, enhance security, and deliver personalized customer experiences, thereby significantly contributing to the growth and efficiency of your business operations.
You need your product to cause disruption and for it to be remembered for ages to come. Again, when you think from a global perspective, things change. Once you have a diverse set of stakeholders onboard in terms of product developers, designers, business strategists, and QA engineers – it is easier to streamline things.
Technologies to Outsource
Over 37% of businesses outsource talent and we do have insights on what kind of technologies would be needed for a fintech-based digital product. You do not have to necessarily adapt every technology to your project. Research, take inspiration, and see what works in your own scenario.
Every product requires different features and functions and it all depends on what the eventual goal is and what the dedicated audience requires.
Payment gateways
When we are talking about the intersection of finance and technology (fintech) – it should be understood that having a well-sorted payment system with multiple gateways is an essential part of the product. Enabling people to go fully cashless is the goal, after all. Quick transactions, payment reminders, and the ability to add beneficiaries are just a few suggestions.
eCommerce integration
For eCommerce businesses, having a well-thought-out mechanism where the entire supply chain is streamlined efficiently and customers are enabled to navigate through easily is necessary. Plus, when we are talking about integration – the conversation is about ensuring that seamless payments are in place and better accessibility is enabled.
POS development
A point of sale (POS) system is necessary to maintain records and essential credentials in relation to what product the customer bought or the service subscribed to. To know how the business is progressing and what kind of strategies to adopt – you will need a detailed set of records.
A POS system can act as the perfect medium between banks and your business. Everything will be automated and you will see a rise in efficiency and a reduction in costs.
Development stack
While you search for iphone app development services or kind of specific services – do your research – and see what kind of tools would fit with the product you are trying to create. We have listed the most popular tools which might help you walk through more easily during the roadmap:
- Python
- Ruby
- React Native
Each language is versatile and has a specific set of specifications attached to it. Python is scalable and dynamic – it perfectly aligns with data science. While Ruby is simple and is useful when you need to set up e-wallets and financial dashboards among other features. And when it comes to building native apps, React is your go-to tool.
Final Thoughts
Overall, these are promising times, and the advantages of collaborating with an agency that can provide the insights you need are far more than the few drawbacks. Again, in a globalized world, outsourcing is the next norm. Partner up with the best talent out there. It is a win-win situation. You save up on cost and the entire workflow gets managed in a better way. Here are a few additional perks:
- A dedicated team
- Detailed outline
- Set price
- More productive and efficient
Be communicative and express every concern you might have before signing any contract. And make sure that proper procedures are outlined and that there is a step-by-step guideline provided. Planning matters in cases of outsourcing and companies are never spontaneous, especially when it comes to building an entirely digital platform.
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