Fintech solutions software development services are a type of provider businesses typically go to when they need to create new solutions based on modern technologies, including blockchain, artificial intelligence, and Big Data analytics, to name a few. In the age of corporate belt-tightening, providers like this come in handy, as they help businesses involve external resources, without the need to establish an in-house team. If you are looking for a Fintech solutions software development company, it can be helpful to review the types of options you can meet on the market. In this post, we go over:
Fintech outsourcing providers offer a comprehensive approach to delegating software development tasks. It may include a vast array of services, for instance, software testing, cloud migration, or developing a product from scratch. The essence of using Fintech outsourcing providers is that tech leaders don’t have to scramble internal resources to put to the task. Instead, the client provides project specs and steps back when it comes to direct involvement in the SDLC and communication with the development team.
That way, providers of Fintech outsourcing services offer a “turn-key” approach to software development. In this model, the vendor assumes full responsibility for delivering the project on time and on budget. One of the unique aspects of Fintech development outsourcing, often seen as its major advantage, is the level of trust involved. Clients “hand over the keys to the kingdom” and rely on the vendor to complete the project to their satisfaction. This approach allows clients to focus on their core business activities while the vendor takes on the responsibility of delivering the project on time and within budget.
If placing such a high level of trust in Fintech outsourcing providers isn’t comfortable for you, there are alternative approaches that allow clients to maintain greater control over the SDLC and the software development team. Below, we will explore some of these alternative models.
Staff augmentation puts the power back in the hands of the client: If your project requires a high level of involvement in the SDLC and team communications, this type of Fintech solutions software development service will be the right pick.
Essentially, staff augmentation allows clients to have a direct influence on the software development processes performed by an external team. Unlike Fintech outsourcing providers, staff augmentation assumes that clients are involved in every aspect of remote software development, from selecting team members to managing communication and assigning tasks. In this way, this model puts the client in control of the SDLC. The outstaffing provider serves as a partner, assisting with accessing tech talent, building a team, and keeping the team members for the long haul.
Staff augmentation is a popular choice for many companies seeking Fintech solutions and software development services, as it provides a sense of control over who will be working on their project. So your project requires frequent maintenance or requires specific skills, staff augmentation allows you to build a dedicated team to handle these tasks under your supervision.
The previously described models (Fintech outsourcing services and staff augmentation) relate to the level of client involvement in the project. However, other models we will review are centered around geographical considerations, which include nearshore and offshore approaches.
Nearshoring is about building a team in another country that shares the same time zone or has a negligible time difference. Some definitions of nearshoring may also focus on location and define it as setting up a team in a neighboring country.
Nearshore Fintech solutions software development companies offer several advantages, including the reduction of expenses associated with the administration of an in-house unit, including payroll, infrastructure, employee bonuses, and more.
Another significant advantage of nearshoring is access to a talented workforce that may be challenging to find locally. With that in mind, Fintech outsourcing in Ukraine and other Eastern European countries (Poland, Romania, Bulgaria, the Baltics, etc) is an attractive option for Western European companies. The region includes a large pool of tech talent with experience in Fintech development for global companies.
Offshoring is another option for Fintech software solutions development that is closely related to nearshoring.
In contrast to nearshoring, offshore Fintech solutions software development companies expand the radius of talent search to overseas locations, typically with a significant time zone difference.
In many ways, an offshore approach is synonymous with Fintech development outsourcing. This approach also lets companies establish tech teams in different countries to develop financial technology products or services. Compared with nearshoring, one of the main challenges is managing communication and collaboration across different time zones. But if you’re looking to keep costs down and access a larger talent pool, offshore Fintech solutions software development can be a viable option.
We at nCube are proponents of the idea that companies make the most of working with external providers of Fintech software solutions development when they participate proactively in building and managing their external teams.
With that in mind, we build dedicated development teams that work exclusively on the client’s project, following their direction and reporting directly to them. That way, you will get a team that operates alongside your internal team, using your software development practices, methodologies, and tools.
The team formation process for a dedicated team is handled by the vendor (like nCube), but the client has the final say in the candidate screening process, ensuring that the team is a perfect fit for their vision and goals. If you’re in a rush, we can provide relevant candidates within a week after our kick-off call.
When you build a dedicated team for Fintech software solutions development with us, the team members will be dedicated solely to your project and work for you full-time, 40 hours per week. Additionally, the team we provide for you will be fully integrated into your workflow and engineering processes, seamlessly becoming a valuable asset to your organization. This level of integration ensures that the engineers have a deep understanding of your business requirements and goals, allowing them to deliver high-quality work that meets your specific needs.
Contact us if you are looking for Fintech solutions software development services in Central and Eastern Europe or Latin America.