Daria Lymanska
CEO & Founder

Too many requests! You have made too many requests!! No more requests!!!
– How many times do you have to hear that before you get really angry?Amazon Chime API’s request throttling tested our patience like this. But all we ever wanted was to make a simple text chat app work! In this article, you’ll find out why Chime was so unkind to us, what we did to turn things around, and how you too can follow the path we forged.

These days, Fintech is becoming one of the world's fastest-growing industries. Every year, the number of new Fintech startups increases. In 2024, more than 13,000 such enterprises were recorded in the Americas.

 

Financial technologies include online banking applications, lending platforms, trading platforms, and robo-advisor apps for investing and budget planning. All these innovations demand top-notch Fintech solutions to serve customers, so aspiring Fintech startups need to find a talented team that can build an advanced product.

Key considerations when hiring

Before hiring a FinTech development company, it’s crucial to ensure the specialists have all the essential hard and soft skills. This way, the Fintech application project will have more chances to succeed. So, to hire reliable developers for your project, you need to understand the essential compliance requirements, which you will need to check. 

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What are the must-have competencies of web development companies for Fintech?

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  • Technical knowledge. The company's developers must be well-versed in all the necessary coding languages, frameworks, technologies, and security norms. 
  • Background in your niche. Check if a company has a portfolio of projects related to the financial field. 
  • Familiarity with applicable finance legislation. The company must know industry norms such as PCI DSS and GDPR.
  • Social skills. Seek a team that is able to ensure transparent communication, flexibility, well-organized teamwork, and attention to detail.

Experience in FinTech

Familiarity with the industry is obligatory for financial services development because the specialists must comprehend the main finance principles. A deep understanding of monetary standards and risk management allows developers to craft solutions that meet the niche requirements. Look for a company that has worked on apps or websites for mobile banking, budget management, cryptocurrency wallets, or other products related to Fintech app development. 

Technical Expertise

First of all, make sure the tech specialists know the necessary programming languages. For instance, frontend development for Fintech may require knowledge of JavaScript, libraries and frameworks such as React.js, adaptive and cross-browser layouts, as well as principles of responsive web design and great user experience. At the same time, Python paired with Node.js may be useful for backend development for Fintech.

Secondly, developers must ensure the product's security. To achieve this, they must understand finance APIs and data encryption protocols. Similarly, implementing secure coding methods and following best practices are critical to providing data security. Additionally, expertise in cloud and blockchain technologies can be vital for the safe and reliable launch and scaling of Fintech products.

Security and Compliance Knowledge 

Fintech solutions must meet the latest regulations and standards for user data security. Since Fintech startups and online banks carry sensitive customer data, they are often victims of cyber attacks. That’s why there are legal regulations aimed at the safety of clients and ensuring secure accounting transactions. So, to get secure Fintech development services, check if a company has relevant experience and understanding of the best practices in data protection along with industry norms such as PCI DSS and GDPR.

Communication and Collaboration

Effective communication is crucial for successful Fintech website development. A simple and streamlined interaction provides quick response, the ability to adjust tasks quickly, and full transparency of their implementation. Also, the tech team members must evolve their problem-solving skills, be adaptable, and demonstrate excellent collaborative skills. The last thing can be reached only by an experienced provider, so you should assess the management style in a company.

Research Potential Partners 

Before hiring a Fintech development company, conduct research on your own. A company must have a website providing all the information about its expertise, portfolio, and contact details. Besides, don’t forget to check customers’ testimonials to determine the quality of the services provided. Likewise, case studies of Fintech projects will best demonstrate a company’s expertise and outcomes achieved. 

Develop a Request for Proposal

When you already have a candidate for possible cooperation, the next step is to write a project proposal. Initially, you need to define the project's goals, target audience, desired functionality, and budget. This process will help your possible contractor fully understand your business demands and provide you with a personalized offer.

Conduct Interviews

While conducting a technical interview, ask detailed questions about the development process to check your possible contractor’s skills. Secondly, the organization's leadership style and structure should be analyzed. Inquire about any cross-functional initiatives the company has worked on.

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It’s also important to find out who is on the team. In addition to the usual members of a tech team, such as a technical lead, developers, and QA testers, there should also be an expert who works on UI/UX design for Fintech. And, of course, don’t forget to ask about their previous experience in the niche and evaluate their grasp of your business needs and vision of the product.

Portfolio Review

When selecting a software development company, experience is a key consideration. And the easiest way to assess it is by checking the portfolio. Companies that have been on the market for a while usually have numerous projects. However, you need to pay the strongest attention to those connected to the Fintech industry. Check for mobile banking apps, home loan calculators, or trading tools technologies to make sure their design, usability, and the achieved results are close to your goals and needs. 

Conclusion

Developing a Fintech product is not an easy task. Besides the fact you need to retain customers by providing an outstanding service, you also have to worry about things like regulations and data security. That’s why it’s essential to learn how to recruit decent Fintech development specialists. By following the clues given above, you will be able to find suitable candidates.