Head of a FinTech company? Launching a new financial product? As a manager, you likely want to keep development in-house to have full control. However, limited resources and challenges make it tough to do everything in-house.
If your resources are limited, how do you ensure the project stays on track and matches high standards? What’s the solution?
Can Outsourcing Be Your Best Move?
Outsourcing saves money and helps you to scale up or down depending on changing needs. This flexibility is a benefit for new FinTech startups where resources might be tight, and also for agile corporate environments.
However, outsourcing means you’re losing total control and should trust other managers' decisions.
If control is important, then a good option is outstaffing. It refers to hiring external staff who become part of your team but are actually employed by another company. This approach provides more control over the project and better integration with the in-house team. It’s like hiring new employees but without the HR hassle.
What to Outsource in FinTech Product Development?
If you decide to outsource in FinTech project, focus on areas that aren’t the core of your business but are still crucial for success. There are many different functionalities Fintech apps have (payment, lending and mortgage, crowdfunding services, personal finance, insurance, investment, сryptocurrency, online banking, etc.), but they have common development stages. Below are some activities for our outsourcing:
- Prototyping
- MVP
- Mobile app development
- Data analytics and report system
- API integration anddevelopmet
- UI and UX
- QA testing
- Security audit
Our practice shows that it’s easiest to achieve quick wins by outsourcing/outstaffing by starting with the following tasks: app development, data analytics, API development, and security audit.
Most of our B2B clients from the FinTech industry outsource mobile app development. Even if they have an in-house iOS team, they outsource Android development, or vice versa. As the remote organic team, we speed up the development process and make it possible to release apps on the Play and App Store at the same time.
Outsourcing data reporting and analytics helps to identify trends and patterns in your data that are not observed by an in-house team. It can also help to speed up the process of creating custom algorithms and reporting solutions.
We also recommend that you outsource API development. A professional external team will be able to guarantee stringent integration with banking, payment, and financial services. They can assist you in getting access to more APIs within the shortest possible time, enabling you to provide more complete services to your users.
If you deal with sensitive financial data, you are vulnerable to security and compliance threats. So, if you have staff shortages, you may consider outsourcing these aspects. It will help you to minimize risks and achieve the necessary proof of compliance for fintech partners.
What About Other Tasks?
Consider where you feel comfortable sharing responsibility instead of sticking strictly to objective criteria. Focus on those areas first. Pick one, prioritize it, and start there. Once you take the first step, you'll find that outsourcing is not as intimidating as it seems.
Why Outsourcing/Outstaffing FinTech Development Makes Sense
- Access to Expertise: Outsourcing gives you access to skills and expertise not available in-house. It helps you to innovate faster and stay ahead of the competition.
- Cost Advantage: Outsourcing is often cheaper, especially in the early stages when resources may be limited.
- Faster Time to Market: Outsourcing helps bring the product to market faster, allowing you to capitalize on market opportunities faster.
- Focus on Core Business: Outsourcing non-core activities allows you to focus on what you do best – developing innovative FinTech products that meet your customers' needs.
- Risk Management: Outsourcing helps manage risk by leveraging the expertise of experienced outsourcing partners who understand the regulatory environment and can help ensure compliance.
- Innovation and Technology: Outsourcing firms are often at the latest technology and can help you incorporate the innovations into your FinTech product.
Outsourcing some parts of your FinTech product development is a strategic move that allows you to take advantage of special skills, save on costs, and have quicker time-to-market. Consider outsource partners carefully. You will be able to maintain control of core aspects of your product development while taking advantage of external expertise and capacity.
Looking for a dedicated development team?
Contact us to see how we can help you develop innovative FinTech solutions that meet your customers’ needs and drive your business forward.
