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Stay Ahead of the Curve: Discover the Advantages of Collaborating with Fintech Software Development Experts!

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David
Marketing Specialist
May 5, 2023 โ€ข 8min

With the ever-evolving financial sector, the demand for software development services is increasing. Financial companies need custom software solutions that cater to their unique requirements and shifting customer needs, and can keep up with the growing competition and the rapid advancement of new technologies

Partnering with a top software engineering and development agency offers several advantages that can positively impact businesses.

Through a strategic partnership with a trustworthy software development agency, financial firms can gain access to specialized expertise, minimize expenses, enhance operational efficiency, and elevate the quality of their services. Let's explore these advantages in detail and learn how they can give your fintech company an edge in the market.

Access to Specialized Tech Expertise

Software development agencies have a team of skilled developers with specialized knowledge of various industries. This industry-specific intelligence allows them to offer valuable insights and recommendations on customized software solutions that cater to specific business needs. 

For example, fintech companies have unique requirements for developing software for mobile banking solutions. These fintech companies require software that ensures secure online transactions, detects fraudulent activities, and complies with financial institutions' strict security protocols.

A software development partner can provide the necessary expertise to develop customized fintech software solutions that meet these specific requirements along with changing customer expectations, helping businesses stay ahead of the competition. 

By partnering with a financial software development company, businesses can access a range of specialized services, including web development, mobile app development, UI/UX design, and software integration, among others. 

Specialized expertise can also help businesses mitigate risks associated with software development. With the constantly evolving landscape of technology, businesses face various risks due to the nature of sensitive data, such as cybersecurity threats, data breaches, and system failures. A software development company with specialized knowledge can develop secure financial software solutions that comply with industry-specific financial regulations and standards, enabling businesses to mitigate risks and avoid costly legal and reputational damages.

 

Cost reduction and financial benefits

In a recent article about the expected cost of app development in 2023, we already discussed the financial benefits of outsourcing software development. Still, since it's timely and relevant here, we must mention, in addition, that besides the obvious cost cuts, by partnering with a software development vendor, a fintech company can also save on expenses associated with maintaining an in-house development team, such as salaries, employee benefits, and office space expenses.

The agency also takes responsibility for handling the entire software development process, which can save time and resources that can be allocated to other business needs while also focusing on developing financial apps. 

Moreover, software development companies use modern development tools and techniques that can help businesses to save money in the long run. These tools enable faster and more efficient development, resulting in a quicker time to market, reduced development costs, and improved ROI. 

Web and mobile app development companies work on a project-by-project basis, allowing businesses to have more control over their software development budget. This means that businesses can prioritize their software development needs, allocate resources accordingly, and avoid unexpected costs. 

Let's have a look at a practical example of such a case. Saxo Bank is a Danish investment bank that provides online trading and investment services to clients in over 170 countries. In 2017, the bank decided to revamp its trading platform to better serve its clients and remain competitive in the rapidly evolving financial services industry.

To achieve this goal, Saxo Bank partnered with a digital solution provider, a global fintech software development and digital transformation consultancy company. Together, they embarked on a three-year journey to rebuild the bank's core trading platform.

The project involved the creation of a new microservices-based architecture, which enabled the bank to improve its operational efficiency and scalability. The new platform also offered clients a more intuitive and user-friendly trading experience, with faster trade execution and more reliable access to real-time market data.

Agile development practices and a DevOps approach automated testing were employed to ensure continuous delivery and quick feedback cycles.

As a result of the partnership, Saxo Bank was able to launch its new platform in 2019, delivering a modern and competitive trading experience to its clients. The bank has reported a significant increase in trading activity and customer satisfaction since the launch of the platform.

 

 

Faster Time-to-Market for your fintech software

Timing plays a crucial role in several aspects of our lives, and this is also applicable to building, launching and promoting digital solutions or products, especially in the financial sector, which is witnessing swift advancements in technology.

Software development agencies have experience in delivering software projects quickly and efficiently. They use modern tools to develop banking platforms, and techniques, such as Agile development methodologies, that enable faster development and quicker time-to-market.

Partnering with a reliable development company can also help businesses reduce the time required for project management. The agency takes on the responsibility of  managing the software development process, freeing up time and resources that can be allocated towards other critical business activities. This allows businesses to speed up the overall development process and reduce their time-to-market even further.

Specialized software development agencies possess the knowledge of industry trends and best practices, and can easily  implement third-party solutions and automate processes. By leveraging these capabilities, fintech companies can reduce time-to-market and gain a first-mover advantage.

Revolut is a prime example of how faster time-to-market and continuous integration of a fintech solution can lead to significant success. The mobile app was launched in 2015, providing a digital banking platform that allowed users to hold, transfer, and exchange money in various currencies.

Within three years of its launch, Revolut's user base had grown to over two million users, and the company had achieved a valuation of $1.7 billion. The key to Revolut's success was its ability to rapidly develop and launch new features and services that catered to its customers' needs.

For example, in 2017, Revolut launched a feature that allowed users to buy and sell cryptocurrencies directly from the app. This was at a time when cryptocurrencies were gaining mainstream popularity, and traditional banks were slow to respond to the trend. Revolut's ability to quickly launch this feature gave the company a significant advantage over traditional banks and other fintech startups, which were slow to adapt.

Similarly, Revolut was quick to launch a feature that allowed users to buy and sell stocks directly from the app. This was in response to the growing demand for commission-free trading platforms, and Revolut was able to capitalize on the trend by launching the feature quickly.

Revolut's fast time-to-market strategy allowed the company to gain a competitive advantage over its competitors by quickly identifying market trends and launching new features to meet customer demands. By doing so, Revolut was able to attract a large user base quickly and achieve significant success in a relatively short amount of time.

 

 

Faster Scalability for your financial app

Development agencies have the necessary resources to quickly ramp up or down development efforts based on a business's changing needs, meaning  that businesses can easily scale their software solutions as their operations grow or new opportunities arise. For example, an development agency can help businesses reduce their risk when scaling their software solutions, such as:

  • Inadequate infrastructure that can cause system failures, downtime, and poor user experiences, leading to reputational damage and financial losses.
  • Security breaches, as scaling software solutions become more attractive targets for cybercriminals, leading to data breaches and financial losses.
  • Compatibility issues with other systems and platforms, resulting in software malfunctions and poor user experiences.

The development company takes responsibility for managing the development process, ensuring that the software is delivered on time and to the required quality standards. This can help businesses avoid potential delays and issues that could impact their ability to scale their operations effectively.

Furthermore, a software development agency can provide businesses with access to cutting-edge technologies and techniques that can help them stay ahead of the competition, identify new opportunities or emerging trends in the market and develop software solutions that meet the changing needs of their customers.

Conclusions

In summary, by partnering with a software development company, fintech companies can enjoy several benefits, including access to specialized expertise, cost reduction, financial benefits, customer engagement, and faster time-to-market. Specialized expertise can help businesses create customized fintech software solutions that meet their specific needs and reduce risks associated with software development.

By avoiding the expenses related to managing an in-house development team and overseeing the entire software development process, businesses can achieve cost reduction and financial benefits. Additionally, faster time-to-market facilitates the swift introduction of software solutions, which allows businesses to gain a competitive edge and increase their revenue potential.

For more practical examples of how we handle financial software development and build custom web and mobile applications for our partners, take a look at our featured fintech solutions such as:

  • Everon - A Swiss wealth management app that truly believes in democratizing private banking by offering access to outstanding investment opportunities that are geared to every person's needs.
  • Citizen Mint - An investment management platform that offers access to assets that solve our planet's biggest challenges by providing a platform for various impactful investment opportunities.
  • Banqup - Accounting platform that helps SMEs, freelancers, and self-employed people digitally connect to their accounting processes anywhere and anytime and simplifies the process of creating, sending and monitoring business invoices.

For more fintech solutions, check our portfolio here or contact us directly at contact@wolfpack-digital.com. We’d love a good challenge and would love to help you make waves the next big thing in fintech!

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