A Comprehensive Guide For How To Hire Fintech Developers

Fintech is the combination of finance and technologies. There is nothing left from traditional banking in our understanding of the meaning. Fintech is swiftly changing the financial services industry. It is a creative field of organizations that utilize the latest technological developments to compete with conventional financial institutions. Many industries are discovering to Our in-depth guide displays how to source, screen, interview, and hire Fintech developers. 

Fintech developers can assist you in designing and developing financial technology services such as digital wallets, banking portals, payment gateways, financial ROBO, etc. Fintech developers are highly in demand as traditional services are replaced with financial assistance.  If you are planning on investing or starting a fintech business, it is the best time to make a move.

According to a press release from EY Global, “the global fintech adoption rate has risen to 64% by 2019.”

 It is not surprising as statistics have shown that many industries are shifting from traditional financial solutions to software solutions. The digital banking market is estimated to be $4.3 billion in the US alone. Whether you consider launching a business or you already have a developed company, you will require expert fintech developers having experience.

Due to these cited numbers, Fintech developers are in demand for the years to come. Discovering the right Fintech developers for your company may be challenging at first, especially if you are new to the hiring procedure. We are here with the technologies that make things more clear about Fintech technology and its area. 

Technologies Involved in Fintech When You Want to Hire Fintech Developers 

• Digital banking

Digital banking is a twist from physical to online that provides you with a high level of automation. This model is similar to a bank with physical branches, except it requires fewer costs for human strength to get the benefits from reduced charges. Revolut, Fidor, Simple, N26, and Monzo are some of the better-known digital banking systems. 

• P2P lending

  It is one of the famous areas based on the possibility of lending without involving the banks. Most startups operate on a distributed ledger basis and beneficially assist lenders and borrowers from the customer and business sectors. 

 Other forms of peer-to-peer lending include student loans, commercial and real estate loans, payday loans, as well as secured business loans, leasing, and factoring.

• Money Transfers

 These are the startups that permit users to transfer money without the participation of banks. They use mobile platforms and simple methods of authentication. The famous money transfer solutions are

1. Revolut Neobank
2. Transfer Wise
3. klarna
   

• Investment platforms

These are known as Wealthtech. They include robotic advisors, digital brokers, micro-investments platforms, and personal finance management programs. Some of the applications of fintech are mobile payments

1. Automated investment apps(Robo-advisors)
2. Cryptocurrency
3. Online lending
4. Crowdfunding platforms

• Big Data analysis

Fintech development helps handle the data of financial sectors. It provides systematic payment services without the traditional bank substructure. approach to the financial industry. Big data analysis is used in various fields such as 

1. fraud detection,
2. managing customer data,
3. risk modeling
4. personalized marketing.

• Insurtech and Pertech

 Insuretech is an insurance provider of automated products. For example, US auto insurance organizations use “telematics” to sell insurance. Pertech is the technique that allows clients to opt their business to changes in legislation, Fintech regulations, and market conditions.   

Some of the examples of insurtech are

1.  Acko
2.  Artivatic
3.  mantra labs
4.  Policy bazaar. 

• Neo bank

 It is a Fintech-based bank that works digitally or via a mobile app and provides banking services through apps that can be accessed via smartphones. They require minimum paperwork with less documentation and charges. The main examples where Neo banking is used are 

1. PayZello
2. InstaDapp
3. Fin Health
4. Niyo Solutions

What Kind of Software Can be Developed by Fintech Developers?

• Billing and payment

 Billing and payment software help businesses maintain accounts for making payments and receiving money transfers from different sectors. This type of software is automated and reduces manual data errors. 

• Investment software

 With the help of investment software, clients can enhance their investment decisions. The system allows them to access the analytics and ease the expenses, making the work easier for administration by analyzing cost-effective opportunities, collectively with existing payment, accounting, and time-tracking software reviews.   

• Financial Planing Software

It is generally linked to the client’s bank account. This type of software provides clients with described financial data collected at a place. 

• Blockchain-based services and solutions

 Blockchain-based solutions deal with issues of ownership and smart contracts. These services help different lending products, including credits, mortgages, and consolidated loans. 

• Insurance software

The insurance software requires compliance with international and national regulations. The software provides the clients with profitable opportunities, costs, and revenues, and manages and monitors the existing state of insurance policies. 

• Expense management software

 Expense management can be used to operate, process, transfer, and pay the charges for the employment process. 

Essential Checklist When You Hire Fintech Developers

The financial software developer’s main task is to make financial software development services available and be an expert on specialized software products. Fintech is powerfully driven by technology, and the demanding skills of Fintech professionals are widely categorized into five classes.

Technology is the base of the fintech industry, and it keeps on getting innovated over a period. With the beginning of Fintech, there have been evolving techniques playing a specific role. The most demanding skills are the specialization in mobile and web designing, APIs, python, java, data science, artificial intelligence, machine learning, and best programming skills. 

1. Develop and manage a wallet system for our platform
2. Work with IT support to recognize and mitigate issues.
3. Work with freelance writers to induce whitepapers about the technology.

• Blockchain and distributed ledgers

Blockchain refers to security and is used in multiple digital transactions through bitcoins or cryptocurrency. The finance industry has observed overwhelming growth in technology, raising several new financial services. Many consumers are seeing a consistent rise in the value of digital currencies like Bitcoin, XRP, and Ethereum. 

• Machine learning applications in Fintech Industry

Machine learning is like added sugar for the betterment of fintech services. Machine learning makes it essential to know the inner workings of machine learning applications. One of the best applications of machine learning in finance is process optimization. 

• Information about artificial intelligence

Artificial intelligence is everywhere now, especially in the banking sector. It has become a critical dominating technology. You must be familiar with automated chatbots- that is, AI or you may have seen robotic process automation for claim management- that is part of AI. Artificial intelligence is explicitly used in the insurance sector to automate handling mechanisms using Artificial Intelligence and handling a large amount of data in a short time. 

• Automation DevOps and drive

As businesses are expanding, there is a constant requirement to enhance their technological aspects. The provision and demand for process automation grow. DevOps handles operations and development concurrently. It leads to faster deployment and 

• Knowledge about Big Data and analytical skills

 Big data is an innovation that all modern companies should take into account. All organizations are present online to collect data about their users, and most of it is generally accessible. The data requires innovative programmers skillful enough to analyze and predict clients’ behavior, expectations, and needs appropriately. 

• Outsourcing of Fintech software

Technology and innovation are growing hand-in-hand. Startups have no idea other than to become highly dependent on each other. Hiring fintech software developers, product managers, and finance experts 1can be affordable for only a few startups and not all. Multiple banks have started to look to fintech development outsourcing to access technical talent that can assist them in competing with young, disruptive fintech companies. 

If you hire a fintech developer, his company and he must be able to provide the focus on the terms and especially mobile, software support, or UI/UX design so the fintech company can concentrate on exploring the business. 

Benefits 

• It can be cost-effective and use third-party experience and profits to adapt to technological progress.
• It focuses on core business activities. 

How to Hire Fintech Developers?

There are many stages from which you can hire Fintech developers. Many job boards include 

• Fintech Fans 
• Fintech Coffee
• eFinancialCareers
• Toptal
• ValueCoders

1.  You must give a catchy job title—a summarized detail about the job, responsibilities, salary, workplace, and schedule. 
2. Information about your startup and the work culture you are providing
3. Minimum qualification requires
4. Preferred work experience
5. Preferred application method
6. After creating your job posting, make a list of the keywords you have utilized. 
7. Re-use your job posting on other stages. It’s a good chance to post your job on multiple platforms at once, so you can build a sustainable business. 

You can post on various platforms where you can post the job titles such as

1. Indeed
2. LinkedIn
3. Upwork
4. Google
5. Ladders
6. PostJob free
7. startupers

Freelancers

If you want to hire Fintech developers for a short project or a small duration, you can hire any freelancer using freelance job platforms. There are numerous sources from where you can choose the freelancers to hire a Fintech developer.

1. Upwork is one of the best freelance websites for discovering work for any type of developer. Whether it may be a web developer, graphic designer, customer support, or even freelance writer, Upwork has much to offer. 
   
2. LinkedIn is the place from where you can hire the creative ones, people use to have a LinkedIn profile with added skills and qualities. You can hire the best one accordingly. 
   
3. Behance is a go-to site for anyone hoping to discover creative freelancers. It features so much great work to soak in, involving illustrations, animations, development, and more. 

From the organization

You can directly hire Fintech developers from any company or organization. APPWRK is one of the best organizations providing the best fintech developers that will meet your requirements and not disappoint you.

APPWRK is one of the best fintech development agencies in India. With over ten years of experience, the proficient development team of APPWRK has developed 100+ mobile apps for enterprises of all sizes, from startups to large enterprises. The company will help you pre-screen candidates that will give you the best version of the service and serve you with the best at a reasonable cost.

Requirements and Qualities to Look for in a Fintech Developer

The portfolio of the Fintech organization has to involve examples of the technologies staff uses and the latest architecture that guarantees easy maintenance and integration with the Fintech services. It is essential to know the current situation and analyze it, make predictions for the future, and draw concrete conclusions. We have mentioned the following skills that are needed to be a fintech developer. 

• Domain knowledge

As we all know, developing any software is the task of gathering knowledge and giving it an executable form. When you want to hire a Fintech developer he or she must have the domain knowledge as it is required for problem formulation, data collection, data pre-processing, and feature engineering. It plays a vital role in modeling as well. While model selection and evaluation are normally considered technical problems. 

• Expert developing knowledge

 The Fintech developers should be experienced and have the required certifications, Fintech domain knowledge, and technical knowledge. To serve you with top-notch software development, the staff has to be experts in the skills and earn experience in making reliable, secure, and sophisticated Fintech products.  

• Web app and Software Security

Secure identification and authentication can be crucial for Fintech software. The Fintech industry is an area that needs precision and safety in all data and operations. Companies use financial solutions software to enhance employee productivity and customers.  

• Capacity

 Whenever you hire Fintech developers, make sure the size of the Fintech company needs meets your business aspects. The Fintech organization has to offer engineers and other IT specialists for your project tasks. You must be confident that you will have all the specialists you require at several stages of the development process. It can be helpful to have a team of developers for the entire Fintech development process as it will be less time-consuming and maintainable.    

• Risk management

 Fintech projects need risk management. It is a decision-making tool required for the evaluation, identification, and determining risks focussed on reducing the possible negotiation of the project caused by its implementation. You can take place in the market due to the presence of risks. These are the allies of the person who knows how to handle them. 

• Soft skills 

 It will make your life easier for all parties interaction and make most of the processes automatic. It is the time for soft skills that must be in the. The developer must have the best communication skills so that he can describe his point of view. 

Questions to Ask in the Interview When You Hire Fintech Developers

When you are new to hiring a developer of fintech technology or thinking of hiring a fintech developer, you should look for a person who has significant experience in the Finance domain and understand the intricacies of the system. The person should be well-versed in using the latest technologies to create a swift and user-friendly application without compromising on the quality of the system. 

We are here with some questions that will help you make the correct decision and let you choose the right one. Before hiring a developer you must know about his technical and general knowledge. 

1. First of all, it may be pretty tricky to pull out the things you can ask the individual to introduce himself. 
2. Once you are completed with the introduction part, you can proceed with your next question about what your employee will do for this role that others can not. You can also ask why the company will give him preference instead of others. 
3. Afterward, you can check whether the person you are going to hire is a good learner or not. You can ask him what he has learned from the previous positions and previous work. 
4. Now it’s time to move to the technical part. Instead of asking about the weakness of an individual, you can go for the qualities he has and how he approaches problem-solving and getting the appropriate coding.

Apart from general questions, you can opt for the technical questions as well such as: 

1. What are the 4 categories of Fintech and what technologies are used in Fintech?
2. What are your thoughts about the current state of the market?
3. Explain the meaning of blockchain in general terms and describe any experience you have with it.
4. What four financial statements are used to monitor a company’s financial health?
5. What do you know about compound interest and the time value of money?

Conclusion

Building a Fintech app is not easy as a pie. You have to handle many problems and tackle them, such as regulations and heightened data security, besides standard development concerns like retention and user experience. As we have discussed how to hire a fintech developer, it may be clear from the information what things you need to consider and check in a developer. It’s time to make a move and grab the chance of hiring the best ones for your business. As per the experience of developers, you must check what type of software he has developed and check the websites and applications too. You should check if it is user-friendly or not. The solutions developed by the developer must be easy to understand and flexible to make changes and modify.

The code generated must be secure as it is related to finance and technology then security must be on first priority. The fintech developer must be able to develop a solution that includes Biometrics, gamification, and Distributed Ledger Technology. Fintech is booming and becoming an even more integral part of everyone’s life, not just the big businesses. Artificial intelligence and APIs permit fintech technology to become more customized and personalized to reach clients. Biometrics assists in keeping all the data safe, meanwhile, digital lending is conquering the hearts of the new money generation.