Conquering Challenges in the FinTech Industry
The FinTech industry is booming and is expected to continue growing in the next decade. A thorough research study by EY reveals that as of 2017, global FinTech adoption stands at 33%, compared to 16% in 2015. In the near future, these figures are expected to increase even more – up to 52% on a global scale. This widespread technological penetration within the financial industry suggests we are witnessing a complete transformation. Although the FinTech industry is on the rise, it does not mean that there will not be obstacles along the road.
The Global FinTech Scene
KPMG’s ‘ The Pulse of Fintech’ report estimated that for 2017, the global investment in the FinTech sphere was over $31 billion. This is due to continuous development in the industry, as well as present drivers of innovation that guide the industry to new heights. Although there’s significantly increased investments in FinTech and a high demand for the development of innovative FinTech solutions, there is insufficient supply for development services. A recent report by ScaleUp on economic growth, reveals that companies cite recruiting skilled technical talent as one of the main reasons why they struggle to scale their businesses. These factors present hurdles for both bigger companies and startups, who are willing to invest and bring their ideas to market but do not have access to a skilled and diverse technical staff. The industry is facing the need for a sustainable approach to guide it through the progressive years ahead.
Benefits of Outsourcing FinTech Development
Nowadays, more people within the FinTech industry are coming to the realization that outsourcing the development work is a favorable decision for their business. The results from the PwC Global FinTech Report indicate that as high as 20% of all FinTech startups outsource their technology needs and as many as 65% expect to use outsourcing in the near future. The popularity of outsourcing in the FinTech industry has many advantages, such as:
Outsourcing the development of your Fintech product leads to significant savings compared to hiring in-house development teams. According to Deloitte’s 2016 Global Outsourcing Report , 59% of the companies use outsourcing as a cost-cutting tool.
Access to Top Talent
Finding top talent is becoming more challenging as the demand for FinTech professionals increases. In the end, many startups and companies end up overspending on talent in order to attract the desired professionals. By outsourcing the development of your FinTech solution, you allow your business to work with experienced specialists that may otherwise be unattainable.
Process Optimization and Quicker Time to Market
Relying on a third-party development team significantly speeds up the process, since companies that specialize in FinTech software development, have greater expertise and apply the best industry practices. These companies often have prebuilt APIs, libraries or frameworks that can be applied directly, significantly reducing the time needed to bring the product to life. According to Deloitte , outsourcing can help reduce the amount of time it takes to introduce a product to the market by 21%.
Seamless Development of your FinTech Services
FinTech companies operate in a variety of niches – from payment processing, insurance solutions and wealth management, to financial planning, lending etc. The common thread between these subcategories, is the need for a secure and efficient solution. The development of such solutions requires a strong team of experienced third-party professionals that will be savvy with the latest industry trends, and have a thorough expertise with FinTech software development and implementation.
True North has an experienced team of professionals, that offer a wide variety of services to fulfill the needs of both startups and existing companies in the FinTech industry. The quality of our work is backed by numerous successful projects and years of experience in the development of a wide variety of solutions, such as :
As one of the main drivers of the FinTech revolution, Blockchain technology is here to stay. Numerous businesses from a wide variety of industries are already turning their focus to this highly reliable, fast, efficient and secure technology to build and improve their products and services.
True North has thorough experience in building custom distributed systems such as exchanges, financial platforms, auctions, multi-signature wallets, and trading infrastructure. We can build and lead the entire technical system behind an ICO and lead it to achieving unmeasured market success.
From marketplace lending and online and mobile banking to insurtech, securities, wealth management, and mortgages – our team of specialists have strong experience in developing scalable systems, backed by high-performing algorithms and secure infrastructure. The advanced FinTech Software Framework that we employ, can speed up the development of your products and services by 60%, leading to significantly reduced time-to-market.
At True North, We Turn Ideas into State-of-the-Art FinTech Solutions
With years of experience, not only can we take care of the development and execution of your project, but also provide valuable know-how. Years spent helping FinTech companies reach new heights has been instrumental in refining our best practices for FinTech software development. This allows us to assess your specifications and advise you whether there are better, more cost-efficient strategies to achieve your vision. We do a deep dive into the strengths of your product and determine the best ways to improve its design and functionality. Whether it’s platform-specific or a cross-platform solution, we are here to back you on your road to success!