How to Find and Hire Developers for Financial Applications

Fintech is completely transforming the financial services industry — according to forecasts, fintech revenues worldwide will reach 188 billion euros by 2024. Financial businesses around the world are struggling to embrace the latest technologies and remain competitive in a dynamic market.

Whether you are planning to launch a startup or already have a financial mobile app, your business needs experienced fintech professionals. At Weelorum, we have sufficient experience in building a reliable fintech development team and know how to solve this problem. So, how do you hire fintech developers who will fully meet your needs and achieve the expected results? Keep reading to find out.

What Types of Applications Are Developed by Fintech Developers?

Types of fintech projects determine the required tech stack for its development and implementation. At Weelorum, we offer services for any financial application — regardless of the type, we build world-class solutions.

Investment & Stock Trading Platforms

Trading and investment software is designed for mobile investment management, transaction tracking, asset monitoring, access to real-time market data, always-on information, and other financial functions. Find fintech software developers to design an application that is advanced, secure, user-friendly, and reliable.

Payment Apps

These solutions are a fast, convenient, and secure way to make payments. B2C or B2B applications allow users to transfer money quickly and offer multiple payment options, as well as provide cash management features, advanced security measures, budgeting tools, and rewards programs.

Wealth Management Software

Financial applications of this type are designed for managing money, tracking expenses, controlling overspending, and planning a budget. They fulfill the role of a personal finance manager, and their key functions are financial planning, asset management, and an integrated CRM tool.

Lending & Mortgage Solutions

Such apps allow users to easily and quickly access loans, apply online, receive financial advice, manage money, and so on. You should find fintech app developers to create a lending & mortgage app that offers cutting-edge functionality and complies with all regulatory requirements.

Digital Wallet Apps

A digital wallet stands for a financial application for storing funds, saving payment information, making transactions, and tracking payment history on mobile devices. Develop innovative banking software to store and send money online using QR codes, NFC, and other advanced methods.

Insurtech Apps

Insurtech applications provide access to insurance program information and identification, as well as allow users to submit and track claims, contact support, pay bills, and perform other actions with the policy. Hire financial software developers to make these solutions robust, user-friendly, responsive, and designed to be used on the go.

Accounting Apps

It is a solution for your business that manages and records the company’s financial transactions and keeps track of its assets, liabilities, income, and expenses. Develop in-house or cloud-based accounting software that allows you to manage your business’s financial data and cash flow.

KYC Platforms

Know-your-customer software is a crucial solution for the customer identification and verification process. Hire financial app developers to build an advanced KYC platform for fintech companies and startups to prevent fraud and manage compliance with regulations and policies.

Banking Solutions

Banking applications provide a solution for managing accounts, checking balances, making transactions, paying bills, and other financial tasks. Get a scalable and flexible project with increased security and enhanced privacy that fully meets user needs.

Requirements and Necessary Skills of Financial Application Developers

Developing a high-quality financial app requires the team to have competencies and expertise. And if you are wondering how to find fintech developers for your startup, check out the hard and soft skills that are a must — some are obvious, and some you might not even think about.

Advanced Coding Experience

First and foremost is deep technical knowledge and solid programming expertise. Fintech software engineers must have extensive knowledge and experience in frontend development and backend development.

Blockchain Expertise

The cryptocurrency environment is gaining momentum, and developers working in this ecosystem and creating solutions based on these technologies are in huge demand. Blockchain in the fintech industry is necessary to increase transparency, enhance security, and as a result, boost trust among users.

Artificial Intelligence and Machine Learning Knowledge

Today, technology generates a huge amount of data that needs to be analyzed and interpreted. If you want to hire fintech programmers who can develop a truly innovative solution, take into account the knowledge of artificial intelligence, machine learning, big data, and deep learning.

Cybersecurity Expertise

Security is a key requirement for any financial project. Therefore, you should find fintech developers with a strong knowledge of cybersecurity principles to identify threats to information security, implement precautions, develop solutions to protect against data loss, and deal with other security issues.

Data Analysis Competencies

A fintech product is inextricably linked with the huge volumes of generated data that must be used to improve business solutions. Financial app developers must have strong data analysis skills in order for the project to remain competitive and successful.

Soft Skills 

Technical competencies and expertise are important, but that’s not all. Working on a fintech project requires the developer to have some personal qualities that directly affect the quality of services provided. Those are communication skills, critical thinking, time management, problem-solving, etc. 

We pay extreme attention to these qualities when building a team at Weelorum. Our specialists have advanced technical expertise, excellent theoretical knowledge, and necessary personal skills — all this provides for the development of win-win solutions for our customers that can compete with market leaders from around the world.

What Are the Options for Hiring Financial App Developers?

If you are wondering how to hire fintech programmers, you should know that there are several ways to collaborate. And you must choose the model that will be the most optimal and profitable for your business. Let’s take a closer look at all the available options.

Outsourcing Developers

This collaboration model means that you outsource fintech application development services and hire a dedicated team to fully manage the implementation of your project. The hired team will be responsible for product development and all administrative tasks.

Advantages of Outsource Developers

• Profitability and affordability. With this approach, you pay only for the volume of performed work.
• Large talent pool around the world. You can find the best fintech programmers with vast experience and low rates.
• Support and maintenance. You can not worry about financial and legal issues, as well as business analysis, even after the completion of the development process.
• Saving time and proper prioritization. You get the opportunity not to waste time on secondary tasks, but to concentrate on key business processes.

Disadvantages of Outsource Developers 

• Communication. You may not be able to meet the outsourcing team in person, and communication may be complicated if you have a big time difference.
• Control over development. You entrust the entire process to a dedicated team and cannot monitor and control every part of the development.

Outsourcing development is a win-win option if you have a midsize or large project, need developers with different backgrounds, don’t want to hold responsibility for every process, and want to save costs and pay only for the work done.

In-House Developers Team

This option stands for building a full-time team of fintech specialists who work as a part of your staff. The in-house model provides certain opportunities for your project but also has significant limitations and difficulties in implementation.

Advantages of In-House Developers Team

• High level of control. You manage all the processes, the team, and the costs yourself.
• Motivation and dedication. In-house specialists work only on your project and are involved in its long-term goals.
• Ease of collaboration. Developers work in the same office, which makes it easy to adapt, communicate, and share knowledge.

Disadvantages of In-House Developers Team

• High costs. You have to spend the budget on recruitment, salaries, insurance, rent, equipment, and so on.
• Long team formation. The recruitment, onboarding, and training processes can take several months.
• Geographic limitation. You do not have access to a global talent pool and must select local specialists, which can be difficult, expensive, and not so efficient.

In-house development can be a good solution only if you already have a team of full-time specialists, can provide a constant workload, have more projects to work on in the future, and are not afraid of bureaucracy and high costs.

Freelance Developers

Another way to find and hire fintech app developers is to choose freelancers who will work remotely on your project. You can find such developers using freelance platforms.

Advantages of Freelance Developers

• Lowest costs. This is the most cost-effective model — freelancers have lower rates than outsourced or in-house engineers.
• Access to developers from all over the world. You are not limited by your location and can find a fintech specialist who will meet your business needs.

Disadvantages of Freelance Developers

• No guarantees. You cannot be sure that the work will be done qualitatively and on time.
• Possibility of low skill level. You may be dealing with a low-skilled developer because you cannot be sure that the information provided on the CV is true.
• Lack of further support. Your cooperation will completely stop at the end of development.
• Security risks. Your sensitive data may be shared, and your product may be stolen.

This option is definitely not the best, but you can hire developers for a financial app on a freelance basis if you have a limited budget, a small and short-term project, and a team to handle the rest of the processes.

In terms of pros and cons, the best solution is outsourced fintech development, as it provides the best value for money. This cooperation model offers significant benefits that fully offset the non-critical difficulties in communication and control.

Where to Hire Outsource Financial App Developers?

So, if you choose to outsource fintech services, you get access to a global talent pool. Developer salaries depend on various factors, and one of the most important factors is location, and you can find a highly-qualified team at affordable prices anywhere in the world. 

Special attention should be paid to Eastern Europe. This region offers a huge number of cutting-edge fintech app developers at relatively low rates. One such country, which provides top specialists in this industry, is Ukraine.

Benefits of Hiring an Outsource Team in Ukraine

The Ukrainian IT industry is a perfect arena for outsourcing for many reasons — high-quality and available tech education, developed software community, low hourly rates, easy communication, global recognition, top data security, advanced quality of service, variety of fintech providers, and a beneficial business environment.

The huge talent pool of IT professionals, cost-effectiveness, and favorable terms of cooperation in Ukraine make it a great place to hire. By hiring an outsourcing fintech team from Ukraine, you get high value for fair money and receive a solution in time that fully meets your needs.

Tips When Hiring Fintech Developers

So, how do you find fintech developers for a startup who best meet all your needs?

Determine the Required Hard Skills

Define the set of languages, frameworks, and libraries for your fintech project and determine the technical skills your developers should have — Java, JavaScript, C++, C#, Python, SQL, or others.

Check out Customer Reviews

Nothing speaks better about a specialist than the feedback from their clients. Research all available customer reviews — look for them on the website, online review sites, professional networks, and so on.

Define the Important Soft Skills

Identify critical personal qualities of your service providers — these could be communication, problem-solving, decision-making, and teamwork skills, as well as adaptability, self-motivation, time management, and much more.

Contact Us for High-Quality Financial Application Development

Weelorum applies vast technical experience and world best practices to provide progressive fintech products for any business. The most skilled developers will create a top-level solution for you, and our expertise allows you to compete with the world leaders in this industry.

Our financial mobile app development company guarantees absolute compliance with all the regulations, complete security and privacy of the product, an individual approach for each project, the introduction of the latest technologies, and high-quality provision of boundless fintech services.

We have introduced many successful fintech projects, and the quality of our work is evidenced by the feedback from our clients. Our team has extensive experience in various areas of fintech development, so no matter what startup you want to launch — from a banking solution to investment & stock trading platforms — we’ve done it all. Tell us about your project and our advanced team will create the best solution for you.

Final Thoughts

Today, there are many options for hiring fintech app developers, and this often makes it difficult to choose the best cooperation model. Building an in-house team is expensive and time-consuming, and working with freelancers is risky and unreliable. Thus, outsourcing is the best solution for implementing a financial technology solution — it is profitable, affordable, and of high quality.

Reach out to Weelorum right now, hire developers for a financial app, get cutting-edge fintech development services, and take your digital business to the next level.

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