Benefits of working with a mobile development company for your fintech application

It is common knowledge that financial technology is a constantly evolving field and as the industry grows, so does the need for mobile app development for business outsourcing. According to a 2021 report by Moorwand, 49% of fintech companies spend between 10% and 20% of their annual revenue on outsourcing. The reasons are: greater streamlining of processes, improvements in accessibility and creation of better user experiences.

Outsourcing the mobile development of your applications gives you access to a broader set of skills. Custom enterprise software development are used to working with a wide variety of projects and are perfectly capable of carrying out complicated tasks in a short time. Additionally, they will provide you with expert guidance and help you identify the right mobile application development for iOS and Android for your small business, as they have in-depth knowledge of the latest technologies in the market.

Added to this, another benefit of working with a technology partner for your fintech application is that they tend to have an agile and flexible mindset that is essential to adapt to industry fluctuations. Thus, you achieve greater efficiency in your projects and the entire process becomes much more fluid and efficient.

Choosing the right application development provider is a critical decision that significantly impacts the success of your financial business. A mobile development company for fintech can help you regulate and minimize any risk, since it is steeped in current regulatory laws. And, furthermore, if you have doubts about its capabilities, you can always request project examples and customer opinions that corroborate its reliability.

Criteria for selecting a mobile application development partner

In order to avoid mistakes in selecting a reliable technical partner to build your fintech solution according to your requirements, you must establish criteria. This will eliminate the possibility of choosing the one that does not meet your needs and deadlines.

Establishing a standard framework to evaluate enterprise software development company that meet the demands of your project and business objectives will allow you to compare different companies based on factors such as experience, quality deliverables, reliability, commitment proposals, among others.

We know that, to avoid errors in selecting a technological partner, it is necessary to consider various aspects.

Let's look at some points that will help you when selecting your ideal application developer:

1. The team must be at the forefront of technology: each application development company offers different services that align with the specialization of its experts such as frameworks, APIs, programming languages, UX and UI design, among others. You just have to make sure that your chosen technology partner is up to date with the latest innovations in the development of mobile applications for companies in terms of fintech software, artificial intelligence, machine learning, predictive analysis, among others.

2. Possibility to interview the development team: as a client, you will have the opportunity to speak with the development team assigned to your application and this involves you in the entire process of building your fintech solution. That is, you will be able to stay in touch with the developers and learn more about their technical and personal skills during the work process.

3. Personal consultant available: If you have any questions, you can always consult with your assigned personal advisor, who will be familiar with the technological stack of your project.

4. Knowledge of official security regulations: We will look at all the requirements and regulations for fintech applications later, but in the meantime, it is important that you consider that your technology partner must be aware of these laws and provide you with all tested and documented compliances. Please note that if you comply with these regulations, you will not be able to deploy or use your fintech application for many purposes.

5. Knowledge of risk management plans: Your technology partner should be proficient in creating risk management plans. For your users to trust your financial institution, security and protection of private information are essential in the development of your fintech application.

Requirements and regulations for fintech applications

When it comes to fintech applications, there are certain requirements and regulations that you must comply with to obtain a series of permissions related to the security of private data. Of course, the extent of regulations depends on each specific country, state and/or city. For example, if you are in the United States, these are some regulations for fintech development that you should follow:

• Federal Deposit Insurance Corporation (FDIC): They are responsible for analyzing and managing federal financial organizations.

• Securities and Exchange Commission (SEC): they regulate and protect investors, brokers, exchanges, intermediaries and others.

• Financial Industry Regulatory Authority (FINRA): They manage these registered brokers, their financial activity and crowdfunding to protect investors and their funds.

• Financial Crimes Enforcement Network (FinCEN): They are responsible for collecting and reviewing information about financial services and transactions. In this way, they detect local and international money laundering actions and other financial criminal acts.

• Commodity Futures Trading Commission (CFTC): They protect client funds by regulating the derivatives market, including brokers, swap dealers, forex traders and COMEXs.

• Consumer Financial Protection Bureau (CFPB): They monitor organizations that offer financial services to detect fraudulent and/or abusive actions and protect customers from fraud.

There are certainly more that you should consider, such as the United States' anti-money laundering (AML) regulations or the Financial Modernization Act. Therefore, stay informed about this and investigate all the compliances required for fintech development.

Features of your fintech application

It is extremely important to know all the features that your fintech solution must have. We can help you discover them, let's get started.

• The most critical feature is security and protection: to have a high level of security in your internal processes, you must be aware of the laws we mentioned above and implement them in your fintech solution.

• Product design: it should be intuitive and modern to attract your potential customers.

• Risk management plan: this will help you foresee and prevent any risks related to financial operations and facilitate internal processes.

• Blockchain technology: If you want to prevent money laundering and other malicious acts, blockchain technology will help you connect internal operations efficiently and structure financial data with special access to this database.

• Compliance with all official laws: As we mentioned above, these regulations must be considered to create and implement the unique framework for fintech applications.

Don't forget to also integrate the generation of personalized reports, this will help you analyze the financial institution's strategy and optimize it with the purpose of reducing costs and increasing income in the development of mobile applications for startups.

Where to find a mobile development provider for your fintech application

When you're looking for a custom software developer, you're looking for a reliable mobile company. Of course, you can start the traditional way by searching the internet, but be careful because not all of them are trustworthy.

We recommend that you explore their websites, descriptions of reliable small business mobile app development companies, tested compliances and awards, cases and customer reviews. This will help you learn a little more in depth about each of them.

Likewise, you can search on thematic and question and answer platforms. On these sites, you can leave your request or query so that other users can suggest fintech software developments. By searching these types of websites, you can also read about different fintech partners and all the information about the software development company.

Another place to look is review sites. These usually contain information about the company (a brief description of it), portfolio, links to its website and more. All of them are related to different industries and you will be able to analyze which one best suits your project.

And, of course, you will also find freelancers' websites. Here you can find companies that collaborate with freelance platforms to promote their services.

In short, fintech technologies are changing the scope of the financial industry. More and more financial institutions are incorporating digital technologies into their operations and services to improve customer experience and reliability.

For this reason, choosing an application development provider that provides you with invaluable specialized knowledge, security, technologies and agile teams will make the professional relationship feel much more like a collaboration than an outsourcing.

The right technology partner will allow you to fully realize the potential of your fintech application and stay ahead in a constantly evolving financial market.