When you decide to undertake a software development project, the many decisions that follow can greatly affect your experience of the project and its final outcome. One of the biggest factors that will influence your project is the software development company that you choose as your partner. What should you look for in a software development company and what are the benefits of having experience with fintech development?
Financial Software Security
When dealing with financial transactions and personally identifiable financial data, security is of the utmost importance. Fintech software development requires a high degree of security – whether that involves proper data encryption, establishing user roles that limit company-wide access to such data or even a secure messaging platform for internal or client communication.
Development companies that are experienced in fintech software development will be familiar with the necessary security requirements for this industry. This gives them a leg up on the competition because they will be able to guide the process of implementing proper security measures to protect your company and client data.
Fintech Development is Data-Driven
Fintech software solutions are naturally data-driven. This means that a custom fintech platform will need to have a database storage system in place to manage transactions or other financial data. Data storage is not the only consideration, however, as what you do with the data is equally, if not more so, important.
Companies with previous fintech development experience have the tools and resources necessary to empower businesses to dive into their data. The insights they gather inform decision making. Working with a fintech software development company means that you get to leverage the partnerships that fintech development teams have already established.
For instance, 7T partners with Snowflake to offer cloud data solutions to our clients, whether their storage provider of choice is Amazon AWS, Google Cloud or Microsoft Azure. Some of the benefits of Snowflake include data lake storage, data warehousing and integration with leading data tools for data engineering and analytics.
Cloud data storage and analytics are key to the success of any fintech software platform or fintech mobile app. These tools and partnerships are a large benefit of working with a fintech software company.
Expertise and Experience with Fintech Development
Along with the tools, partnerships and security features that you need, fintech software developers have expertise with the process of developing fintech software. The uniqueness and rising popularity of this industry make it even more pivotal that you work with a company that is familiar with the latest technology and fintech practices.
You’ll want to choose a development partner that is familiar with prospecting and deal tracking, capital investments and transactions, personal finance management and the fintech industry as a whole.
Those who are comfortable with fintech software development aren’t afraid to innovate and adapt the process, tailoring development to fit the needs of the specific fintech company they are working with. However, at the end of the day, fintech is focused on leveraging technology to provide financial services normally provided by traditional institutions. You must first understand the development process and the financial industry in order to revolutionize it.
Work with 7T, a Fintech Software Company
7T has had the pleasure of working with multiple fintech businesses to develop custom fintech software platforms and mobile apps. Through our discovery process, we learn the ins and outs of your business, helping to identify pain points and opportunities for software solutions. At 7T, we have a passion for innovation, working with cutting edge technologies and developing solutions to improve business processes and help businesses scale. If you are interested in fintech development or another custom software development project, reach out to our team today.