January 12th, 2022
Have you finally decided to start your own Fintech app? If yes, your first step is to create the app. For that, you’ll need to hire app developers. At this point, you may wonder whether to hire an offshore resource or an onshore app developer.
Offshore app developers live in a country other than the one in which you operate. On the other hand, onshore app developers work in the same nation as you. App development is becoming more expensive and difficult as a result of ever-changing features, higher user experience standards, and new skill requirements. That is why hiring the right app developer can make all the difference!
When it comes to fintech app development, hiring an onshore app developer is surely a viable option due to the inherent nature of the finance sector. Let’s explore why hiring an onshore developer is a great option for your fintech app.
It is a proven fact that having the right team is essential for success. Big and small businesses frequently credit their success to their employees. It’s only natural that companies invest an excessive amount of time and money into establishing their ideal teams.
Hiring an onshore app developer has its own advantages, including:
Onshore hiring is especially essential for fintech app development. Unlike many other IT app development, app developers contend with unique challenges pertaining to the fintech industry, in particular and the finance sector, in general.
Fintech apps are often used by major financial institutions, such as banks and insurance companies. Moreover, investment businesses that cater to countless customers are gradually shifting to fintech. As a result, speed and user experience are critical to mobile software success.
Fintech applications need close supervision due to security issues and vulnerabilities. Hence, having the development team on hand is essential. The purpose of fintech applications is to make financial transactions easier. They cannot compromise on customer experience and efficiency, even for the smallest amount of time.
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Let’s look at the challenges that fintech apps usually face and how onshore hiring can provide a viable solution.
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The most critical factor that a financial app should focus on, regardless of the business it serves, is app security. Any app that interacts with people’s personal information or financial data has the most security flaws. Therefore, financial applications rank first among all parameters of security concerns.
According to VMware carbon black threat data, cyberattacks on the financial industry increased by 238% last year and ransomware assaults on the banking industry increased ninefold.
These security breaches in banking, insurance, or trading applications are incredibly harmful. They can also jeopardise the reputation of a company.
Bugs and glitches that often lead to app crashes are a commonplace of many app projects. However, when they occur in fintech apps, the results may be perilous and cause the firm to lose out on consumers. Similarly, bot attacks or distributed denial-of-service (DDoS) assaults can cause the server to become unavailable and can degrade app performance.
Performance problems and challenges in fintech apps adversely affect customers’ experiences and the company’s reputation. Severe performance difficulties, such as breakdowns or unavailable servers, can cause a financial app to lose millions of dollars in transactions in no time.
Users of fintech apps want immediate results. Given the serious nature of these applications, fintech apps must provide a pleasant user experience. It should be devoid of unnecessary processes and hazards. A poor app user experience can lead to a significant loss of transaction value and consumers.
The app’s user experience is also important when it is about giving your app a competitive advantage. Hence, offering a smooth and seamless user experience that requires minimal effort to complete tasks remains a critical problem for banking app initiatives.
If you work in the Fintech industry, you can expect to deal with regulations regularly. Globally, there is a rising demand for fintech businesses to meet and cope with the prevailing regulatory barriers.
A fintech app is subject to even more strict rules and higher standard requirements. The kind of law is typically determined by the fintech firm’s geographical region. Because fintech applications deal with currencies and facilitate monetary transactions, they must follow local legislations and norms.
The issues described above are significant enough to undermine the reputation, functionality, and sustainability of fintech applications and the financial institutions supporting them. Thankfully, onshore developers may overcome these difficulties easily by being more available.
Let’s look at how hiring an onshore app developer can provide a stronger value proposition for finance software projects.
Employing onshore developers for financial app projects can result in higher development output. To achieve the best results, you should hire app developers with extensive knowledge of fintech development and the ability to deal with the problems discussed above.