Therefore, if you are a fintech company striving to excel in this competitive landscape, one of the key factors is assembling a team of talented developers who can help you create a more professional product. In this post, we will provide information on how to hire Fintech app developers, cost estimates for hiring, and the essential skills of a professional developer.
Key Takeaway
- There are 3 types of fintech app developers available, including freelance developers, agency developers,
- Fintech developers need a strong understanding of financial services, proficiency in relevant programming languages, knowledge of data science, and familiarity with security protocols.
- Online platforms like Toptal, Upwork, Codementor, Topcoder, uTest, X-Team, Hired, Fiverr, and Gigster are great for hiring Fintech app developers.
Types of fintech app developers available
Hiring professional app developers plays a crucial role in the development process of fintech apps. These professionals, each possessing unique skills and expertise, create innovative solutions tailored to the user’s needs. In this section, we will explore the types of fintech app developers available, as follows:
Freelance developers
Freelance developers are professionals who work with clients, businesses, or organizations on a contract or project basis to create applications or websites, test them, and put them online. Freelance developers can be found in various fields, such as software development, web development, mobile app development, and more. And below are the pros and cons of hiring freelance developers:
Pros
- Cost-effective: Hiring freelancers can be a more affordable option compared to hiring agencies or in-house teams. This is particularly true for short-term projects where you might not need a full-time employee or an agency’s services.
- Flexible engagement: With freelancers, you have the flexibility to hire them for specific skills or tasks as needed. This means you’re not tied down with long-term commitments, which can be beneficial if your needs change over time.
- Specialized expertise: Freelancers often possess unique skillsets that might not be readily available in most agencies or in-house teams. This allows you to access a wide range of expertise to meet your specific project requirements.
- Fast start-up: You can start your project quickly with freelancers. There’s no need for extensive recruitment or onboarding processes, which can save you a lot of time.
Cons
- Project management overhead: Managing multiple freelancers can be time-consuming. It requires strong communication skills to ensure everyone is on the same page and the project is progressing as planned.
- Quality control concerns: Ensuring consistent quality can be challenging when working with freelancers. You’ll need to vet individual skillsets carefully and have a system in place to maintain code quality.
- Less collaboration: Working with freelancers might result in less interaction and brainstorming compared to working with a dedicated team. This could potentially impact the creative process and the development of innovative solutions.
- Potential project delays: Freelancers may have other commitments or unexpected issues that could impact the project schedule. This could result in delays, which might affect your project timeline.
Agency developers
You have three 3 different options for hiring developers in an agency: outsourcing, staffing, and dedicated teams. These 3 models are commonly employed, each bringing its advantages and disadvantages, as detailed below.
Outsourcing
Pros
- Cost-effective: Outsourcing can be a more affordable option as you only pay for the services you need and there’s no need to manage payroll or benefits.
- Quick access to talent: You can quickly hire professionals with the skills you need without the lengthy recruitment process.
Cons
- Less control over the development process: When you outsource, you may not have the same level of control over the project as you would if the team was in-house.
- Potential communication challenges: There could be communication issues due to different time zones, language barriers, or simply because the team is not physically present.
- Specialized fintech knowledge may be lacking: It might be difficult to find outsourcing firms or individuals with the specialized fintech knowledge that your project requires.
Staffing
Pros
- More flexibility than outsourcing: Staffing gives you more control over who is working on your project and how they work.
- Integration into your team culture: Staffed developers can be integrated into your team, promoting a unified culture and better collaboration.
- Easier to find developers with specific skills: You have the freedom to choose developers with the exact skills you need.
Cons
- May require additional onboarding and training: Bringing new developers onto your team may require an investment in training and onboarding.
- Can be expensive: The cost of staffing can be high, especially if the developers have a high level of experience or rare skills.
Dedicated team
Pros
- Deep expertise in fintech: A dedicated team is likely to have deep expertise in fintech, which can be a major advantage for your project.
- Full control over the development process: You have complete control over every aspect of the development process, from the initial concept to the final product.
- Strong team communication and collaboration: A dedicated team works closely together, which can lead to better communication, collaboration, and make a better product.
Cons
- Highest cost: A dedicated team is typically the most expensive option, as you pay for their full attention and expertise.
- Longest commitment: Working with a dedicated team usually requires a long-term commitment, which may not be ideal for all projects.
- May not be necessary for all projects: If your project is small or doesn’t require specialized skills, a dedicated team might be more than you need.
In-House developers
In-house developers are software developers who are employed by a company to work on its software projects. They are part of the company’s internal team and work full-time to build tools for the business. And below are the pros and cons of hiring in-house developers:
Pros:
- Maximum control: Have complete control over hiring, development process, and intellectual property.
- Strong team culture: You can create a team that truly understands and is invested in your company’s goals and vision. This can lead to a more harmonious work environment and better end results.
- Long-term stability: Developing strong relationships with your developers, you can ensure that they will be there for ongoing project maintenance and future ventures. This can provide a sense of security and continuity.
- Talent retention: Investing in the training and development of your team, you can foster a sense of loyalty and build up a high level of expertise within your company.
Cons
- High upfront costs: Building an in-house team can be expensive. You’ll need to budget for recruiting costs, infrastructure, and salaries. This can be particularly challenging for startups, which may have limited funds.
- Time-consuming hiring: Finding the right people with the right skills can take a lot of time. This can delay your projects and add to your costs.
- Limited skillset range: If your project requires a wide range of skills, you may need to hire multiple developers. This can increase your costs and make team management more complex.
- Employee turnover risk: Managing employee retention and potential skills gaps can be challenging.
What to look for when hiring a developer?
To ensure the success of a fintech app project, it is crucial for developers to possess a comprehensive set of skills encompassing both technical expertise and soft skills. So, you need to have a clear understanding of the specific skill sets required from developers to recruit talented developers for your project. Below are specific skills for finding a professional fintech app developer:
1. Technical skills (programming languages, frameworks, API integration)
- Programming languages: Core skills include Java/Kotlin for Android, Swift/Objective-C for iOS, and Python for backend tasks. In addition, additional skills include Go for backend services and JavaScript for web and cross-platform mobile development.
- Frameworks & libraries: Use React, Angular, Vue.js for web interfaces, Flutter, React Native for mobile apps, and Spring Boot, Node.js for backend development.
- API Integration: Familiarity with financial APIs and secure data communication protocols is crucial.
- Security: Implement secure coding practices, understand encryption protocols, and follow data security best practices.
- Cloud technologies: Knowledge of AWS, Azure, or GCP is essential for deploying and scaling fintech apps securely and reliably.
2. Domain knowledge of financial technologies and regulations
Understanding of financial technologies
- Blockchain: This is a decentralized and distributed digital ledger technology that securely records transactions across multiple computers. In fintech, it can be used for secure and transparent transactions, smart contracts, and reducing fraud.
- Artificial Intelligence (AI): AI can be used in Fintech with the purpose of automating customer service through chatbots, improving credit decisions, detecting fraudulent transactions, and more.
- Machine Learning (ML): In fintech, ML can be used for predicting stock prices, personalizing customer experiences, and identifying patterns in large datasets.
Knowledge of relevant financial regulations
- PCI DSS (Payment Card Industry Data Security Standard)
- KYC/AML (Know Your Customer/Anti-Money Laundering)
- GDPR (General Data Protection Regulation)
3. Soft skills (communication, teamwork, project management)
- Communication: Effective and succinct communication with both technical and non-technical stakeholders.
- Teamwork: Foster a collaborative mindset and demonstrate proficiency in working harmoniously within a team setting.
- Problem-solving: Display analytical thinking skills and adeptness in identifying and resolving technical obstacles.
- Project Management: Exhibit strong time management and organizational abilities, consistently meeting deadlines while adhering to budgetary limitations.
- Attention to Detail: Employ a meticulous approach to guarantee code quality, security, and optimal user experience.
- Adaptability: Embrace a willingness to acquire new technological knowledge and readily adapt to evolving demands and specifications.
Cost estimation for hiring fintech app developers
The cost of hiring a developer is influenced by several factors including the complexity of the project, the location of the developer, the hiring option, the technical skillset required, and the duration of the project.
- Complex projects that require advanced functionalities like AI or blockchain technology, or that need to be developed for multiple platforms, are more expensive.
- Developers’ rates vary significantly based on their location. While freelancers in developing countries may charge less, the quality and experience may differ.
- Hiring options also impact cost. Agencies typically charge higher fees due to overheads and established teams, while freelancers can be more affordable for short-term projects. In-house teams require upfront costs but offer long-term stability.
- Developers with specialized expertise in areas like blockchain, AI, or specific financial data APIs command higher rates.
- The project’s duration also affects the cost, with longer projects often involving per-hour or retainer fees, while shorter projects may have fixed costs.
Average cost ranges
- Freelancers charge $20-$150+ per hour and $10,000-$100,000+ for basic and mid-complexity apps. (This range was derived from industry reports from Upwork, Fiverr, and Toptal)
- Agencies charge $50,000-$300,000+ based on the project scope and agency size. (This range was compiled from industry reports from Clutch and Glassdoor)
- In-house teams have salaries of $50,000-$150,000+ per year per developer, with additional costs for office space, equipment, and software licenses. (This range based on data from Indeed, Glassdoor, and Payscale)
Tips for cost estimation
- Clearly define project requirements and features. Before you start, have a clear understanding of what you want to achieve with your project. Thereby, developers can calculate accurate cost estimates to avoid any misunderstandings or miscommunications down the line.
- Compare proposals from different hiring options: Don’t just settle for the first proposal you receive. Request proposals from multiple freelancers or agencies to understand the market rates. This will give you a better idea of what you can expect to pay and help you find the best value for your budget.
- Factor in ongoing costs: The initial development cost is not the only expense you’ll have. Don’t forget to factor in ongoing costs such as maintenance, hosting, and potential licensing fees. These are recurring costs that will continue for as long as you use the software or application.
- Seek expert advice: If you’re unsure about anything, don’t hesitate to seek advice from those who know best. Consult with experienced fintech developers or consultants for their cost estimation insights. They can provide valuable input based on their experience and expertise in the field.
In general, when hiring a developer, it’s crucial to find someone with essential skills like communication, problem-solving capabilities, being able to meet deadlines, and paying close attention to their work to ensure it is completed. In addition, an ideal developer is open to learning new things and can easily adapt to changing situations. These qualities will ensure that the developer can contribute effectively to your team and projects.
Where to find fintech developers
To remain competitive in the constantly evolving world of financial technology, businesses must learn how to hire fintech app developers. Several online platforms have become preferred options for finding this, which offer a variety of tools and services to make the hiring process more efficient. Now let’s explore a few of the best online platforms to hire professional fintech developers:
Freelancer marketplaces
- Upwork: Upwork serves as a worldwide freelancing platform that facilitates the connection between businesses and independent professionals for a wide range of projects.
- Toptal: Toptal is known as a worldwide platform that links businesses with exceptional freelancers, encompassing software engineers, designers, and finance experts.
- Fiverr: If you’re on a tight budget, this is a good place to look. You can find people to do simple jobs at a low cost. But remember, you get what you pay for, so check their work carefully.
Specialized fintech platforms
- Aloa: Aloa is an ideal platform for fintech development teams that know the industry inside out and can cater to your specific needs.
- Appinventiv: This specialized fintech platform is good at making fintech apps. Experts have a track record of success, and they really focus on making apps that users love.
- Clutch: This is a great platform for agencies because you can see what other clients have to say about their work and check out their past projects.
7 Main steps on how to hire fintech app developers
Step 1: Define your project needs and budget
- Identify your app’s main functionalities and target audience.
- Outline the development timeline and desired skillset.
- Set a realistic budget based on project complexity and developer rates.
Several tools that can assist you in this step:
- Market research & competitor analysis: SimilarWeb, App Annie, Gartner Hype Cycle
- User research & persona development: UserTesting, Personify, UXBoot
- Project management & budgeting: Visme, Trello, Freelancer
Step 2: Choose your hiring model
- In-house developers: Hiring in-house developers brings the most control and collaboration, as these developers are part of your team, working in the same environment and sharing the same vision. However, this requires substantial infrastructure, including office space, equipment, and software licenses.
- Freelancers: Freelancers are ideal for short-term projects or specific needs. You can hire them on a project basis, which can be cost-effective. However, managing freelancers can be challenging as they may be working in different time zones, and communication can be a hurdle.
- Agencies: Agencies provide comprehensive solutions, including a team of experts, project management, and a structured development process. They can handle large projects and can provide a wide range of services. One of the drawbacks of hiring agencies is that they often come with higher costs compared to freelancers or in-house developers. However, with Synodus, everything will be easier with affordable pricing.
Start your fintech project today with Synodus
Step 3: Find the right platform or network
For agencies
- Clutch is a B2B research, rating, and review site that identifies leading IT and marketing service providers and software.
- GoodFirms is a research and review platform that helps service seekers find the best IT development and design companies.
- Upwork Pro offers premium talent sourcing experience, providing access to a handpicked selection of top freelancers or agencies.
For freelancers: There are numerous online platforms where you can find freelancers with a wide range of skills, like Toptal, Upwork, or Fiverr. These online platforms are explained in detail in the above section.
For in-house talent
- LinkedIn is a social network specifically designed for career and business professionals to connect. It’s also a great place to post job listings and attract potential candidates.
- Professional networking events can be a great way to meet potential candidates in person. These can range from industry conferences to local meetups.
- Local fintech communities can also be a valuable resource. These communities often host events and forums where you can meet potential candidates.
Step 4: Craft a compelling job description
- Clearly define your project requirements and ideal candidate profile. It includes the tasks the candidate will be expected to perform, the skills they need to have, and the goals they are expected to achieve. Also, you should define the ideal candidate profile, such as the qualifications, experience, and skills that the ideal candidate should possess.
- Highlight your company culture and benefits to attract top talent. In addition to the job requirements, your job description should also highlight your company culture and the benefits you offer, which include information about your work environment, team dynamics, learning opportunities, and any perks or benefits like health insurance, retirement plans, or flexible work hours.
Step 5: Screen candidates effectively
- Use online coding tests and technical assessments to gauge skillsets.
- Conduct initial phone interviews to assess communication and project understanding.
- Prepare in-depth technical and cultural fit interviews with key stakeholders.
Step 6: Evaluate your options
- Compare portfolios, case studies, and client testimonials of developers or agencies.
- Negotiate rates and contract terms that meet your budget and needs.
- Prioritize cultural fit and long-term compatibility for ongoing projects.
Step 7: Onboard and manage your team
- Establish clear communication channels and project management tools.
- Schedule regular meetings and provide constructive feedback throughout development.
- Foster a collaborative environment and offer opportunities for professional growth.
Hope that the 7 steps provided in this section will help you find a suitable fintech app developer. In addition, you can consult some additional resources, like directories and marketplaces, to find developers or tips for interviewing and evaluating candidates here.
Additional resources:
Other online platforms to find fintech app developers: Codementor, Topcoder, X-Team and more.
Tips for interviewing and evaluating candidates.
- Be prepared
- Consider their skills
- Reflect on their experience
- Assess their education background
- Compare salary expectations
- Test your candidate’s skills
- Determine the candidate’s fit with the company culture
Wrapping up
To sum up, creating a FinTech application isn’t easy. You must think about keeping users and making the experience great, but you also must deal with things like rules and keeping data safe. Therefore, finding out how to hire fintech app developers is crucial.
With more and more companies using FinTech services, developers who stay updated with the latest skills and trends will be needed for a long time. If you’re looking for FinTech developers with high skills, take a look at Synodus, which has a big team of experts who can help you provide great FinTech services and beyond. Hope that these guides about how to hire fintech app developers are useful for you.
