The global fintech sector is expected to reach a worth of $26.5 trillion in 2022. It’s no wonder that more and more companies are looking for Fintech software development services – so much so that there is a shortage of good fintech software developers in the US and UK markets!
If you need a good fintech solutions software development company, you may want to consider out staffing to a different country to hit your targets.
What is Fintech Software Development?
Fintech integrates technological capabilities into financial services, like digital payments or banking. Fintech software developers are tasked with designing, delivering, maintaining, and updating mobile and web developments for financial services companies.
What Is Outstaffing?
Many companies looking for financial software development services get confused between Outstaffing and outsourcing. The two terms are very similar. Outsourcing involves delegating your projects to a third-party company or fintech software development agency. The agency supplies the resources, the team, and the equipment required. They also run the entire project on your behalf and see that your goals are met. It’s a useful mechanism because you reduce the cost you would have spent hiring and recruiting in-house resources, training them, and providing the equipment you would need.
Outstaffing is a little different. Professional employees keep working at their regular fintech software development company, but you become their sole employer. It’s similar to outsourcing, but you have greater control and exclusivity over the developers. The developers, QA analysts, digital marketers, and others work on the tasks you assign and work according to your instructions. Outstaffing is a great model to use if you have good IT skills or an in-house tech team that needs some supplementary help.
If you are exploring software development for fintech, the Outstaffing model will have numerous benefits.
Benefits of Outstaffing Fintech Software Development Services
Outstaffing fintech software development services to a different company can be hugely beneficial. Here are some of the reasons Outstaffing can be really helpful.
1. Increased Productivity
Even if you have a full-time IT team working on your new fintech solution, there are only so many hours in a day. Outstaffing can help you combine the resources of your existing team with another team, doubling up your productivity. You can outsource complex tasks to your new Outstaffed team, or give them the more mundane work that’s hampering your in-house team’s productivity. Some companies like hiring a team in a different time zone so that one team is always working while the other is sleeping.
2. Increased Focus
If your core business isn’t building a fintech solution, your own in-house team can spend all of their time focusing on what they do best while the Outstaffed team takes on the task of building the fintech solution. Many countries like Ukraine have highly trained IT developers that focus solely on fintech. You can Outstaff the entire fintech solution to a team offshore, and carry on doing what you do best.
3. Lower Costs
Believe it or not, it’s much cheaper to Outstaff a fintech solution than hiring an in-house team to do all the work. That’s because you don’t have to pay recruitment and hiring fees or vetting costs that an in-house team will require. You don’t even have to pay for the office space and equipment you need, because it will all be provided for you!
4. Access to World-Class IT Skills
Countries in Eastern Europe, Asia, and South America have decided to focus on developing their IT skills as a competitive advantage. This means that Outstaffing can give you access to some of the best skills in the world, but at a fraction of the cost.
If you are looking for fintech software development services, consider Outstaffing. You can reduce your overheads and gain access to the best skills while delivering a product in record time.