- Ecommerce Development
- Update Top Business Benefits of Fintech App Development Outsourcing
Top Business Benefits of Fintech App Development Outsourcing is an article sent to you by the InApps editorial team. Hope readers will have more useful knowledge at www.inapps.net
You are viewing the article: Top Business Benefits of Fintech App Development Outsourcing
Fintech or financial technology plays a pivotal role in making online payment prevalent across the world. The term has evolved from a buzzword to a growing trend in recent years, as people have switched from traditional to digital payment. The fintech sector has garnered over the US $55 billion investment to date. A big credit for the phenomenal growth of this sector in a short time goes to fintech app development.
These days, more people from various communities and companies have started using customized fintech applications and leverage their benefits. Fintech apps can quickly adopt futuristic technologies like the IoT, AI (Artificial Intelligence), and Data Science for offering excellent user experience. The multimillion-dollar fintech industry has got a new boost from the apps like Apple Pay and ALIPAY.
Be it money transfer or financial planning, fintech services can assist users to accomplish various tasks. This is a reason why many companies jump the fintech app bandwagon. Even banks and financial institutions have made fintech apps a part of their systems. As a result, fintech app development outsourcing gains ground rapidly. Before digging deep into the benefits of fintech app development outsourcing, let’s go through three verticals of fintech app outsourcing.
Fintech Outsourcing- Top Three Verticals
When it comes to quicker TTM (Time to Market), reduced cost, and freeing up your internal resources to docs on more critical tasks, companies across various industry verticals count upon IT outsourcing. Small IT outsourcing services providers with niche expertise and large corporations offer IT outsourcing services for developing fintech apps with desired features.
Business Process Outsourcing (BPO)
BPO is referred to as a common business practice of transferring different business tasks to third-parties. Accounting or human resources-related tasks are commonly assigned to business process outsourcing companies. This technique needs to define tangible outcomes that your company wants to gain with the help of an external partner.
Outsourced Product Development (OPD)
This is one of the recent fintech application development trends. Today, companies have to adopt technological advancements quickly and ensure lean operations across the business value chain. The financial app needs to be bug-free, secure, reliable, and robust to attract a lot of people. With OPD, on one hand, you can achieve these goals, and on the other hand, you can have all desired features with excellent performance.
Here, it is fair to mention that you need to find a reliable IT outsourcing partner that offers end-to-end fintech app outsourcing services to leverage the benefits of any of these verticals.
Top Seven Benefits of Fintech App Outsourcing for Your Enterprise
The fintech app development company can choose the right technology to build a feature-rich fintech app for your company and you can run business operations quite smoothly. Outsourcing is a cost-effective option for app development as it can enable you to save expenses including payroll, equipment and hardware costs, and administration costs while developing customized applications.
What’s more, a significant increase in cost happens when there is a continuous change in requirements and business processes. Startups find it way costly as they have limited resources, and therefore, outsourcing fintech technology remains beneficial for them. Fintech app development outsourcing can help startups reduce the cost by up to 40 percent while getting a white label, tailored software.
Operational efficiency is imperative to remain competitive in this challenging time. You can count on a digital payment solution provider for higher operational efficiency, risk management, flexibility, customer attractiveness, and other aspects. Software development companies have more expertise and a team of experienced developers to manage any size of the project. You can get the benefits like reduced TTM (Time to Market) and desired features with the best development practices. In a way, you can enable your business processes to accomplish efficiently.
When it comes to quick scaling up or down of processes or ever-changing requirements, the fintech app development company can help with agile methodology. Your outsourcing development partner can offer on-demand resources as well including UI specialists and developers so that you do not need to explore them elsewhere.
A bespoke fintech app adds value to your business and transforms traditional processes into more customer-friendly processes. Facebook facilitates its users to transfer money via a messenger app because it has around fifty different regulatory licenses in the US. All such facilities can improve the user experience significantly and more people are attracted to your business. As a result, you can gain a loyal customer base.
Globally, over two billion people have no access to the bank to date. They cannot have any bank accounts or any source of borrowing money. They can save money under their mattress only. Shockingly, even developed countries also face this problem like developing countries. In the US alone, many households in Detroit or Miami are un-banked and the fintech industry can fill this gap through a fintech app.
Fintech technology can offer banking and financial services to individuals who have no access to the bank and make a positive difference in society. People can use their smartphones for accessing banking services through a fintech app.
Think of Airbnb, Uber, and WeChat- all these brands have written their success stories based on technological innovations. Some of these innovations have transformed the way we live and work while accomplishing our tasks. For example, these days, customers prefer virtual wallet apps, and the BFSI sector can opt for eWallet app development to get the benefits of this trend. Some eWallet apps enable customers to scan the barcode of every product using the QR technology, whereas some apps work on NFC technology.
Fintech app development companies can also integrate emerging technologies including AI, AR, and IoT into the app for improving user experience and bringing automation into the processes. The use of embedded technologies in the customized app can take your business to the next level.
One of the major benefits of the fintech revolution is it promotes financial inclusion. While transforming the customer experience, fintech startups and finance companies can deliver excellent financial services. Apart from offering more convenience and improved experience, financial inclusion can enhance the customer’s access to banking services and save their money. The fintech technology also offers a loan platform to customers that can be a strong alternative to services offered by banks.
Though the cost of fintech apps is a bit higher than traditional apps, it is an excellent investment for fintech companies. A feature-rich and flawless fintech app can give a high ROI in a short term, and therefore, companies keep on increasing investment in it. As per an official estimate, only the blockchain-based segment for the fintech sector would see an investment of over 7000 million USD by the end of 2022.
A feature-packed and future-ready fintech app can certainly give your business an edge over competitors. You can grow your business by attracting and retaining more people through a seamlessly-performing app. This is a major reason why banks and big financial institutions have also opted for fintech apps for their customers.
Fintech app development outsourcing can provide cost-effective and efficient app solutions for enterprises and customers alike. You can ease up complex business operations through a customized fintech app. Startups can secure the funding through an app and offer diverse funding options. What’s more, technological innovations in the domains of AI, IoT, and other emerging technologies can be easily integrated into the customized fintech app solutions.
Solution Analysts is a renowned fintech and eWallet app development company. We build advanced and feature-rich digital payment solutions in line with the client’s requirements and expectations of the end-users. Do you want to make the most of a thriving fintech sector through a secure and seamlessly-performing fintech app? Simply contact us and we will gladly assist you.
Follow this to make sure you’ve got Top Business Benefits of Fintech App Development Outsourcing. Save and share with those around you these extras.
To learn more about ECOMMERCE DEVELOPMENT
Let’s create the next big thing together!
Coming together is a beginning. Keeping together is progress. Working together is success.