App development is getting costlier and more complicated because of the ever-evolving features, user experience standards, and new skill requirements. This is why app projects often prefer to outsource development, particularly for certain niches such as
fintech outsourcing development has become a regular phenomenon. But why not
find app developers near me who can offer me equal advantages?
But offshore outsourcing developers can be a little challenging for the fintech apps. Since fintech apps demand close monitoring of the security challenges and vulnerabilities, getting the developer team close in hand is very important. Fintech apps often
serving the critical purpose of facilitating financial transactions cannot compromise user experience and performance even for the shortest duration. This is why onshore hiring is more effective for fintech app projects.
Onshore vs. Offshore Hiring for App Projects
Offshore developers are located in countries other than the client company behind the app project. On the other hand, onshore developers are located in the same country where the app is being developed. Generally, companies go for offshore hiring for their
app projects for a wide array of reasons ranging from competitive cost, access to the expert talent pool, a competitive package for maintenance and support, and many others.
On the other hand, the onshore developers based in the same country of the app project come with their own set of advantages. Onshore developers being in close proximity to the client company can be more accessible to fix issues and for iterations during
the development. Onshore developers can also facilitate easy collaboration with the in-house team by remaining in the same time zone. Lastly, onshore developers being under the purview of the same set of federal rules and policies, stay in sync corresponding
to the legal requirements for an app project.
The most important reason for many western companies to hire remote developers is to opt for a highly competitive development cost unmatched by the development companies or developers within the same country. On the other hand, such cost advantages can work
the other way for countries with competitive labor costs and weaker currencies. For example, a Mexican or Indian business is likely to opt for onshore developers instead of US developers.
The Key Challenges Faced by Fintech App Projects
Unlike other app development projects, fintech apps face some unique challenges that developers need to deal with. Fintech apps often represent big financial institutions such as banks or insurance companies, or investment firms catering to millions of people.
Hence, performance and user experience for these app projects are extremely important.
Irrespective of the niche, purpose, business, and audience the fintech apps represent, here below we explain the most important challenges faced by these apps.
The most important consideration that a fintech app, irrespective of the business it caters to, should give priority is app security. The security vulnerabilities are greatest for any app that deals with people's personal information, financial data and
allow people to transact. Naturally, fintech apps top the list of all niches in respect of security issues.
Mobile fintech apps are often subjected to malware attacks or attacks concerted by millions of bots making fake server requests at the same time to render the service unresponsive. These security vulnerabilities in the case of banking, insurance, or trading
apps can be extremely dangerous, putting all their reputation and business at stake.
The bugs and errors causing app crashes can be common to many app projects, but when such things occur in fintech apps, the result can take disastrous turns and make the business lose customers. Similarly, bot attacks or DDoS attacks making the server unresponsive
can sometimes make the app performance suffer.
The performance glitches and issues for fintech apps directly result in customers' loss and reputation. Severe performance issues like crashes or unresponsive servers can make a fintech app lose transactions worth millions within just minutes.
App User Experience
Fintech app users are the most impatient lot. Considering the serious nature of the uses, fintech apps always need to ensure a smooth user experience devoid of extra steps and unnecessary hazards. A non-satisfactory app user experience can ultimately result
in a massive loss in transaction value and customers.
The app user experience is also a crucial competitive factor in giving your app an edge. Hence, delivering a smooth and seamless user experience requiring minimum effort to get things done remains a key challenge for fintech app projects.
Adhering to Regulations
Based upon the geographical location of the fintech business, an app is subjected to a variety of federal and state regulations and standard guidelines. Since fintech apps deal with currencies, allow monetary transactions, enforce taxation and settle financial
and insurance claims, they abide by the regulations and guidelines of the respective country.
How Can Onshore Developers help Fintech Apps Meet These Challenges?
As of now, we explained the key challenges faced by the fintech apps. These challenges are critical enough for the reputation, functioning, and existence of the fintech apps and the financial institutions behind them.
Over the years, it has been observed through the experience of many fintech app projects that offshore developers working remotely cannot do appropriate justice to these challenges. On the other hand, onshore developers, by remaining more accessible, can
address these challenges better. Let's see how onshore developers offer a better value proposition for fintech app projects.
By allowing continuous and unperturbed collaboration and iteration, onshore developers can play a more proactive role in addressing security issues and maintaining security standards.
Onshore developers allowing close collaboration and monitoring throughout the app project by the in-house team can have less scope in leaving errors that can cause performance glitches.
By working in close collaboration with the in-house team and allowing frequent iterations, onshore app developers can offer more scopes to introduce changes and value additions for a better user experience.
Finally, onshore developers from the same country can be more suited to adhere to the federal regulations and statutory norms for fintech apps.
So, it is evident that fintech app projects can ensure better development output by hiring onshore developers. For the ultimate result, you need to hire fintech developers with in-depth experience with the fintech development challenges we mentioned here.