According to Market Data Forecast, the global fintech market value is projected to reach $324 billion by 2026. FinancesOnline research shows that the fintech sector will grow at a CAGR of 23.58% by 2025. These statistics prove that the fintech industry is thriving so it’s a great idea to launch a fintech project in the next few years. But if you’re still hesitating if custom fintech software will be a good solution for your project, let’s dive deeper into custom software benefits.
What is custom fintech software?
First, let’s figure out what custom fintech software is.
Custom fintech software is a digital solution that is tailored specifically for a particular project or company. Every feature of such an app is created to cover a company’s needs, goals, and problems so it fits a particular business perfectly. Custom fintech software is a one-of-a-kind solution, so it makes your project special and helps outpace the competitors.
Custom fintech software benefits
Here are just several of them:
- scalability – ready-made solutions always charge extra fees any time you want to scale, moreover, they can have some limits, so there is a great risk that there is a big risk that you will not be able to grow your project at all. In turn, custom software can be scaled as much as you want. The main thing is to build it based on a flexible architecture.
- advanced security – the fintech industry has a lot to do with confidential data, so software reliability is a must. Out-of-the-shelf solutions may have security vulnerabilities that you can’t control or may not even be aware of. With custom software, you take care of the security aspect by using advanced technologies like AI, ML, and blockchain in a way that will be the best for your particular project.
- no unnecessary features – it often happens that ready-made solutions have a great number of features but not all of them fit your business. They can make your software heavier and make you spend additional costs without actual need. In customer software, you will have the required features only that will increase the effectiveness of your app.
- unique design – custom software is your chance to implement any design idea that you have, there are no limits and standard templates! You can create a catchy design of any complexity that will make your software outstanding and help you attract more users.
- personalization – you can add data analytics, robo-advisors, chatbots, etc. to make your user’s experience more specific and human-oriented.
Custom fintech software development – what should you keep in mind
As you create everything from scratch, it’s obvious that custom fintech software development can turn out to be quite an expensive process. For example, if you decide to assemble an in-house team, you should be ready to cover additional costs like employee recruitment, onboarding, monthly salary, taxes, and other contract perks. Moreover, talking about the US, developers’ hourly rates are almost the highest in the world.
You can optimize your budget by hiring an outsourcing team from countries where developers have lower rates but still are skilled enough. For example, in the US, fintech software developers’ rate starts from $80. In comparison, in Eastern Europe (in Ukraine in particular) you can hire a fintech software developer for $40/hour.
Ukrainian developers have great tech expertise, a high level of soft skills, good English knowledge, and a sense of responsibility for the project.
Feel free to contact our fintech software development team from Ukraine – Perfsol – to get consultations regarding any fintech development questions.