How to Hire FinTech Developers: The Ultimate Guide

Denis Astapchenia

Denis Astapchenia

Director of Financial Technologies

Financial Services
Jun 1, 2022
6 minutes to read
  1. Prior to hiring FinTech developers
  2. Outsourcing vs freelance FinTech developers
  3. Why hire FinTech developers?
  4. FinTech developer hiring process
  5. How to manage remote FinTech developers?
  6. To Sum Up

FinTech is drastically changing the traditional landscape of the financial industry leaving no stone unturned. According to the Pulse of FinTech H2 2021 by KPMG International, the total investment in FinTech in 2021 reached a record level of $115 billion, which considerably surpassed the previous record of $53.2 billion in 2018.

Organizations and consumers no longer rely on legacy financial systems and are modernizing them or creating new ones from scratch. Real-time payments, automated trading systems, data tokenization and blockchain, cryptocurrencies, NFT, and other trends arise rapidly and demand quick adoption from the market players. To meet the industry requirements, companies need to understand where to look for technical specialists that can implement complete financial solutions.

Prior to hiring FinTech developers

Before diving into the hiring process, companies need to understand what exactly they would like to implement and what kind of specialist can do it for them. In this regard, we recommend considering the following matters:

  • years of experience;
  • expertise and skills;
  • team size and composition.

As a rule, professional FinTech software development companies offer the services of the following experts:

Middle Developers having from two to four years of experience. These specialists know the required technical stack, have experience in projects within the domain, and are able to work both individually and with a team.

Senior Developers having from five to eight years of experience and a strong knowledge of the required technical stack. These experts have several years’ record in projects within the industry and possess solid communication skills.

Team Leads having from eight to ten years of experience with banking and finance projects. These experts possess outstanding communication and time management skills, have a clear understanding of performance metrics, and can head up the team.

Outsourcing vs freelance FinTech developers

When you choose your future team, you should consider the available options, which are hiring in-house specialists, an outsourcing team, or freelancers. Let us not consider the first option in detail, as it implies high expenses for taxes, medical insurance, sick leave, time and effort spent on recruitment and training, and so on.

Hiring freelancers is the least expensive option of all. They don’t need a workspace or benefits and can be located anywhere in the world. However, freelancers can be less motivated and engaged in the project due to the lack of personal contact with the team, which leads to delays. In addition to that, customers often have difficulties evaluating the real experience and qualifications of the freelancers registered on job boards. So, hiring a freelancer may lead to unexpected outcomes.

If you choose to outsource a project, you can cut costs and ensure high-quality work by outsourcing engineers. You will have access to a large talent pool around the world. Apart from concentrating on specific technical tasks, an outsourcing development team handles quality assurance, project and risk management, and maintains close communications with the customer. Engaging outsourcers is a reasonable step for those companies who plan to scale up their financial services business and are interested in having technical support at their disposal.

Why hire FinTech developers?

The right specialists can translate your vision into reality and help you achieve a new standard of financial services. You will get the following benefits:

  • Cost efficiency. Cooperating with the proper specialists can be more economically advantageous than hiring in-house developers. Moreover, you may find outstanding specialists who offer reasonable pricing.
  • Skilled experts. You have access to a huge talent pool and can choose to work with anyone who meets your professional requirements without being limited to geographical location.
  • Scalability. You can trust the development team not only with individual technical tasks but with a complex project. As the scope of your activities expands, you can entrust your technical partner with a growing number of tasks.
  • Personalized approach. As a rule, software development companies understand that every project is unique, and compose teams with relevant skil