Hire FinTech Developer to Succeed in Your Business
With the rapid development of digital era, it’s not a secret that Information Technology (IT) has successfully penetrated into almost each sphere of our lives and majority of industries. Financial sector tends to be quickly shifting to digital space having a lot of startup fintech, as Bank Innovation claims, which results in creation of a very important IT sphere like financial technology, also known as fintech. Consequently, the specialization of a fintech developer has become one of the most wanted on the digital market, and according to Efinancial Careers will continue to grow in the future.
Specifics of the Software Development Fintech Industry
CNBC writes that the so-called fintech revolution was driven by a few factors like cost reduction of banking services, customer demand for faster and more comfortable services, and improved technologies and innovations. In 2015, fintech hit $19 billion in total, and by mid-August 2016 global fintech funding had already reached $15 billion. Later, by September 2016, there were over 1,000 fintech firms worldwide and their value made $867 billion. PaymentGenes predicts that already by 2019, 5 billion people will be making digital payments. Moreover, 72% of the consumers of the financial services already use digital channels to open checking accounts, so banking technology in this case plays a major role. The article on Business Insider outlines that major fintech startups on modern market appear in such areas as investment and financial management, banking payments, currency and exchange, insurance, financing and lending.
Impact of Fintech Development on Business
Fintech development has exploded over the past decade. Its impact on business processes is tremendous and it made a great influence on other spheres of our everyday life. It affects all types of businesses, from startups and small firms to global enterprises. Due to fintech, companies and customers get access to a vast amount of solutions that help to manage their finances. Nowadays a lot of fintech integrations are used in up-to-date apps for generating investment advice, crowdfunding, mobile payments etc. Scaling becomes easier and cheaper. Fintech allows entrepreneurs to get funding without looking for venture capitalists and investors. Sales pitches are now made easily online and can reach potential creditors all over the world. Fintech firms help to remit financial assets across borders, this process has had a few barriers before. Fintech apps and solutions are developed by and for 3a number of companies specializing in various spheres. Fintech software has become not only highly functional but also user-friendly due to efforts of each fintech company front end developer.
Hiring fintech software development helps in covering many spheres from consumer banking to lending, scene infographics, crowdfunding, eCommerce, blockchain, financial security, online payments etc.
Due to fintech software development model many additional services have become possible. Among the most popular fintech services are the following: money transfer, insurance, online investments. In general, according to the research, fintech focuses on 4 major features that are expected to become highly influential in the financial services industry within the next 5 years.
Robo-advising and blockchain are expected to have the main impact on financial software development services industry by 2021. According to the survey, 40% of fintech industry members foresee that impact of robo-advising will grow by 2021, 30% think that influence of blockchain technology is predicted to increase. The other two rapidly growing technologies in fintech are peer-to-peer lending (23% respondents believe in a rapid growth of its popularity in 5 years) and crowdfunding (15% accordingly). Fintech integrations are not solely limited to finances. You can find a fintech product manager in other industries, such as IT, eCommerce, medicine etc.
Taking into consideration the information above, we assume that fintech consulting will gain extreme popularity in the next 5 years, integrating with other markets and providing them with accurate and functional solutions and services.
Also, such rapid growth of the fintech’s popularity results in rising demand in this technology, therefore, more and more companies decide to implement it into their workflow and not all of them realise how to do it in the most effective way. This is where you might want to think about hiring a fintech consultant as industry is growing each day, providing services for various businesses and expanding their capabilities on the market.
The Main Fintech Programming Languages
Since many institutions, companies, firms try to strive for the loyalty of their customers, they had to become technology structures. Thus, the demand for qualified fintech developers for startups have grown rapidly for the last few years.
According to the survey, the main fintech programming languages are as follows:
Java in fintech is used for a myriad of projects including order management systems, in-house risk and valuation platforms development, simulation and modelling of data etc. Java is also good for creation of light, simple, user-friendly websites and landing pages. Being used mostly by the banks, Java also became the coding language of high demand on the Wall Street. Since employers tend to hire fintech developer or fintech back-end software developer specializing in Java to an expert skilled in any other coding language, fintech Java developer can ask up to a 10% premium on a regular salary compared to other devs in fintech.
Quant models, analytical tools, pricing tools, risk and trade management platforms, are developed in Python. A fintech Python developer is of demand because Python is a supporting language in fintech and is very easy to use. Moreover, it is simple and allows coders to use less code than in other languages to complete necessary tasks. Python is widely used by hedge funds and banks.
C++ programming language is used for general purposes mainly, but a fintech coder would use it for higher speed and a low level of memory manipulations. Hiring C++ developer fintech is also good choice for creating software infrastructure and resource constrained apps. It is most required in the sphere of investment banking.
Being developed as part of the Microsoft’s NET framework, C# is a multi-paradigm and object-oriented coding language. It comprises the best of C++ and C. It is important for Windows based platforms development and extremely popular in the sector of financial services.
With this quantitative finance programming language, a fintech programmer, fintech data analytics or developer enable algorithms implementation, matrix manipulations, data functions plotting, creation of UI, and interfacing with programs written in other languages.
Being an open source language, R is popular among statisticians and data miners, and not often used by a regular fintech web developer and fintech full stack developer. It is basically used to develop various statistical and data analysis software, as well as big data analytics software.
As you can see, there are many programming languages that an in-house or a remote fintech developer can use in this industry, but none of them was specifically created for fintech. The above-listed programming languages are mainly preferred by fintech developers, but they are also used in other spheres. Thus, if you are looking to hire fintech developer, make sure he or she is not only fluent in the mostly used programming languages, but also has experience in development of fintech solutions.
TOP-10 of the Demanded Sectors for a Fintech Web Developer
According to PaymentGenes, at the moment the most popular and in-demand fintech sectors are the following:
- Mobile banking
- Internet banking
- Predictive analytics
- Peer-to-peer landing
- Smart finance management
- Innovative payments
Yet when it comes to the tech talents and hiring an experienced fintech coder, for example, recruiters face a big skills gap, as Silicon Republic writes. Indeed, this gap is expected to reach nearly 1,5 million people by 2020. The industry giants are mostly seeking tech talents with both business and analytical skills. A perfect fintech programmer is an expert who would be able to think outside a typical IT box, as it goes in the article. Furthermore, fintech development company need to provide you with a fintech specialist is the one experienced in C++, Java, and Python, keeping up with the latest economical and financial news of the world.
Fintech Developer Salary in Different Countries
Fintech programmer salary is what anyone should know before making a hiring decision. An hourly rate of fintech developer differs depending on the country and a city of residence, as well as on the seniority levels of developers. For example, fintech software developer in NYC has larger salary than a developer in a small city of Wroclaw in Poland.
Salaries of programmers from different countries working in the financial services software development (Source: PayScale)
Fintech developer salary in the USA is $75,000-88,000 a year approximately. An average salary for an entry-level software developer is $65,000 while a mid-career expert gets $84,000. Experienced developers can be paid up to $107,000 per year, while late career devs can receive $117,000 annually.
In Israel, an average annual salary of a web developer in fintech is $50,600. Fintech programmer in the UK can earn $50,000 a year and senior fintech developer can even get $80,600 annually. Fintech software engineer in France gets $67,000 on average per year. In Germany, a fintech developer earns $59,000 per year on average. German entry level developer fintech receives $50,000 annually, while a mid career fintech developer salary is $55,000 per year, and an experienced programmer earns $75,500 per year. If you want to hire fintech developer in Belgium you will have to pay $62,400 a year. Denmark offers also high salaries for developers working in financial services software development. They get $80,000 on average.
In Ukraine the key and most popular fintech programming language is Java. A fintech dev with Java skills in Ukraine is paid on average $21,700 annually, while fintech junior developer with Java skills who works less than 1 year receives $7,000 per year. As in any other countries, in Ukraine the level of salaries of programmers depends on their experience and city they live in.
After making a research into fintech salaries all over the world, it is clear that they vary depending on the region and even the cities the company is located. The key tendency is higher salary rate in bigger cities like New York lowering in the developing countries like Ukraine.
Where to Hire Fintech Developer for Your Project
Being the rapidly developing industry, financial technologies sector is of high demand on the market requiring specific skills from programmers and developers. Fintech dedicated developers at Mobilunity are experienced not only in developing traditional projects for finance industry, but also in development of those technologies that are in great demand on the fintech market nowadays. They will work on your project using their analytical talents and knowledge. In case our in-house experts don’t suit you, we can easily help you to hire fintech developers with the required set of skills within the shortest time (2-3 weeks).
CVs of Our Fintech Developers for Hire
VALERII M., FRONT-END DEVELOPER
Front-end developer on outstaffing project for Germany based company that provides eVouchers and eCertificates
- Story reviewing
- Task decomposition
- Feature developing
- Decision making: architecture, functionality, API interfaces
Tools & Technologies:
- Karma, Jasmine
- Angular Universal