The Future of Fintech Software Development 

By  Maham Qasim

March 03, 2022 7:49 am EST

Every industry and business must consolidate processes to improve their productivity, efficiency, and overall performance. This is especially true for the financial sector, which has been slow in technology uptake.

However, this is changing very quickly, with Fintech firms focusing more on delivering technologically advanced products rather than relying too much on traditional banking models. This is true for both retail and corporate banking.

For example, the evolution of blockchain technology has restored many people’s interest in cryptocurrencies which had their first boom back in 2011-2012.

With the introduction of new, more efficient consensus models such as proof of stake, public blockchains can be used to publicly audit transaction records without sacrificing any privacy whatsoever, unlike legacy financial institutions that rely on closed networks that aren’t accessible by third parties or auditors.

With more emphasis on developing Fintech software solutions, there are exciting opportunities for developers who want to work on products that would have otherwise taken so long to materialize if they were created using traditional methods.

We will explore ways that can benefit from working at a Fintech firm. It also covers some Fintech-specific tech trends and resources, so you can know what to expect once you get a job in this space.

Fintech developers should be well versed in the following topics:

We would add that if you can combine your knowledge into a product that provides real value to either corporate or retail customers, all the better for future employment prospects. This is hardly surprising given Fintech’s track record of innovation and disruption!

Project Management:

As a developer involved in any software project, it is vital that you understand how to manage different stakeholders who may have competing interests.

Project management skills are extremely important when working on any sized software development team, whether at a startup or a large corporation.

In the fintech space, people are looking for exceptional project management skills, as smaller teams are often expected to deliver more with fewer resources and without compromising product quality.

This means that you may find yourself having to collaborate even more closely with stakeholders such as marketing managers and designers. Of course, communication is key in all these scenarios, which requires developers to work collaboratively with members of other departments.

Another area where software development teams can benefit from project management knowledge is working as part of an outsourcing team. This is especially true if they’re working on projects where time zones and cultural differences play a crucial role in how efficient their output will be.

Data, Data Analytics & Database Management:

Nowadays, every company, whether an SME or a corporation, has to deal with large amounts of data. This can come from several different sources, such as social media activity on various platforms such as Twitter, LinkedIn, and Facebook.

It may also involve market information such as financial reports, credit score analytics, and so forth. This means that if you work in the fintech sector, you will need to know how to manage very complex database systems and use them effectively to derive value from their content.

Even though big data is not always associated with software development, this does not mean there aren’t ways developers can benefit from understanding even the basics about how big data is managed. 

For example, if a large corporation wanted to monitor social media activity related to their brand or products, it would be impractical for them to hire a team of analysts and the requisite number of people who could handle all those immense amounts of data.

Using advanced machine learning techniques and leveraging blockchain technology for micro-transactions enable applications to be built that can automatically take information from various sources and use it in real-time without any human intervention.

Conclusion:

In any case, if you are a software developer interested in Fintech and you have not yet considered it a career choice, this article is meant to guide you with some points that can assist you in deciding whether it’s right for you.

If what we have shared sounds appealing to you, then the best advice that we can give is for you to start learning about all the various products available across different fintech platforms. You may find that other technologies interest you more than, say, blockchain or big data, which could also be used to build innovative products.


Maham Qasim

Maham is a copywriter and content creator who's always been drawn to the idea that there's more than one way of getting things done. Her writing career can be thought of as just another side hustle for her; when she isn't crafting content or reading Oscar Wilde, Maham often strategizes about how best to reach out with an engaging voice in this ever changing marketplace!

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