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Global fintech market is at steady growth and is predicted to reach $681.6 billion by 2028. Even though it seems like fintech is something that only banks and techies deal with, customers interact with fintech products more than they ever realize.
This article discusses fintech software developers as the primary tool for obtaining game-changing fintech software. You will learn how and where to hire developers for fintech project as well as the rates of fintech software developers from different regions.
Fintech Software Developers Rates 2022 Overview
Outsourced fintech software development is an established trend and the cost is the key reason. We’re going to focus on the most popular areas for hiring fintech app developers and compare their rates with the technical background offered.
North America, namely the US is believed to be programmer heaven. In 2020, the United States was reported to face an IT talent shortage crisis. IT positions in the US have been extremely hard to fill due to high staff turnover rates and a lack of qualified local talents. Currently, US fintech software developers are among the most expensive to hire. An average rate of a senior engineer from America is $75-125 per hour.
Eastern European is one of the fastest-growing software development markets. The large number and prestige of technical universities stimulate the prosperity of the IT industry. Despite the war, Ukraine remains one of the fastest-developing countries in the region. Ukrainian fintech software developers will enhance your business with a cutting-edge product for an average hourly rate of $25-45.
China, India, and the Philippines are top IT outsourcing destinations in Asia known for low rates and average-quality software. Hiring fintech solution developers from these regions is the most budget-friendly option, with a median hourly rate of $18 for a junior engineer and $40 for a senior developer. What you sacrifice, however, is the communication convenience and the quality of a final product.
Even though we tried to give the most precise cost estimations of each of the abovementioned areas, always remember that the actual rates of fintech software developers may vary mainly depending on the technology used and engineers' soft skills.
Where to Look for Fintech Software Developers: Top Resources
When it comes to finding fintech software developers, you may find that the best talents come from unexpected places. In the following lines, however, we’ll overview some of the most reliable resources for hiring fintech software developers.
Upwork - Independent Fintech Software Developers
Upwork is a freelance platform aimed at connecting talents and talent-seekers. Hiring remote fintech software developers on freelance platforms like Upwork is an attractive option due to vast tech talent pool, direct communication, and secure payment system. However, the majority of job-seekers on Upwork are independent freelancers specializing in separate development stages. You will unlikely find the entire team of fintech software developers to engage there.
YouTeam - Custom Fintech Software Developers Team
YouTeam is an outsourcing marketplace and a single point to access vetted fintech software developers mainly from Ukraine and Latin America. YouTeam's dedicated advisor will pre-interview and source the best-fit candidates and help with onboarding and scaling throughout the collaboration with contractors.
Clutch - Fintech Software Developers Agencies
Clutch presents itself as a “data-driven field guide for B2B buying and hiring decisions”. It lists leading IT, marketing, and business services companies that you can filter for your main criteria. Clutch is a platform catering to clients looking to work with agencies rather than freelance fintech software developers. Apart from shortlisting your top picks on your own, you can get a custom list of top candidates by sharing your needs with Clutch specialists.
Top 3 Countries for Hiring Fintech Software Developers
We’re taking a look at top countries for hiring fintech software developers. The rating is based on the tech background of local IT specialists, price-quality ratio, mentality, and soft skills.
Mexican fintech software developers are in increased demand by customers from the United States due to comparative proximity and minimum difference in time zones. Hence, Mexican IT specialists are used to working with US clients and perfectly understand their business culture. Local fintech software developers charge nearly $30-$50 per hour.
Poland is one of the most expensive destinations for IT outsourcing in Eastern Europe. Hourly rates of local fintech software developers are $45–$65. At the same time, the Polish economy is one of the most stable economies in the entire EU. Poland shares a similar mentality as most Western countries. In addition, many local developers speak multiple European languages which, accompanied by a similar mentality, minimizes the likelihood of communication barriers.
Ukraine fairly earns its place in the rating of top countries for hiring fintech software developers. Located in Eastern Europe, Ukraine is a magnet for customers from the Western world due to its ability to deliver a turnkey tech product for an adequate cost and excellent communication skills of local fintech software developers. As data shows, more than 80% of Ukrainian developers can speak at least intermediate English. Average hourly rate of fintech software developers in Ukraine fluctuates around $25- $45.
How to Hire Best Fintech Software Developers?
Take a look at tips that will help you decide on the best fintech software developers team throughout the recruitment process: from candidate screening to interviewing and contract signing.
Take a Look at Portfolio
Fintech software developers that have previously worked in the sphere will eagerly testify their experience with portfolio. Get through a few examples of previous projects to see what size and type of fintech projects they handled, and whether you actually like the result.
Competent fintech software developers should utilize good communication practices as a fundamental element of project’s success. You don’t have to put much effort either into getting regular updates from developers or initiating discussions to make sure a product is being developed according to your business needs.
Agree on the Basics
In the initial negotiation phase, make sure fintech software developers fully understand the scope, and requirements of a project and are able to deliver it within the deadlines discussed.
Ready-made software is normally owned by a client who pays for it. However, unscrupulous fintech software developers may try to claim ownership over a product they’ve built, which will lead to harassing court debates. To avoid such any conflict, ensure that the contract clearly defines a client as an owner of the software.
Agree on Post-Release Support
Fintech software developers you hire should be able to deliver post-development support to help a product remain competent and keep to the audience’s demands. Post-release support includes software customization, software maintenance, troubleshooting, and software update services.