Offshore software development is one of the key emerging trends in the software development industry. The approach is being used to enhance the quality of data analytics and also shorten the development cycle in the industry. Here we look at the 7 benefits of Offshore Software Development, especially for the Fintech industry.
The world is fast embracing FinTech. The industry is growing fast, with an estimated growth of up to $100 billion over the last decade. The emergence of disruptive technologies such as Artificial Intelligence, Machine Learning and Blockchain has caused further disruption in the industry.
To keep up with the market demands and stay ahead of the competition, Fintech companies have to be innovative, dynamic and quick on capitalizing opportunities in the market. Outsourcing is now quite common in the FinTech industry. It offers FinTech companies the opportunity to leverage the latest technologies in the industry without the need to invest in establishing and training an in-house team.
This article will discuss the Advantages of Offshore Software Development.
Benefits of Offshore Software Development
- It is cost-effective
Overall, outsourcing is more cost-effective compared to hiring an in-house IT team. Outsourcing means the need for investing in purchasing hardware and software tools for development, and hiring and constantly upskilling developers is eliminated. Instead, an established offshore team with all resources, knowledge and skills to effectively execute your project with effectiveness through completion takes the tasks.
Offshore development is particularly beneficial for startups and medium-sized businesses looking to scale up while keeping their expenses at a minimum. It is estimated that Offshore Software Development cost 40% less compared to establishing an in-house team.
- Access to top talent
Innovation is at the core of FinTech. The use of disruptive technologies such as Artificial Intelligence, Blockchain, Internet of Things, Cryptocurrency and Biometrics, among others, is driving change in the manner in which financial services are being delivered.
Offshore development allows FinTech companies to utilize the top talent in the market, thus capitalizing on the power of these top disruptive technologies. Essentially, offshore software development will get FinTech companies to engage with expert software developers who have sufficient technical and intellectual capital to propel them to success.
- Faster delivery and deployment
For FinTech companies, speed is essential to capitalize on the limited opportunities that present themselves in the market and to stay ahead of the competition. This means that the faster you can build software products and leverage on the latest technologies and tools in the market, the better placed you are to advance.
Offshore development grants Fintech companies the required speed. More specifically, they can identify and hire a top-tier development team with vast experience in FinTech software development, unlike in-house recruitments. The development time is also shorter. The knowledge and experience of developing similar products translate to faster execution without compromising the quality of skewing away from the overall objective.
A shorter development period means the software can be deployed within the targeted timeframes.
- Improved quality
Compromise on quality is not an option for FinTech companies that want to stay ahead of the competition and win over the market. It is even more critical for companies with external investors funding the projects.
Offshore development offers a higher guarantee of delivering high-quality software products. The hiring process for an offshore software development team always involves portfolio analysis to judge the quality of similar products developed by the offshore company for previous clients. This, backed with industry recognition for award-winning products and services, guarantee product quality. Furthermore, offshore development companies use the latest tools and resources for development, which also supports developing FinTech software of the highest quality.
- Building productive partnerships
Essentially, by acquiring the services of offshore FinTech software developers, you are establishing a relationship with them. These networks are critical in determining the potency of your company. Beyond having their software developed, they also get to learn from the experiences and competencies of these experts. Most uniquely, FinTech software developers have a solid understanding of the FinTech industry landscape, thus can provide critical insights on how to future-proof your business.
Overall, these partnerships operate on a win-win principle.
- Focus on other important tasks
Instead of directing all your focus on overseeing the software development process, Offshore Software Development means your team can direct their focus and energy on other important tasks.
Engagement with an offshore development team should be based on a well-structured communication strategy. This facilitates easy monitoring of the software development process, without disrupting other operations from running effectively.
- Ongoing support
Most offshore software developers provide ongoing support to clients after the delivery of the software product. They aim to give clients the maximum value possible and develop a good reputation to earn them new clients, referrals and return clients.
The ongoing support translates to increased flexibility and operating efficiency for FinTech companies as they are capable of managing arising challenges swiftly and adapting to the market dynamics with ease.
Offshore Software Development provides an avenue for businesses to leverage the latest technologies without outside their budget. Further, it best positions them to stay ahead of the competition. With these advantages in mind, FinTech companies should explore the Offshore Software Development option for assured success.