Quite often, fintech software development is carried out by companies specializing in this particular type of activity. The reason for such a complication of their own activities, as well as the reason for outsourcing in general, is the economic feasibility of such a division of work.

Outsourcing options

Exotic outstaffing option

The most common option is to outsource the entire application code to a third-party company and is widely practiced by American companies, although it is also found in Europe. Such companies have managers and business analysts on their staff who set tasks for automating business processes (for example, using ARIS tools) and requirements management. But they don’t have application developers, server-side coding specialists, or testers.

The ready-made requirements and models are sent to other companies (sometimes located in another region or in another country), which create the code of the applications themselves using tools designed for this purpose. This approach can be quite risky for the customer.

Full-fledged outsourcing

Quite often, more alienated parts of projects are transferred to third-party companies than code fragments. So, the creation of a user manual for boxed products is often entrusted to companies that specialize exclusively in this type of work. The fact is that such companies usually employ not only technical writers and specialists in embedding reference systems into applications, but also editors and proofreaders with a philological education, and often translators into foreign languages, and editors who can edit a foreign text.

The reason for the prevalence of such outsourcing is simple. There may be a technical writer on the staff of the development company (although in small companies, as a rule, he will still be underutilized). But it is usually completely unprofitable to keep on the staff of the developer company editors, proofreaders, layout designers, translators, as well as entrusting their functions to project managers or managers. But if you need a serious product, then you need to take a responsible approach to financial application development. A decent level can only be provided by a company that has all the necessary specialists on its staff.

Don’t forget to test your product

Application testing is a fairly popular outsourcing area in the field of software development:

• Testing procedures are an important part of the software quality system.

• If it is necessary for the product to meet the requirements of quality standards, they must be strictly regulated.

• Lack of full testing during product development is a serious risk factor.

This can make a separate project completely unprofitable, because of the need to eliminate defects already during the industrial operation of the product, or because of the need to compensate for errors in the operation of the developed product, which can lead to serious damage to the company’s reputation.

On the other hand, the testing process is usually quite resource intensive. At the same time, the development company often does not have at its disposal a wide variety of hardware resources and versions of operating systems. Such resources are available in some large development companies, and there is no need to talk about medium and small companies.