With the growth in the technological world, the fintech industry has started developing at a greater pace. It keeps on evolving to facilitate businesses and people with various commercial operations. In the past few years, we have observed expansion in the technologies like cryptocurrency, payment gateways, online money transfer applications, and various mobile wallets. Fintech mobile app development companies have created payment gateways that can be used by retailers and e-commerce companies. Besides, many other fintech technologies like accounting and invoice software or transfer applications are used to help various companies make the workflow effective and reduce their time that was initially spent on invoicing and bookkeeping. Basically, fintech is a technology that reduces a lot of time and effort and makes money transferring easier. Today in this tech blog, we will go through some of the top skills any software developer requires to create a fintech application.
What is FinTech Software Development?
Fintech means financial software or technology that includes anything from cryptocurrency to mobile payment applications. Software development companies create fintech applications that can manage funds and insurance, make an online payment for everything, or trade stocks through this technology.
Basically, fintech development is something that has grown significantly in the past 10 years and has provided value to payment solutions and online banking to help everyone manage their finances.
Top Technologies Required for FinTech Software Development
Here are some of the major technologies that developers must work on to create a FinTech Software:
1. Blockchain Expertise
With the advancement in the cryptocurrency industry, the demand for blockchain experts has been rising. There has been growth in the value of digital currencies like Bitcoin. And to make it all successful, Blockchain has played an important role. It is a technology that uses a single, shared consensus. Basically, it is a ledger-based system that enables transactions and allows the users to trade, lend, move, and reconcile money all around the world. Because of such expansion and acceptance of this technology, the demand for blockchain developers increases by 30% every year.
2. Software Development
Software development may seem like a generic skill for fintech development but there is no moving away with it as software developers are highly in demand for creating fintech applications. To be more specific, this demand follows the wider commercial and financial services where full-stack development is the norm rather than server-side development or client-side development.
Software developers can create various fintech applications like an electronic marketplace or a new digital bank. When the custom software development teams are creating a fintech app, the UX is often the disruptive driver as providing a customer-friendly approach becomes very essential.
3. Data Specialist
As fintech technology redefines financial services, it generates a huge amount of valuable data that is required to be analyzed and interpreted. For this, data analysts or data specialists are hired who have knowledge of technologies like Big Data, Machine Learning, Artificial Intelligence (AI), and Deep Learning. Besides this, fintech development companies also have experts who can mine this kind of data and provide recommendations on how to use it in order to improve the business services. It helps companies to stay ahead of their competition.
When any business expands, it requires automating the processes and this is when the demand for DevOps arises. The software developer who is skilled with DevOps techniques is in high demand as they can automate the business process and provide information that can help businesses to move towards a DevOps mentality. By adopting the DevOps mentality, any business can become more efficient. And this is the reason why fintech development companies create financial applications using the DevOps concept.
When it comes to creating financial apps, companies tend to use programming languages like Python. It is by far one of the most used programming languages by banking, insurance, and fintech companies. It is not a very sophisticated language but has a clear syntax which makes it more valuable for the financial industry. Besides, it is a language that comes with the most powerful frameworks like Django which helps the developer to create unique applications.
C++ is another programming language used for fintech development. It is popular for its efficiency. C++ is a programming language that is perfect for applications that require high-speed development execution. It’s one of the fastest programming languages available today. It is a programming language that comes with a rich library and versatile tools for various requirements. Besides this, C++ offers code reusability which is great for complex and large projects.
7. CyberSecurity Expertise
As the use of online financial services increases the number of cybercrimes also increases. And for any fintech company, be it a startup or a giant, cyber threats are a concern. If they go under attack, they might lose clients’ personal and financial information and this might eventually damage their reputation and affect employees’ morale. Therefore, fintech development companies have skilled experts who can secure the application from the very start. Besides this, there are experts who are skilled in incident investigation, risk management, encryption methods, and digital communication technologies. They carry forward data administration, and security operations to secure the client’s fintech application.
Soft Skills Required for FinTech Software Development
After going through the programming skills that are necessary for fintech development, now let us walk through the soft skills that the professionals have to possess in order to have an effective team collaboration.
1. Problem-Solving Skills
As we already know that fintech software development is quite challenging, and has chances of having issues while its development process. Therefore, the software development teams must have excellent problem-solving skills so that they can easily address all issues and take the workflow back on track without wasting time.
2. Communication Skills
Communication skills are one of the most required soft skills as the developers have to work as a team. It enables the developer to understand other team members’ mentality, working aspects and also helps them avoid any kind of conflicts. With excellent communication skills, the fintech development team can smoothen their while creating a strong bond within the team.
3. Flexibility and Adaptability
As we know that the financial technologies industry has a fast-paced working system. Every software developer, be it a fresher or an experienced one, has to be flexible to handle unpredictable situations and they must come up with solutions within one time. Therefore, flexibility and adaptability skills are a must in a fintech developer.
As we saw in this blog, fintech is and will be one of the most popular industries in the market as it offers various solutions to facilitate all financial operations. When any fintech software development company is coming up with new financial technology or software, they must have qualified professionals with relevant experience and skills to ensure quality results. The software developer must have knowledge about various programming languages and have efficient hard skills & soft skills. As you can see, to bring your fintech ideas to life, any software developer has to know diverse programming languages and possess hard and soft skills.