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Fintech
 
Outsourcing:
How to do it Right

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CHAPTER #1 Fintech Outsourcing Market

Since the global pandemic brought the business world to a standstill, it seemed wise to hold off on major decisions until the future is more promising and secure. Although fintech products helped society live contactless life more conveniently, the 2020’s fintech market still saw a decrease. As per Statista, investments into fintech were cut down from $168B. in 2019 to $105,3B In 2020. 

 

However, 2021 – another story. Fintech market growth has finally taken off. Just in the first half of this year, there were almost 2500 deals and $98B in investments. So there’s a chance of coming close to pre-pandemic figures if the investments continue to grow in numbers. 

 

A growing need for fintech solutions means that there will be a rising demand for those able to develop them. Outsourcing is one of the crucial channels for additional help when creating new solutions. According to Moonward research, one-eighth of the total fintech budget is devoted to outsourcing, while nearly all outsourced services are deemed business-critical.

 

There are several factors that drive outsourcing among fintech businesses:

 

Quick and efficient scaling up of capabilities

Addressing skills gaps in the existing software development teams

Expanding new markets and attracting new customers

Enhancing the user experience

Accelerating the delivery of products and services

Cost reduction

 

Source of the picture: Deloitte Global Outsourcing Survey 2020

CHAPTER #2 Fintech Trends

The B2B partnerships. Investors are likely to recognize B2B services such as banking-as-a-service as a growing trend. Financial companies are likely to collaborate with insurtech, wealthtech, and regtech businesses as they strive to integrate financial solutions into other environments.

 

Digitalization at all levels. Wouldn’t it be great if banks didn’t have queues? Well, Fintech was exactly what we needed. Businesses were forced to find ways to stay relevant to users during the lockdown, which led to an increase in only digital financial operations. 

 

New fintech markets emerging. New fintech hubs will pop up in new regions, such as South America and Central and North Asia. Even so, the US fintech market remains dominant.

 

Blockchain and cryptocurrency are gaining popularity. Again. But this time even from governments and regulators.  As people get used to digital transactions, there is a need for more reliable security measures. The way blockchain is working ensures passwordless cyber security, fraud management, and protection from cyber-attacks.

CHAPTER #3 Fintech Project Outsourcing: What to Consider Before Starting?

Outsourcing is not a plug-and-play tool that will immediately give you the right people at the right place and at the right time. For this collaboration to be successful, both you and your vendor need to understand the intricacies of outsourcing relationships. How are you going to collaborate and communicate? To what extent do you have to detail requirements? What if unexpected issues arise? This, and much more, will need to be addressed by not only your vendor but by you as well. Before you regard outsourcing as your major patch solution, remember to check if you can manage the following factors.

#3.1 Assessment: are you Prepared for Outsourcing?

It is essential that organizations take the following steps to realize the full benefits of outsourcing:

 

The ability to plan, manage, and control retail outsourcing relationships appropriately. By doing so, you’ll avoid leaving your outsourcing partner in the dark without your presence in the processes. Therefore, if you cannot devote some time to attending meetings, providing inputs, and delivering feedback, hire a representative to handle all of that for you. 

 

Management of transition and transformation risks. When you adopt a new way of doing business, new problems inevitably emerge. Outsourcing for the first time has many risks that can be avoided with a proper risk management plan. 

 

The clarity in terms of collaboration. Before coming at actually doing the work, you need to clearly establish the zones of responsibility with your vendor. Do you need just to hire additional people in your team and you will manage them yourself? Or will you need the custom development team, creating your app from scratch?

#3.2 The Choice of the Vendor

If you think outsourcing does not work, there’s a great chance you actually just did not have a mature vendor. In this case, no matter how many risk plans, communication channels, and requirements clarifications you prepare, the collaboration just won’t launch well. 

 

Consider the following when choosing an outsourcing vendor:

 

Maturity. How many years is company X had on the market? What is their history? What is their average project size and how many people are working there.

Business operations. Does X’s approach to business matters suit your needs? Ask the company for its collaboration terms or schedule a call to learn how things will be if you hire them. 

Projects with a long-term scope. A company’s big number of lasting collaborations is a positive sign. You can find out this info by visiting the website of the company. 

Experience in your domain. The best outsourcing company won’t contribute much to your business if they do not understand the nuances of your industry. 

Company website. If their website does not work well and is not presentable, will they really be able to create a high-quality solution for you?

Employment quality. The way employees are treated in a company defines the quality of their work. Review job platforms for reviews. 

Participation. Participation in global events, including knowledge sharing and training within the company is a great way to see: the company wants to improve. 

Clients reviews. Clutch.co and other independent review sites are good places to check out the company’s performance.

Case studies. Case studies provide insights into past projects and collaborations. You’ll be able to see problems the company’s clients wanted to solve, challenges they faced, and solutions provided. That will help you understand if the company’s approaches suit you.

#3.3 Clear Requirements: a Key to Painless Collaboration

It’s hard to overestimate the importance of clear requirements. Without them no product creation is possible. If requirements are vague, you will not get what you initially wanted to develop. Writing and managing requirements and ensuring they are aligned to the vision of the final product can be challenging. The challenge is exacerbated when we deal with multiple systems interacting in one project.

 

So how do you provide clear requirements to your vendor?

 

Ideally, you need to refer to an outsourcing vendor, having at least a vision of what your product should be. This is a starting point. Explain your business objectives, describe your current and changing processes, and describe your technical requirements to your vendor. Communicate your requirements to our representative as best you can. We need to see your business needs and then understand how to address them without technical expertise. 

 

With such communication sessions, we will be able to gather initial requirements and turn them into the scope of work. Then we will need your feedback: often some initial requirements are not relevant or are not enough, and it’s okay.

#3.4 Security

It is crucial to consider security when you contract a partnership.  

 

Ensure your vendor can ensure GDPR compliance. In the EU, it is aiming to simplify compliance and regulate national data protection laws. Businesses will benefit from better legal protection, as it will ensure that their personal data is prevented from misuse and theft.

 

Ask if the company will sign a non-disclosure agreement (NDA), if necessary. 

 

Make sure the company has worked on sensitive data before. 

 

Trust proven outsourcing vendor with a substantial client base and positive reviews.

CONCLUSION

Outsourcing has become increasingly important in the modern business landscape. Frequently, we do not realize that it is not a magic pill that you take, and then the next day you’ll end up with a perfectly functioning business process. Together with your vendor, you have to form a strong partnership, contributing to the success of your project.

SapientPro can become your partner with our proven expertise in outsourced projects. Contact us to schedule a call and see what we can do for you!

DEVELOPMENTBACKENDTESTINGFRONTENDSAPIENTPROWEBDEVELOPMENTECOMMERCEMANAGEMENTARTIFICIAL INTELLIGENCESaaSDESIGNCUSTOMERSBLOCKCHAINSTARTUPSEOMOBILEDEVELOPMENTTEAM BUILDINGELEARNINGQA/QCESTIMATIONNEWS MARKETINGDEBUGING
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Outdated CMS may be among the reasons why your business hit a plateau.Developing and launching a website is not where the work stops. Besides, you have to maintain it constantly and implement profound changes. As for the latter, sometimes you may need to do something more than a simple redesign, and that may be a switch from one CMS to another. If your e-commerce business is continuously evolving and growing, it brings along more work to do. New technologies are always here to make your life easier. When it comes to CMS, there is also a great variety of opportunities you can use. In this article, we will walk you through the reasons, things to consider, and steps of CMS replatforming.

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DEVELOPMENTGUIDE TO BUILDING SEO FRIENDLY E-COMMERCE WEBSITE IN 2020

Let us be clear, the absence of SEO may result in the absence of website visibility.What people usually do when they need to find some information? Of course, they google it. The same goes for online shopping. When someone wants to buy or just compare prices for a certain product, Internet users simply open their devices to find necessary items online. Although you can now hardly find a person, who doesn’t have a computer or a laptop, people still use mobile devices more often. Thus, 93% of all internet activity starts with a search query. This number is for you if you doubt the importance of search engine optimization (SEO) for your website.

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DEVELOPMENTHOW TO BUILD & IMPLEMENT DYNAMIC PRICING FOR E-COMMERCE

Bear in mind, the whole purpose of dynamic pricing isn’t all about making sales.Price is among the key priorities when the consumers make their final decision whether to buy a product or not. Too expensive or too cheap offers can easily avert the buyers from your store. What if other stores have smaller prices? Or similar products of cheaper brands attract visitors more? The solution for not losing the client base is keeping track and controlling the costs on your website with the help of dynamic price strategies.

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DEVELOPMENTCOSTS OF E-COMMERCE PROJECT REDESIGN

The rise of sales, increased traffic and positive reviews are just a couple of benefits you may get from a website redesign.If you want your e-commerce business to grow and develop (we believe you do), you need to keep track of events in the online retail industry and, of course, implement on-time updates. Sometimes, small changes are not enough, then significant renovations should take place. Those may include changing the offers you provide and product lines, updating the website and finally redesigning. The question of redesign should be taken up seriously, as the first impression is what most people rely on when it comes to the Internet and its tough competition. Be ready to invest enough effort and budget to the renovation that will increase your business’s value. To know how to determine your budget. It’s important to consider at first the features, reasons, and type of changes, necessary for your website in the process of redesign.

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DEVELOPMENTADDING AN ONLINE STORE TO YOUR WEBSITE: DETAILED GUIDE

Adding an online store to your website will cost you less than developing it from the ground up.Selling online is never a bad idea, especially nowadays, when people wish to buy everything they need right from their cozy homes.What if having a ready website a business owner decided to sell something? Good news! There is no need for you to start all over again. There is a solution – adding an online store to the existing website. The opportunities of eCommerce are growing as fast as the customers’ demands.

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DEVELOPMENTHOW MUCH DOES IT COST TO BUILD AN E-COMMERCE WEBSITE IN 2019-2020

The e-commerce development company you choose will certainly affect the money you have to pay.The e-commerce website can definitely enhance the profit you receive from your business. But how much does e-commerce website cost? The figures you will hear in an answer to that question can vary a lot. Even after development, you will have to invest money into maintenance, improvement and adding brand-new features that are constantly appearing on the market. That’s in case you want your e-store to be attractive and profitable, of course. It’s even difficult to tell the average cost of how much should I charge for an e-commerce website. The numbers will vary due to different factors. In this article, we’re going to discuss them all in detail to help you grasp some idea about the money you need to pay for the e-store. First of all, you need to decide what you want your e-commerce to offer the customers. It may be anything from small business e-store up to a large website with a big amount of integrated (useful or just good-looking) features. It is also a good idea not to wait until everything becomes outdated. We strongly recommend to update all the features continuously and save money for more innovations.

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DEVELOPMENTGUIDE TO PROJECT MANAGEMENT AND PLANNING FOR E-COMMERCE

To avoid the negative consequences, start with determining what you intend to achieve.The popularity of e-commerce is growing at a blistering pace. Many companies around the globe regard the internet as a powerhouse with high commercial capacity and opportunities to boost their business and attract more customers. Those companies are completely right – more and more people prefer clicking the mouse over walking for hours when they need to buy something. Online stores nowadays provide their customers with more possibilities for less effort. But how to make people buy on your website, not any other? The answer is in thorough planning and management of e-commerce.

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DEVELOPMENTWEB DEVELOPMENT TEAM STRUCTURE AT SAPIENTPRO

We don’t say there isn’t enough knowledge, because our specialists are always broadening their abilities, delivering first-rate products and making the customers satisfied.Being a client of a Web Development company doesn’t mean you have to know all the ins and outs of the development process. However, what may be interesting for you is the stages and main characters of the project delivery. You cannot address front-end developer directly if you need to add a new payment method. Even this, as you may think, simple task involves a well-thought teamwork. So, here is a brief insight into the mechanism of SapientPro Clockwork.

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DEVELOPMENTHOW IT OUTSOURCING MAKES UKRAINE ATTRACTIVE FOR BUSINESSES AROUND THE WORLD

If a customer wants to find a development company they can work comfortably with, the staff becomes a really important point to encounter for making a choice.Without any doubt, while visiting some websites, buying goods online or even using a digital map to reach your destination you don’t think of the fact that Ukrainian IT specialists might have taken part in the development of these apps. A great number of companies around the world choose to outsource web development to Ukraine and they do have strong reasons for that. So, let’s give a detailed look at the biggest of them:

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DEVELOPMENTMAIN FACTORS THAT AFFECT THE COST OF THE SOFTWARE DEVELOPMENT

As software development is a many-stage process, every its element contributes to what you have to pay for an application.Before starting something new, people usually ask: “How much will it cost me to do this?” If you expect to hear the exact sum once you come to the software development company, here is something you need to know. The factors to be considered for the cost estimation are numerous and most of them depend on how you want your website or app to look like.As software development is a many-stage process, every its element contributes to what you have to pay for an application. Let’s have a closer look at three most important factors that affect the client’s budget.

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