Ukraine is a striking example of a country where modern startups are successfully developing. Project development from idea to final implementation is outsourced. Fintech, as one of the most progressive and exciting areas, has been no exception. Nowadays, companies are actively mastering the development of fintech products and expanding their areas of activity.
The ITOMYCH STUDIO team did not stand aside and actively broke into the fintech development in 2015. The team's portfolio includes several large-scale fintech projects for the markets of Great Britain and the Middle East at the moment.
What is fintech? What are the features of developing fintech projects? And what is behind the process of implementation of such applications? These questions will be covered in a sec — go on reading!
Fintech is such a new direction in business that there is no single definition for it. The term was originally used to describe organizations that create software for working with banking systems. However, the scope of new technologies has expanded and moved beyond the realm of solely the financial sector. Fintech technologies are widely used in the spheres of insurance, investment, trade, and risk management. Fintech can be defined as a new financial industry built on the use of the latest IT data collection and processing technologies. As for the products used, fintech includes the new mobile and web applications as well as business models used in the financial sector.
Among the types of fintech products, the following applications can be distinguished:
ITOMYCH STUDIO team needed only 9 months to develop such a project from scratch. The development and implementation process was very difficult because fintech applications required integration with a large number of partners as well as compliance with the strict regulatory standards.
It may seem unrealistic, but the fact remains that the ITOMYCH STUDIO team managed to succeed in such a short period of time. Today this project is successfully functioning on the UK market, the number of its users exceeded 30,000 during the first year. We, in turn, are continuing to expand the functionality and improve this fintech project.
How did we start? How did we establish the development process? We gradually turn the dream of fintech application into a complete solution in the following steps:
A distinctive feature of this particular project was that when developing the platform, we had to account for the strategic plans of the customer company. Strategically, the project was to be developed as a BaaS solution. This significantly influenced the architecture of the project.
What brought us closer to success? First, the responsibility that we decided to take and the decisions that we made in the process of work. Second, it was the team of experts able to quickly get involved in the project and make every effort to develop it. Each expert in our team had his own area of responsibility and it was not just a label. This was a specific area of activity within the framework of a specific program of action, the implementation of which belonged to the competence of a specific team member. And the main criterion of responsibility was the result.
So, judging from our experience, we know that the implementation of a fintech project on a turn-key basis may take up to 9 months (provided that you are working with an experienced team).
If you are focused on the result, want to become a part of the fintech team, and get a tremendous experience, send your CV. We always welcome those who are committed to results!