HOW TO

Hire Banking App Developers: Everything You Need to Know

Alexander Prokopiev
Alexander Prokopiev CTO of ARTJOKER
9 min read

When special banking applications did not exist, the slightest problem required a trip to the local bank branch. Bank employees and their customers had to process a lot of paperwork, which wasted lots of time. Today you can apply for or close a loan, order or block a credit card, and perform banking operations directly from your smartphone within a minute.

Thanks to mobile banking app developers, we, as consumers, have received new opportunities regarding our finances and the overall process has been made much more convenient. Since its inception, the fintech development market has grown steadily and rapidly. In a recent report, Juniper Research forecasted that by 2026 over 3 billion people would employ digital banking services, online, mobile, or both.

Quite an attractive opportunity, isn't it? Thus, nowadays, all the notable players in the financial sector provide their customers with at least a single digital access channel.

If you, in turn, are planning to conquer the market of financial services, you will need a reliable team to help realize your plans and ideas. We at Artjoker are an established software development and IT consulting company. With a wealth of experience building projects in a wide variety of business fields, in this article, we strove to share tips and insights about searching for a qualified development team.

What Skills Does a Banking App Developer Need?

We are witnessing the transformation of technology in the financial sector. New technologies can dramatically change your business opportunities if you want to engage in banking app development. Therefore, you will need programmers with unique capabilities.

Hire Banking App Developers: Everything You Need to Know

Blockchain

The unprecedented growth in the impact of this technology on the financial sector is predetermined by the high security of transactions. Using blockchain technology, banking app developers are reshaping day-to-day banking routines, creating highly secure and efficient applications.

Machine Learning (ML)

Process automation is one of the most common applications of this technology in the finance sector. Thanks to this, enterprises can reduce the amount of manual labor and increase work efficiency. The hired mobile app development team should be aware of the basics at least: the logic of algorithmic trading, financial modeling, forecasting, and logistic regression.

Artificial Intelligence (AI)

AI-assisted automation allows the processing of large amounts of data in a short time. Its algorithms help to detect the actions of fraudsters, for instance.

Data Science

Big data analysis helps to assess risks and predict future trends. Data science experts should have knowledge of specific programming languages, data visualization methods, applied statistics, and assumption testing methods.

Cybersecurity Expertise

Security breaches can destroy a bank's reputation. To protect sensitive data, software engineers must have knowledge and experience in ensuring the highest possible level of security.

Where to Find Banking App Developers?

You can pick up a team in the most common ways.

Hire Banking App Developers: Everything You Need to Know - 1

Job boards

This is the perfect place to find in-house programmers at affordable prices.

Pros:

  • Complete control over the development process;
  • An internal coding team can quickly understand the goals and scope of the project, adaptation is faster, and they have the opportunity to share their knowledge;
  • The absence of a time zone difference allows you to solve problems faster;
  • High level of employee commitment.

Cons:

  • This can be an expensive option as it will require a budget for hiring, salaries, accounting, equipment, and team administration;
  • Finding a suitable local specialist with the required expertise may be difficult.

Recruiting Agencies

Turning to professionals helps solve many problems. Trained recruiters excel at many essential tasks in organizing a team search, including an assessment of qualities and knowledge, selection, interviews, etc.

Pros:

  • Guaranteed quality of hires;
  • Well-developed structure and technology of personnel selection;
  • High privacy.

Cons:

  • High cost of services;
  • Limited candidate base.

Outsourcing Firms

This option allows you to supervise the development process without the need to engage in administrative activities.

Pros:

  • Flexibility and scalability of a dedicated development team;
  • Absence of need for direct management. A provider assigns the team with a manager who will control the development process and report on the progress of the project;
  • The dedicated team uses state-of-the-art technology from validation to the launch of a business idea.

Cons:

  • High cost;
  • There may be communication problems due to time differences or a lack of knowledge of foreign languages.

Freelancers

This option is usually the cheapest, and cooperation with developers from anywhere in the world is possible. You can use social networks or rating sites to search.

Pros:

  • Profitability. You only pay for hours worked. You do not need to manage vacations, equipment, sick leaves, etc.;
  • Large selection of professionals with diverse knowledge and experience from across the globe.

Cons:

  • Possible delays in work and communication problems due to lack of personal interaction;
  • Lack of involvement and motivation. Freelancers may be focused on completing specific tasks rather than the success of the project as a whole;
  • The risk of overestimating the advertised skills.

Talent platforms

There are many professional communities, such as GitHub or StackOverflow, where experts share practical tips and development methods. Here you can see code samples made by specific specialists, so it will be easier to choose the right ones.

Pros:

  • Possibility to attract the best talent for your project.

Cons

  • Limited talent pool;
  • High cost of labor.

How to Hire Banking App Developers?

Hire Banking App Developers: Everything You Need to Know - 2

For the application to meet modern technology and security requirements, you must choose experienced developers with successful cases of finished fintech projects.

Interview Questions to Ask a Banking App Developer before Hiring

Our questions to ask the prospective banking app developers include the following.

  • Where can I find examples of your work?

You must be confident in the quality and results of the candidate's previous work. Study their portfolio or document showing specific accomplishments - request previous customers' contact information to get direct opinions.

  • Do you need the aid of a UI/UX designer?

It would help if you had a clear idea of who will create the visuals for your application. Ask the engineer for their design work examples to ensure their abilities. If their skill/art sense is not to your liking, you will have to hire an additional designer.

  • What does your typical preparation process include?

The best developers start by understanding users and the market and conducting thorough planning, complete with compiling a set of project documentation. Developers must think in a process-oriented way and be able to take responsibility.

  • How much time are you willing to devote to our project?

This way, you ensure that the developer will have the opportunity to implement your ideas promptly and thoroughly.

  • Can you manage the process of application submission into app stores?

Getting a coder to help you get the app up and running is essential. They should make sure that your app is approved by the stores and included in the list of apps to download.

  • How do you manage quality control and testing?

The best developers adhere to strict guidelines. Before the application is released to the market, it should be tested exhaustively, manually, and by automated routines to ensure the highest possible quality.

  • Do you offer long-term application maintenance and support?

Crashes, upgrades, technology changes, and new feature introductions all require constant work. And it is better if an original developer performs it.

Why to Hire Banking App Developers at Artjoker?

We have many years of expertise in the development of websites, web- and mobile applications that provide hassle-free access to a wide variety of financial services. Our clients appreciate the following:

  • Extensive experience and know-how in software development;
  • Proven development methods and best testing practices;
  • Quick and reliable problem-solving, out-of-the-box innovations;
  • Wide range of services, including compliance testing, promotion, maintenance, cloud deployment, and more.

We guarantee:

  • A detailed planning process;
  • Complete transparency and close communication;
  • Maximum possible privacy and security.

You will also receive documents from us that will describe your project's requirements and technical aspects clearly and in detail, no matter how complex it may be.

Conclusions

Please get in touch with our sales department to discuss your goals or if you have any questions. We will provide a solution custom-tailored to your needs and requirements in the shortest possible time.

Rate this article
3.7 (3)
Share

Popular in blog

View all
Contact Us

Hello!

We collect cookies to improve your experience with Artjoker

I AGREE