Today banking and finance companies are searching the ways to stay ahead in the cut-throat market competition, boost operational efficiency, and introduce innovative services. And this is the reason why finance businesses are heavily investing in FinTech software development services.
There are plenty of options available when hiring a software development company and there are huge variations in terms and pricing too. That’s why we created the comprehensive guide on offshore developers hourly rates across multiple regions. Also, we will show you the reasons to hire dedicated developers for your FinTech software development. So that you can make a wise decision.
Offshore FinTech software development rates in top markets
This dearth of qualified software engineers makes them scramble to other parts of the world by implementing the popular offshore software development models. By offshore, we mean the talents from overseas territories. Among the others, here are the most popular destinations for outsourcing FinTech software development:
Talking about the country-wise rates in Asia, India has an hourly rate of approximately $18-25 while Thailand’s hourly rate is somewhere around $18-23. On the other hand, the rates in Sri Lanka, Pakistan, Bangladesh, the Philippines, Indonesia and Malaysia lie between $18 to $30.
Eastern Europe contains a good amount of software development centres that offer offshore software development teams. Ukraine, Poland, Bulgaria,Hungary, Croatia, Czech Republic, Romania, etc,. are some of the prime East European countries that are popular for providing best in class software developers. Generally, the hourly developer rate ranges from $20 to $40 (approx.)
Australia has a much more secure economic situation, and higher rates. Besides the high cost of work, the sizable difference in time zones compared to the United States and other Western countries is also worth considering. In Melbourne, the hourly rates are around $45-$55 while in Sydney,charges vary from $50 to $75. Along with this, the minimal hourly rate is $100- $180 approximately.
Latin America is an emerging tech hub which constantly revolutionizes its capabilities by staying ahead in delivering cutting-edge solutions. Uruguay, Argentina, Peru, Chile, Mexico, Costa Rica, Peru, Bolivia, etc. are charging the development rates somewhere between $30 to $50 approximately.
Why offshore FinTech software development is the best choice for you?
A FinTech software solution developer works with you to understand your needs better and provides you with the recommendations that work best for you. They often develop long-term relationships with clients, integrating and upgrading your software systems as your company scales.
But the benefits offered by a software development service provider are not just limited to this, there are a few more which are as follows:
1. Access to best in class talent
A professional software development company has extensive connections with the professionals and developers who are having diverse IT backgrounds. These organisations know how to gather the best people and equipment to execute your project in an organized and timely manner.
Because of the availability of top-class software development resources, client companies are more prone to get the benefits of knowledge sharing within the wide team of software developers from vendor companies.
2. Faster project outflows
Your chosen software vendor will ensure that all your project requirements will be fulfilled and your project will be on track to meet deadlines. An experienced IT consulting firm can quickly assess your project and provide a fairly accurate estimate of how much it will cost to develop.
They can put together a development team, create a realistic timeline and determine the best method for building a successful software product. In this way, your project duration gets cut down drastically to a great extent.
3. Value to your development cost
If you hire superior quality software developers, it would bring a great automation into your business by developing an amazing digital payment software for you. Apart from this, a good software development team can help get better outcomes from your development.
Thus, if you don’t want to compromise the quality of your software development project. That is why you should be careful while choosing your ideal software developer’s country. However, you need to look out carefully about the vendor’s experience, delivered projects and profile to make the most of your development budget.
4. Transparency among the team
When working with an established software development firm compared to a freelancer. You have better control and accountability for your project. While there are many skilled and knowledgeable freelancers, many operate without an established business entity. And it’s difficult to follow up with them, or even find them if your project goes awry.
5. Scope for better scalability
The offshore development team has its own share of challenges that may lead to the discontinuity of the projects. Because of this, the scalability can get affected, and you might end up beginning your search from ground zero.
However, with hiring an extended development team. You might be in with the legal binding that makes it riskier to opt-out abruptly. Thus, you can rest assured about the scalability of your project.
While cost reduction is the driving force behind outsourcing. Such aspects as increasing business core focus and solving capability issues are catching up. That is why building custom software is a great way to improve efficiency and innovation within your organization. There are many choices when hiring software developers, and you must hire a suitable development company for your project.
For choosing best outsourcing partner, consider the advantages and value a software development company can offer. This can result in vast domain expertise, innovative solutions, a specific technology, efficient business processes and streamlined communication, as well as rare expertise and deep business understanding.