How to outsource your fintech project

First of all, why would you outsource your project?

In old times most of the firms had their own lawyers, accountants, janitors and cooks. However, nowadays we may witness the age of specialized companies. An IT company hires cleaning service companies, accountancy companies, law offices and other specialized companies to assist in secondary matters. Same happens to literally any other type of company: lawyers hire cleaning companies to maintain their offices fresh and clean. Cleaning companies hire accountants to deal with payments, taxes and other kinds of paperwork. Accountancy companies use food delivery services to feed their employees and finally food delivery services hire IT companies to develop their mobile apps and make their business more efficient. This approach shows great efficiency and has gained popularity within the past years.

Why is outsourcing the best solution?

Outsourcing, in fact, helps to save a lot of resources and effort, shifting secondary matters to other firms. It helps to reduce the minimum essential number of your employees, hence reduces expenses on bigger staff, a bigger office and higher taxes, thus multiplying your company’s efficiency. So the reason why so many companies have chosen this path is pretty obvious:

• It reduces costs without reducing efficiency
• It helps to focus on your business’ specialization
• It solves capacity issues and increases quality
• It creates healthy, professional atmosphere among your staff
• It makes your company more flexible and protected in crisis situations

Even industry locomotives outsource

Although outsourcing is a really good strategy for smaller or middle-sized companies it shows its effectiveness for big companies as much as it does for smaller ones. Sure, big companies can afford a full set of specialists, but…Why would they do so? It’s much easier to hire professionals from other companies than make them your full-time employees. The problem is that though you need your secondary work employees, you don’t really need them 24/7. So, no wonder that industry locomotives have chosen outsourcing too. Here are some companies, which you definitely heard of that use outsourcing:

• Google
• Alibaba
• Whatsapp
• Slack
• Skype

Having switched to outsource all these companies came to the conclusion that a huge piece of work can be outsourced with some essentials staying in house. Decision to outsource numerous tasks resulted in better budget use.

Outsourcing your fintech project: where do we start?

There’s a to-do-list for those who want to switch their projects towards outsourcing, our friendly, professional Sapient Pro team will gladly assist you with any item of the list and provide both: skillful problem-solving service and experienced advice:

1. Choose the right engagement model. You should decide how much independence you want to deliver to your outsourcing partner. You ought to settle the management issues in the format, suitable for your company.
2. Define the set of technologies you want to use for your project. This is a very important matter to be settled. You should only pick tools you really need and those which are going to ensure your platform’s safety, stability and interoperability. On this stage of your project you need professional advice. Once it’s clear which tools your project needs you can start looking for the partner.
3. Find a relevant partner with a vast experience in fintech development. Fintech developing is a very specific kind of php-developing, it needs a qualified team that will ensure your project’s success.
4. Make sure your budget has reserves. That means you should have some budget gap in case of force-majeure circumstances or unexpected expenses, which, of course, won’t necessarily show up. If they do – you’ll be ready, otherwise – you will be able to use this budget either for your projects promotion or elsewhere.
5. Pay attention to security standards. Security standards compliance is a vital issue when it comes to financial security. Thereby, you’d better find a reliable team to work with, find out if they are able to ensure all the important safety standards function properly. See if they have any positive feedback about her job, check them. A reliable IT company usually provides all the evidence you need.
6. Sign an agreement. The very last thing you do, when finding your outsource partner is signing the contract. Taking lawyers’ advice is a good idea because failing this part may mean losing your time and financial resources.