{"id":3932,"date":"2019-10-07T10:44:22","date_gmt":"2019-10-07T10:44:22","guid":{"rendered":"https:\/\/innotech-vn.com\/?p=3932"},"modified":"2023-12-25T10:49:54","modified_gmt":"2023-12-25T03:49:54","slug":"5-benefits-of-choosing-software-outsourcing-for-fintech-startups","status":"publish","type":"post","link":"https:\/\/innotech-vn.com\/vie\/5-benefits-of-choosing-software-outsourcing-for-fintech-startups\/","title":{"rendered":"5 Benefits of choosing software outsourcing for fintech startups"},"content":{"rendered":"<p style=\"text-align: justify;\">Fortunately, there\u2019s a clear, straightforward solution: Outsourcing. Read on to find out why we should choose <a href=\"https:\/\/innotech-vn.com\/vie\/5-benefits-of-choosing-software-outsourcing-for-fintech-startups\/\"><strong>software outsourcing<\/strong> <strong>for fintech startups<\/strong><\/a> to compete and win.<\/p>\n<p style=\"text-align: justify;\">FinTech\u2019s impact is growing by the nanosecond. Consumers are embracing it, driving the global financial services industry to adapt and innovate. PricewaterhouseCoopers\u2019 <a href=\"https:\/\/www.pwc.com\/jg\/en\/publications\/pwc-global-fintech-report-17.3.17-final.pdf\">Global FinTech Report 2017<\/a> found that 88% of incumbents feared losing business to standalone FinTech companies, and 82% expected to increase FinTech partnerships in the next three to five years.<\/p>\n<p style=\"text-align: justify;\"><strong>In other words, the FinTech playing field is wide open and teeming with opportunity. The question is: Can FinTech startups keep up?<\/strong><\/p>\n<p style=\"text-align: justify;\">To succeed, FinTech startups must grow, execute, and innovate quickly. They often lack the staff, capital, flexibility, or risk tolerance to do so. Even if they\u2019re newly funded, it doesn\u2019t make financial or logistical sense to build all technologies needed in-house and from scratch. So what\u2019s a FinTech startup to do?<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: left;\"><strong>1. SPEED TO INNOVATION (AKA ACCESS TO TOP TALENT)<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www2.deloitte.com\/us\/en\/pages\/operations\/articles\/global-outsourcing-survey.html\">Deloitte\u2019s Global Outsourcing Survey 2018<\/a> sends a clear message: More and more businesses are using outsourcing to drive innovation, and it\u2019s enabling competitive advantage. From 2016 to 2018, Deloitte saw an increase from 20% to 49% in the number of organizations moving services to outside providers as they innovate.<\/p>\n<p style=\"text-align: justify;\">Innovation is the essence of FinTech. <strong>FinTech startups<\/strong> use both existing and emerging technologies (e.g., AI, blockchain, cryptocurrency, IoT, biometrics) to rethink and revolutionize financial services. Their success and competitive advantage depend on having the specialized knowledge needed to harness the power of these technologies. Where do they get it? By finding experienced, top-tier development talent to help them conceptualize and develop their solutions. Only startups who engage the most innovative, intelligent and\u00a0creative development talent will succeed.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img decoding=\"async\" class=\"size-full wp-image-4883 aligncenter\" src=\"https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/fintech-technologies.png\" alt=\"Top 5 technologies that would boost fintech startups\" width=\"70%\" srcset=\"https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/fintech-technologies.png 512w, https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/fintech-technologies-300x150.png 300w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/> <em>Top 5 technologies that would boost fintech startups<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">With US unemployment at the lowest rate in 50 years, that top talent isn\u2019t exactly hurting for work. Newly funded startups often can\u2019t afford the sky-high salaries required to attract these professionals, ending up with less-experienced professionals who can\u2019t deliver. Over and over, the data backs this up:<\/p>\n<ul style=\"text-align: justify;\">\n<li>\u201cCIOs across the board identify lack of skills and other human resources as their No. 1 barrier to success.\u201d \u2014 <a href=\"https:\/\/www.gartner.com\/en\/documents\/3597441\">Gartner\u2019s 2017 CIO Agenda Report<\/a><\/li>\n<li>\u201cTalent has now been recognized globally as the single biggest issue standing in the way of CIOs achieving their objectives.\u201d \u2014 <a href=\"https:\/\/www.gartner.com\/imagesrv\/cio\/pdf\/cio_agenda_insights_2016.pdf\">Gartner\u2019s 2016 CIO Agenda Report <\/a><\/li>\n<li>53% of respondents \u201chired tech talent who did not meet the job description requirements out of immediate need,\u201d and 83% felt the tech talent shortage had hurt their business through \u201clost revenue, slower product development, market expansion, or increased employee tension and burnout.\u201d \u2014 <a href=\"http:\/\/blog.indeed.com\/2016\/12\/05\/impact-of-tech-talent-shortage\/\">Indeed December 2016 survey<\/a><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Outsourcing or co-sourcing software development talent removes this barrier to success, letting FinTech startups:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Engage expert developers for only as long as they\u2019re needed.<\/li>\n<li>Hand-pick the FinTech expertise and intellectual capital you need to drive success.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: left;\"><strong>2. COST EFFECTIVENESS<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The data also shows that outsourcing saves costs. In <a href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/nl\/Documents\/operations\/deloitte-nl-s&amp;o-global-outsourcing-survey.pdf\">Deloitte\u2019s 2016 Global Outsourcing Survey<\/a>, 59% of respondents cited \u201ccost-cutting\u201d as a primary driver. When assessing how innovation creates value in outsourcing relationships, 44% pointed to reduced delivery costs.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img decoding=\"async\" class=\"size-full wp-image-4887 aligncenter\" src=\"https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/cost-cuttting-is-reason-for-outsourcing.jpg\" alt=\"Cut-costing is the top reasons for outsourcing software\" width=\"80%\" srcset=\"https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/cost-cuttting-is-reason-for-outsourcing.jpg 705w, https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/cost-cuttting-is-reason-for-outsourcing-300x296.jpg 300w\" sizes=\"(max-width: 705px) 100vw, 705px\" \/> <em>Cut-costing is the top reasons for outsourcing software<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">With software outsourcing or co-sourcing, FinTech startups gain significant cost-related benefits, including:<\/p>\n<ul style=\"text-align: justify;\">\n<li>No need to pay the costs of recruiting and training development professionals (easily a $50k investment), not to mention their benefits, office space, and hardware\/software, or the high costs of turnover<\/li>\n<li>No need to pay the hefty salaries required to keep experts on staff long-term<\/li>\n<li>Increased budget control\/visibility, given clearly delineated scopes of work (SOWs) that outline your investment<\/li>\n<li>No paying for development downtime<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: left;\"><strong>3. IMPROVED FLEXIBILITY \u2014 AND REDUCED RISK OF A BAD FIT<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The risk of a bad fit is considered when making hires central to development success. One bad hire could slow your progress or throttle your budget.<\/p>\n<p style=\"text-align: justify;\">There are no guarantee professionals hired in-house won\u2019t be a bad fit technically or culturally. And hiring specialized resources in-house can drain or strain capital that could be better used toward other strategic priorities. Countless startups (e.g., Slack, GitHub, Skype, Basecamp) have built their businesses using outsourced development talent they couldn\u2019t afford full-time. Needing to ensure sustainable growth, FinTech startups are catching on.<\/p>\n<p>Co-sourcing and software outsourcing offer massive flexibility and scaling benefits for FinTech startups, including:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Ability to quickly scale delivery teams up or down to meet important goals\/milestones<\/li>\n<li>No need to hire extra employees to try new frameworks or ideas \u2014 just request the right specialists from your outsourcing or co-sourcing partner<\/li>\n<li>Improved ability to flex your budget to fit evolving priorities<\/li>\n<li>No long-term commitment made to in-house employees who may be a bad fit<\/li>\n<li>Development professionals experienced in collaboration and communication, reducing the risk of a bad fit<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: left;\"><strong>4. INCREASED SPEED TO MARKET<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">Deloitte\u2019s Global Outsourcing Survey 2018 asserts, \u201cToday, disruptive outsourcing is about collaborating with partners in the marketplace to integrate services an organization cannot quickly build on its own to innovate, transform, propel its growth, and unnerve its competitors\u201d (emphasis added).<\/p>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3935 size-large aligncenter\" src=\"https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/trend-fintech-outsourcing-software-892x1024.png\" alt=\"\" width=\"700\" height=\"804\" srcset=\"https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/trend-fintech-outsourcing-software-892x1024.png 892w, https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/trend-fintech-outsourcing-software-261x300.png 261w, https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/trend-fintech-outsourcing-software-768x881.png 768w, https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/trend-fintech-outsourcing-software.png 1166w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p style=\"text-align: justify;\">For<strong> FinTech startups<\/strong>, speed matters. You can\u2019t let your competitors get to market faster, so you need to build, execute, and innovate more efficiently than they do. As McKinsey echoed in its 2018 \u201c<a href=\"https:\/\/www.mckinsey.com\/industries\/financial-services\/our-insights\/synergy-and-disruption-ten-trends-shaping-fintech\">Ten trends shaping fintech<\/a>,\u201d \u201cThe most successful fintech have evolved into execution machines that rapidly deliver innovative products.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Outsourced or co-sourced arrangements offer significant speed advantages:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Ability to quickly source top-tier development talent with proven experience on similar projects \u2014 without being slowed down by recruiting, hiring, and onboarding<\/li>\n<li>Less ramp-up time and faster progress, given their familiarity with similar projects and efficient, time-tested processes<\/li>\n<li>Potentially having team members in multiple time zones, ensuring continued progress while you sleep<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: left;\"><strong>5. IMPROVED QUALITY<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">As a FinTech startup looking to disrupt, can you afford to gamble on the quality of your development team\u2019s work? Capital is not inexhaustible. Investors need to trust you\u2019ll deliver, or funding will dry up. Partnerships with financial services incumbents will be at risk if your work\u2019s quality or reliability is in question.<\/p>\n<p style=\"text-align: justify;\">Working with a <a href=\"https:\/\/innotech-vn.com\/vie\/how-much-does-mobile-banking-software-outsourcing-in-vietnam\/\"><strong>software outsourcing<\/strong><\/a> or co-sourcing partner is a huge help here, too, because:<\/p>\n<p style=\"text-align: justify;\">You can choose a partner with a track record of award-winning FinTech products with millions of satisfied users. They\u2019ll already know your industry and business landscape. Their proven expertise on similar projects means increased quality, speed to market, and flexibility for your product.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img decoding=\"async\" class=\"wp-image-4885 size-full\" src=\"https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/make-products-better.jpg\" alt=\"Professionals from outsourcing can make increased quality, speed to market, and flexibility for your product\" width=\"100%\" srcset=\"https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/make-products-better.jpg 1600w, https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/make-products-better-300x225.jpg 300w, https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/make-products-better-1024x768.jpg 1024w, https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/make-products-better-768x576.jpg 768w, https:\/\/innotech-vn.com\/wp-content\/uploads\/2019\/10\/make-products-better-1536x1152.jpg 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/> Experts in <em>outsourcing team can make increased quality, speed to market, and flexibility for your product<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">You\u2019ll have improved control over your development team, and recourse if expectations aren\u2019t met. You can use contracts and SOWs to guarantee deliverables and their quality, and ask for staffing changes or additions when needed.<\/p>\n<p style=\"text-align: right;\"><em>Source: distillery.com<\/em><\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/innotech-vn.com\/vie\/\"><b>Innotech Vietnam<\/b><\/a><span style=\"font-weight: 400;\"> always strives to meet the needs of customers with the highest quality products and services. So we have received the trust from big companies such as ACB, Tyme Bank, Unifimoney, Manulife, Commonwealth Bank, &#8230; to use products created by Innotech Vietnam.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">If you are looking for a Fintech Outsourcing company to provide solutions for your company. <\/span><span style=\"font-weight: 400;\">Contact experts at Innotech Vietnam for any questions about<\/span> <a href=\"https:\/\/innotech-vn.com\/vie\/software-development\/banking-and-financial-services\/\"><b>Fintech software Outsourcing<\/b><\/a><span style=\"font-weight: 400;\">!<\/span><\/p>\n<p>Contact us: <a href=\"https:\/\/innotech-vn.com\/vie\/contact\/\">Click here<\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Share your information<\/strong><\/h2>\n<p>&nbsp;<\/p>\n\n\t\t\t\t\t<script>\n\t\t\t\t\t\twindow.hsFormsOnReady = window.hsFormsOnReady || [];\n\t\t\t\t\t\twindow.hsFormsOnReady.push(()=>{\n\t\t\t\t\t\t\thbspt.forms.create({\n\t\t\t\t\t\t\t\tportalId: 6619918,\n\t\t\t\t\t\t\t\tformId: \"b4a8f47d-4168-452e-bb6a-9012b6fd35b9\",\n\t\t\t\t\t\t\t\ttarget: \"#hbspt-form-1743596151000-7343527631\",\n\t\t\t\t\t\t\t\tregion: \"na1\",\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t})});\n\t\t\t\t\t<\/script>\n\t\t\t\t\t<div class=\"hbspt-form\" id=\"hbspt-form-1743596151000-7343527631\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Fortunately, there\u2019s a clear, straightforward solution: Outsourcing. Read on to find out why we should choose software outsourcing for fintech startups to compete and win. FinTech\u2019s impact is growing by the nanosecond. Consumers are embracing it, driving the global financial services industry to adapt and innovate. PricewaterhouseCoopers\u2019 Global FinTech Report 2017 found that 88% of [&hellip;]<\/p>","protected":false},"author":7,"featured_media":4139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[1,190,311],"tags":[],"yst_prominent_words":[204,195,193,202,203,194,198,196,1539,209,199,201,205,1541,197,208,200,1542,1540,206],"publishpress_future_action":{"enabled":false,"date":"2025-04-09 19:15:52","action":"draft","terms":[],"taxonomy":"category"},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/innotech-vn.com\/vie\/wp-json\/wp\/v2\/posts\/3932"}],"collection":[{"href":"https:\/\/innotech-vn.com\/vie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/innotech-vn.com\/vie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/innotech-vn.com\/vie\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/innotech-vn.com\/vie\/wp-json\/wp\/v2\/comments?post=3932"}],"version-history":[{"count":4,"href":"https:\/\/innotech-vn.com\/vie\/wp-json\/wp\/v2\/posts\/3932\/revisions"}],"predecessor-version":[{"id":19556,"href":"https:\/\/innotech-vn.com\/vie\/wp-json\/wp\/v2\/posts\/3932\/revisions\/19556"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/innotech-vn.com\/vie\/wp-json\/wp\/v2\/media\/4139"}],"wp:attachment":[{"href":"https:\/\/innotech-vn.com\/vie\/wp-json\/wp\/v2\/media?parent=3932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/innotech-vn.com\/vie\/wp-json\/wp\/v2\/categories?post=3932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/innotech-vn.com\/vie\/wp-json\/wp\/v2\/tags?post=3932"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/innotech-vn.com\/vie\/wp-json\/wp\/v2\/yst_prominent_words?post=3932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}