Businesses are gradually moving towards contactless payments where winning trust of the end user is the key to success or taking customers onboard. 

As people have put their sights into prosperous 2022, Fintech development and fintech companies predicting new changes in the financial world. 

Do you know about ¼ people in the USA opened a digital-only account in 2020 compared to 1% digital-only account in 2019?

The above fact shows that there is a tremendous growth in fintech development over the last 2 years. 

In this blog post, we will take a deep look into what’s trending in fintech and from where you can hire competent fintech consultants. 

Fintech development is trending, here’s why?

People and businesses are more comfortable using online services for managing their assets/money. Fintech is using two powerful technologies i.e. big data and cloud computing where we saw PayPal, AliPay, Apple Pay like services emerged. 

If we look into the factors and trends driving the growth of fintech development. 

  • Ecommerce growth overall the world has created a deep need for easy-to-use, online and secure payment services.
  • Increasing penetration of smartphone usage and evolving digital infrastructure.
  • Contactless payments will take charge in 2022 over cash payments.
  • Fintech startups or small and medium businesses will opt micro-lending to meet expectations of their customers.
  • Fintech companies are asking for banking licenses to expand their digital presence. 
  • Embedded payments like Uber, Amazon. 

What does a fintech consultant do?

A fintech consultant is someone who is well aware of the financial trends and regulations based on which he can guide his clients/companies how to implement best practices/trends. He evaluates the budget and the technology stack/skillset and offers possibilities.

What do fintech consultants cover? Market research, risk assessment, resources deployment including human skillset and the best technology stack, fintech development, maintenance and support. He advises on how to overcome challenges, get the best price, and how to get development fast. 

Three core areas covering the expertise of the fintech consultant are:

  1. Finance
  2. Technology
  3. Consultancy

He must be knowledgeable about all these three areas. Some key responsibilities of a fintech consulting firm or consultant are:

  • Business knowledge like licensing procedures, legal compliance, mergers, acquisitions, external auditing and investment.
  • Know how to harness software and systems for financial process automation like mobile payments, funds transfers, etc.
  • Should be capable enough to make business connections/networking capabilities.
  • Deep understanding of quickly evolving digital technologies for valuable insights and actionable strategies.
  • Seamless system transitions, no data loss. Effective consultancy takes the friction from the fintech integration process. 

Some proven ways of hiring fintech consultants

Talent acquisition strategy, weigh the expertise area

Opt for a talent acquisition strategy where you look for exact expertise as the fintech consultant areas of expertise may vary from data science managers to blockchain analysts. Narrow down what you want to achieve in months or years to come. Some most demanding skills from a fintech consultant include programming skills who can develop full stack platforms or have deep knowledge, knows about cybersecurity issues, be aware of data science benefits as the fintech expert with a grip on data analysis, and understanding can implement the best automation practices (meaning they will be skilled in AI and machine learning too).

Structure a competency based interviews

Companies like Google prepare structured competency based interviews where a candidate is evaluated on common real-world scenarios responses. 

Specialist recruiters like the team at Phaedra, can suggest relevant questions for fintech roles. Or reach out directly for help.

Work sample tests are highly effective

Again a very effective strategy from Google recruitment strategy. Work sample test will help in gauging future performances and the potential of the new employee. 

Scope of assessment may be limited in work samples considering many other factors which may erupt in the natural environment. However, when you look for fintech specialists, these tests can greatly help.

Hackathons, networking, company’s reputation

Some companies conduct hackathons where they connect with future talent and talk to passionate people then and there. Whereas a simpler approach could be working on a company’s reputation which could pay you off many folds. 

Asking for positive client reviews, building a strong website, and writing job descriptions with development, opportunities, benefits etc. are some ways towards a good reputation. Anyone asking for fintech services will look into the reputation of the company.

From where to hire fintech consultants:

Top fintech companies 

You can hire a freelance fintech consultant or hire a fintech company for the fintech app development services. 

Freelancers usually cost less but they don’t own the responsibility of the outcome. They take responsibility for ‘their part’ and not think of the business value as a whole. Getting an experienced freelance consultant is like a rare fish.

On the other hand, fintech companies may seem overcharging but they take full responsibility of the outcome/product and they aim for delivering viable business value. 

Hire a dedicated team for fintech development.

List of top freelance platforms for hiring fintech consultants

  • Toptal
  • Upwork
  • Clutch
  • GoodFirms
  • ValueCoders
  • LinkedIn
  • Freelancer
  • Fiver
  • Guru
  • Dice
  • PeoplePerHour
  • Arc
  • Gigster

List of some top companies for fintech development

  • McKinsey & Company
  • Accenture
  • Phaedra Solutions
  • Trianz
  • BCS Consulting
  • Fingent
  • Intellectsoft Technologies

Why Phaedra Solutions?

Companies who access the right talent can get the innovation handy. Fintech experts at Phaedra can accelerate your business outcomes via automation, construct strategies effective for short and long run. 

Services we can cover in fintech development includes, digital payments integration, digital wallets development, fintech investment apps and more.

Final verdict

Don’t rush your decision by signing a long term agreement with a fintech consultant and put your business at risk. Do evaluate the consultant/ firm, by looking into their past track record, reviews, read their niche specialization, and ask for a small task. 

Hire a fintech consultant as he may solve issues of your company by having a fresh perspective on adopting a technology which many of you are blind sighted.