Hire Fintech Developers: Everything You Need to Know
If you've ever thought of starting a fintech business, now's a great time to do it. According to EY, the global fintech adoption rate had risen to 64% by 2019. This doesn't come as a surprise — statistics have shown that many industries are shifting from traditional financial services to software solutions. The digital banking market, for instance, is estimated at a whopping $4.3 billion in the U.S. alone.
Whether you consider launching a business or you already have a developed company, you'll need experienced fintech developers. Considering the above-cited numbers, these engineers will be in high demand for the years to come.
Finding the right fintech developers for your company may sound challenging at first, especially if you're new to the hiring scene. However, with reliable data and expert tips, you can make the entire process seamless. To help you hire fintech developers, we composed a comprehensive guide to the recruitment process. Read on to find more about these highly-skilled professionals, their offerings, and more.
What Type of Products Should You Hire Fintech Developers For?
If you're not sure whether you need fintech developers in the first place, take a look at the list below. These are the business-essential products that fintech talent can help you implement and manage for ultimate success.
Fintech talent can help you create secure and reliable digital banking solutions that make life easier for your customers. These include:
- Online banking apps that allow customers to manage bank accounts on the go.
- Security systems to ensure that your customers' personal information is well-protected from malicious third parties.
Insurance is another area of fintech you need engineers to handle. fintech developers can give your company the boost it needs to stand out from competitors, especially since many life insurance companies continue to rely on legacy technology stacks.
Using their knowledge of AI, fintech developers can help you implement the following:
- Automated underwriting, which can individualize pricing and risk selection, allowing customers to pick from a broader range of products
- Up-to-date software and programming interfaces which help you incorporate third-party data, reporting tools, and more
- End-to-end insurance solutions that simplify the work process
If you have an idea for a new lending app, fintech programmers can help turn this dream into reality. They will draw on their deep knowledge of Python, PHP, and other coding languages to build a lending app that streamlines the loan request process. These apps typically include features such as credit scores, loan application forms, billing, and more.
You can also consider hiring fintech for creating payment apps. Also known as digital wallets, these apps let users send and receive money through an app by linking it to their bank account and credit cards.
Trading and Investing Apps
Fintech developers can also help you create trading and investing apps that provide easy access to investing platforms. These apps empower customers to invest in options, ETFs, and stocks while on the go. They can also buy and sell digital currencies like Ethereum, Dogecoin, and Bitcoin.
Cryptocurrency Apps and Platforms
Finally, fintech developers can help develop e-wallets, websites, apps, and other necessities for the cryptocurrency company. They can also work with your IT team to detect and mitigate tech issues and troubleshoot cryptocurrency transaction-related problems whenever they pop up.
What Skills Does a Fintech Developer Need?
Once you establish you need a fintech engineer in your team, you'll have to launch a recruitment process from scratch. Before you start taking in and interviewing applicants, it's essential to recognize your business requirements. Not every fintech developer will be ideal for your company and industry.
These questions can help you pinpoint the type of fintech engineer you need for your business:
- What position(s) are you aiming to fill?
- How much work experience does your hire need?
- How many fintech developers will you be hiring? How many of these are junior, middle, or senior developers?
- What is your hiring budget?
Make sure you have solid answers to these questions. Take your time and try to imagine your ideal fintech programmer. The perfect candidate should match the image in your head and have the technical and soft skills listed below.
Identifying the libraries, coding languages, specialized knowledge, and frameworks your fintech hires should know is part of the hiring process. This depends directly on what kind of app you want them to create. For instance, if you want your hire to create a cryptocurrency platform, you need to make sure the candidate has a thorough understanding of blockchain technology.
Deciding on hiring a frontend or backend developer is the second step. Frontend developers are responsible for translating design into code to create a great user experience. Essentially, they transform a design into code. To do their job well, frontend developers need to know:
- How to test apps and websites using different browsers and devices
- Search engine optimization (SEO) to boost organic traffic to a website
- Web performance optimization (WPO) to ensure faster loading times
- Various frameworks and libraries, such as ReactJS, AngularJS, Bootstrap, jQuery, and Ember
- Languages such as Python, Cascading Style Sheets (CSS), and Hypertext Markup Language (HTML)
- How to use version control systems to track changes made to code
In contrast, backend developers are in charge of the app development side that users can't see. The backend is crucial to the app development process since the frontend won't work without it. Responsible for creating and maintaining servers, application programming interfaces (APIs), databases, core app logic, and more, backend developers are expected to have a thorough knowledge of popular backend languages like PHP, Node.js, Java, and Scala. They should also know how to:
- Store data in databases such as MongoDB, MySQL, and PostgreSQL
- Use relational (SQL) and non-relational (NoSQL) databases
- Create servers to process user requests
- Create APIs
- Create and deploy data structures such as list functions and array operations
After determining what technical expertise you're looking for, it's time to think about the soft skills of your potential hires.
Generally, all fintech professionals should have the following soft skills:
- Communication skills. Your hire needs to have strong communication skills since they will be working as part of a team. Good communication skills will help build team spirit and reduce the likelihood of conflict.
- Problem-solving skills. Your ideal fintech developer should be able to solve challenging problems effectively as they emerge.
- Adaptability. Every software developer should be adaptable enough to handle unpredictable situations and expectations.
- Proactivity. You want to hire a fintech developer who can act without waiting for directions. Proactive team members can finish tasks faster and prevent issues before they happen.
Where to Find Fintech Developers
There are many ways to find and hire fintech engineers who are perfect for your startup. We listed the top places for sourcing and locating fintech talent to help you find your way through the process.
Fintech job boards
Considering the rising demand for fintech, many job boards are specifically designed for this area. These include:
To locate the best fintech developer on one of these boards, you should:
- Create a detailed company profile on the site. Include a link to your website, a logo, and a thorough description of your startup. You'll also want to talk about the work culture and environment to attract prospective candidates.
- Create your job posting. Include the following to attract the highest volume of qualified developers:
- An eye-catching job title
- A concise summary of the job, including responsibilities, salary, work location, work schedule, and more
- Information about your startup and its work culture
- Minimum and preferred education requirements
- Minimum and preferred years of work experience
- Required documents (e.g., cover letter, resume, university transcripts, etc.)
- Preferred application method
- After creating your job posting, make a list of the keywords you've used. Are there any other relevant phrases you can add? Keywords can help job seekers find your job posting much faster.
- Re-use your job posting on other platforms. It's a good idea to post your job on multiple platforms at once, so you can build a sustainable and robust talent acquisition funnel.
Once applications for your position begin pouring in, you can start vetting each applicant for their skillset. If you like what they have to offer, you can move on to interviewing and hiring those who are a good fit for your company.
Fintech recruiting firms
If you don't have a lot of time for vetting applicants, consider sourcing fintech talent through recruiting firms. The following ones specialize in recruiting fintech talent:
These firms will handle all the hard work for you. They will gather your business goals and objectives, create an adequate recruitment strategy, and start implementing it to:
- Approach candidates via social media, their database, and cold-calling
- Screen and vet candidates
- Set up interviews between you and your candidates
- Conduct background checks for the chosen candidates
- Support you with candidate onboarding
Salaries for fintech developers can become very high in the United States. According to Talent.com, the average fintech salary in the U.S. is $64.10 per hour or $125,000 per year. Engineers at entry-level positions earn around $84,858 per year, while experienced developers make up to $190,000 annually.
To cut costs, you can outsource and hire fintech engineers from other parts of the world, such as Latin America, Eastern and Central Europe, and South Asia. Here are some outsourcing companies to get you started:
These companies can help you locate talent by:
- Pre-screening candidates ready for employment
- Assigning HR and IT support to you
- Taking over routine support processes, so your team has more time for high-value tasks
- Building an overseas workforce that fits your startup and the technology you want to create
- Scaling outsourcing as needed
If you only want to hire one or two freelance fintech developers for short-term projects, you can try using freelance job boards. These include:
Since freelance developers don't require benefits, insurance, or workspaces, they're a good choice for a new startup with limited resources. Instead of paying developers by the hour, you can compensate them for the completed tasks, which could decrease your expenses more than in-house teams or outsourcing. According to Upwork, hiring a freelancer can save you anywhere from 30 to 50 percent on the hiring process and beyond.
However, there are also some pitfalls associated with hiring freelancers. Since most freelance job boards don't vet job seekers, you may not be able to evaluate the worker's experience. You'll need to manage the interviewing yourself, ask for sample works, and take over other time-consuming tasks. It's also hard to get post-development support since freelancers rarely stay on your team after they've finished a project.
In general, keep the following in mind when sourcing freelance developers:
- Check each freelancer's rating before you decide to interview or hire them. Many freelance job platforms let you see ratings from previous customers.
- Be aware of fake accounts. Avoid users who post contradictory or vague statements about themselves and their work. Some users even steal bios and work for other people, so be sure to check that the freelancers you're contacting are who they say they are.
- Form a vetting process. For example, if you're hiring a freelancer to create a cryptocurrency mobile app, find out how knowledgeable a person is in app-creating and blockchain.
There's another highly effective method you can use to discover and hire fintech developers. Talent platforms are self-service apps that empower employers and job seekers to find each other. For the most part, they work like job boards. Some talent platforms even pre-vet workers for specific skill sets and competencies before letting them join, so employers don't have to spend as much time sifting through resumes.
Revelo is one of these platforms. We know how difficult it can be to locate and hire the right people for the job, even after exhausting most of the methods listed above. That's why we've simplified the process of sourcing fintech developers. As the biggest tech platform in Latin America, we've amassed a large pool of developers who have been vetted for their coding skills and English-speaking proficiency. We also gather professionals in U.S. time zones, so you and your team can work with them in real-time.
What's more, Revelo takes responsibility for handling the most challenging parts of the hiring process, such as immigration concerns, benefits, and HR papers. This will give you more time and energy to integrate your new hire into your organization's workflow and culture.
If this sounds like something that would benefit your business, schedule a meeting with us today. Tell us about your goals and needs, and we'll find the best matches for you. Within three days, you'll get a list of our best picks. You can then interview and hire the candidates you want. It's as simple as that.
How to Hire Fintech Developers
If you go with job boards for finding candidates, make sure to compose a proper job description to attract talented professionals. We recommend a short yet detailed one that would catch the eye of readers. Here's a mockup example on the made-up company to help you out:
Fintech Developer Sample Job Description
Senior Blockchain Developer
San Francisco, CA - Remote
$90,000 - $120,000 a year - Full-time, Permanent
Revola is an exciting startup that wants to provide easy access to cryptocurrencies for everyone. Our platforms let you sell and buy Bitcoin, Ether, Litecoin, and more. We support all users no matter the experience and provide training courses, educational blogs, and more.
Currently, we are looking for a freelance remote Senior Blockchain Developer to create, deploy, and maintain a wallet system for our platform. We need your support and expertise in creating a better experience for our customers and growing our brand.
This position is open for developers located in the following time zones: Pacific Standard Time (PCT), Mountain Standard Time (MST), and Eastern Standard Time (EST).
- Develop and maintain a wallet system for our platform
- Troubleshoot cryptocurrency transaction-related issues when they occur
- Work with IT support to detect and mitigate issues
- Work with freelance writers to create white papers about our technology
- Work as part of a close-knit team using Agile methodologies
- Be able to meet and work with our international team every week on Slack, Zoom, and other platforms.
- 5+ years in Blockchain-related development
- Thorough knowledge of node deployment and cryptocurrency transactions
- Experience with ledger sync development for at least three common digital currencies
- Excellent written and verbal English
- Bilingualism is an asset, particularly knowledge of Spanish and Chinese
- Bachelor's Degree (or above) in Software Engineering, Computer Science, or similar
- Strong problem-solving skills and ability to work in a fast-paced environment
Schedule: 40 hours a week, Monday to Friday
Preferred application method: Please send your resume, cover letter, and additional information to email@example.com.
Interview Questions for Fintech Developers
After all these steps, you'll have the final task of picking and narrowing down your candidates. The interviews with your top choices will help you decide on just one candidate, which is why you should make them as detailed as possible.
Here are some questions that can help you test the knowledge of your candidates and identify their skills:
- What is the most exciting recent development in fintech? Why?
- How did you first get into fintech?
- Which coding language is your favorite? Why?
- What do you think you can bring to this company?
- How much do you know about our products and services?
- Tell us about a fintech problem that you've encountered. Were you able to solve it? If so, how?
- Why work in fintech?
- What are your short-term goals for this job?
- Why do you want to work for us?
You are all set up! Once you pick the platform to help you hire fintech developers, design a job description, evaluate applications, and conduct the interviews, you will be ready to make a final choice. Think carefully about the answers all candidates give to your questions, compare them, and pick the best performing developer. Good luck!
If you want to avoid the work of sourcing and hiring developers, contact us and get matched with experienced fintech developers within 3 days.