Fintech Software Development Best Practices 2023
Fintech software development is an increasingly important player in the financial industry. The sector is growing rapidly, with over $9000 billion in annual transaction volumes expected to be processed through fintech in 2023. The emergence of new business models and decentralized technologies is driving this growth, which is disrupting traditional banking and payment businesses. Therefore, fintech software developers must adapt their skills and practices to meet these new challenges.
In this regard, the article outlines some of the best practices in fintech software development. The first practice is the adoption of agile development methodology, which emphasizes small teams working together to solve problems quickly, frequent feedback, and collaboration between all team members. The approach aims to deliver software quickly and meet user needs as they arise.
Testing and quality assurance is other essential practice in software development. Testing should be an ongoing process, with test teams involved in every stage of development. This includes conceptualization, launch, and beyond. The focus of quality assurance is not only on fixing bugs but also on usability and user experience (UX). Thus, ensuring that the product meets the needs of the intended users.
Continuous integration and delivery (CI/CD) is an automated development pipeline that improves code quality, increases developer productivity, and reduces costs. The approach involves testing every change made to the codebase, detecting errors, and fixing them before they affect the rest of the system. It also reduces the risk of human error, achieves faster time-to-market, and improves software quality.
Lastly, security measures are critical for fintech companies dealing with sensitive data. It is important to implement fintech security measures to prevent unauthorized access, data breaches, and other security threats. These measures may include encryption, access controls, regular security assessments, and data backup and disaster recovery plans.
Overall, these best practices in fintech software development are essential for fintech companies to remain competitive and meet regulatory requirements.
The financial industry is a challenging space that requires fintech developers to prioritize regulations, security, and compliance with fintech requirements, such as data protection, privacy, and anti-money laundering policies. In this regard, fintech companies must stay informed of regulatory changes, conduct risk assessments, implement customer due diligence, and monitor transactions for suspicious activities.
Effective collaboration and communication skills are also essential for successful fintech software development. Developers need to work collaboratively with team members, end-users, stakeholders, and project managers to understand their specific needs and pain points. To promote collaboration, developers should break down silos and create an open environment, leverage CI/CD, and maintain regular status updates and team meetings.
Scalability is critical for fintech software to handle increasing data volumes and user growth. A scalable system ensures that the platform can accommodate new features and handle sudden spikes in traffic without sacrificing performance or security. To achieve scalability, developers should use a microservices architecture, cloud services, horizontal scaling, and caching.
Leveraging cloud-based solutions can also help fintech companies scale their software platforms up or down to accommodate changing business needs.
Stfalcon’s Experience in FinTech
SDK for a crypto wallet
Stfalcon was approached by a client seeking an SDK for developing a crypto wallet. Our team decided to use Kotlin multiplatform due to the requirement of combining business logic and using a single code base across different platforms. With this technology, we were able to utilize the same business models, internal data processing, encryption, and processes on all platforms.
We developed interfaces to interact with UI applications and carried out the development in multiple stages. Initially, we researched KMM and security requirements, after which our developers formed and implemented contracts and API requests with the help of apiary.io. Subsequently, a common SDK architecture was created, followed by application architecture development and application SDK integration. Finally, we made necessary SDK edits to ensure the proper functioning of iOS.
The most challenging part of the process was integrating the SDK on the platform. The various Kotlin versions followed distinct principles for generating and exporting the iOS module, requiring us to create two modules for different architectures. The end result was a hybrid project of iOS and Android applications that utilized internal dependencies of both platforms.
Conclusion
The rise of fintech companies in various fields underscores the importance for financial services organizations to effectively utilize technology. However, staying up-to-date with constantly evolving technologies can pose a challenge. With these practices in place, Stfalcon’s fintech developers can create customized software solutions that meet client’s needs, all while ensuring maximum security and reliability. Contact us now to learn more about our services and to discuss your project in detail.
Originally published at https://stfalcon.com.
