Fintech developers create financial and payment platforms. They must have experience in several complex programming languages. If you want to hire fintech developers for remote work, they will also need excellent time management, communication, and organizational skills. This can make finding a fintech specialist challenging.
The Bureau of Labor Statistics estimates that the demand for software developers will grow 25% between 2022 and 2032. This is significantly faster than the average 3% growth seen across all fields. Heightened demand fuels labor shortages and can add to the challenges of hiring a qualified fintech developer.
Compounding this demand is the fact that many businesses do not need to hire a long-term developer team. Instead, you may want to hire a fintech developer for a single project, such as an app integration. This means attracting top-rated talent for a short-term assignment. While it presents challenges, some freelance marketplaces provide access to pools of qualified talent looking to take on one-off projects.
Additionally, fintech developers for hire must have skills and knowledge that keep pace with changes in technology. This often means finding candidates who vigorously pursue continuing education programs to stay current with programming languages, industry trends, and evolving banking regulations.
While there are challenges to finding a fintech developer, using strategic hiring practices can help. Learn more about how a freelance fintech developer can help your business, typical earnings in the field, and how to attract and vet top-tier talent.
Hiring a Freelance Fintech Developer
There are several options for building a developer team. You can hire a freelance fintech developer or a full-time or part-time employee. Freelancers are a popular choice because they provide flexibility and scalability. They allow you to quickly build a team of experienced fintech developers without the time and hassle of a traditional onboarding process.
Hiring freelance fintech developers also provides access to a wide talent pool. Many freelancer sites source talent from around the world, so you can choose the most qualified candidate without limiting yourself geographically.
What Does a Fintech Developer Do?
Financial technology developers build financial systems to improve customer experience and increase security. These systems need to have intuitive features that make them easy and enjoyable to use. They must also maintain high levels of security to avoid leaks and fraud, which would undermine consumer confidence in your brand.
Responsibilities of Fintech Developers
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Build trading platforms: Financial services companies that offer trading of assets must have a secure platform for those transactions. Other types of trading platforms allow for the transfer of information, such as opinions on investments or specific portfolios.
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Ensure platform security: Developers integrate robust security systems into financial platforms and apps to keep data safe.
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Introduce digital payments: Fintech developers create platforms that allow digital payments, including mobile, web-based, peer-to-peer, and contactless payments. If you want to accept digital payments through your website, app, or a third-party provider, you need to have the software in place to make it happen.
To meet these responsibilities, fintech developers must have the knowledge, skills, and experience to design new fintech programs and then write the code and algorithms to make them a reality. The ability to identify and eliminate unnecessary steps is crucial to developing streamlined and user-friendly platforms. Freelance fintech developers must also stay on top of new technology to address potential fraud or attacks.
Why Hire Fintech Developers?
With their unique skill set and understanding of financial industry regulations, fintech developers help bring your company’s financial systems up to date. They improve the customer experience by ensuring infrastructure is in place for seamless transactions.
When you hire a fintech developer, you also gain a competitive advantage over other businesses. This applies to transactions, data analysis, and platform security.
How To Hire Fintech Developers?
Before you can hire a fintech developer, you must first identify your goals for the project and role. Defining a hiring budget and project timeline will also help you identify matching candidates. Once your project is clearly defined, you can create a job description and begin to search for qualified developers.
You will encounter developers with varying skill sets and levels of experience. Use your description to narrow your search parameters and find fintech developers with the necessary skills. Remember, there is no one right way for how to hire fintech developers.
Junior developers typically have one or two years of experience. They will have a solid set of basic skills and a full understanding of at least a couple of the programming languages needed to produce digital financial systems. They may need higher levels of supervision than more experienced employees. Additionally, some of their solutions may be more complex than necessary.
However, a junior freelance fintech developer will also be the most affordable option. If your project is pretty basic, or you are assembling a team with at least one more experienced manager, hiring a fintech developer with minimal experience could work well.
Mid-level developers usually have three to five years of experience. They are proficient in multiple programming languages and have several projects of varying sizes under their belts. They require minimal or no supervision. This is a good choice for more self-directed projects.
Senior-level fintech developers have at least five years of industry experience. They have completed multiple projects and have probably led at least one or two project teams. Senior developers have proficiency in multiple programming languages and excellent communication skills. Many professionals at this level have project management experience and can confidently spearhead your project from start to finish.
What Skills To Look for When Hiring Fintech Developers
If you want to hire fintech engineers who can get started right out of the gate with minimal supervision, you want them to have a core set of technical and soft skills and a strong background in technology and the financial sector. Many candidates will also have a BS in computer science, finance, or software engineering.
A developer should be comfortable with at least a few programming languages, such as Java or Python. At the very least, they should be able to pick up new technologies quickly. Product development and program management skills and experience can help put one candidate above others in the vetting process.
Fintech Developer Skills
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Cybersecurity
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Data analysis
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Data Science
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Financial literacy
Fintech developers must also have soft skills. These include communication, critical thinking, patience, and the ability to work independently and as part of a team. Time management and organization are also crucial, especially if you are hiring a fintech developer to work remotely.
In addition to these skills, it is helpful to have a developer who can explain technical concepts to non-tech stakeholders. This ensures that projects develop to include the features and limits desired. It also helps finished systems to be user-friendly and easy to understand.
Another consideration is an industry certification. These highlight skills in data science, cryptocurrency, payment systems, and other fintech concepts. A fintech developer for hire might list certifications such as ACAMS Certified AML FinTech Compliance Associate, CFTA Certified FinTech Analyst, or CFI Certified FinTech Industry Professional.
How Much Does It Cost To Hire Fintech Developers?
According to the U.S. Bureau of Labor Statistics, the median salary for a software developer in the financial industry is $132,900. This is in line with estimates from ZipRecruiter which put average salaries at $123,495 per year or $59 per hour.| Location | Average Fintech Developer Salary |
|---|---|
| San Mateo, CA | $143,238 |
| Green River, WY | $142,728 |
| Boston, MA | $141,748 |
| Daly City, CA | $141,107 |
Source: ZipRecruiter
Various factors can impact the cost of hiring fintech developers. These include location, experience level, and project complexity.
Tips for Writing a Fintech Developer Job Description
A great job description can help you hire the right fintech developer for your open position. To create one, open with some information about your company. Explain what you do and why, being sure to include information about company culture and any awards or accolades you have received. This is a great spot to highlight your “best place to work” awards.
Add information about the role. Be sure to include an overview and a project timeline upfront. Add information about expectations and key responsibilities so that candidates have a clear picture of them. Share details about salary and any other forms of compensation you might offer.
A key part of any job description is a list of required skills and experience. List hard and soft skills and the minimal educational attainment for the role. Provide examples of previous experience that might help someone succeed in the position. Finally, give clear instructions for what an interested developer should do to apply.
When crafting the description, start thinking about the interview process and how you can keep it fair and unbiased. It may help to encourage interested individuals to apply even if they do not meet all of the requirements but would otherwise be a great fit.
Common Interview Questions To Ask When You Are Looking To Hire a Fintech Developer
A good mix of interview questions can help you assess the behavioral qualities and skills of freelance fintech developer candidates. It is also a great way to gauge compatibility with company culture.
Why do you want to work with our company?
This is a basic question that can help you determine suitability. Look for answers that show a candidate researched your company and its culture. In addition to a high level of interest, this also shows that the developer feels like he would fit well with the company.
How would you improve our fintech processes?
Look for candidates who have researched your systems and can come up with innovative ideas for improvement.
Can you describe a recent project you worked on and what the most challenging part of it was?
Look for answers that clearly describe a project and its challenges, but that also highlight creative solutions to them.
What programming languages are you most comfortable with? Can you learn new ones quickly?
You want to find fintech developers who have the programming skills needed for your project. Get right to the heart of the issue by asking about a candidate’s proficiency in different languages.
How To Find Freelance Fintech Developers for Hire
There are multiple avenues for finding a fintech developer for hire. However, the most effective searches will begin by establishing your hiring priorities before beginning your search. Develop a budget, decide what skills are necessary for your project, and create a clear, concise job description.
Then, turn to established hiring channels such as freelance platforms, talent agencies, and job boards. You might also find a fintech developer by leveraging professional networks. Carefully consider the speed of hiring, the quality of available talent, and how much effort you want to invest in the process when choosing a hiring channel.
When you want to quickly hire a fintech developer, consider using freelance talent. Freelance marketplaces can quickly match you with pre-screened talent from around the world. This removes some of the obstacles to hiring you may encounter. It also allows you to quickly build a skilled and experienced developer team that can begin working on your project immediately.
Fintech developers are in high demand, and hiring one can be a challenge. However, using strategic hiring processes can help you find a fintech developer with the necessary skills and experience. This not only fills your current project needs but also puts your business in a favorable position compared to others.
Whether you’re looking to build Fintech solutions such as payment gateways, digital wallets, banking portals, and more, you need to hire Fintech developers capable of building software solutions for financial and FinTech organizations, including banks, credit unions, and all types of enterprises that look to establish effective, digitally-enabled financial processes.
While hiring Fintech development team from platforms like Toptal, Arc, and ValueCoders is relatively easier given that they do the heavy lifting of screening and vetting candidates, the process of hiring fintech developers using platforms like LinkedIn and Fiverr is a tad arduous since it is the employer’s responsibility to screen candidates.
Address the following questions before choosing a platform to hire Fintech developers:
- Check if the Fintech software development products created in the past match your project’s requirements.
- Check if the platform has won any relevant awards or accolades for Fintech development or if its developers have been recognised for their work.
- Check when the platform was founded, how many years of experience the platform has in building Fintech solutions, who their clients are, and how many years of experience their developers have.
- Check all the reviews of the platform on aggregate websites to get a better understanding of the quality of services that you can expect.
- Do a cost and timeline analysis to check if the proposed cost and work schedule by the platform match your budgets and deadlines.
Hiring Fintech developers - FAQ
- How Much Does It Cost To Hire a Fintech Developer?
Fintech developers in the U.S. earn an average annual salary of $123,495, or $59 per hour. Yearly earnings totals range from $35,500 to $206,000. Salary calculators include criteria such as project complexity, location, years of experience and skill levels.
- How Do I Hire Fintech Developers?
Before you can assemble your team, you need to establish your project’s criteria by defining:
- Goals, nature and scope
- Budget
- Timeframe for hiring and product completion
- Hiring method
- Skill sets needed
You may need a single fintech developer for a small task, or an entire team for extensive projects. Will you hire freelancers or employees? Do you require your team to work on-site, or is remote work acceptable?
After completing these preparations, browse Toptal and other sites listed to identify the best candidates for your open positions.
- Are Fintech Developers in Demand?
Companies around the globe are implementing fintech solutions at a rapidly growing pace. Developers with the skill sets needed to build fintech software products are in high demand, with the projected job outlook increasing by 25% by 2032.
- Why Should You Hire a Fintech Developer?
Fintech developers can create software applications for a variety of financial needs, such as making online payments, consumer banking, e-commerce, cryptocurrency or blockchain and crowdfunding. Through these apps, the linked company or financial institution:
- Adheres to regulatory requirements
- Increases customer satisfaction
- Ensures secure transactions and transparency
- Improves efficiency
Many consumers are moving toward online shopping and banking, and companies that don’t offer those options may lose customers. Fintech developers use different tools to design, build and implement native or cross-platform apps to keep your organization competitive.