Gone are the days when applications of technology were only limited to a few industries. The scope of technology is expanding with each passing day, and finance is one of the industries that have benefitted from the wonders of technology immensely. Annual transaction volumes through FinTech are at an all-time high too. Thanks to upgraded business models and the advent of decentralized technologies, more and more organizations are ditching traditional banking methods to move to Fintech software.

Considering the growing popularity of Fintech software, the competition among software developers is also increasing, everyone trying to come up with the most efficient and user-friendly software. In this article, we have compiled a list of best practices Fintech industry software developers must adhere to make sure they stand out in an increasingly competitive domain.

Follow agile development methods.

Agile methodology continues to be the most preferred way of developing great software among developers because of the flexibility and speed it offers. Agile methodology is designed to make the development process smooth for more efficient delivery of milestones. The frequent feedback and collaboration in Agile helps ensure that loopholes, if any, are detected ahead of deployment and prevent last-minute software collapses.

Rigorous testing for quality assurance.

Testing software thoroughly is as important as the development phase. Make sure that your testing teams stay involved not just throughout the development process but even after the product launch to keep your software updated and relevant. Emphasis on quality assurance doesn’t only let you handle any bugs in the software but also offers insights on improving the user experience. Rigorous testing and quality assurance ensure that the end-users love your product.

Application of CI/CD.

Continuous integration and delivery practices to automate the building to deployment pipeline may help in improving all aspects of software development including code improvements, developer productivity, and cost reduction. CI/CD helps avoid regressions by detecting errors automatically and improves the quality of software significantly. It is an ideal way of achieving a faster time-to-market and ensuring the best quality Fintech software development.

Security measures and regulatory compliance.

Security and safety of sensitive data is paramount when developing software for the Fintech industry. This can be used by abiding by the best security practices while also ensuring that the software is in check with regulatory compliances. Some security measures one must keep in mind when developing Fintech software are encryption, access controls, regular security assessments, data backup and disaster recovery, and more. Fintech companies must also stay updated with regulatory changes, conduct thorough risk assessments, monitor transactions for suspicious activities, and implement proper due diligence among other practices to ensure regulatory compliance.

Design for scalability.

The Fintech industry is growing at an enormous pace, and it is important that you ensure your software can stand the test of time. It helps to build a system that can be scaled to suit your increasing requirements if need be. Certain things that can be done to achieve scalability with your Fintech software include relying on a microservices structure, implementing horizontal scaling, using caching, and leveraging cloud-based solutions for scalability when need arises.

We are living in an era where the financial industry is virtually entering every other domain, and that means there is immense potential for you to make your mark in this growing industry. If you abide by these practices, you’ll certainly be able to create software that doesn’t just sell but becomes the top choice of your target audience!