How To Scale Up a FinTech Product in a Sustainable Way?
FinTech experiences a lot of pressure to scale up as quickly as possible. The prize is worth it, but there’s a risk of a young business getting too much too soon on its shoulders, which will result in inevitable collapse. How to grow to a million-dollar company without losing time, money, and resources?
The fintech industry is definitely fueled by innovation. It’s usually trusted to deliver cutting-edge technology solutions. It’s a great challenge to meet those expectations. It’s almost impossible to name the other industry performing under such a big pressure of delivering the most innovative products and services. So, can FinTech companies keep up the pace? In order to stay in the game, scaling has to be approached with a reasonable dose of reluctance.
Make sure you’re ready
Let’s start with a problem that is not fintech-specific. Before you think of scaling up, take off your dollar-bill shaped glasses and take a good look at your product. When we say that a business is scalable, it means that it can adapt to a larger workload without compromising performance or losing revenue. Once you’re sure your startup can handle this, then you can start scaling.
Don’t hesitate to ask for advice
Business is scalable when it has the right people on board. However, in the first phase, you need to hire only the people that are necessary for the operation. Your best bet is to look for advice from people with a multifaceted skillset because it could effectively cut the costs of scaling up. Today, an external partner doesn’t even have to operate from the same country; you can get great results from remote teams all over the world.
Since we look at digital products from multiple points of view, we can assist you every step out of the way, including the pre-scaling phase. BinarApps consultants will help you in pointing out which area of your fintech product could use improvement and whether scaling up at this moment is a good idea. Remember – the first consultation is completely free of charge.
Why having an external partner is beneficial?
If your aim is to scale your fintech product in the most sustainable way, finding an experienced remote team is a good way of limiting your initial investment. Teaming up a professionals with years of experience can address most of the issues a growing fintech startup can struggle with. After all, hiring an experienced developer doesn’t end on a simple amount of salary, it also includes recruitment and onboarding costs, and this might be a nightmare for a startup. Not to mention taxes, insurance rates, paid holiday, etc.
This is why finding an external partner might be a relief. They will provide skilled professionals that will fill the tech experience gaps so that your progress of work is not blocked.
While looking for an external partner, you should focus on their experience in cooperation with fintech. Sometimes, the very first research on your side is enough. Checking a portfolio might be okay but in more advanced levels you should expand the research with exploring other resources. Make sure you check the finance-related projects and check experience in cooperating with companies from your area – good word of mouth has a high value.
This is a great way to verify the partner’s knowledge, as well as the awareness of specific regional legal regulations. You might also want to check testimonials – were potential partner’s recent projects successfully delivered? Has any of your network partners cooperated with them? If so, are they easy to work with? Flexible enough to modify the products so that it meets the requirements best?
What else to verify
The experienced team you’re hiring should have a certain level of business maturity. Fintech is one of the most fluent industries so reacting briskly matters. The optimal efficiency in implementing your approach is a must so that you can fulfill the following challenges: change control, backlog management, risk management, quality assurance, and budget. If you operate with a tight budget, make sure your team is aware of it during the estimation process. Overrating financial possibilities has led numerous startups to their downfall.
Working in a team supports efficient communication and boosts the spirit, but make sure everyone is on the same page when it comes to requirements, expectations, and deadlines. The best option is when your team consists of experienced full-stack experts. They have the ability to look at the digital product as a whole so that you can even expect their input in the UX and QA fields.
As a startup owner, you have the right to require proficiency in using certain technologies. Make sure your team is up to date with the latest technologies and solutions, introduce machine learning and high-edge innovations. The better and the more experienced team you hire, the quicker your fintech product pays off. However, that comes with a hefty pricetag, so think carefully about who do you need for the job. It may turn out that instead of 5 specialists, you’ll be fine with 2. At BinarApps, we can provide your team with staff augmentation in whichever number you like, for however long the task takes. There were points in our history when a developer became a CTO on the client’s end of things. It made the process of developing a product quicker and more efficient, and the CTO in question works remotely with a few visits at client’s headquarters every year.
Need a helping hand?
If you have more questions about scaling a FinTech product, do not hesitate to request a free consultation from our innovation consultants.