Top Five reasons why Fintech companies are choosing the flexibility of a nearshore resourcing model
It will not surprise you to read that one of the key reasons Fintech companies are working with Nearshore Software Development partners is the lower costs on offer. However, conversations with our clients would suggest the most critical benefit to the business is the flexibility of having a development partner on standby to supplement their own development team through periods of excessive workloads.
In our experience the top five reasons why Fintech companies are choosing to work with Nearshore Development Partners are:-
- Flexible Resourcing
With a core team in place, you can expand and contract as the business (or budget) demands. If a one-off project suddenly become high priority you can expand the team to deliver quickly. If an on-going project needs to be escalated to meet business demand you can increase resource to deliver more quickly. Equally, if something becomes less mission critical you can decrease the resources allocated, and of course should you want to bring resources back on board they will still be available to you.
- Low cost
This is not only about lower day rates but a combination of cheaper day rates, only paying for what you use, no additional overhead, and no recruitment cost. In addition, you have no infrastructure build, and no development or test environment build. By developing a long term partnership with a nearshore provider, you have the sort of flexibility that resourcing via the contract market offers, but avoid the ongoing cost of training and knowledge transfer as this is typically picked up by the development partner.
- Access to specialist resources
Generally, only large companies can afford to have a large and varied resource pool and medium sized companies have to recruit additional skills on a short term basis from contract staff at high day rates, and with all the additional recruitment costs, knowledge transfer and management time. With a nearshore development partner in place a large technical resource pool can be accessed at any time for example: Developers, Testers/QA, (including independent testers), Business Intelligence, System Integration, Architects, Analysts, System Engineers, UX & Design, Security, Project Managers/Scrum Masters, DevOps etc can be brought into play as and when needed, and you only need to use the percentage of their time that you need, for example, 50% FTE of a tester and 50% FTE of a developer.
- Speed to Market
There are significant developments within the Fintech market in the UK which makes speed to market particularly relevant. We have witnessed a considerable increase in new entrants to the sector and a wave of traditional Financial Services companies rush to play catch up. Also, the jury is still out on the long term implications of Brexit and the effect this will have on software development resourcing in the UK. Until the market settles down, our findings would suggest that Fintech companies will increasingly look to use Nearshore Development Partners to help them provide a Flexible Resourcing Model.
- Future Proofing
Keeping up to date with technology innovation is time consuming but it needs to be an intrinsic part of your business if you want to stay ahead of the competition. Using a development partner who already invest in training and research into the latest innovations helps you to keep on top.
John Higgins, Director
Marrable is a UK based technology company which specialises in nearshore resourcing for a flexible and cost effective approach to software delivery. We currently partner with a range of Fintech companies who are taking advantage of the many benefits brought to them by our nearshore partners.