Currently, going digital is the only way for banks and financial institutions to survive in the growing world. There is a rapidly growing demand for independent digital banking, especially in metropolitan areas, capital cities, and among the Millennial and digital-savvy population, who are used to doing everything on their phones with just a few taps of the finger.
All the essentials you need to know on how to find an offshore development center to build a digital bank in this article.
Why hire an offshore development team to build a digital bank?
Setting up an in-house software development team to build a digital bank is a challenging task. It requires a lot of time, effort and overhead costs to hire the experts you need and to manage them. That’s why so many businesses choose to focus on their core business functions and delegate software engineering to an offshore development team.
Here are just a few reasons why you will benefit from hiring offshore developers:
- Partnering with an offshore development team makes the implementation of new technologies easier as vendors usually have versatile expertise and a large pool of specialists;
- Alleviated HR, administration, and infrastructure pain;
- You can build your offshore development team according to your business needs and can scale it down or up whenever you need it;
- You can choose different types of cooperation ( extended team, managed team, outsourced team) depending on the level of control and supervision you want to keep.
- Teams of offshore dedicated developers are fully committed to your project and act as units attached to your existing onshore teams;
The benefits of such a partnership are tempting. However, you have to consider a few aspects to find, hire and establish successful cooperation with an offshore development team. So, let’s begin with choosing the most suitable outsourcing destination.
Where to find an offshore development team
Usually, businesses choose outsourcing destinations taking into account the geographical location, billing rates, cultural compatibility, and time zone difference. Vietnam is a destination for many leading tech companies to have software development outsourcing. With the best workforce, cutting-edge technologies, and cost-effectiveness can deliver excellent results. According to CIO magazine, software development outsourcing in Vietnam is about 90% cheaper than hiring the US labor force.
Vietnam is an attractive destination for offshore development center
Besides, Vietnam is a country that you can easily find in the list of most politically stable countries in Southeast Asia with the economy has been experiencing rapid growth for the last 30 years. Various factors such as economic stability, right policies, and proper governance contributed immensely to the rapid progress of Vietnam.
How to find an offshore development center to build a digital bank
There are many things to consider to find a high-quality offshore development center provider
Your business success depends on who you choose to work with. So, here are some steps which will help you to make the right decision:
- Compile a list of offshore development companies that has experience in building digital banks. Continuing to review in terms of their services quality, expertise, and security standards.
- Take into account the reviews, references, success stories, video testimonials of the vendors you consider as potential partners. You can find this information on their websites, LinkedIn accounts, ranking platforms (Clutch, Manifest, Goodfirms, etc.);
- Building a digital bank based on an offshore software center, you should opt for the vendor that has a powerful employer brand and provide opportunities for professional growth. This way, the company will be able to find experts for the project promptly and scale-up teams quickly.
- Look for a company that has a solid experience in building dedicated teams that deliver analog-digital banks because they have an understanding of the architecture of digital bank and advise which digital banking platform, features are appropriate.
- Make sure your potential outsourcing provider complies with international security standards such as ISO, PCI, HIPAA, and has an effective security policy;
- Assess their level of communication and enthusiasm. Choose the vendor that takes an effort to understand your business needs, sets up extra calls with you and sends you follow-ups. The eagerness of a vendor to clarify with you all the aspects and nuances ensures the success of your partnership in the long run.
Innotech Viet Nam Corporation is a software outsourcing company focusing on high-quality services in Viet Nam. At Innotech Vietnam, We strive for the creation, innovation, development, and advanced solutions. We provide a wide range of software services to meet all requirements and expectations from customers. We turn these advanced technologies into value for our customers through our professional solutions and business service worldwide.
Fintech Vietnam is a technology update portal about Fintech in Vietnam and Fintech trends worldwide.