How Does Software Development Differ in Fintech?
What many fail to understand is that Fintech is indeed a very specific business, to the extent that even software development works slightly different. But what are the most prominent ways that software development differs in Fintech?
1. Business domain
Fintech business domain is known to be one of the most complex domains in the IT world. It is rich with business logic and rules and requires knowledge from various areas, not just finance. It is continually evolving, almost on a daily basis. Learning the business domain enough to be effective in the development of fintech applications takes time.
Security is a very important aspect of software development. In fintech, security topic is even more important. Handling and processing confidential data is at the core of the fintech industry. Writing secure code that is not susceptible to cyberattacks is one of the main goals in development.
3. Rapid evolving
The fintech industry is constantly changing and evolving almost daily. It is possibly changing more frequently than any other domain in the IT world. The software needs to evolve together with changes in fintech so that it could be up-to-date with the new trends. Working in the development of fintech applications requires constant learning and adapting to the new approaches.
4. Technologies and approaches
Fintech applications usually have a vast number of functionalities. For all of these functionalities, different technologies and approaches could be used. Fintech applications should be scalable, reliable, able to process a vast amount of data. It is a good place to apply modern software principles like for example domain-driven-design, command query responsibility separation, event sourcing, etc.
5. It is not just about development
Being technically skilled is essential, but it is not the only quality required. It is important to incorporate business domain knowledge and technical knowledge to be more effective in developing fintech applications. Like in any other technical role in the IT world, it is desirable to have soft skills developed, the ability to learn and adapt quickly to changes. In Fintech, there are a lot of experts from different areas, and communicating with them is very important.