Fintech software development  is a complex process that requires significant financial and time resources. At the same time, there is a need to enter the market as soon as possible to make a profit and quickly respond to the changes. Therefore, it is essential for companies to speed up fintech software development, without losing the quality and value of the product.

According to a survey by GoodFirms, an average software development project requires between one and nine months to complete, averaging about 4.5 months.

To help your organization drive fintech software development and conserve resources, we identify the factors that impact time to value and ways to accelerate that process.

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What factors can affect the speed of fintech software development?

Conforming to Halkjelsvik and Jorgensen`s research, a software development project takes about 30 percent overtime in addition to the declared time. Therefore, by identifying and investigating factors that influence the speed, we can help businesses to increase the effectiveness and efficiency of software development strategy. 

We highlight 5 of the key factors that affect the speed of fintech software development. They are complexity, requirements, resources, time to market, and a development team.


The speed of software development directly depends on the complexity of the project. Complicated systems require additional resources and time

There are two types of project complexity: technical and structural.

Technical complexity 

 All technological and design objections can be related to complex software development, external integrations, and modern solutions. Technical complexity depends on the features of the product, the target audience’s needs, and number of users who are expected to interact with the final product.

Structural complexity

It is more difficult to build software the development of which includes many components: workflows, resources, and stakeholders. This complex structure requires more time for management and control.

Requirements for fintech software development 

Requirements take a fundamental part of fintech software development because their quality can affect different aspects of this process. For example, we consider two types of requirements to identify their impact on the process.

Poor requirements Good requirements
There must be a method of authentication.  Users must have the option to sign up via phone number, email, and password to access the account.
It doesn’t give enough information. This statement has only general information about the required function. It is a clear statement that provides necessary information about who can do what and why. You can also expand the description and give more details or use cases. 

It is crucial to clarify the requirements and goals before starting the software development process. By setting clear requirements you can achieve desired results, without wasting time on discussions. Unclear requirements can delay project implementation, that’s why you have to analyze the business needs to promote faster software development.

Availability of time and money resources 

This factor includes time and money resources. It is difficult to estimate the final price of the development project, but it depends on the type of software, team, and location. Read this article about reducing costs for fintech app development to get more information.

Development team

The success of the project depends on the efficiency of each team member, that’s why it is essential to work with professionals in their field. Experienced and dedicated developers can speed up the fintech development process. With their proficiency and practical knowledge, you can perform software development faster. Each person has different skills, experience, and speed of work, therefore, you have to collaborate with the team that responds to your project  requirements.

How to Speed Up Fintech Software Development? Strategies and Software Tips

How to speed up the software development process

Now when you are familiar with the factors that affect the speed of fintech software  development, it’s time to consider ways of reducing the time to get your fintech software built.

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Build your initial strategy

A well-planned project promotes a faster development process. Since this process faces many types of problems: loss of data, schedule changes and other possible risks, a well-built strategy can prevent these problems and help you to meet the strict deadlines. For instance, it is worthy to have a backup, realistic schedules to protect software development from potential risks or overcome them.

Choose the right tech stack

The right tech stack can speed up software development and help your company to save money and resources. The tech stack includes programming languages, tools, and frameworks necessary to build fintech software. It depends on the features and the target audience of your product. The most important measures for choosing the right tech stack are speed, scope, and feasibility.

Besides, you should avoid technical debt. Tech debt is an implied cost of additional rework caused by choosing an easy solution now instead of using a better approach that would take longer. It helps to speed up the development process, but at the same time, you have to fix it later. Therefore, whenever it is possible to write the proper code from the beginning, do it.

Check this article to get more information about a payment stack for the financial industry.

How to Speed Up Fintech Software Development? Strategies and Software Tips

Take care of security 

Prevention is better than cure, that’s why you have to pay attention to the safety strategy of fintech software engineering because your business must take care of the customer’s financial and personal data. 

According to Forbes, about 60% of small and medium-sized businesses close down the company within 6 months of a cyberattack. Therefore, your development team must focus not only on functionality but also on safety of the fintech software.

Use a ready-made solution from a fintech software vendor company

The simplest way to speed up this process is to collaborate with a fintech software development company. You can use a ready-made solution that helps to build your own software according to business needs. There is a ready-made solution that allows you to get ready-made software to speed up development. Therefore, you do not have to start from scratch and can use a reliable fintech foundation and build on top of it. provides you with a cloud-hosted backend software with an API layer to develop your own payment product in a short period of time.

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Get in touch fintech software solution

You can create payment and banking products on top of our API-first, database-agnostic ledger-based system designed to speed up the time-to-market, reduce TOC and scale easily. There are two ways of using our fintech software: SaaS version by monthly subscription and the software source code license as a single purchase. 

  • Using the SaaS version you can faster enter the market for an available price and get regular maintenance of the platform. SaaS version of software is available through the hybrid cloud delivery model designed primarily for startups or SMBs.
  • Purchasing the code license gives your team a top-notch foundation for building your fintech product. You can get complete independence from the vendor and empower your team with a top-notch foundation for building your fintech product.

The fintech software by has the following features:

You can build different types of products using our fintech software: a digital wallet, a payment solution provider, a general ledger layer, a P2P payment app or a neobank. The following features for customers, accounts, transactions and administrations are available for all these products.

Customer Merchant and individual, self-registration, two-factor authorization, KYC documents upload, and customer onboarding.
Account Multi-currency, account creation, balance display, transaction history, account management: block/unblock, close. 
Transactions P2P transfer, payment, invoicing (issuing and payments), top-up/ withdrawal, currency exchange, vouchers generation, and redemption.
Administration Customer management, transactions history, activity log tracking, user management, currency management, fees and limits management, KYC management.

Using solution you can speed up fintech software development, without heavy upfront investments, saving team resources and accelerating the release. Choosing a SaaS or a source code version, you obtain a payment core platform with a range of features and functionality to jumpstart your payment business by building on top of it. 

Wrapping up

Speeding up fintech software development requires a step-by-step approach. It is crucial to estimate costs and analyze risks, before starting the process to prevent technical problems and debts. Nevertheless, there are ways to speed up software development, without losing the quality and value of the product. Well-planned strategy, the right tech stack, and security protection can help you create the product in a short term. 

Besides, choosing a fintech software development partner like gives you more features: a ready-made solution to customize and build upon according to your business needs. is a shortcut for building fintech software on top of its platform, so reach out to us and let’s talk.