Other Nov 16, 2020

Possible models of Fintech-outsourcing with pros and cons

Fintech is no longer just a buzzword and a short-term trend. It has become one of the most promising and ambitious markets, as the numbers speak for themselves.

Models for creating offers in the crypto market

According to Statista, as of February 2020, there are almost 20,925 Fintech startups worldwide. Meanwhile, the global market value of FINTECH is expected to reach $ 305 billion by 2025.

More and more people, from individuals to communities and organizations, are using Fintech apps and discovering all the benefits they can offer. Even traditional financial institutions that previously saw these apps as competitors have begun to collaborate and incorporate these solutions into their portfolio.

However, in order to meet high demand, increase efficiency, and quickly adapt to new technologies such as artificial intelligence, blockchain, Internet of things (IoT), and data science, these Fintech startups are readily turning to outsourcing companies to hire specialized technical experts to create their software.

Despite the fact that outsourcing in the financial sector is regulated by many laws, and most financial companies prefer internal development, with the development of technology, this type of cooperation is becoming more common.

In today’s world of technological innovation, it simply no longer makes economic sense to create most of the financial technologies in-house from scratch. Outsourcing technology needs is cheaper, faster, and more reliable for Fintech startups.

Why Fintech firms choose technology outsourcing

Why Fintech firms choose technology outsourcing
Why Fintech firms choose technology outsourcing

There is hardly one universal reason for outsourcing the development part of the business, since each company has its own needs and reasons. However, in most cases, decision makers decide to hire a Fintech-outsourcing company to innovate, reduce the talent shortage, reduce costs, increase speed, or focus on the core business.

Outsourcing can be used in all aspects of the business process, as it provides technology to its partners. Depending on the business requirements, there are two possible models of Fintech outsourcing with their pros and cons:

Outsourcing of product development

In a rapidly developing economy, firms must maintain their competitive advantages and adapt to rapidly changing customer behavior and technology development. So it is vital to launch the product quickly and efficiently.

Product development outsourcing is a business practice in which all processes related to the creation and maintenance of software are entrusted to third-party vendors. The product development outsourcing provider is responsible for working on the product as a whole and ensuring that it meets user needs and business goals. Here are some pros and cons of outsourcing product development (PDO).

Advantages:

This makes it possible to use real experience in creating products and a qualified talent pool, especially for companies that are not sure how to develop a Fintech application.

PDO also reduces development costs, accelerates time-to-market, and provides the necessary expertise for rapid and smooth implementation of new technologies.

Drawbacks:

High dependence on the contractor, because in Fintech, small mistakes can lead to business delays, so it is very important to choose a supplier wisely.

IT outsourcing

IT outsourcing is not something special for financial technologies. it is well-known and used in many industries to reduce costs, accelerate market entry, and free up internal resources for other important business tasks.

IT outsourcing services range from a complete technological infrastructure to the development of a specific part of applications. Outsourcing of FINTECH development is becoming a common factor in the introduction of cloud technologies.

Advantages:

Financial firms can save on costs and use third-party expertise and assets to adapt to technological advances.

Newly established Fintech startups can easily organize their business development needs, while a third-party firm handles the technology aspects.

Drawbacks:

Unclear requirements can result in delay of the project.

Lack of communication and collaboration can interrupt the development process.

Whether you decide to outsource full product development or just part of your business, outsourcing is becoming the commonplace allowing you to quickly adapt to technological trends and gain a competitive advantage in a fast-growing market.

SPACEBOT

Author of the article

How to listing my coin/token to the SPACEBOT?

Application Form for Listing

Please Kindly Answer the Following Questions:

  1. 1. Coin Recommender
    1. 1.1 Anyone Introduces You to SPACEBOT?
    2. 1.2 Referral’s Name, Mailbox, Telegram Account
  2. 2. Introduction of the Project
    1. 2.1 Name of Project, supporting both Russian and English
    2. 2.2 Official Website
    3. 2.3 Documentation link (api for developers)
    4. 2.4 Symbol (url: coinmarketcap.com,coinpaprika.com etc.) ATTENTION: It’s a prerequisite! If information about your coin is not available on this resource, we can agreed and list it on coinmarketrate.com. Listing price from 10 ETH.
    5. 2.5 Offering Price (url: coinmarketcap.com,coinpaprika.com etc.)
    6. 2.6 Total Fundraising Amount (url: coinmarketcap.com,coinpaprika.com etc.)
    7. 2.7 Brief Introduction of your Project Covering its Positioning, Features , etc.
    8. 2.8 Expected Trading Pairs against BTC, USDT, ETH (url: coinmarketcap.com,coinpaprika.com etc.)
    9. 2.9 Anyone in Charge of the Project
    10. 2.10 Contact of Project Manager
    11. 2.11 Project promotion Channel like Website, Wechat Official Account, Twitter, etc.
    12. 2.12 Attachment of Source File of Token Logo
    13. 2.13 Is the Project Tokens Based on ERC20 (or other blockchain)?
    14. 2.14 Any Market Value Management?
  3. 3. Project Marketing ant Its Users Scale
    1. 3.1 Expected Listing Date
    2. 3.2 Users Community in Telegram, Twitter, Reddit, Slack, WeChat, QQ Group , etc. and Its Links and Scale
    3. 3.3 Media Reports and Links
    4. 3.4 Time and Place of Roadshow or Other Marketing Campaign?
    5. 3.5 Marketing Budget on SPACEBOT and Token price establishing margin
  4. 4. Qualifications
    1. 4.1 Basic Information of Team Members
    2. 4.2 Consultants or Public Figures
    3. 4.3 Early Investment
    4. 4.4 Whether Listed on Quote Platform,such as Feixiaohao ,CoinMarketCap, etc.
  5. 1. Notes for Listing
  6. 2. SPACEBOT the unique software, for co-production of cryptocerrency. SPACEBOT provides an opportunity to get a monthly increase in the productivity of the cryptovoltaic minting of PRIZM, BIP and other cryptocurrency due to the total increase of the balance in the network of blockages through the “Proof-of-Stake” system.
  7. 3. SPACEBOT is only responsible for verification of authenticity and legitimacy of projects. SPACEBOT will not evaluate the project, and not provide any moral and value endorsement. The digital assets team will take full responsibility for all illegal irregularities such as illegal fund-raising, pyramid selling, money laundering, gambling, drug abuse, fraud, being banker of the asset, etc.
  8. 4. The digital asset teams need to make preventive measure with SPACEBOT to keep away from crushing the market. Otherwise we will end the cooperation.
  9. 5. SPACEBOT will remove the project from the list if : The dissolution of team keeps our client away from mining, transferring, block inquiring, etc. No investors trade, hold, use this token; technical failure which affect mining, transferring, block inquiring, etc. The team has some illegal irregularities such as illegal fund-raising, pyramid selling, money laundering, gambling, drug abuse, fraud, being banker of the asset, etc.

How to register a new users on SPACEBOT?

Registration on SPACEBOT is available only via the referral link which you can get after bonding 100 coins to the pool.

In order to get the link through the Telegram bot:
1. Send 100 coins to the wallet given by the bot: Wallet – Deposit
2. Bond 100 coins to the pool: Wallet – Deposit for paramining
3. Skip to ‘Affiliate program’ section and copy your referral link
4. Now you can share your referral link and invite new users

In order to get the link through iOS/Android:
1. Send 100 coins to the wallet given by the App: Home screen – Refill
2. Bond 100 coins to the pool: Home scren – Bond
3. Skip to ‘Affiliate program’ section and copy your referral link
4. Now you can share your link and invite new users

How to install the iOS App?

To install the App

1. Follow the link:

https://apps.apple.com/ru/app/spacebot/id1498907599

2. Сlick ‘Install’ and follow the standard steps to install the App on your device

3. If you are a new user – press ‘Register’ (you need to indicate your inviter; find your inviter`s ID or get a referral link in the ‘How to register a new user’ section)

4. If you already have your SPACEBOT Telegram account you need to link it to email. You may find how to do it in ‘How to link email to your SPACEBOT account?’ section.

How to install Android App?

To install the App:
1. Follow the link:

https://play.google.com/store/apps/details?id=space.bot.mobile

2. Press ‘install’ and follow the standard steps to install the App on your device.

3. If you are a new user – press ‘register’ (you need to indicate your inviter; find your inviter`s ID or get a referral link in the ‘How to register a new user’ section)

4. If you already have your Telegram SPACEBOT account you need to link it to email. You may find how to do it in ‘How to link email to your SPACEBOT account?’

How to top up your balance?

Top up your balance with Telegram bot:
1. Go to ‘Wallet’ section
2. Press ‘Deposit’
3. Copy the wallets sent to you (be careful not to copy extra symbols)
4. Transfer coins to the copied wallet adress

Top up your balance with iOS/Android App:
1. Press ‘Top up’ on the mail screen
2. Copy the wallets sent to you (be careful not to copy extra symbols)
3. Transfer coins to the copied wallet adress

* Track transaction on the blockchain:
PRIZM – https://prizmexplorer.com
BIP/BTT – https://explorer.minter.network

**Please note that depositing of coins requires certain number of confirmations in the network and it takes time to process a transaction with our algorightm

***Also note that many exchanges and wallets services carry out transfers with delay (on some exchanges it can take up to 72 hours), and you shouldn`t worry since this is a stadard procedure.