Top 8 Mistakes You're Making with Your Fintech Project

Posted by Tatum Utley on Jun 19, 2019 4:11:26 PM

Photo by rawpixel.com from PexelsAs the key stakeholder, you have decided to outsource your company's next software development project. Who are you going to trust to further your digital roadmap? How can you ensure you’re choosing the right partner? What steps need to be in place internally and externally to guarantee success?

Clear communication, due diligence, efficient on-boarding, partnering with the right expert, accurately estimating costs, and prioritizing the right things are cornerstones of successful outsourcing partnerships. Make sure you’re able to identify the top 8 mistakes typically made when outsourcing financial technology projects and how not to make those mistakes yourself.

Top 8 mistakes when outsourcing fintech projects:

  1. Not focusing on how your tech project will help you achieve your business goals.
  2. Not performing enough due diligence up front to truly understand project costs
  3. Not clearly communicating with your internal team about the purpose of outsourcing and each partner's responsibility.
  4. Underestimating the costs of inefficient vendor management/on-boarding processes.
  5. Choosing a partner who can’t demonstrate a proven methodology for successful agile software development.
  6. Partnering with generalists instead of fintech specialist.
  7. Not knowing when to address technical and management debt.
  8. Paying too much for the "hype" of hip technology hub locations (NY, SF, etc.) when there are deep pools of talent elsewhere.

So what do you do to avoid them? Read our latest white paper, Derisk Your Outsourcing: Top 8 Mistakes You’re Making with Your Fintech Projects.

 

Topics: #featured, Leadership, outsource

About Core10

Core10 is a 100% U.S.-based software development company that provides a full suite of fintech development services and support resources. We connect talent with opportunity through our technical consulting work for innovative banks, credit unions, and financial services companies. Our Hereshore® development centers employ driven, dedicated technologists with a desire to learn. The result is professional, knowledgeable, and capable resources, located in areas that are significantly less expensive.

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