It is not a rare situation for a FinTech startup to fail. There is an array of typical mistakes for startups and they lie in various dimensions such as funding, sales cycle, target market, etc. But one critical issue being often underestimated lies in the technology domain.
Tech in FinTech
It is worth mentioning that around 70-80% of FinTech product is a backend and business logic. What is more developers without the similar prior experience tend to naively think of it as a regular development project that can be delivered in a couple of weeks (months in the “worst case scenario”) without any hassle. They are simply not aware of many details that ought to be considered at the initial stage of the project. In reality, the development of a FinTech product from the scratch can take up to one year and cost around €600,000 and more. No wonder that thousands of startups waist the biggest amount of their resources before even entering the market. And say goodbye to their dream and brilliant idea forever…
Forget the development from scratch
But there is actually an alternative way to deliver your FinTech project. And the answer is on the surface. The probability is high that the tasks millions of people are tackling daily have been already successfully solved by someone else before – once, twice or thousands of times (unless it is the invention of a self-driving plane or human-level Artificial General Intelligence mind). So in this case, why to bother with the product development if you can focus on marketing and sales instead?
SDK.finance was set up exactly with that goal. We aim to eliminate the “headache” of the product development and let the FinTech entrepreneurs focus on their business goals. With our support, the FinTech products, such as banking as a platform solution, can be delivered 5-10 times faster saving as much as 90% of the budget.
Prefabricated core with unique front-end
Sounds tempting, indeed. But isn’t such a kind of approach eliminates the uniqueness component? Both yes and no. Everyone wants his product to be unique and tailor-made, but at the same time to be delivered timely before the idea is outdated or implemented by his peer. The thing is that every FinTech product has such modules as an account, a transaction, a cheque, a fee, etc. that can be prefabricated yet fine-tuned for multiple projects. At the end of the day, the term “unique” applies to front-end above all, and the back-end has other critical parameters to be considered such as security and scalability.
Is SDK.finance for me?
So, what are we offering? We link SDK.finance platform (the backend) with clients’ frontend through our APIs, plus deliver a set of ready-made modules and give an absolute freedom to integrate any third party tool provider the client wishes. And voilà your unique FinTech product is ready to conquer the market and enhance the financial experience of millions of end-users.
SDK.finance has a proven track record of providing financial services companies with the core banking functionality that they need, using its secure, robust, and configurable API platform as a one-stop-shop solution.
Contact us to learn more about our banking solutions. We are open to talk about how SDK.finance can be useful for your business.