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Hiring FinTech Developers in Poland

Today, to stay on top of the market, banks and financial organizations have to adapt and offer their customers viable FinTech solutions. FinTech apps allow companies to effectively improve their customer experiences, provide more service options, and keep afloat during global crises. Meanwhile, the downside of FinTech is that it never comes cheap. Therefore, financial organizations search for an optimal price-quality ratio for developing their FinTech apps and many find it in Poland.

The Polish FinTech industry has been actively developing for a number of years and represents one of the most successful examples – the FinTech startups are quickly growing. Meanwhile, the Polish IT development rates are considered to be relatively moderate, even for FinTech.

So, why develop FinTech solutions in Poland? In this article, we’ve shared the main reasons for that and explained how to effectively hire FinTech developers in this country.

Why Hire Fintech Developers in Poland

FinTech in Poland is one of the leading industries in the CEE region with a wide range of firms that deliver solutions for banking services, finance management, electronic payments, insurtech, and many other areas. According to Statista, the number of FinTech companies in Poland has grown almost twice in 5 years, reaching the number of 299 companies in 2022 from 167 in 2018.

Why Hire Fintech Developers in Poland

The estimated value of the sector reaches 856 mln euros ($848 mln) with Warsaw being the largest Tech spot in the country, making home to almost 45% of all tech startups in the country. Moreover, the Global Financial Centres Index (GFCI) ranked Warsaw the 59th most competitive major Financial Centre in the world.

Being the leader in FinTech development, Poland has a well-digitized banking sector and many FinTech companies closely cooperate with the banks and large governmental institutions. For example, one of the most popular in-country innovations is the “Blik” payment system that allows transferring quick payments online. In 2021, the number of transactions performed in Blik reached 763 mln whereas in 2016 it handled only 2 million.

The government actively supports the development of the FinTech industry and adopts positive policies to motivate FinTech start-ups to grow and develop faster. For example, many international companies launch FinTech businesses in Poland as they can use R&D tax relief which allows them to additionally deduct a portion of expenses connected with R&D activity from their tax bases. Some other Polish government initiatives include foreign tax credit, Polish investment zone, Innovation Box, and others. We’ve already covered the most prominent Polish taxation initiatives in this article.

Taking into consideration everything outlined above, Poland is also among the world outsourcing leaders and many outsourcing IT companies there provide FinTech development services. The country has more than 400,000 IT specialists available on the IT market, 66% of which are employed by foreign capital. Read more about outsourcing software development, including FinTech solutions, to Poland.

Tips for Hiring Fintech Experts From Poland

Finding and hiring proper FinTech experts that meet your requirements is always a challenge, especially for companies that have never done it before. Here are some useful tips that will help you to get better prepared for hiring FinTech software developers.

Choose Your Business Strategy

Before searching for any FinTech developers it’s important to define your business strategy. Usually, when hiring tech specialists, companies consider hiring in-house, searching for freelancers, or outsourcing. Let’s have a closer look at the three strategies and find out when to hire each:

  • In-house software developers are a great option for large companies that can afford to hire local specialists as their software development rates can be rather high. This option also works great if you create a unique product and you want your tech employees to know everything about the project and be deeply involved in it. On the other hand, finding the right development talents for a non-conventional project locally can also be a problem.
  • Freelancers are a viable option for companies with short-term projects that don’t involve any complexity and, therefore, can be developed by one or two programmers. When hiring freelancers, remember that although these specialists can have much development experience they usually work on several projects for various companies.
  • Outsourcing is a popular option for big and small companies that strive to save up on their development costs and obtain decent-quality products. Of course, to assure that your product has decent quality, you need to put some effort into finding a reputable and reliable company. Nevertheless, if you find one and hire a dedicated team, you’ll be able to cut down your project costs while receiving a full-fledged team of high-quality specialists. Moreover, you won’t find much difference between an outsourced team and an in-house team.

Consider Your Cooperation Terms

If you opt for an outsourcing business strategy then it’s essential to consider the cooperation model. These models determine how effective your cooperation will be with your outsourcing partner. There are various cooperation models, the most common are outsourcing, hiring a dedicated team, and augmenting your team with certain software specialists.

  • Outsourcing is a conventional cooperation model with IT outsourcing companies used by many businesses. This model involves handing over your project to the outsourcing partner and obtaining the final product. It means that the outsource provider is responsible for team gathering and management as well as for all the processes and results of the project.
  • Hiring a dedicated team means that you obtain a team of professionals chosen to match the project requirements. This team works only on your project and gets a deep understanding of all the business processes concerning the developed product. With a dedicated team, you have full management control over the project and the team. However, if you don’t have much tech management experience you can always add a project manager to the team to ensure the team’s effective management and communication.
  • Staff augmentation involves hiring single or several specialists with narrow tech expertise to an in-house team. Many companies choose to augment their departments with employees who have much development expertise and who could enhance the developed product with digital innovations such as AI, Blockchain, AR/VR, and others or build complex features.

Investigate the Polish Cities

If you outsource your FinTech development to Poland, the first thing you need to do is to find out more about the locations you can outsource to. You already know that the Polish capital – Warsaw accounts for 45% of all tech startups in the country. However, there are many other great cities in Poland that provide solid tech support and expertise. Some of them are Wroclaw, Krakow, Katowice, and many others.In one of our articles we’ve made a detailed analysis of top Polish IT cities, check it out here.

Investigate the Polish Cities

Outline Your Fintech Solution

The last but not least important element to pay attention to before hiring FinTech programmers is the developed solution objectives and features to include in it. To find them out, you need to carefully investigate the market and the audience you’re planning to target.

For this, you could search through your market niche and find existing solutions. Consider their audiences