Blogs > How to choose the right technology for your fintech start-up
18 julho –

How to choose the right technology for your fintech start-up

Among the most important decisions a new founder can make is what tech stack to base their new business on

Alexander Hamilton
3 min

The journey for a founder can be a perilous one. You have gathered the right people, analysed a gap in the market, and gathered your backers. But how do you pick the right technology to build your new business on?

Decide on deployment

If this isn’t a decision you made early in the development phase of your business, now is the time to confront it. Will your company use cloud-based or hybrid applications?

There are a variety of choices you can make – even on whether you plan to create your own back-office engines in-house. As a founder, you should already understand the potential scalability and dynamism of your business proposition, and match those needs to the capabilities of providers in the market.

A hybrid approach incorporates a private cloud infrastructure running in parallel with a public deployment. This private component could be an onsite data centre, or even a small cluster of servers. Hybrid allows deployment in private IT environments, providing greater control over configurations.

Utilising a public cloud provider allows for a high level of compatibility, customisability, and scaleability. Whereas in the hybrid model a firm may have to invest in upgrading its private components, a fully-public model can scale without extra hassle.

Assess your budget

Start-ups large and small should tailor their strategy around the funding available to them. This is necessary to ensure growth and not select software or services out of a price range. The last thing a new company needs is a hasty switch of providers due to cost constraints.

Decide which aspects of your infrastructure can be purchased, which can be leased, and which you may want to cover with open-source software. Just because a piece of kit is free does not mean it is of reduced quality. They can be extremely useful for firms starting out and creating their first infrastructure layers.

At the same time, paid technologies provided by cloud technology vendors on the market can give you some important benefits. These include regular support from expert developers, and access to a knowledge pool created from working with dozens of your firms in the sector.

The importance of an ecosystem

When selecting all the components of a back-office infrastructure, it can sometimes become a dizzying experience. With several technology providers offering multiple solutions, assessing the right solution can be frustrating.

The importance of finding a technology vendor with the right ecosystem cannot be understated in this scenario. For example, Pismo extends its platform’s functionality by providing a series of composable APIs to third-party providers. This enables our clients to rapidly deploy solutions including compliance, customer relationship management, or anti-money laundering controls.

Pismo is always identifying partners to complement our existing tech stack. Pismo ensures our clients are connected to the best in the industry.

Retain top talent with a next-generation system

The battle for top technology talent is a fierce one, and its important to create a culture of innovation, inclusivity, and positivity. Fintech offers employees the chance to work in an environment where their work impacts almost every aspect of the business.

To help them make those impacts, it’s crucial to select technology your budding developers and talented engineers are excited to work with. They want to see the code they have written solving issues in the market in a rapid timeframe. They want scrums, agile teams, and releases that occur in a matter of weeks, rather than months.

When you have a young workforce empowered with these incentives they are guaranteed to provide an extra kick in helping clients create products, implement hyper-personalisation, or build innovative solutions.

Want to know how Pismo can become the launchpad for your fintech business? Read all about it with our Pismo for Fintechs explainer.

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