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The healthcare industry is an area that strongly needs innovations at all times. Diseases constantly evolve, and the care methods should go one step ahead. Infrastructure in healthcare and streamlined communication are not the last points in fostering positive swifts in this industry. These two elements, in conjunction, create favorable conditions for bringing innovations or merely positive changes. The more automation and advancements are introduced, the more effort can be devoted to curing and preventing diseases. That is why the Medical Internet of Things is so emphasized nowadays. Its role is impossible to overestimate, indeed.

Essence and Aim of the Internet of Medical Things (IoMT)

IoMT stands for a tech advancement that envisages the mutual coordination of various elements inside the health system, such as medtools, apps, and other arrays that facilitate steady and ongoing data circulation. The pillar objective of the IoMT is to foster and ease the non-stop collection, handling, transmitting, and sharing of the medinfo among the interested subjects. Most typically the latter ones are state authorities, hospitals, and other members of the healthcare industry. 

Among the main deliverables that IoMT ensures are multiple options to track and manage the state of patients on a real-time basis. It also makes possible timely cure and disease prevention. Variable IoMT devices are already utilized for these purposes—health monitors, intelligent implants, remote diagnostic tools, and patient tracking systems, to mention a few.

How IoMT Works at a Glance

This tech approach is aimed at connecting multiple physical devices, including sensors and implants, through the Internet networks, most typically Wi-Fi. This endeavor is accomplished in order to grasp and transfer the most up-to-date info regarding the patient’s state. 

IoMT also makes it feasible to collect a large scope of data and ascertain the outcomes of treatment as well as the tendencies of disease evolution. At a glance, the said technology is about multiple devices, software, informational systems, algorithms, and storage facilities. All of these elements are related to each other instantaneously and deliver error-free info about the things that fall under the survey. 

Based on that info, medical personnel and other interested subjects highlight measures that have to be taken for the effectual care of the patients. IoMT is also in charge of elaborating on the list of actions that are needed to be accomplished to prevent similar cases from appearing in the future. Any information obtained during such an operation is extremely valuable and derives numerous benefits. 

Benefits of IoMT

This tech advancement is definitely under the stage of its next development and upgrade. Therefore, the number of benefits may be higher in the short-term perspective. As of now, it is proven that IoMT guarantees these positive swifts across the industry:

• Bolstered efficacy of performance within a healthcare institution—the work of the medical personnel becomes more effective and coherent enabling quick decision-making which is especially crucial in emergency cases. 
• Better and easier identification, including across multiple institutions—people don't need to input the same data many times. Once they have done that, it is transmitted through the internal channels of communication between the medinstitutions.
• Enhanced surveyance—IoMT software ensures timely and correct treatment as well as further post-medical support. The info is collected and processed steadily allowing the interested parties to make relevant conclusions regarding the efficacy of the chosen methods.
• Tackling diseases—collecting the info regarding the reasons why patients suffer from certain diseases enables scientists to elaborate on findings that are very precious for disease prevention. Most typically this is made by eliminating the conditions for such diseases to occur. 

IoMT issues and challenges

On balance, the adoption of the considered tech advancement is associated with specific threats and risks:

• Coherent interaction of various medsystems—frequently, such medsystems have multiple peculiarities of operation since different independent producers develop them. Making all the integrated systems not only joint but also coherent may be quite challenging sometimes.
• Effective information management—this covers clinical data monitoring, storage, and processing. The outputs have to be accurate, relevant, and up-to-date.
• Secure data handling—since the info processed is very sensitive in nature, it requires more advanced measures to be implemented. Fairly saying, this type of data is very nourishing for cybercriminals. Still, encryption and specialized IoMT security software can substantially decrease, even eliminate at all, the risk of data leaks. The goal of ensuring robust data protection is required not from the ethical perspective solely—this is also a compulsory rule among the norms applicable within the industry.
• Alignment with the regulatory standards—the applicable legal rules are quite strict, taking into account the essence of services. To this end, a failure to comply with such often leads to severe fines and other sanctions, up to the liquidation of a medical institution. In addition, the applicable regulatory framework is frequently updated, resulting in the need to take other measures allowing to remain compliant.

What Prospects Does the IoMT Have?

IoMT in healthcare definitely opens wider perspectives, among others, thanks to the following tech advancements:

• AI&ML implementation—these two elements are equally good at bolstering analytics and personal care approaches. This can be achieved through automation in decision-making. Most common cases will not require excessive time to ensure correct treatment—these technological advancements, like AI platform for clinical diagnostics, will handle them quickly, efficiently, and at lower costs.
• Bolstering the quality of wearables and implants—upgraded serviceability and preciseness will deliver more faultless data regarding the patient’s state, particularly one’s life parameters. The advancement will also enable quick and more productive feedback in response to possible changes, especially adverse ones.
• Automated internal arrangements—monitoring the inventory and machines plays a pivotal role in ensuring the straightforward operation of any medinstitution. The less time medical personnel devote to routine assignments, the more time caregivers have for their visitors. Even more, optimized internal flows reduce associated costs drastically as well. The quality of medservices is not sacrificed but boosted under such terms.
• Utilizing big data benefits—IoMT ensures the effective and timely handling of large volumes of medical information for multiple purposes: tendencies, patterns, typical treatment outcomes, opportunities for innovations, etc.
• Quality and upgraded involvement methods—future IoMT will facilitate far more effectual involvement of patients and their awareness of the medcare applied. Informing, consent giving, and providing the updates will be made automatically and faultlessly, preventing any unreasonable delays or discrepancies.
• Effectual dealing across the healthcare sector and the remainder of the sectors concerned—IoMT architecture opens another room for diverse independent service providers, financial institutions, and state authorities to interact and exchange data with each other swiftly and straightforwardly. As a consequence, the interested subjects can drastically bolster their performance and the speed of decision-making.

Conclusion

The Internet of Things medical application is a powerful tool on the way to ensuring top-rated services within the industry and effective disease prevention in the future. It already offers multiple benefits, such as on-time and effective performance, multifunctional diagnostics, disease treatment and prevention, cost-effective operation, and, finally, more accurate forecasts. This tech advancement will undoubtedly bring even more opportunities in the short term since it is evolving steadily. 

So, it was definitely a wise decision to incorporate such tech upgrades in a business yesterday. Now, they have already become compulsory things to have in possession. Our company is a reliable service provider experienced in custom medical software development. We will facilitate you to take the next step ahead by rendering top-notch services swiftly and at a reasonable cost. Enjoy the condensed expertise gained through the years.

Specifically, according to the Exploding Topics resource, in 2024, Android has a 70.93% global market share while iOS only has about 25% of it. However, both platforms are undoubtedly popular, and each of them, with the right approach to development and promotion, can provide product owners with a stable income. Below, we will reveal the differences and similarities between iOS and Android development, paying special attention to security and customization options.

Android vs. iOS App Development: Key Differences

Let's first look at the fundamental differences in Android and iOS development.

Programming languages

When it comes to native development, the most popular Android development language can be considered Java or Kotlin (they are both officially supported by Android’s original IDE, but the last one is preferable for new projects). As for native development for iOS, here, developers will need knowledge of Objective-C or Swift (generally speaking, this is the best option for new projects, while Objective-C is mainly used to support existing solutions that were originally written in this language).

Development environment

As the primary development environment for the Android platform, Android developers use the open-source Android Studio IDE, although in some cases their choice may also fall on Visual Studio, Eclipse, and some other development environments. At the same time, iOS developers usually resort to the help of Xcode with the integrated iOS SDK. 

Differences in design

iOS development requires following the platform’s own principles for user interface design listed in the Human Interface Design Guidelines (the main aspects of which are color variety without shadows (Flat Design Depth), minimalism (Clarity), and content-first approach (Deference)). In the case of Android development, these are the recommendations for recreating Material Design (the main aspects of which are expressing the hierarchy of elements through their size, colors, and shadows (Metaphoric Nature), using bold typography to highlight important elements (Bold Graphical Design), visualizing reactions to user actions (Meaningful Animation), as well as adapting the design to devices of different form factors (Adaptive Design)). Also note that Android allows the development of applications for operation in Kiosk Mode—this will be useful for businesses presenting their services and/or products through software installed on corporate Android-based devices.

Hourly rates

According to Glassdoor, the average annual salary of an Android developer in the US ranges from $91K to $135K, while for an iOS developer this range is from $101K to $174K. From this, we can conclude that, on average, the iOS app development cost (if you stick to the hourly rate for specialists) will be somewhat higher compared to the Android app development cost, all other things being equal (in particular, the same number of supported device formats and OS versions).

Complexity of development

It is worth noting that native Android development tools and iOS mobile app development tools are quite easy to deal with and, in general, have a low entry threshold. That is why the complexity of implementing software for a particular platform should be considered primarily from the point of view of ensuring compatibility. The fact is that if you are planning Android development to cover as many user devices with different form factors as possible, your team will have to spend a lot of effort and time. Also, there is the need to provide compatibility with earlier versions of Android and, accordingly, adapt the software for devices that support them. Therefore, the development process for Android can be much longer than in the case of iOS, a platform that is characterized by a relatively small number of compatible user devices. On the other hand, for iOS development, the entire team must be equipped with macOS-based devices — only then will they be able to build the software and successfully test it in an emulator.

iOS vs. Android: Security and Privacy

The main difference between iOS and Android in terms of security lies in the fact that iOS security is more focused on providing strong software protection (which is facilitated by its closed nature and limited number of supported devices), while Android focuses on a combination of software and hardware protection (due to its initial open source nature, which can still be violated by individual vendors creating their own Android-based OSes, as well the variety of supported user devices). In the end, it is impossible to say that one of these operating systems is more secure or, on the contrary, more vulnerable, since by following the standards and generally accepted rules of secure development, you will be able to achieve optimal compliance for your software as well.

Which Platform Has a Bigger Market Share?

At the very beginning of this article, we indicated that Android is the undisputed leader in the mobile software market, with almost 71% market share. However, it is worth noting that the ratio of market shares between platforms may vary depending on the business niche for which the application is created. Moreover, there is rather old research that owners of iOS devices are more willing to download paid applications, while owners of Android devices prefer free software. As a result, this factor can determine your monetization opportunities for your app, too.

Which Platform Has More Customization Options?

In terms of customization options, Android gives developers more flexibility due to the open nature of the platform. Thus, they get more space for creativity, which allows them to implement non-trivial designs and functionality. In turn, the iOS platform is a closed ecosystem with its own strict compliance rules. This concept is aimed at maintaining uniformity of user interfaces, so it will not be possible to create something too non-standard on its basis.

Android vs. iOS App Development: Which One to Choose

Ultimately, we cannot say that development for any one of the platforms, be it iOS or Android, is more profitable. Everything depends on the niche for which the software solution is being implemented, its localization, and many other factors that determine the size of the target audience.

Additionally, it is important to be aware of app store fees for paid software and software with in-app purchases. In particular, iOS paid apps, in-app purchases of digital goods or services, and/or linking out to purchase digital goods and services on your website are subject to a 17% fee (or 10% If you're enrolled in the App Store Small Business Program/the Apple Video Partner Program/News Partner Program or renew a qualifying auto-renewal subscription beyond one year); also, if you use App Store payment processing and related commerce services for in-app purchases, you will be charged a 3% fee. As for Google Play, here, the fee is 15% on the first $1 million in annual revenue (or 30% on annual revenue exceeding $1 million), 15% on products with an auto-renewing subscription (regardless of annual revenue size), and 15% or less for developers who qualify for the Play Media Experience Program.

By the way, if you find that the ratio of potential users for each platform is approximately 1:1, you can consider the cross-platform app development option, which involves creating a single code base for iOS and Android platforms. In this case, you can save about 30% of the budget compared to developing two native applications, and also bring the launch date of your mobile solution closer. The only thing is that, like any other type of software development, this one also has some restrictions.

Regardless of whether you are considering cross-platform or native mobile app development, you can always choose us as a reliable service provider of custom mobile solutions. We will implement your business idea with the minimum possible budget without compromising its quality and select the best approaches and tech stack to ensure its competitiveness and profitability over the long term.

In today's world, social platforms have become an integral part of our everyday lives. They provide the opportunity to communicate, share information and create communities, making them a powerful tool for business. Their popularity and influence on modern society have led many companies to realize the potential of social platforms in the context of B2B solutions.

Let's break down the process of implementing such social platforms step by step:

• Defining goals and requirements

The first step in developing social platforms for B2B businesses is to define specific goals and requirements for your project. You need to be clear about what features and capabilities should be available on your social platform. These include user profiles, sharing features, instant messaging, community building, and more. Determine what specific goals you want to achieve, such as expanding your network, attracting potential customers, or strengthening customer relationships. Understanding your goals will further guide your overall strategy and implementation. Prioritize and develop an action plan to address all the requirements of your B2B business.

• Choosing the right technology platform

The next step is to choose the right technology platform for developing a social platform. Many frameworks and tools can help you in this process. For example, you can use popular open-source frameworks such as Ruby on Rails, Django, or Laravel or choose ready-made social platforms such as BuddyPress for WordPress or Sharetribe for developing marketplaces. The appropriate choice of technology platform depends on your needs and your company's capabilities.

• Designing the architecture and database

After choosing a technology platform, it is essential to design the architecture of your social platform. This includes creating the database structure, defining modules and system components, and establishing interactions. A modular approach is recommended to ensure the flexibility and scalability of your social platform. Divide functionality into modules such as authentication, user profiles, messaging, community management, and others. This approach will simplify your platform's development, testing, and support.

• Designing the user interface

The user interface is a key element of any social platform. Designing an attractive and intuitive user interface will help attract and retain users on your platform. Remember your company's brand identity when designing and ensure user-friendly navigation and clear and attractive interface elements.

• Implementing functionality

At this stage, you can start implementing the basic functionality of your social platform. Provide the ability to customize user profiles, set access rights, filter content, and other features necessary to ensure the platform's security and usability. Create modules for registering users, creating profiles, sending messages, forming communities, and other elements that meet your requirements.

• Integration with external systems

Integrating with external systems is a crucial step when implementing a social platform in a B2B business. Enable data exchange between the social platform and external systems to provide a unified flow of information and improve the efficiency of your business. These can be CRM systems, electronic payment systems, analytics tools, and other applications your company uses.

• Testing and launching

Conduct thorough testing before launching your social platform to detect and fix possible bugs and issues. Perform functional testing, compatibility testing with various browsers and devices, and security testing. Once testing is successfully completed, you can begin launching your social platform. Install the necessary server resources and configurations, and configure the security and scalability of the system. As you launch, monitor the process and ensure all components work correctly.

• Support and update

Developing and implementing a social platform is just the beginning. It's essential to continue to provide support and updates to your platform as needed. Regularly release updates, fix bugs, and add new features and enhancements to meet the needs of your audience. Provide timely support to users, answer their questions, and guide how to use the platform.

• Analysis and optimization

Integrating social platforms into B2B solutions provides an opportunity to collect valuable data and metrics. Analyze this data to understand which features are used most often, what issues arise, and what improvements can be made. Use analytics tools to measure the effectiveness of your social platform and make informed decisions to optimize it.

Summary

Incorporating social platforms into B2B solutions can significantly benefit your business. However, for this process to be successful, you need to properly plan, design, and implement a social platform, taking into account your company's technical aspects and requirements. By following the steps outlined above and paying attention to detail, you can create a powerful tool to help strengthen your business connections, expand your customer base, and make your company more competitive in your business domain.

The medical field has been developing for ages, but over the past twenty years, we’ve seen the flourishing of healthtech. And it’s not surprising: this technology is a game-changer for patient care, workflow, and life-saving. 

The healthcare industry includes producing portable devices to monitor vital signs and online medical consultations provided by modern digital health solutions. And, similarly, every private clinic should have a top-notch website where patients can book an appointment with a doctor. 

What are the roles of a medical site?

1. A communication tool with patients. A site can be easily googled. Also, it contains information about available services and specialists. Thus, it makes it much easier for clients to reach out to you.
2. A communicational channel. Internet marketing is one of the most effective tools for attracting customers, but you need a web resource to use it. Thanks to a site, you will be able to find customers among users of search engines and social networks.
3. An image-maker of your organization. You need to give a good impression to make others want to collaborate. 
4. A source of getting feedback and statistical data. Thanks to analytics systems, you can track changes in behavioral factors, perform A/B tests, and monitor the effectiveness of various traffic channels.

So, a medical website must be very comprehensive, secure, and accessible at all hours. To achieve this, it’s important to involve specialists responsible for different aspects of the work at each stage of the healthcare website development. 

Key Considerations When Hiring

Before you hire a health tech development company, it’s essential to ensure their team has the necessary hard and soft skills. The task of the dev team will be to make the site appealing to users and customize traffic channels. In turn, the site owner should provide the essential information and approve tasks in time to avoid excess of the final healthcare website development cost and pauses in the work process.

What should you bear in mind while searching web development companies for healthcare?

• Relevant experience. The more projects related to medicine they have, the better. 
• Technical knowledge. Find out if the developers know the required programming languages. 
• Communication skills. Website development is a team effort not just for the performers but also for the customers, so soft skills are vital here.
• Ability to comply with regulatory requirements. The company must know about HIPAA compliance and other legal provisions. 

Experience in HeathTech

The company you want to hire must understand your business. That’s why your healthtech development company must be experienced with medical data and technology. Look for the company that has previously worked on similar projects. They could have a background in developing electronic health record systems, medical visualization software, remote care platforms, or other products related to healthtech website development. Companies with extensive experience in this field are well prepared to meet the specific demands of healthcare software development.

Technical Expertise 

The company’s tech team should have certain skills required for medical website development. First of all, they need to ensure the security of the medical website. Secondly, it must be able to scale. This will allow you to upgrade a site following current changes like adding new services, functions, categories, or sections. It will also increase functionality and optimize it based on customer requests and company interests.

Another important aspect is defining the right tech stack. The developers must be able to choose a health tech website development programming language that meets business needs. The most popular ones are HTML/CSS, PHP, Python, JavaScript, Java, Ruby, and Swift. The final choice of one or another development tool must be made according to the goal of creating responsive web design and providing a brilliant user experience. The company should also have a skilled designer who can transfer your brand identity into the website’s UX/UI design. 

Regulatory Compliance 

A team working on a health tech site must guarantee its security as patients leave their personal data there – this can be ensured by its knowledge of how to create a secure website for healthcare providers. Specifically, such websites must meet HIPAA regulations and other confidentiality rules in health care, such as GDPR and PCI-DSS. Make sure the company is aware of these norms and can perform HIPAA-compliant website development. 

Communication and Collaboration

Healthcare website development requires ongoing communication between the client and the contractor. For example, in the beginning, you and the tech team will negotiate on choosing the right CMS for the website. Consider hiring only those who are accessible, transparent, and timely. If there are no meetings or any other forms of communication, move on to the next candidates.

Partner’s Reliability

Make sure the chosen company is trustworthy. It must be present on social media and have its website with a portfolio. Seek for clients' feedback on special resources, forums, and social networks. This way, you’ll quickly see what prior customers have said about a company's service delivery. And, if some field-specific media have published case studies about the company’s work, it’s a very good sign. 

Compliance with Your Request for Proposal 

Once you decide on a candidate, it’s time to write a project proposal. Health tech website development proposals include stating the project’s objective, target audience, budget, and other features specific to your project. This way, the potential company will understand your business needs better and be able to provide an individual proposal. 

Impression After Personal Interviewing

A key to successful collaboration lies in communication. Interviewing health tech web developers will allow you to test their understanding of your specific demands and the concept of the website. 

Crucial moments to clarify during interviews: 

1. Ask for details about their experience. Get candidates to talk about a project related to health tech they have participated in. Go into detail to assess their role and expertise.
2. Ask about the development process. Give them thorough questions to test their technical knowledge and figure out the workflow. You can also provide them with a test task to evaluate their skills firsthand.  
3. Uncover their management style. Ask if the team has worked on any cross-functional projects. Look for leadership qualities like guiding, empowering others to succeed, and handling conflicts constructively.
4. Find out the team membership. Alongside those who are usually present in the technical team, such as engineers, QA testers, and tech leads, there should also be a UX designer. 
5. Ask who will own the code. It’s much better for you if the web development companies for healthcare offer a total handover. Yet, the agreement may include a clause that allows the contractor to keep the code. The worst thing that can happen might be that the company charges you more money because of the constant glitches they fix. 
6. Question what happens if the team fails to meet the deadline. Find out how the company can repay for the lost time.

Portfolio 

Ask companies included in a shortlist to demonstrate their previous projects. A voluminous portfolio is usually a sign of a company that has extensive experience. This way, you’ll wind out what they’re capable of. The portfolio will show you if the team can manage challenging projects and meet high regulatory standards. Also, it will show how good and user-friendly their software is. And, naturally, pay strong attention to websites related to the medical field.

Conclusion

Ideally, a website solves several problems of a healthcare business at once. First, it is one of the most effective tools for attracting new clients. It also acts as a channel of communication with existing patients, forms the image of your organization, and allows you to get feedback and collect your customers’ data. All this is possible if the site is developed by the pros. That’s why you should be very picky when you want to hire a health tech development company. Follow the recommendations listed above to find the perfect fit. 

Evolving companies regularly look for new ways to bypass competitors in today's dynamic world. At the same time, software development for business is one of the most effective strategies. External expertise enables them to achieve higher levels of efficiency, innovation, and financial savings. However, finding the perfect outsourced web development team with all the individual needs can be tricky. Today, we will share essential tips on this topic with you.

It should be noted that the demand for hiring software development team has increased significantly in recent years. According to Statista, global income from IT outsourcing will continue its rapid growth for the next eight years. The following figure shows the projected increase in its revenues worldwide:

How to Find the Best Outsourced Development Team

As already noted, the process of finding the perfect web outsourcing team is in most cases an absolutely daunting task, but we are ready to share with you some effective methods that will simplify this process:

• Internet search: Look for companies with high ratings and many positive reviews directly through search engines (Google and so on). It is worth starting with the main search queries and gradually detailing them using filters or keywords. It is also recommended to browse companies' websites, articles, and blogs directly to be more guided in their expertise.‍
• Recommendations: One proven and reliable way to find real pros is to seek advice or recommendations from your colleagues, employees, or business partners. If your acquaintances already dared to outsource dedicated software development teams, you can directly ask people from your professional network who they can recommend and for what reasons.‍
• Implemented cases and portfolios: Carefully review the portfolios and cases of your potential partner. This will help you analyze the outcome of their previous projects and determine if their style and approach meet your individual requirements. It is also necessary to pay attention to those projects that are similar in structure and concept to yours.‍
• Social networks and professional communities: Social networks and professional communities (like LinkedIn) are great options for finding reputable, highly specialized outsourcing service providers and analyzing customer reviews. They are also an excellent way to get more information about your contractor and its professional connections.‍
• Freelance platforms: Upwork, Toptal, and Freelancer are useful platforms for finding and communicating with experienced specialized specialists. These platforms also provide access to a vast database of freelancer profiles, ratings, and portfolios, which will help you get a complete picture of their professional competence.‍
• Events and conferences on professional topics: By attending various specialized events, you can expand your network of social contacts. In addition, you can personally communicate with potential partners, ask them questions that interest you, and make more or less objective impressions of them.

What Should You Look for When Searching for an Outsourced Development Team?

Clear positioning

Each company excels in a specific area, focusing on a single or a few related directions, such as mobile and web development. This specialization ensures their expertise and quality in these particular fields. It's important to note that the best outsourcers refrain from attempting to offer design, coding, and a myriad of other services simultaneously.

The presence of the grads and their description

If an outsourcer sells the services of Junior, Middle, and Senior specialists, there should be clear descriptions of what they can do and at what level.

Consent to interview

Even if you plan to interview only some experts, asking the service provider representative if they are open to interviews is beneficial. This step lets you feel more involved in the selection process and ensures that the outsourcing company is transparent.

Cases

The cases may be so problematic that the outsourcer projects for other companies are under NDA, and details cannot be disclosed. Therefore, cases can be impersonal without specifying specific customers.

How Do You Evaluate an Outsourced Development Team?

It is worth paying attention to several main aspects to make an informed, balanced, and final decision regarding outsourcing software development to a dedicated team. Undoubtedly, the portfolio and successful cases should be reviewed first to evaluate their previous projects.

After that, assess the technical skills and ability to work with the tools and technologies necessary for your project. For practical analysis, conduct technical interviews or ask for a test assignment to verify their qualifications.

Pay attention to the level of communication. The remote development team should respond quickly to your requests, clearly formulate their thoughts, and be ready for regular reports.

Compare the cost of services, considering the value for money your future partners ask. No one will argue that when you hire software development team, the cheapest option is not always the best, so it is worth assessing the cost of services in the context of the overall quality of work and the results you will receive.

Clarify the guarantees and level of support after the project is completed when you try to find outsourcing companies. For example, reliable contractors usually offer a specific warranty period and post-project support to ensure the smooth operation of the product.

Finally, assess whether the outsourcer's culture and values match yours. This may not be the most pragmatic metric, but it is equally important during hiring remote outsource developer. Specifically, your contractor must share your values and be prepared to work according to your standards and requirements. This will ensure harmonious cooperation when you hire outsourcing team.

Software Development Outsourcing with Darly Solutions

Choosing Darly Solutions for software outsourcing development gives you several advantages that help solve problems of any complexity efficiently and without compromising your budget. Regardless of the specifics of your project, we will provide you with the necessary resources and support, allowing you to focus on the main thing—ensuring the prosperity of your business.

• Access to new resources for development and support:

When you hire a remote outsource developer Darly Solutions, you get seamless access to talents with experience in new, improved, and specialized tools and technologies. 

• Cost-effective development:

Darly Solutions offers affordable prices for programming and support services. Moreover, technical support is included in the service package for a certain period, contributing to reduced overall costs.

• Clear deadlines for the project:

At the stage of forming the technical assignment, Darly Solutions provides you with clear deadlines for the project implementation. Strict adherence to the project terms eliminates the human factor's influence and ensures stability in achieving goals.

• Reliable forecasts and adequate perception of the project:

As your digital partner in outsourcing software development for startups, we always guarantee reliable forecasting of software performance, ensuring a clear idea of the results and investments.

• Competent optimization of any processes:

Systematic optimization of software, increasing its stability, and reducing the likelihood of errors allow us to meet pre-defined standards and business goals.

Conclusion

The aforementioned insights about hiring outsourcing team will allow you to make the right choice and find the best one, considering all the features and details of your project. However, you should remember that choosing a software development company as the right and reliable partner is more than just the immediate outsourcing benefits of high-quality and prompt task fulfillment—it's more about laying a solid foundation for future success.

If you are looking for a suitable platform to implement your mobile solution in the most cost-efficient way and, thus, make it cross-platform, it can be a rather challenging task given the variety of different frameworks, libraries, and SDKs.

For example, according to Statista, Flutter and React Native (RN) were the world's two most popular frameworks for cross-platform development by the end of 2023. However, they cannot be called universal, and each is better suited to solving specific problems. Below, we will cover the difference between them in more detail and also conduct a comparative analysis of these two solutions.

What Is Flutter?

Flutter is an open-source framework from Google that first saw the light of day in 2018. It is designed for both front-end and full-stack development of cross-platform solutions with a single code base for iOS, Android, Web, Windows, MacOS, and Linux. Flutter uses the open-source Dart language, which is also a brainchild of Google. Now, it has 162k stars on GitHub.

One of the most significant benefits of Flutter is the ability to accelerate time-to-market: this is ensured by hot reload (which provides the ability to change the program code and check the results in real time), the built-in increased performance provided by direct compilation to native code, as well as the presence of a C++ engine for rendering elements and optimization. In general, according to the unspoken opinion of developers, about 95% of all development tasks can be covered by Flutter libraries and tools.

Benefits of Flutter

Flutter popularity is absolutely justified—it is loved by developers around the world for the following advantages:

• Native-like performance. Due to the use of the Dart programming language, which is immediately compiled into machine code, applications created with this framework are unlikely to be inferior in performance to native analogs.
• Uniformity of visual components. Flutter does not use platform-dependent visualization tools—instead, this framework refers to the Google Skia graphics library, which allows developers to provide a uniform look for UI components regardless of the platform.
• Low entry threshold and a wide variety of available tools and libraries. Flutter is considered an easy-to-learn framework, and such built-in features as hot reloading, widget inspector, and a rich arsenal of tools for solving graphic problems (now, this framework already has graphics rendering at 120 fps) make the process of working on the frontend even more enjoyable and fast.

What Is React Native?

React Native is a cross-platform JavaScript-based framework created by the Facebook team in 2015 and introduced to the public as a solution for reusing the same code. Today, this platform can boast 116k stars on GitHub and the fact that it is at the heart of such world-famous services as Instagram, Facebook, and Skype. 

An interesting feature of this framework is its basis on the Flux architecture, which is based on unidirectional flows. This approach allows data to be passed from one parent component to its child components, making it easier for developers to manage data flows in the application. Also, like in Flutter, there is the Hot Reload feature that simplifies the testing and debugging processes, as well as a rich set of built-in components to boost the development speed of high-performance and visually attractive mobile solutions.

Benefits of React Native

The main benefits of React Native are:

• Ability to reuse code by up to 90% and reduced time to market. The reusability of code written in this framework can be up to 90%. In addition, the created assembly, for example, for Android, will require only minimal configurations in order to function properly on iOS. All these features of this framework speed up the launch of projects.
• Fast update in app stores. Thanks to the CodePush function, applications can be updated within the repeated deployment process without an intermediate step involving uploading updates to the app store. In particular, when the update is ready, its version that has already been presented on the store uploads it itself, without the need for re-communication with Google Play or the App Store.
• A wide variety of libraries and access to native components. While it provides access to native platform components, there are also internal libraries with well-developed documentation and, in some cases, even entire application templates, including Native Base, React Native Elements, and React Native Starter Kit.

Key Differences Between Flutter and React Native

Now it's time to start a more detailed comparison of React vs Flutter.

Entry threshold

Even though both mobile app frameworks are considered to be quite easy to learn, Flutter, due to its abundance of internal development tools, practically eliminates the need for developers to use third-party tools and libraries (unlike RN). This means that its entry threshold can formally be considered lower.

Performance

As for React Native vs Flutter performance, the second one has a lot of widgets based on its own high-performance rendering engine, which makes it suitable for developing applications with complex graphics. At the same time, despite the claims of RN creators, this solution can impose certain problems with the speed of work of resource-intensive projects.

Time ​​to market

In our Flutter vs React Native comparison, RN gives Flutter a head start when it comes to developing applications with different designs for each of the platforms since the latter is aimed at building uniform interfaces.

Specifics for creating user interfaces

While Flutter offers developers a variety of ready-to-use widgets based on the Material (Android) and Cupertino (iOS) designs, React Native refers to the native components of the platforms.

Full list of supported platforms

Flutter supports development for Android, iOS, Windows, macOS, Linux, Google Fuchsia, Web, Tizen for Samsung Smart TV, LG webOS, as well as for embedded devices. As for RN, this framework is compatible with Android, iOS, Windows, MacOS, as well as Android and iOS TV platforms.

Conclusion

We hope that we have answered the essential question: “Flutter or React Native?” and it will be easier for you to choose the best of these two options. At the same time, we would like to note that the future of Flutter is uncertain, as Google has suspended its active development and significantly reduced its team. Therefore, we will keep our finger on the pulse and inform you about all upcoming changes.

Anyway, whichever framework you settled on, an equally important aspect will be the choice of an experienced team of developers. In particular, you can contact us for a consultation and also to find out the cost of development of your project.

These days, Fintech is becoming one of the world's fastest-growing industries. Every year, the number of new Fintech startups increases. In 2024, more than 13,000 such enterprises were recorded in the Americas.

Financial technologies include online banking applications, lending platforms, trading platforms, and robo-advisor apps for investing and budget planning. All these innovations demand top-notch Fintech solutions to serve customers, so aspiring Fintech startups need to find a talented team that can build an advanced product.

Key considerations when hiring

Before hiring a FinTech development company, it’s crucial to ensure the specialists have all the essential hard and soft skills. This way, the Fintech application project will have more chances to succeed. So, to hire reliable developers for your project, you need to understand the essential compliance requirements, which you will need to check. 

What are the must-have competencies of web development companies for Fintech?

• Technical knowledge. The company's developers must be well-versed in all the necessary coding languages, frameworks, technologies, and security norms. 
• Background in your niche. Check if a company has a portfolio of projects related to the financial field. 
• Familiarity with applicable finance legislation. The company must know industry norms such as PCI DSS and GDPR.
• Social skills. Seek a team that is able to ensure transparent communication, flexibility, well-organized teamwork, and attention to detail.

Experience in FinTech

Familiarity with the industry is obligatory for financial services development because the specialists must comprehend the main finance principles. A deep understanding of monetary standards and risk management allows developers to craft solutions that meet the niche requirements. Look for a company that has worked on apps or websites for mobile banking, budget management, cryptocurrency wallets, or other products related to Fintech app development. 

Technical Expertise

First of all, make sure the tech specialists know the necessary programming languages. For instance, frontend development for Fintech may require knowledge of JavaScript, libraries and frameworks such as React.js, adaptive and cross-browser layouts, as well as principles of responsive web design and great user experience. At the same time, Python paired with Node.js may be useful for backend development for Fintech.

Secondly, developers must ensure the product's security. To achieve this, they must understand finance APIs and data encryption protocols. Similarly, implementing secure coding methods and following best practices are critical to providing data security. Additionally, expertise in cloud and blockchain technologies can be vital for the safe and reliable launch and scaling of Fintech products.

In many cases, especially for lending platforms, a key functionality is digital credit scoring—the ability to assess a user’s creditworthiness based on real-time data automatically. Implementing such systems requires backend development expertise and experience working with financial scoring models, third-party data providers, and data compliance protocols. A development partner with proven experience building custom scoring logic can help you avoid regulatory risks and launch a more competitive product.

Security and Compliance Knowledge 

Fintech solutions must meet the latest regulations and standards for user data security. Since Fintech startups and online banks carry sensitive customer data, they are often victims of cyber attacks. That’s why there are legal regulations aimed at the safety of clients and ensuring secure accounting transactions. So, to get secure Fintech development services, check if a company has relevant experience and understanding of the best practices in data protection along with industry norms such as PCI DSS and GDPR.

Communication and Collaboration

Effective communication is crucial for successful Fintech website development. A simple and streamlined interaction provides quick response, the ability to adjust tasks quickly, and full transparency of their implementation. Also, the tech team members must evolve their problem-solving skills, be adaptable, and demonstrate excellent collaborative skills. The last thing can be reached only by an experienced provider, so you should assess the management style in a company.

Research Potential Partners 

Before hiring a Fintech development company, conduct research on your own. A company must have a website providing all the information about its expertise, portfolio, and contact details. Besides, don’t forget to check customers’ testimonials to determine the quality of the services provided. Likewise, case studies of Fintech projects will best demonstrate a company’s expertise and outcomes achieved. 

Develop a Request for Proposal

When you already have a candidate for possible cooperation, the next step is to write a project proposal. Initially, you need to define the project's goals, target audience, desired functionality, and budget. This process will help your possible contractor fully understand your business demands and provide you with a personalized offer.

Conduct Interviews

While conducting a technical interview, ask detailed questions about the development process to check your possible contractor’s skills. Secondly, the organization's leadership style and structure should be analyzed. Inquire about any cross-functional initiatives the company has worked on.

It’s also important to find out who is on the team. In addition to the usual members of a tech team, such as a technical lead, developers, and QA testers, there should also be an expert who works on UI/UX design for Fintech. And, of course, don’t forget to ask about their previous experience in the niche and evaluate their grasp of your business needs and vision of the product.

Portfolio Review

When selecting a software development company, experience is a key consideration. And the easiest way to assess it is by checking the portfolio. Companies that have been on the market for a while usually have numerous projects. However, you need to pay the strongest attention to those connected to the Fintech industry. Check for mobile banking apps, home loan calculators, or trading tools technologies to make sure their design, usability, and the achieved results are close to your goals and needs. 

Conclusion

Developing a Fintech product is not an easy task. Besides the fact you need to retain customers by providing an outstanding service, you also have to worry about things like regulations and data security. That’s why it’s essential to learn how to recruit decent Fintech development specialists. By following the clues given above, you will be able to find suitable candidates.

What is a SaaS product?

SaaS (Software as a service) is a software distribution model in which a cloud provider hosts applications and makes them available to end users over the Internet. Therefore, SaaS applications are not set up and maintained by companies. A monthly subscription fee gives users access to the ready-to-use software. To make an analogy, the SaaS using process is like renting a vehicle, for which the lessor pays the price and uses it on demand. Nowadays, SaaS presents not as a service but as a necessary element at the center of the functioning of every second business.

Here are some statistics referring to SaaS software:

• The global SaaS market was valued at $237.48 billion in 2022, with projections to reach $908 billion by 2030, growing at a CAGR of 18.7%.
• Over the last seven years, the SaaS industry's size has increased by approximately 500%.
• The U.S. SaaS market is expected to grow at a CAGR of 5.64% from 2023 to 2028, reaching over $186 billion by 2028.
• By 2026, it's anticipated that public cloud spending will constitute over 45% of total enterprise IT expenditure.
• Large companies (with over 1000 employees) use about 150 different SaaS products, comprising 70% of their total software usage.

Top Industries

Leading industries in SaaS adoption include healthcare, financial services, manufacturing, and retail.  This trend highlights the importance of cloud-based solutions in driving business efficiency and innovation.

• Manufacturing: Projected to surpass $19 billion in SaaS market value by 2026, with increased adoption of cloud solutions for supply chain, inventory, and production planning driving growth.
• Web and Video Conferencing: Expected to reach $7 billion by 2026, driven by remote work practices and advancements in IoT, AI, and video compression.
• The healthcare SaaS market: Is projected to grow at a CAGR of 19.5% by 2028, driven by ongoing digitalization efforts, including the adoption of electronic health records (EHRs) and telehealth solutions.
• CRM (Customer Relationship Management): Expected to grow at a CAGR of 13.43%, reaching $59.4 billion by 2027, driven by higher adoption among SMEs, cloud-based solutions, and a focus on customer engagement.
• EdTech (Educational Technology): Projected to grow at a CAGR of 19.1% through 2028, spurred by increased demand for virtual learning platforms and educational content.
• HR (Human Resources): Anticipated to expand at a CAGR of 15.8% up to 2028, with growth fueled by the need for efficient management systems, talent acquisition tools, and advanced analytics.
• Property Management: Expected to see a CAGR of 15.5% until 2028, driven by demands for automated rental management and enhanced tenant experiences.

Top Players

To get a clearer idea of what a SaaS product is, here is a list of the biggest SaaS companies known around the world:

• Microsoft Corporation;
• Adobe Inc.;
• Figma;
• HubSpot;
• Trello;
• Zoom;
• Slack.

Suppose you have experience using one of the above products. In that case, you can imagine how it works, why it is convenient, and how important it is to implement such SaaS platforms in your business.

Our company also deals with similar SaaS development services. We implemented the latest technology to build an innovative financial CRM system and booking beauty appointment platform, according to SaaS approach.

Benefits of using SaaS products

So, what are the benefits of this system for you? If you clearly understand what function SaaS products perform and your business purpose, you can formulate precise requirements for the end result of using this service. This section will list the main things that SaaS providers can offer for B2B and B2C businesses.

• You pay only for the resources and functionality that the company actually uses. There is no need to pay for the full range of services that a SaaS provider offers you. You're free to choose the necessary and critical features for your business and pay only for them.

• Economic benefit. This point can be viewed from two angles. First, you know exactly how much you'll have to pay for the subscription period, and you won't have surprises with the increased cost of the resources you've already paid. Second, you won't risk your investment in such a subscription. If your business needs a more powerful or extensive platform to deploy your capacity. You'll end your subscription to one product and switch to another without losing money.

• Accessibility to your team from anywhere. Any device your employees use - PC, laptop, mobile phone, tablet - can use the SaaS product.

• Shared use of the software by the entire team. There is no need to buy a subscription for each user within the same company; the only exception may be the limit of connected users.

• Centralized software updates. There is also no need to worry about updating the paid platform manually; the providers will do everything for the customer.

Business prospects with SaaS products

Enterprises incorporating SaaS products into their business concept are uniquely positioned to benefit from this growing trend. Here are some key business prospects with SaaS products, supported by statistics and numbers:

• Cost savings: SaaS service reduces businesses' need to invest in expensive hardware and software, which leads to cost savings. As a result, companies can save up to 20-30% of their IT costs.

• Scalability: According to 68% of companies, scalability is one of the main benefits of using SaaS. Therefore, a company can quickly increase or decrease its use of software as needed. 

• Security: SaaS products offer enterprises advanced security features to reduce the risk of data breaches, including encryption and multifactor authentication. 94% of enterprises report a noticeable increase in security after implementing SaaS.

• Competitive Advantage: 74% of companies claim SaaS gives them an advantage through the quick and cost-effective deployment of innovative software.

Summary

As you have already understood, SaaS products are not only an opportunity to effectively manage business processes and business as a whole but also a practical necessity, without which it will be easy to optimize work processes and implement large-scale projects without a platform for necessary control. 

By understanding what working principles SaaS is based on, you can maximize the potential of SaaS in your business and achieve greater success by 2030 and beyond.

In today's fast-paced world, managing apartment complexes requires efficient and optimized processes. A custom apartment management system can provide the perfect solution to address the unique needs of your property. Today, we will dive deeper into the process of building a custom apartment management system, including a review of existing systems, an exploration of useful features and an analysis of the potential integration of ChatGPT for enhanced functionality and renter satisfaction.

In order to create an effective custom apartment management system, it is crucial to thoroughly assess the specific requirements of your property. Consider factors such as the number of units, tenant communication preferences, rent collection methods, maintenance management needs, accounting processes, and reporting requirements. By gaining a deep understanding of these needs, you can design a solution that addresses them efficiently.

Existing Systems and Notable Features

Before starting the development process, it would be quite useful to review existing apartment management systems. This step allows you to gain insights into industry standards, best practices, and successful functionalities. Here are several popular systems worth considering:

1. Buildium: It’s a widely recognized property management platform that caters to various property types, including apartments. It offers a comprehensive suite of functionalities, including tenant portals, online rent collection, maintenance tracking, accounting tools, and robust reporting capabilities. Its user-friendly interface and intuitive design make it a popular choice among property management professionals.

2. AppFolio Property Manager: It’s a cloud-based property management platform that supports apartment management needs. It provides tools for online rent collection, lease management, maintenance requests, and accounting. AppFolio is recognized for its intuitive interface, mobile accessibility, and ability to optimize various property management tasks.

3. Yardi: It’s a leading provider of property management software with solutions tailored to multifamily apartments. Their software includes features such as vacancy management, lease tracking, maintenance scheduling, financial reporting, and integration with popular accounting software. Yardi is known for its scalability, industry-specific expertise, and wide adoption in the real estate industry.

By reviewing these systems and understanding their features, you can identify elements that align with your complex's requirements and incorporate them into your custom apartment management system. Conducting thorough research, reading user reviews, and consulting with industry professionals will help you make an informed decision and create a tailored solution for your apartment management needs.

To ensure your custom apartment management system maximizes efficiency and meets the needs of your project, consider incorporating the following trending features:

4. Tenant Portal: A secure online portal where tenants can access lease agreements, submit maintenance requests, view payment history, and communicate with the management team. This feature enhances convenience, improves tenant satisfaction, and fosters efficient communication.

5. Rent Collection Automation: Integrate online payment gateways and automated reminders for rent collection. This streamlines the process, reduces manual effort, and minimizes the chances of payment delays. It ensures consistent cash flow and improves overall financial management.

6. Maintenance Request Management: Implement a system that allows tenants to submit maintenance requests online, tracks the progress of requests, and provides real-time updates. This feature ensures prompt resolution of issues, reduces administrative burden, and enhances tenant satisfaction.

7. Accounting and Financial Management: Incorporate features for tracking rent payments, generating financial reports, managing expenses, and automating accounting tasks. This functionality simplifies financial management, ensures transparency, and facilitates efficient budgeting.

8. Document Management: Establish a centralized repository for storing and managing important documents, such as leases, contracts, and tenant records. This feature ensures easy access to essential information, reduces paperwork, and enhances overall organization.

9. Communication and Notifications: Integrate a system for sending automated communication and notifications to tenants. This can include reminders for rent payments, maintenance updates, community announcements, and emergency alerts. Effective communication strengthens tenant relationships and promotes a sense of community.

Stage of Development

When it comes to constructing a custom apartment management system, it’s important to carefully choose a programming language that aligns with your specific needs and even more important to find a proficient developer team. With a large selection of developer tools and technologies available, it's essential to select those that have consistently demonstrated maximum productivity. Drawing upon our extensive experience, we take great pleasure in presenting a thoroughly chosen array of highly efficient technologies that have repeatedly proven their relevance and usability over the years:

1. JavaScript: It’s is essential for front-end development and can be used with frameworks like React or Angular for building interactive user interfaces.

2. PHP: It’s a server-side scripting language commonly used for web development and has frameworks like Laravel that provide a solid foundation for building complex applications.

3. Database Management Systems: Selecting the right database management system (DBMS) is crucial for storing and managing data in your apartment management system. Some popular choices include:

• MySQL: An open-source relational database management system that is widely used due to its performance, scalability, and ease of integration.‍
• PostgreSQL: Another powerful open-source relational database system known for its robustness, extensibility, and support for complex queries.‍
• MongoDB: A popular NoSQL database that offers flexibility and scalability, making it suitable for handling large volumes of data and accommodating future growth.

4. Frameworks and Libraries: Utilizing frameworks and libraries can significantly speed up development and provide a solid foundation for your apartment management system. Here are a few examples:

• Laravel: A PHP framework known for its elegant syntax and extensive feature set, making it ideal for building complex web applications.‍
• Angular: It’s a JavaScript framework for building dynamic web applications. It offers a modular architecture, reusable components, and built-in features like routing and form validation. It's a versatile choice for complex front-end development.‍
• Bootstrap: A front-end framework that offers a collection of CSS and JavaScript components, enabling you to create responsive and visually appealing user interfaces.

5. API Integration: Integrating with external services and APIs can expand the functionality of your apartment management system. For example, you might consider integrating payment gateways, geolocation services, or messaging platforms to enhance tenant experiences and streamline operations.

6. Version Control Systems: Utilizing version control systems like Git or Mercurial can help you manage and track changes to your codebase effectively. This allows for collaboration among developers, easy bug tracking, and the ability to roll back to previous versions if needed.

7. Cloud Services and Hosting: Consider leveraging cloud services like Amazon Web Services (AWS), Microsoft Azure, or Google Cloud Platform for scalable and reliable hosting of your custom apartment management system. Cloud services offer benefits such as easy scalability, high availability, and robust security measures.

The Potential of Integrating ChatGPT

One exciting possibility for enhancing your custom apartment management system is the integration of ChatGPT. It can serve as a virtual assistant within your system, providing various benefits. 

Tenant Support and Assistance 

ChatGPT can handle common renter inquiries, provide information about complex policies and procedures, and offer assistance with general questions. This feature reduces the burden on property management staff, provides instant responses, and enhances tenant satisfaction.

Language Translation 

With ChatGPT's language translation capabilities, renters with different language preferences can communicate effectively. It can translate messages, notices, and announcements into multiple languages, ensuring comprehensive and persistent communication.

Maintenance Request Sorting 

ChatGPT can enhance the efficiency of the maintenance request process by assessing and prioritizing incoming requests, gathering necessary information from tenants, and categorizing the requests based on their level of urgency. This enables property managers to effectively manage and allocate tasks, leading to quicker response times.

Rent and Payment Assistance 

ChatGPT can assist renters with questions related to rent payment methods, due dates, and payment history. It can provide automated reminders, generate payment receipts, and address payment-related concerns, improving the overall rent collection process.

Conclusion

Building a custom apartment management system tailored to the specific needs of your project is a worthwhile investment. By thoroughly assessing your requirements, reviewing existing systems, and incorporating trending features, you can create an efficient, user-friendly and comprehensive system. Choosing the right programming language, finding a proficient development team, and integrating technologies like ChatGPT can further enhance capacity of your project. With a custom apartment management system in place, you'll have the means to effectively manage your property, improve tenant satisfaction, and achieve overall success.

With the never-ending evolution of digital technologies we can see in the last years, businesses can discover more opportunities and options to make a profit, reduce the cost of their operations, and attract/retain customers than ever before. Specifically, this thesis can be applied to the financial industry, one of the leading areas of which is lending.

For example, the independent source Global Data claims that the global digital lending services market will grow at a CAGR of 22.1% until 2030. At the same time, one of the most effective ways of providing such services is by using the Lending as a Service format. Below, we will explain what it is, how such solutions work, what their advantages are, and what impact they can have on the financial sector in the future.

What Is Lending as a Service (LaaS)?

In a nutshell, Lending as a Service is the delegation of all operations related to providing loans to its customers to a third-party provider.

The convenience of SaaS lending technology is obvious even at first glance: instead of independently learning how to manage risks and generally studying how the financial sector and related legislation work, businesses get the opportunity to remain focused on their key operations while expanding their range of services and making them more convenient and accessible to consumers. This approach also reduces the costs associated with the implementation of financial lending services without reducing their effectiveness.

How Lending as a Service Works

From a practical point of view, LaaS is usually presented in the form of cloud solutions that can be adapted to the individual needs of a particular business. Their functionality is available in real time, which means that businesses that have chosen this format of cooperation do not experience any inconveniences associated with delays and downtime.

At the same time, such solutions take on much more than just issuing loans according to the rules and restrictions pre-established by a particular company – they allow these companies to fully automate credit lending services and even speed them up compared to how it could be if they did it personally. 

Benefits of Lending as a Service

So, let's formalize the advantages of fintech lending solutions for businesses.

• Less time and overhead expenses. Companies that do not have the opportunity to pay attention to the implementation of lending can significantly benefit from outsourcing loan management. They will also not be forced to deal with tasks related to maintaining their credit platforms since all this will be the responsibility of their suppliers.
• More information about customers. Any average Lending as a Service platform provides businesses with analytical data about their consumers, which can give them valuable insights into their income level, preferences, and other characteristics important for attracting and retaining them. In this way, businesses can significantly boost their efficiency.
• Fewer risks associated with unreliable customers. Typically, the implementation of a lending service is accompanied by the development and deployment of internal Know-Your-Customer (KYC) policies, which may require businesses to become more familiar with how the lending industry works in general and what laws and rules govern it. Conversely, by entrusting all this to a third-party provider, businesses can gain time to solve more pressing problems.
• Wider coverage of the target audience. The rapid implementation of lending services, which LaaS platforms can provide, allows companies to enter new markets and do this much earlier than their competitors. Thus, they gain an increased competitive advantage without the need for a radical modernization of their internal digital infrastructures.
• Accelerated access to advanced IT achievements in the financial sector. Sometimes such a fintech innovation becomes a starting point for more serious updates in the IT infrastructure of a particular business. Indeed, by regularly interacting with LaaS solutions, companies learn more about new digital technologies and the possibilities of their application in a specific business niche, which, in the long term, can give them new ideas for automation and increase the efficiency of their other business operations.

Impact of LaaS on the Financial Industry

It is worth noting that LaaS has an impact not only on individual businesses that have decided to implement such solutions but also on the financial industry as a whole.

Since they actually connect financial institutions (banks), fintech companies, businesses engaged in sale of services/products, and consumers themselves, this interaction chain opens up colossal potential for benefit for each of its links. Indeed: banks get even more clients, companies involved in the development of fintech startups get useful knowledge that allows them to implement standard-compliant solutions, businesses get increased efficiency and adaptability, and consumers themselves get the opportunity to purchase previously unavailable goods and services.

In the long term, all this can lead to the obsolescence of traditional lending models and the opening of new opportunities for cooperation between all the above-described participants in the lending procedure.

Conclusion

If you are considering the digitalization of financial operations in your business and are looking for a reliable service provider providing fintech development services, feel free to contact us. We will create a custom digital banking solution adapted to the standards and generally accepted regulations of your business niche to ensure your company’s sustainability for many years to come.

Creating simple yet effective versions of new products, known as Minimal Viable Products (MVPs), is a crucial strategy for improving services and making the most of resources. This method focuses on testing products gradually and getting feedback from those who matter most. In this article, we'll look at what MVPs are and give examples of how they've been successfully used to develop better final products.

What is MVP and Why Create It?

An MVP, or Minimal Viable Product, is an important step in creating new products. It uses a straightforward method where a product is built with just enough features to be usable. This approach allows for regular feedback from users, making it easier to adjust and improve the product over time. Starting with the basics, it helps to quickly see if an idea is worth pursuing, saves time and money, and ensures that the final product meets the needs of its users more accurately before it's fully developed and released.

Benefits of MVP

An MVP offers a cost-effective means of gaining insight into a product's potential early on. It comprises essential features, allowing for validation and subsequent addition of functionalities in the final version. Typically, these features are outlined in the product roadmap. Now, let's explore the advantages of introducing an MVP to the market:

• Time to Market. MVP enables a faster route to market, helping you stay ahead of competitors by launching quicker than with a fully developed product.
• Cost Savings. By creating a basic functional version with innovative features, MVP saves money, which is especially beneficial for startups.
• User Testing. MVP allows real user testing, providing valuable feedback to identify what works and what doesn't, enabling you to add only requested features and reduce market risks.
• Flexibility. MVP offers flexibility in product development, allowing you to adapt based on user feedback and market responses, ensuring the product meets evolving needs.
• Investor Appeal. Utilizing MVP demonstrates the product's real value to users, increasing the likelihood of securing funding from investors, even at the concept stage, before market entry.

MVP Development Team

Creating innovative solutions requires a talented team. This team, made up of different experts, works together to make sure the products they develop are both useful and easy to use. Let's take a closer look at the key roles:

• Project Manager. Leads the team, providing guidance, motivation, and problem-solving support to keep the project on track. They also suggest ideas for making the product better and plan for its future.
• Business Analyst. Focuses on understanding what users need and how they use the product. They use data to figure out how to improve the product and make suggestions for changes or new features.
• UI/UX Designers. Create a user-friendly and attractive look for the product. They make sure it's easy to use and looks good, so people enjoy using it.
• App Developers. Build the product based on the design. They write the code that makes everything work properly.
• QA Engineers. Test the product to find any problems and make sure it works well. They help make sure the product is good quality and works as it should.

MVP Development Process

Crafting an MVP demands a carefully planned approach to ensure it meets the needs of users and aligns with market trends. Here's a detailed breakdown of the steps to help you navigate this process effectively:

• Market Research. Conduct thorough research to understand the MVP's purpose, target audience, and competition. Define the ideal customer and assess competitors to find opportunities. Clarify what makes the MVP unique and better than existing options.
• Define Product Value. Clearly explain the problem the MVP solves. Figure out why people would use it and make sure it meets their needs well. Make sure the business model, design, and services all add value for users.
• Feature Prioritization. Decide which features are most important based on what users need and want. Customize features focusing on what's essential for the MVP's success.
• Budgeting and Resourcing. Develop the MVP within a reasonable budget to save money. Decide whether to use your team or hire outside help. Consider hiring professional MVP developers for specific tasks.
• Development and Iteration. Build a skilled team, using outside help for convenience. Focus on making the MVP user-friendly and useful. Keep improving based on user feedback to make it even better.

MVP examples

Even the biggest names in the business world started small: launching a basic version of their product, known as a Minimal Viable Product (MVP). These early versions were their first steps, proving there was a real demand for their vision. By smartly using MVPs to engage early users and gather crucial feedback, they laid the groundwork for what would become global success stories.

Dropbox - Cloud Storage

Dropbox is a classic example of an MVP that used a simple video demonstration to validate consumer interest and market demand for cloud storage solutions. Without initially developing the technology, Dropbox focused on showing potential users the ease and functionality of file syncing across multiple devices. This approach allowed them to gather significant interest and feedback, for refining their product and scaling their user base effectively.

Airbnb - Accommodation Sharing

Airbnb started with a basic website that offered short-term living quarters, breakfast, and a unique business networking opportunity for attendees of large conferences who had trouble finding accommodation. Using their apartment as the first listing, the founders were able to test the market's response to their concept. This MVP proved a demand for such a service, paving the way for the platform's evolution into a global peer-to-peer accommodation service.

Zappos - Online Shoe Retail

Zappos began as a simple website testing the online demand for shoes. The founder, Nick Swinmurn, started by posting photos of shoes from local stores without actually holding inventory. When a pair was ordered, he would purchase the shoes from the store and ship them to the customer. This MVP approach validated the concept that people were willing to buy shoes online, leading to the development of a billion-dollar e-commerce platform.

Uber - Ride Sharing

Uber's MVP started in San Francisco as a simple mobile app that connected users with luxury car services. The initial focus was to solve a specific problem—finding a reliable ride in the city. By limiting the initial service to a small market and focusing on a premium service, Uber was able to refine their model, understand user needs, and eventually expand to offer various transportation options globally.

Spotify - Music Streaming

Spotify's MVP tackled the issue of illegal music downloads by offering a legal streaming service with a vast library of songs. The initial product was a desktop application that provided free, ad-supported music streaming. By addressing copyright issues and focusing on user experience, Spotify was able to demonstrate the viability of streaming as a business model, leading to partnerships with major record labels and a rapidly growing user base.

Conclusion

Creating an MVP demands careful planning and execution. MVPs offer advantages such as quicker market entry, cost-effectiveness, and user-focused design. By adhering to the MVP development process, organizations can drive innovation and enhance customer service in the dynamic industry. Ready to develop your MVP? Contact us to start right now.