What should I know before hiring a web development agency for my fintech project?

A detailed project brief is a must! Also, don't forget to sign a solid contract and make sure you pay their invoices on time. Those steps can help things go smoothly.

Also, keep in mind if you change your requirements during development, expect to pay extra for those changes. It can add unexpected costs.

Fintech can be a real legal minefield. Ideally, the agency should already be familiar with fintech projects, as this makes it easier for everyone involved. Define your compliance needs and legal requirements upfront; it'll save you a ton of headaches later on. Trust me, I've seen clients held up for years because they didn't secure their approvals on time.

Before you dive in, it's really important to understand how complex your app will be. Make sure you’re clear on what features you want because, honestly, if you pick the wrong agency, you could end up in a situation where you're throwing money at a never-ending project that doesn’t meet your expectations. Get some insights into the agency’s experience in fintech, too, because they need to know the ropes, especially with such a sensitive area.

From my own experience running a web and mobile app development agency, we typically handle projects between 10k to 50k. We take 5% upfront, break the project into milestones, and have a detailed contract in place before moving forward. This structure helps keep everything organized and builds confidence between us and the client. Communication is key, so we often check in daily during the project!

Make sure the agency you pick understands both the technical aspects and the legal landscape. If your app is for use in Europe, for example, adhering to GDPR is non-negotiable. And keep an eye on emerging regulations in regions like Australia that might affect your app too.