Focus on Payment Technologies Dominates Fintech Developer Workload, Rapyd Report Says

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A new “State of the Global Fintech Developer” study also reveals that despite the growing importance of developers in Fintech, 26% are dissatisfied with their work

Posted: October 6, 2021 at 9 a.m. EDT|Update: 9 hours ago

LONDON and MOUNTAIN VIEW, CALIFORNIA., October 6, 2021 / PRNewswire / – Rapyd today released a new “State of the Global Fintech Developer” report to assess market dynamics for fintech developers around the world. The report was produced by 451 Research, which is part of S&P Global Market Intelligence, and ordered by Rapyd, a global FinTech as a Service company. Key findings of the report include a growing demand for fintech developers to build payment apps and build in-house tools, as well as general job dissatisfaction.

Digital payments, investments and banking services are the main initiatives undertaken by fintech developers around the world (PRNewsfoto / Rapyd)

“The strong expertise of developers has become one of the most essential elements to drive differentiation and diversification in fintech,” said Jordan mckee, Senior Research Analyst, Customer Experience and Commerce at 451 Research, part of S&P Global Market Intelligence. “Given the intense level of complexity, regulatory control and competition associated with fintech, there is no single role that will be more important to the continued evolution of the industry.”[1]

The report shows a clear prioritization of payment-related applications over the past 12 months, with 56% of respondents reporting being involved in these projects, ahead of the nearest category (investments) by 15 percentage points.

Highlighting how essential it is to have a strong in-house developer base, only 26% of those surveyed responded that most of their tools are commercially available, with the majority of their tools and products being designed in-house. Almost half of the developers surveyed said they spend more time developing in-house tools than their other job responsibilities.

“Globally, we are seeing that developers are increasingly focusing on digital payments, investments and banking as a priority for fintech service integration,” said Drew harris, Senior Director of Developer Relations at Rapyd. “Improving payment processes and integrating local payment methods are top priorities, according to 36% and 33% of respondents, respectively, demonstrating the growing need for businesses to support sophisticated payment integrations. Fintech developers are tasked with creating new frontiers in integrated finance upon which entire business models are built, which is no small feat. “

Despite the industry’s meteoric growth, the report also identified a worrying level of dissatisfaction among developers, with 26% of respondents somewhat or very dissatisfied with their current jobs, a cause for concern for companies who have learned how to do it. point their developer is critical the workforce really is.

The survey was conducted in the second quarter of 2021 and was based on a global survey of 502 fintech developers in the US, UK, Singapore, New Zealand, India, Hong Kong, and Australia. Respondents to this survey represented a variety of fintech categories, such as payment processors, e-commerce companies, mobile app developers, authentication / security providers, digital banks, and money transfer providers. ‘money. Examples of job titles surveyed include front-end / back-end / full-stack developers, system administrators, IT managers, and system / solution architects.

The report can be found here: https://go.rapyd.net/fintech-developer-survey

About Rapyd

Rapyd is the fastest way to feed local payments anywhere in the world, bringing businesses around the world to market faster than ever. Using Rapyd’s unparalleled payment network and financial technology as a service platform, businesses and consumers can engage in local and cross-border transactions in any market. The Rapyd platform unifies fragmented payment systems around the world by bringing together over 900 payment methods in over 100 countries. Rapyd’s investors include Stripe, General Catalyst, Oak HC / FT, Coatue, Tiger Global, Durable Capital, Target Global, Fidelity Management and Research Company, Altimeter Capital, BlackRock Funds and Tal Capital. To learn more about the company accelerating fintech as a service revolution, visit www.rapyd.net, read our Blog, or follow us on LinkedIn and Twitter.

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[1] The State of the Global Fintech Developer, 451 Research, which is part of S&P Global Market Intelligence, August 2021

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SOURCE Rapyd

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