According to a 2022 study by ANIS (Employers’ Association of the Software and Services Industry) the Romanian IT market is dynamic and constantly growing, now reaching approximately 220.000 computer science and engineering specialists. Apart from their strong tech skills, the Romanian workforce also demonstrates very good business acumen and understanding of market needs and challenges. With this in mind, it is no surprise that Romania is quickly becoming an attraction for organizations around the world looking to build the next top fintech companies and products.
With large bodies such as Amazon, Microsoft, Intel, Google, and Oracle attracting and hiring a large portion of the talent available, and new international players entering the field, Romania’s market and its potential are steadily rising.
Looking for top-notch tech services and support? Here’s why you should choose Romania
Turning to outsourcing has become the new norm in designing and implementing innovative solutions and services for the fintech market. We have identified 5 main reasons that make Romania the best source of excellent professionals to meet your business needs.
1. Great tech know-how and education
Furthermore, in the latest years, we have seen an increase in the number of young programmers focusing on newer technologies and modern areas of software development, such as DevOps, blockchain, machine learning, big data and extended reality (XR).
However, if legacy technologies like COBOL or other niche ones are what you need to maintain or grow your product, Romania is still the place where you’ll find skilled software engineers that can help you.
More and more computer scientists are graduating annually from Romanian universities and they are keen on taking over the world of software development and making their mark in the fintech industry. Most of them are excellent English speakers and have ranked very high at international math, science or engineering Olympiads during their school years.
In addition, tech communities in Romania are very active and are constantly organizing local or international hackathons, meetups, and conferences, creating opportunities for professionals to share experiences and learn from each other.
2. Strong industry acumen
IT professionals in Romania are not only good technical people, they also have a strong understanding of business needs and market challenges. They have a good foundation in financial and banking concepts, regulation and business management that make them fully prepared to build innovative and user-friendly fintech solutions that also meet the current regulatory requirements (including PSD2, GDPR, open banking etc.). Additionally, a lot of them have already worked or are working in multinational companies in the financial industry, gaining valuable experience and exposure to the latest technologies and business practices.
3. Creativity and adaptability
Having the right tools (tech expertise) and understanding what and why to build with them (industry knowledge) are only half of the ingredients for developing a successful fintech product. Creativity and adaptability are the salt and pepper of this mix, and our software professionals have them both.
Romanian engineers, product owners, business analysts and designers – to name just a few of the roles involved in designing and deploying a fintech product – are open, curious and always looking for new ways to address challenges. You will permanently find them looking past the obvious and going the extra mile to take your solution from good to excellent. They are also flexible and can adapt easily to new contexts and requirements, which is critical for fintech companies that aim to disrupt the financial space but also comply with regulatory changes.
4. Cultural compatibility
Understanding, and most importantly accepting, each other’s ways of working and cultural specifics contribute to a fruitful collaboration which in turn leads to stability and long-term partnerships. The lifestyle and working habits of Romanian individuals are quite compatible with Western professionals, making it easier to communicate efficiently. And even if certain challenges arise, Romanian people have the necessary means to adapt and build a seamless collaboration.
5. Overall openness to digitalization
Even though a 2019 country report on Romania revealed that in the public sector we are still in a lower position among EU Member States when it comes to digitalization, in the private one there were several notable initiatives at the moment. Coupled with the accelerated progress in the digital space due to the pandemic, the digital sector has seen a positive development over the last years.
The most important factor here is that people in IT are tech-savvy, open to digitalization and keen on contributing to building innovative, digital solutions in the country and all over the world. This not only allows Romania to move forward but also makes the workforce more in tune with the current economic and digital context in Europe and the rest of the world, contributing to a clear understanding of the fintech space.
Based on our own experience designing successful fintech solutions for our clients, we believe these 5 characteristics of the Romanian workforce are the most critical ones when choosing your fintech partner. Of course, there are many other reasons amongst which we can include competitive rates, suitable time zone, government-backed investments, tech-savvy consumers and online banking adoption, but none of these will matter if your team does not have enough tech expertise, a keen eye for industry details and out of the box ideas to make your product unique.
Therefore, if you are on the lookout for a complete team of professionals to help you design, implement and release a state-of-the-art fintech solution, look no further than the Romanian market.
9 November 2023
Navigating the Risks and Impact of Web Security in the Fintech Sector
A Comprehensive Developer Guide to Web Security Challenges
Navigating the Complex World of Web Vulnerabilities