Fintech App Development: Fintech apps are becoming increasingly famous as they permit users to manage their money easily. They are user-friendly and provide more features than normal banking applications. Today, financial technology is a profitable area that many entrepreneurs dream of being part of. And if you have been waiting for a long time to invest in fintech app development it’s time.
What Is a Fintech App?
Fintech is software that associates financial and banking services, improving and automating them. Its primary objective is efficiently handling monetary processes and operations using advanced technologies and algorithms like artificial intelligence (AI) and the blockchain. Fintech software makes mobile payments and money management easier: budget finances, tracking spending and opening bank accounts without visiting financial institutions. In addition, they are convenient, easy to use and offer more elements than traditional banking mobile apps.
A Complete Guide To Build a Fintech Mobile App Development
You decided to create a successful fintech startup or improve your business with financial app help. But software development is technically challenging, so hiring a professional team with experience in developing fintech mobile apps such as uisort specialists is worth considering. Book a free call with one of our developers to know all details of the development process and get a head start on your project now. But there’s still time ahead for an appointment. Let’s quickly go through the main steps of mobile app development.
Determine Niche
First, you need to brainstorm and validate business ideas from a perspective before starting to create a fintech app. Your team should determine the area you wish to operate and spend some time researching. It gives you an understanding of an appropriate niche, needed technologies, target market and its requirements.
There are some key elements to determine the target people: gender, age, location, preferences, habits, etc. Use famous methods like different social media analytics tools, Google Search Console and Google Analytics to research effectively.
Define Key Features
Once you clarify everything from your end, it’s time to define future fintech mobile app features based on your chosen industry and demographic. A few crucial fintech apps features you can find in this article above. But you don’t require to stuff your digital banking solutions with many newfound ideas to build a fintech app that will be successful. It’s enough to do market research and present something more innovative, cheaper, user-friendlier and faster for the fintech sector.
Make Sure Legal Needs
Your future fintech software must be legally sound. Remember that every country has individual legal needs and your app must comply with many privacy laws determined by the countries your product is designed for.
Customer’s financial data must be kept secure as there is always a chance that hackers will steal clients’ personal information. Below you can find some points related to legal compliance you should examine and execute before the fintech mobile app launches.
- Generate data privacy and management policy of fintech applications
- Check the legal agreements for using users’ financial data
- Prepare an insurance policy for accidental breaches
- Make a backup
Choose Tech Stack
Choosing a technology stack is an important part of fintech app development. In the case of the wrong choice, you can waste your time and budget. The first choice is native fintech app development, which means creating separate solutions for iOS and Android. Native fintech apps have smooth performance and an excellent user experience but their creation is relatively expensive and time-consuming.
But there is one more option – cross-platform development. Your team will have to write just one codebase for Android and iOS. The cross-platform app is the most time and cost-effective decision because you required only a small software development team who can create a fintech app quickly.
UI/UX Design
Designers are important as a development team because fintech apps users appreciate apps that look no less than their functionality. You have already read about the user-friendly functions above and know that the user account should be practical and useful. Here are a few more helpful tips:
- All crucial functions should be readily available on the dashboard
- Avoid interface filled with extra features
- Remember that users know nothing about coding but appreciate a nice image that goes with simplicity and transparency
Develop a Minimum Viable Product (MVP)
Now, when you go through the steps above, you are ready to create a minimum viable product using all these elements. MVP is the basic version of a future app that includes its basic elements. Its primary objective is to test a mobile banking app ahead of launch. You can’t build a fintech app and skip this critical step in the development process.
MVP is intent on a group of users who are more forgiving and likely to give constructive feedback. Users reactions will highlight weaknesses and elements you require to add later. You will also require mobile analytics to gather information and learn user activity. All these actions reduce costs and risks, help to gain customers’ early traction and attract new customers.
Test Your App
You require extensive testing before the fintech app launches. This will help you detect any shortcomings and remove most of the issues. This process includes fintech app testing on various devices. The beta version can be available only to your colleagues or local users. Your app should be tested with all the crucial tools. If it is bug-free, your fintech app is ready to launch officially.
Consistently Improving
Remember that improving is a crucial part of any successful fintech app. Because the latest new technologies appear daily, you must regularly update and adapt your fintech mobile app. Improving your digital banking product should be based on customer feedback, complaints and requests. Collect them, give appropriate answers, run checks and take immediate actions to fix any errors. Finally, support the progress because improving the mobile app will help you scale up your business.
Benefits Of Fintech Mobile App
Today, every second smartphone owner utilizes financial technology for daily tasks. But fintech mobile apps are also a famous selection for small businesses and entrepreneurs. Executing new and latest technology can improve your business revenue and offer your clients with more convenient management of their finances. Here’s the list of the most outstanding benefits for companies and users that prove why you should start developing now.
- Personaliation
- Convenience
- Security
Types of Fintech Applications
Fintech app development services help with different applications for various target people and purposes. It covers several use cases in the B2B, B2C and P2P markets. The following are the most promising types of fintech that are changing the financial industry now.
- Personal finance apps
- Lending apps
- Investment apps
- Regtech apps
- Insurance apps
Fintech App Key Features
A chatbot is the latest technology. It can track users’ investment and spending history to offer valuable financial insights, remind them of payment deadlines, give financial transaction alerts, answer balance questions and more. This is a substantial help in creating critical monetary decisions.
Blockchain and cryptocurrency have become driving forces in the fintech industry. They changed the way of storing data and sharing data. Authentication and logging assure the authenticity of each transaction. Blockchain technology protects against identity theft, as all customers have access to their encrypted information. It also helps to create trust among business partners and reduce transaction fees.
Machine Learning and AI are not beginners in the fintech industry and today they are crucial features of each good fintech app. These tools are powerful, as they permit you to identify associations between different factors and make predictions.
Conclusion
There is enough inspiration in the fintech world for how to build a mobile app from scratch for startups. But setting aside the success stories of the big fintech players, you require to concentrate on perfecting the most simple aspects of your fintech app.