4-step guide to build your FinTech app
The intense impact of Financial technology has transformed numerous industries & corporate sectors in unprecedented ways. Since the appearance of FinTech, the majority of financial firms are collaborating with IT not only to automate their processes for better productivity, but also for facilitating their customers. Regardless of certain unfavorable factors, the concept of Fintech app development is a rewarding option to go for any business.
So, are you aspiring to apply Fintech in your business? However, it is quite difficult to turn your ideas into reality with a couple of ideas & technical knowledge. But with a professional team and ready-to-be-implemented plan, your idea is several steps away from being brought to life. Just fold your sleeves to go through our 5-step guide for Fintech app development.
Understand what fintech is
This may sound basic, but you’d be surprised at the number of developers that fail to take a step back and think about the foundations of a good app. Before development gets underway, it’s important to fully understand and appreciate what fintech is. Fintech is the act of using technology to simplify or improve the convenience of existing financial services. This is a useful lens to approach app development and a reminder that the user must always be put at the center of the context.
A good fintech application aims to allow the user to achieve their goals easier, whether that be through fewer clicks or reduced screen time. Using this as a guiding principle can avoid design issues later down the line and keep your product useful to the end-user throughout its development.
Mind that companies implementing FinTech strictly have to obey regulations. And such regulations vary from country to country with their own requirements and exceptions.
Fintech is moving rapidly from ‘under the regulatory radar’ and is attracting growing regulatory responses and supervisory scrutiny. The list of regulatory and supervisory responses to fintech-related risks continues to lengthen. This will ratchet up over the coming years as the fintech sector and the adoption of fintech solutions continue to develop and grow, and as the associated risks evolve.
Target market research
Start with defining the requirements of the target audience (age, region, position, etc.). It’s also important to conduct several surveys to understand your end-users.
This data enables you to decide what functionality to be included in your FinTech app, depending on the needs of your customers.
Design & Development phase
Here’s the part where your inner artist needs to show up! UI /UX part is truly the most essential part of the application. In most cases, people prefer eye-catching and user-friendly applications to applications with tons of unnecessary data and chaotic design.
Choose vibrant colors for your app. Add user-friendly functions. Avoid filling your interface with unnecessary features. Keep it as simple as possible, avoiding unnecessary steps to be done and buttons to be clicked. But, keep in mind, all necessary features should be readily available on the dashboard, without the user having to go into a time-consuming search.
As of development, the next step is selecting the right technology. The choice depends on multiple factors, one of them being the business goal you want to achieve with your product. One outcome of the right choice is minimizing risks that your entire project will be shut down if a new law comes out, and you need to change something in the system to comply with new regulations or customer needs.
Make your application secured. Your fintech app will process tons of customer data, and your obligation is to secure it. Neglecting this rule will cost you a lot as you might be sued for the data breach. Incorporate tokenization or use tunneling protocols to encrypt the data. Implement blockchain to provide high-level security to your operations.
Test your app first
Before the official launch, make a Beta version to test your app. Make it available for several people. The feedback collected will help you avoid irregularities in-app and correct them promptly. When all bugs are detected and fixed, your app is ready to be launched.
Putting it all together
This brief guise describes the most common steps to be done during the FinTech app development. Whether it be mobile or web, all steps from conducting surveys, creating mockups, and securing the app are relevant. Make sure you chose the right team to accompany you during this journey and stay energized.