FinTech software development is an important area for companies operating in today's financial technology sector. This is due to small start-up organizations responsible for developing both innovative and technological solutions in various fields.
These areas primarily include mobile and online payments, alternative finance, big data, and most importantly, financial management. It was FinTech companies that started the revolution in the world of finance with the help of various new technologies that were appreciated by the majority of consumers.
According to experts, there are about 5,700 FinTech organizations in America alone, and all of them are growing incredibly today. In case you are in this area or just planning to enter it, know that this is the best time to enter the FinTech market.
Technology does not stand still, as shown by FinTech mobile applications, which have begun to challenge various traditional methods related to banking. And more and more banks have become interested in integrating FinTech operations with their regular offerings. Therefore, it is not surprising that the demand for FinTech requires and attracts a large number of developers.
If you are a FinTech mobile app developer, here are some simple and effective tips to keep you moving in the right direction without any confusion.
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Benefits of FinTech applications
Benefits for Banks. By developing a high-quality application, a banking organization can reduce the cost of doing business since a digital product will take over part of the staff's duties. In addition, the presence of such a mobile service contributes to faster processing of financial transactions and automation of many business processes, which has a positive effect on customer loyalty.
Benefits for Users. Considering the massive spread of mobile devices in recent years, bank customers expect to manage their finances through a convenient application. With such a service, they get both the ability to control their expenses and recurring payments around the clock — minimizing the need to contact banks to clarify any information. Users' lives are also simplified due to the automation of various transactions, whether it is the monthly payment of utilities, loans, etc.
Types of FinTech applications
There are different types of FinTech applications. Most offer functionality for opening accounts, managing finances, payments, loans, investments, etc.
Personal Finance Apps
It helps users keep a detailed record of their expenses through a clear interface and tips aimed to save money. With them, people can better analyze their financial habits and, if desired, transfer part of the money to piggy banks or deposits automatically.
Applications for investment
This allows you to monitor fluctuations in the stock markets, as well as the value of currencies and cryptocurrencies. With AI-based recommendations embedded in these services, you can invest your money more efficiently by not getting stuck on one type of investment.
Lending Supported Apps
They rely on chatbots, which noticeably speed up and simplify the process of obtaining loans. Here, the creditworthiness of customers is assessed automatically — thanks to artificial intelligence — so users can apply for microloans or installments on their own — without interacting with the staff of a bank or other financial institution.
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Let's seeApplications with the possibility of transfers and payments
They provide users with enhanced options for managing their finances. Such mobile digital products can support transactions in both conventional currencies and cryptocurrencies. Through the machine learning applied here, customers can assess the riskiness of each payment. And in these services, it is possible to automate any money transfer or distribute it to several accounts.
Main stages of development of FinTech applications
Below we describe the development process of FinTech applications by the Geniusee team.
1. Niche selection
Before we start developing your FinTech application, you need to decide on your preferred niche. We will discuss the future project and determine what exactly it will be used for. Depending on what product you need — a service for personal finance management, trading, or something else — our team will understand which functions will be the highest priority.
2. Market analytics
Our specialists will draw up a technical task after collecting information on the market segment you are interested in, including data on the target audience and competitive applications. Based on this document, we will develop your product.
3. Prototyping
When developing an application prototype, we focus not only on its functions and tools but also high-quality UX/UI. Since we are talking about a quite difficult product to understand, we do our best so that even users who are not financially savvy can understand its interface.
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Tell me more4. Drawing design elements
At this stage, our designers draw the application interface elements in accordance with the approved visual style. Along with this, we also implement service navigation that would simplify your customers' user experience to the maximum.
5. Programming
As part of implementing the software part of the application, we consider your needs when choosing a technology stack. Our developers can create either a native app for a specific mobile platform (iOS or Android) or a cross-platform service that supports both operating systems.
5 Tips for Mobile FinTech Developers
The path to FinTech application development is clear, and the competition will only increase here. And this is undoubtedly the ideal time for the development of FinTech technologies. Make sure you follow the tips listed below and you are unlikely to experience, any difficulties while building FinTech applications.
1. Know and understand FinTech
The first thing you need to do is study, analyze and, most importantly, understand FinTech. There is no doubt that you can be tech-savvy, and building apps will be easy for you. However, you cannot be unambiguously good at financial knowledge. But it is finance that is one of the most important components of FinTech, so you should study it.
The purpose of FinTech applications is to help users in financial matters with maximum ease for them. Once you align your trajectory with your clients' goals, it will be easier for you to move forward and you will not face any problem when developing a FinTech application.
2. Take care of security
Given the specifics of the application, your users will be forced to trust you and provide all confidential and personal data. But if suddenly, such information is somehow leaked and falls into the hands of scammers, it is obvious that your application will come to an end.
Since your application will interact with the main systems of the bank, you simply have to ensure security. And therefore, you should devote enough time to developing a back-end system with firewalls and proxies.
After completion of work, you should check the application for security, up to load testing for hacker attacks with the aim of vulnerabilities in the system. This is the only way you will understand if your development product is well protected or if it needs any improvements.
3. Listen to your users
You need to be prepared that users will speak out about your application with all sorts of suggestions or criticisms, and they will be completely right because they have their own opinion on this matter. Listen to them and be ready to implement the most necessary things.
This will save you time since it will be enough to put in extra effort during the application research so that you can protect yourself from future redesigns.
To avoid user dissatisfaction, make the application interface more comfortable for them. Make sure your development includes the right features like gradient color transitions, motion graphics, etc. And remember that users are constantly using FinTech applications to manage their finances and control their debt situation Therefore, they need the appropriate features.
4. Make sure you choose the right technology
For your application to have long-term plans for the future, you must think about the technology as well as the platform on which you are interested in developing the application. After all, your users will be guided by the best technologies in applications.
However, traditional institutions and banks that users interact with are responsible for using traditional technologies in their base. Therefore, you need to make a balanced choice that provides users with everything they need to make it easier to communicate with traditional institutions.
Oh, wait!
Release in 3.. 2.. 1..
Find out how to optimize the release process of FinTech web or mobile applications.
Check it out5. Use smart technology
New technologies are considered to be the backbone of FinTech applications. Various technologies that include artificial intelligence and blockchain are considered to be the demand of the times, and you simply have to include them in the application in some form. Blockchain can help with record-keeping, and AI should be used for personalized recommendations, data analysis, customer interactions, etc.
Conclusion
Despite widespread digitalization, the FinTech application industry is still open to new promising projects. And although the development of FinTech software has many features and risks, our team of professionals will help you overcome these difficulties and bring a worthy product to the market.
