Most financial organizations have already begun approaching financial and banking operations from new perspectives. The first connections between money and technology date back to the late 19th century, but the 2008 global financial crisis marked the actual turning point.
Accessible Digital Banking
We now have 24/7 accessible digital banking thanks to new banking channels, which have replaced the antiquated idea of old banking branches. Pay-down services, automatic savings, and online banking applications were all born out of the financial industry’s increasing need to develop swiftly. A few decades ago, these innovations could have seemed like they belonged in a science fiction film.
How to build a fintech app that will stand out from the crowd and satisfy even the most discerning customers’ needs? Organizing your thoughts and creating a step-by-step plan may be difficult. Therefore, we outlined the essential steps one building a fintech app that is valuable beyond measure.
1. Choose A Niche:
You must select a specialization before you start the development process, such as an application for trading, insurance, or personal finance. You must now establish who your target market is and what needs they have.
Try to concentrate on more difficult solutions, develop some fresh concepts, or develop some upgrades for the current technologies. You will likely receive funding because many nations lack effective Fintech solutions.
2. Study Legal Requirements:
Every nation has its own set of legal standards, and occasionally the legal systems of states and areas even within the same nation can vary. Fintech apps are subject to various privacy regulations, including GDPR, the ePrivacy regulation, CCPA, and others, based on the nations your app is intended for.
Fintech was formerly unregulated and a prime target for fraud, but those days are long gone. Nowadays, numerous Fintech compliance standards vary by jurisdiction, including PCI DSS (Payment Card Industry Data Security Standard), AML compliance (anti-money laundering), KYC compliance (know your customer), and more.
3. Determine Your Project Vision:
Why is that app necessary? What issues does it help users with? And what characteristics ought it to have? You must have a distinct vision for the outcome that the business analyst and product manager have supported. Your team won’t develop a final concept for a business case that will be competitive and user-oriented before conducting thorough market research.
4. Decide on Technology Stack:
The languages used to create apps are numerous. Furthermore, the time and money required for development are typically determined by the language chosen. You have the option of developing native apps (creating distinct apps for Android and IOS), cross-platform apps (writing a single codebase for both), or Progressive Web Apps (PWA) (native feeling without native features). Here is a quick summary of each:
- Native apps have the best user experience and the smoothest performance. The software was created following a certain OS’s technical and UX standards. They are safe and include convenient built-in features like a camera, GPS, and more. Building native apps take a lot of effort and money.
- Cross-platform apps are developed from a single codebase that works with any OS. One can employ a small team of developers who can create a cross-platform program in a reasonable amount of time.
- Progressive web apps are likewise constructed from a single code base. When the app is prepared, it is uploaded to the server without the need to purchase an app store license. They are completely native experiences, light, and download quickly. The major drawback is that PWAs cannot access various functionalities like Bluetooth, NFC, etc., from a user’s device.
5. Test it From The Customer’s View:
Applications for the fintech industry should be simple to use. That is the purpose for which they were created. Customers don’t care about coding; they appreciate clarity, simplicity, and attractive visuals. After security, a good UI/UX is crucial when discussing Fintech apps. Make sure the dashboard has everything a user may need without a ton of extra functionality.
6. Develop An MVP:
A minimal viable product seeks to evaluate the application before release. It’s a stripped-down version of the program with all of its essential parts and capabilities. Users will be able to test it out on that level, and there is also a chance to draw in new investors. Receiving input from actual users can help you identify any flaws and make it simple to decide what features to implement next.
Key Features in the Fintech App:
It’s unnecessary to overcrowd a Fintech application with novel concepts to create a solid one. Simply compare what you have to your rivals, then provide something quicker, wiser, more cost-effective, and more user-friendly. Here are several characteristics that must be present in your app.
Because fintech apps handle the most private consumer data, security is given top attention. Use voice, face, fingerprint recognition, and two-factor authentication when signing in. Ensure the app limits failed login attempts and only shows the last three card digits.
When discussing apps, notifications and a good user experience go hand in hand. People enjoy getting individualized user experiences and learning about new app features and special offers. Notifications, in turn, have many benefits for your company: they boost conversion rates, aid in user retention, and track valuable analytics.
c. QR Code & Scanning
Giving customers the option to scan the digits rather than enter them saves time. This is a lot more practical and error-free method of managing financial operations. Wintrust and FIS installed ATMs in 2015 where customers could just scan the QR code using their app to withdraw cash. According to their estimates, this type of withdrawal only needs 8 seconds as opposed to the typical 47 seconds.
d. AI-Powered Chatbots
Chatbots improve your consumers’ ability to interact with you. They can replace a sizable portion of the human workload in conversations and provide consumers with prompt responses to their inquiries. By doing this, customers can avoid flooding the company’s contact centers with calls and emails about minor issues they encountered. They can get an immediate response, day or night.
Finding a reliable partner to build your app is crucial with everything that has to do with complex projects like fintech apps. Blockchain consulting services include business analysis, product management, app development, testing, and design. All of these services ensure that the final product serves the business in the best way possible and helps them engage their customers with the simplicity and creativity of the app.