If you are reading this article, you already know what fintech is and realize its huge potential (If you doubt the relevance of your knowledge, go and read here). So, without further ado:here some advice you should consider starting a fintech application or implementing a fintech feature into your project.
Investigate the Market Before Creating a Financial App
Creating a mobile financial app, consider that fintech product should serve the users and make their lives more convenient by addressing their relevant needs. Otherwise, it will not be demanded/profitable/useful.
Why do I repeat these obvious truths? Because often, blinded, by ambition and motivation, we forget to ask the world whether it needs what we want to give it. Therefore, the market investigation/analysis is the most straightforward way to kindly ask whether developing a financial app is the viable and relevant idea at the moment.
Don’t be afraid to spend your time and resources on analysis of the market. Nobody wants to create a financial app and then realize that people don’t really demand it. And even if you want to target only the local market at the moment, analyze the global one as well. Otherwise, you will face problems if you will try to scale up in the future. Besides, the global market of financial application can be an invluable source of insights.
Ensure Security Developing Finance App
Security, security, security! Have I mentioned security?
FinTech software deals with money, and the very first thing people want when the deal gets to their money is security. Fintech applications become more intuitive and easy to use with every day, which is awesome but also not that much.
If you can send someone money or perform other banking operations with just a few clicks it means that there are more ways of violating the security of your assets. The growing number of new features and methods for transactions make a smartphone with a finance app a powerful tool as well as glaring vunlerability if the service insufficiently secured. Therefore, the issues of identity verification and fraud become more complicated to address.
There are several things you need to specify regarding the development of your fintech application. Sooo, take a deep breath and try to follow through:
1) The code must be protected with encryption
2) The balance between UX and security should be maintained (with the slight preponderance of the latter one of course)
3) Network connections on the backend should be secured
4) The multi-factored authentication should be applied
5) The customer data should be protected and encrypted
6) An application itself should be protected from users (a technically savvy user or too curious and too reckless user can deal a lot of damage to a project otherwise)
7) An application should be tested several hundred times and then several hundred times again.
Also, creating a finance app, consider implementing Blockchain into a project as its decentralized nature and encryption policies may come handy.
Finally, never ever try to save money on security. It will backfire seriously.
Make Your Fintech App Special
Like, really special (let’s assume that the functionality of an application is already special enough in order to be demanded). Make people want your exact application because it
1) is the benchmark of the highest security standards
2) provides a unique, beautiful, and highly customizable user experience
We already specified how to accomplish the first one. As for the second one, people should enjoy using your application. Strive for beautiful minimalism, avoid redundant details in your design, make it look strict and cozy at the same time. A customer should feel like a million dollars using your fintech application regardless of his or her budget. t also will be a huge plus if users will be able to customize the application. Even such minor features as an ability to choose what types of verification and color palette to use will make a big difference.
Hire Team to Support Your Financial App
Users have questions and experience difficulties. All the time. Your application, regardless of how user-friendly it will be, will not be an exception to this rule. Therefore, if you want to devoid your clients of unnecessary frustrations and anger… Or to say more accurately, if you want to prove that you are a reliable service provider, you have to assemble a support team before your fintech app will hit the market.
The support team should be professional. It should know everything it needs to know about the financial application as well as the finance field for obvious reasons. Ideally, a team should be available 24/7. However, if there is not a necessity for the round-the-clock support, make sure that users are well-aware of the hours when the support team is available.
In addition, the support team should not have unlimited access to information as it may lead to security breaches. There are several ways to address this issue. One of the most reliable is to hire and train supervisors choosing from the people who have proved to be reliable and compliant and provide them with necessary access required to solve all spectrum of possible issues.
Overall, you do not want to launch the finance app without support implementing support first. the support department should not be numerous at first, but it should BE. Yes, financial mobile app development is a huge responsibility, which, however, provides unprecedented opportunities, and you can seize them with a proper approach.
To conclude, financial app development is cumbersome process that requires deep technological and business expertise. However, with the thoughful approach and an experienced team, creaing a reliable, secure, and appealing fintech mobile service is a matter of time and effort. You ony have to remember several rules to ensure you have the essence of any financial app: investigate the market, ensure highest security standards, make the app special, and assemble a support team.
We are a full-cycle software development company with deep experience developing fintech applications. We can help you create a relevant and viable software product, contact us, if you are interested.