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If you are reading this article, you probably realize the vast potential of digital finance and want to know how to create a fintech app.

The global fintech market is booming, and it’s expected to increase from $215.3 billion in 2022 to $751.5 billion by 2032. This growth opens up opportunities for new fintech apps to thrive.

So, without further ado, here is some advice: you should definitely consider developing a fintech application or implementing a fintech feature into your project.

1. Step-by-Step Guide to Create Your Financial App

2. Factors to Consider When Building a Fintech App

3. Conclusion

Step-by-Step Guide to Create Your Financial App

Whether you’re launching a budgeting application, a neobank or a digital wallet, there are key steps to ensure success. From market research to app updates, each phase shapes a product that not only serves your customers but also rises above the competition.

Below, we guide you through the development of your financial app—one built to last, easy to use and ahead of the curve. Let’s get started!

Perform Market Discovery

Research is key before diving into development. Study your competitors, analyze their strengths and weaknesses, and identify gaps in the market. Understand your target audience—what are their needs and pain points?

Consider regulations and compliance, like GDPR or financial laws, that will shape your app’s features and security.

Assemble Your Project Team

Building a fintech app is a team effort. Assemble a strong, multidisciplinary team that includes developers, UI/UX designers, project managers, QA testers, financial experts and DevOps engineers.

Each member should have a clear role and responsibility, ensuring smooth collaboration from the start.

Select a Technology Stack

Choosing the right technology stack will determine how scalable, secure, and maintainable your app is. Select programming languages, frameworks, and platforms that align with your project’s needs.

For example, React Native for mobile apps, Node.js for backend development, and AWS or Google Cloud for hosting.

Design UI/UX

A user-friendly and intuitive design is crucial in the finance world. Design your app with simplicity in mind, so users can navigate features easily and securely.

Prioritize a clean interface, minimalistic design, and ensure easy accessibility for all users. Testing early mockups will help refine the design for a smoother user experience.

Develop Your App

The development stage involves turning your design and technical plans into a functional product.

You can start with an MVP (Minimum Viable Product), the version of your app with the core features necessary to meet user needs. Decide what those essential features are — perhaps account management, transaction tracking, and security.

If you start small and then expand, it can help you enter the market faster and adjust based on real user feedback.

Integrate APIs

Integrate third-party APIs to enhance your app’s functionality. APIs for payment gateways, currency conversion, fraud detection, and more will streamline development and ensure your app offers essential services. Ensure these APIs are secure, reliable, and aligned with your app’s core objectives.

Test Launch

Once your financial app development is complete, run thorough tests to identify bugs, glitches, or security vulnerabilities. Launch a beta version of the app to gather feedback and make necessary improvements before the general release.

When you’re confident in its stability, launch your app on the App Store, Google Play, or any other relevant platforms.

Update Your App

Going online is just the beginning. Pay attention to user feedback and track performance data. Regular updates should address user concerns, fix bugs, and introduce new features that keep your app competitive. This ongoing process ensures your app evolves with user needs and industry trends.

By following these steps, you know how to make a financial app not only functional and secure but also adaptable to your audience’s needs.

4 Factors to Consider When Building a Fintech App

FinTech Market Overview

When creating a mobile financial app, consider that a fintech product should serve users and make their lives more convenient by addressing their relevant needs. Market research is the most straightforward way to kindly ask whether creating a financial app is a viable and relevant idea at the moment.

Don’t be afraid to spend your time and resources analyzing the market. No one wants to develop a financial app only to discover little demand for 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 try to scale up in the future. Moreover, the global market of financial applications can be an invaluable source of insights.

If you’re wondering how to develop a fintech app through an expert discovery process, Kindgeek offers a Product Discovery phase supported by our team of professionals. We help you define the opportunity, analyze the market, explore ideas and visualise and test solutions.

Ensuring the Security of Your Finance App

Security, security, security! Have we mentioned security? Fintech software deals with money, and security is people’s top priority when it comes to their finances.

The increasing array of features and transaction methods makes a smartphone with a finance app a powerful tool; however, it also becomes a significant vulnerability if the service lacks adequate security measures.

The issues of identity verification and fraud become more complicated to address. So, there are several things we need to specify regarding your fintech applications development:

• Use multiple verification steps, such as passwords, biometrics, or two-factor authentication, to protect user accounts.
• Secure sensitive information through encryption to keep data safe even if intercepted.
• Set up strong firewalls and antivirus software to block unauthorized access and detect malware.
• Leverage cloud solutions with built-in security features to boost scalability while maintaining data protection.
• Use live threat detection tools to constantly monitor for vulnerabilities and respond instantly.
• Conduct regular assessments to identify and mitigate risks before they escalate into bigger threats.
• Embrace “Compliance-as-code” to ensure your app automatically adheres to regulations and standards.
• Protect APIs with strong authentication, encryption, and traffic monitoring to prevent unauthorized access.

You can also consider implementing blockchain technology into a project as its decentralized nature and encryption policies may come in handy.

Saving money on security is never a good idea, so prioritise investing in security measures for long-term trust in your app.

Creating a User-Friendly Interface

Let’s assume that your fintech app features are already special enough to be in demand. Make people want your exact application because:

1) it is the benchmark of the highest security standards

2) it 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 by avoiding redundant details in your design, and ensure that users can navigate the app intuitively, regardless of their technical expertise.

It would also be a massive plus if users could customize the application. Even such minor features as the ability to choose what types of verification and color palette to use can make a big difference.

Providing Customer Support

If you want to prove that you are a reliable service provider, you have to provide exceptional customer support where every user feels valued and supported throughout their journey with the app.

A robust support system should include multiple channels for assistance, such as live chat, email, and phone support. A comprehensive FAQ section and self-service resources can empower users to find answers quickly.

You can also implement an AI Assistant, which can handle customer support 24/7 and provide quick, personalized, and human-like service to build strong customer relationships that propel your business growth and help maximize revenue potential.

Fintech app development is a huge responsibility, but it also provides unprecedented opportunities, which you can seize with a proper approach.

Conclusion

To conclude, financial app development is a cumbersome process that requires deep technological and business expertise. However, with a thoughtful approach and an experienced team, creating a reliable, secure, and appealing fintech mobile service is a matter of time and effort. You only have to remember several rules to ensure you have the essence of any financial app: investigate the market, ensure the highest security standards, make the app user friendly and provide customer support.

If you are looking for a reliable partner to help you understand how to build a fintech app, consider Kindgeek. We are a full-cycle software development company with deep experience developing fintech applications. Contact us if you are interested in creating a relevant and viable software product.