Looking to create a highly secure and efficient FinTech App? Don’t miss this comprehensive guide outlining a 5-step approach to creating your fintech app from scratch.
Let’s say your business is snowballing. The sales are good, website traffic is soaring, and customers like your services.
So, is it the end of the line? Certainly not.
Now that your business is performing well, consider taking its growth to the next level. Think about how to personalize the customer journey and offer unforgettable experiences.
One effective way of doing so is by creating your FinTech business app.
It is a personalized, efficient and secure way to connect with your customers and establish brand loyalty. In fact, mobile app use has skyrocketed globally. By the end of 2021, there were more than 3.5Bn smartphone users across the globe. Moreover, an estimated 1.4Bn smartphones were bought by people in that year.
What’s more, Google had predicted this mobile dominance with its Mobilegeddon algorithm update in 2016. Do you really want to ignore this large untapped group of potential customers?
We know the answer!
Let us further understand why having an app for your FinTech business could be your best decision for 2022.
Why Does Your FinTech Business Need an App?
The whole industry is about to hit a whopping $310Bn revenue by 2022. What’s more, it is only predicted to rise. Adoption rates are also promising, shooting 64% already in 2020.
Sure, these are just sheer facts and figures.
They don’t paint the real picture about having a FinTech app: it’s a radical game-changer for companies everywhere.
Still unconvinced?
Perhaps understanding the below business benefits can persuade you to take the leap.
- Easy Funding:With a FinTech App, your business can obtain hassle-free funding.
- Boosted Efficiency: A FinTech app can help small businesses with their marketing and automation requirements.
- Faster Payments:Cash flow is instrumental to any business, and an app can help in smooth cash flow.
However, the biggest reason to have an app is customer experience. It shapes your business growth.
Now that you know why an app can be your business’ lifeline, let us understand how to create a highly efficient and secure app.
A 5-Step Approach to Creating a Highly Efficient FinTech App
Every business looks to outmatch its primary competitors and conventional financial institutions.
So, how do you develop a FinTech app to thrive in this competition? The truth is, knowing where to start can be overwhelming. However, do not fret. We’ve crafted a 6-step approach to help you create an efficient and secure FinTech app from scratch.
Here are the steps involved.
Step#1: Select a Niche and Consider Legal Compliance
Start by deciding the FinTech niche. You can do this in two ways. Either select the niche and explore what can be improved there, or you can brainstorm ideas and see where they fit among FinTech avenues.
Creating a fintech app is a big undertaking, and it’s important to make sure your app is legally compliant. Many financial safeguarding systems are on the lookout for noncompliance, so make sure you know the KYC (Know Your Customer) and AML (Anti-Money Laundering) policies.
Additionally, you’ll need to comply with various privacy laws depending on the countries where your app will be used. Making sure your app conforms to the legal requirements is a crucial success factor, so be sure to work through this step carefully.
Step#2: Finalize the Concept and Specify Feature Set
In this step, you have to consider making a fintech app that will stand the competitors. Start by performing marketing research. You need to pinpoint your competition and understand what is prevalent with your target customers.
Consider hiring skilled Product Managers and Business Analysts who can efficiently help you with this critical step. With these experts, you’ll be in a better position to structure your solution’s vision, create a substantial business case, and define the key features.
Such detailed elaboration at this phase will help cut the cost of creating a fintech app and decrease time to market in the long run.
After shortlisting the features, now imagine that you’re the worst-case user. You’re upset and about to comment something bad about the app. Which elements would prevent you from doing that? Some of them could be:
- Automating the Process: When an app can do more for its people, it leads to a good use habit and increases retention. When a fintech app delivers additional automation tools, it lowers the errors and omissions claims from incomplete or incorrect apps.
- Gamification:This is the worldwide trend for every type of app – education, finance, sports, whatever! Consider adding cashback, rewards & personal discounts. Applications that can house these features will certainly have more success.
- Biometric Safeguarding:This is straightforward. More security layers in the app mean more safety. Facial recognition software and fingerprint access will help safeguard users’ data from unauthorized hackers.
- Easy-to-Understand UI:Finance data is always challenging to perceive – investments, foreign exchanges, PoS systems and whatnot. Your app will be more engaging if you streamline all these and develop intuitive navigation.
- Application Tours: People feel they did the right thing when they downloaded an app if they are presented with a comprehensive and crisp tour around the app. The video format is excellent for explaining the app’s fundamental features – conveniences and capabilities.
- Visualization of Data: Visual information rendering is among the most requested features among fintech app downloaders. It’s one of the major trends, so keep this in mind. Utilize detailed charts, envision key events and processes of the month. All this will certainly contribute to your retention rate.
- Electronic Signatures: In today’s world, printing innumerable documents, signing them physically and storing them in heavy folders obviously feels out of place. It’s time and resource-consuming. Instead, people would appreciate signing documents with the hassle of physical pen and paper by tapping one button on their smartphone screen.
Step#3: Select the Development Approach and Evaluate Costs &Time
How to develop a fintech app? What are the costs associated with this process? How do you create a prototype for your app? These are all important questions that should be answered during the development process.
This stage of development should involve close collaboration with a seasoned Project Manager and experts in development and QA.
This will help you determine the right technology stack and implementation constraints. As a result, you will have a detailed development plan that balances your budget and time constraints.
Step#4: Create MVP and Confirm Your Idea
Creating a minimum viable product (MVP) is a great way to test your idea before starting a long-term project. An MVP is a proof of concept that includes enough features for the first users to try it out. It helps make sure that you create a fintech app that brings value to its users.
Also, it is a great way to market your app and attract investors. With an MVP, you get early feedback, thus minimizing the risk of your idea not paying off.
Step#5: Ongoing Support, Development and Releases
The development process does not stop after your app is launched. It’s time to keep improving and upgrading as you start getting valuable feedback. Professionals have vast experience in developing and supporting complex fintech solutions. Subsequent support matters much.
Your technology team should always be fast to get back and polite to communicate with all of your clients. Speed of response, quality of solving user problems – when these things work properly, users rate the app higher. It’s an absolute must for large and popular applications, where even a little shortcoming left unfixed can ruin everything.
Key Takeaway
When it comes to developing a successful fintech app, it’s important to have an experienced and efficient team. Experts have the knowledge and skillset necessary to provide ongoing development and support for your app. Their team is always quick to respond and polite in their communications, which helps to create a positive user experience.
Additionally, expert team is also fast to get back to you with any solutions or problems that may arise. This is essential for large and popular applications, as even a small shortcoming can ruin everything.
We’re sure that a single project can make the entire industry better, so let’s not wait further and start creating your dream fintech app now!
