A Fintech Software or Application can help your company prosper and stay ahead of the curve if things are done right. Worry not as this blog will help you out.
In this tech-driven world, a consumer’s day starts with social app alerts and ends with transaction statements on mobile applications.
Needless to say, smartphone apps are the novel elixir that fuels our lives with delights, surprises, convenience, and affordability.
If stats are to be believed, there are 2.7 billion people in the world using smartphones daily and a normal person splurges 90% of his mobile time on apps.
It is quite obvious why businesses have already realized the need for devising a perfect app for their businesses. After all, it gets them an authentic entry right into the lives of their consumers. No matter if it’s a big or a small industry player, enterprises are cashing in on mobile applications. This encompasses various niches such as eCommerce, real estate, health, fashion, beauty, and finance.
Out of all these areas, finance remains a field that has the potential to leverage maximum profit from mobile applications.
Fintech is the new success-marker
From share market applications to online trading and bill management to payroll streamlining apps, the finance industry is flooded with choices. And these options have evoked a contest like we haven’t seen before.
The competition is not just out there; it’s getting tougher with every passing moment. It is the race to serve the customers with the best solutions while fostering the best revenue model. If you do not have a professional mobile application supporting your FinTech Company, you might be missing a whole lot of opportunities to leap forth.
It’s time to go digital or to go out. It’s time to get a mobile app for your business.
Now, what exactly do you need to get a principal app built that will represent your business? Things like revenue, cost inclusions, customization, and delivery models might strike your mind.
Worry not as getting a Fintech app built can be a simplified process, given that you follow certain steps. Let us brief you through some of the important steps you need to follow:
Step – 1
Creating a roadmap for your Fintech App
Unless you don’t believe in accidental discoveries, your FinTech app deems proper planning. As an ideal first step, it is relevant to discover your niche and the type of app you want to pursue. Different types of apps can work. These include digital payments, digital lending, consumer finance, share market, bill management, in-house financial administration, and consumer finance.
You would also need to analyze your geographical area and ensure that all legal compliances are met. Since the app has to juggle with sensible data, you need to warrant that it is legally compliant which shall ensure a high level of security and data encryption. The step should be incorporated carefully so that you don’t have to face any hefty fines later on.
Step-2
Decide the purpose of the Fintech applications
A digital tool has the right potential to address the problems and challenges of a company. To make it work, you need to decide the impetus of the app. While skipping this may lead to a recipe for disaster, purpose-defining will surely help you find an answer to your ‘whys’ and ‘hows’.
To do this, simply sit down with your team, create a brainstorming session and discuss the purpose of the app. You can take your time to analyze and realize aspects you think can be improved by a mobile app. Things like marketing channels, revenue cycle, invalid deductions, security issues, and data management can be included in the consideration model.
Step 3
Consider the Fintech app production cost
After deciding on the purpose, the price model of your future FinTech app needs to be crafted. Many business owners overlook budget estimation and fall short of funds during the production cycle. Reckoning the budget firsthand is a sure-shot way of getting the app built with money-spinning traits.
This not only keeps the production going on smoothly but also helps save money through intricate planning. A good idea is to get an estimate of the entire production and then distribute the cost in different parts. As a business owner, you may also decide whether you want to pay in portions along with the development process or go for a one-time payment after project completion.
Step 4
Finance and Technology stack you want to count on
Every business wants to tame the latest technology features. But given the magnitude of options in app development, you need to roll down your choices. The most popular modules that can help you advance rapidly include:
- Native app development-
- iOS– utilizing core protocols such as Apple X code, Swift, Objective C and SDK
- Android- taking advantage of stacks such as Kotlin, Java, Android SDK and Android Studio
- Cross-platform app development: single codebase apps using technologies like react native and C#
- Hybrid app development: suitable digital assets include PhoneGap and HTML5
- Node.js: An open-source development platform for varied FinTech frameworks
- C++ : language for custom app development across various platforms
Step 5
Gather your Fintech team
For the application of Fintech, you need a well-versed team. The team deployment process marks the change of course from planning to execution. This is where your search for finding the right app development company initiates. Since the further steps depend on the squad you choose, you need to elect wisely. Spend as much time as you want to find an app development company that:
- Offers extensive experience in FinTech app development
- Has the knack to address your concerns
- Offer great customer service
- Offers the skills required for your project
- Is budget-friendly
- Works on the ethical norms of dedication and transparency
- Is digitally sound having all the resources and workforce
The team should have a bunch of professional app developers, business analysts, front-end specialists, project managers, and UI developers. You can always choose which profile you want to include in this step.
Step 6
Design and development of Fintech App
While this step is taken care of by the development team, you need to dig right in and stay updated with what’s going on in the development process. Since the app has to interact with your consumers, you can always decide on features to be incorporated. You can alter the functionality to be incorporated, the UI UX design theme to be used, the level of straightforwardness offered, or the user interaction model of the app.
Step 7
Testing the Fintech creations
Before entering the denouement, make sure that the software analysts check, test, and monitor each aspect and functionality of the app. This step also includes the creation of a minimum viable product that can act as a demo protocol for immaculate testing.
Progressing, you can check the feedback and usage response by launching a beta version. Things can be improvised here to make the end product more refined and customer-centric. Having early feedback always helps in last-stage modifications.
Step 8
Plan ahead
Getting a FinTech app developed is only the first half of the story. You need to improve the app regularly and support it to extract better productivity. Creating a strategy with goals you want to achieve through the app can be a game-changer. You may also look ahead to add new features and update the old ones on a regular basis. Monetizing your app, adding subscription plans, installing AI features, and introducing machine learning can be some of the fair-minded prospects to look forward to.
Summing it up
Getting a FinTech app developed is not a one-step procedure but a step-by-step course that needs to be undertaken very carefully. When you move forth with conviction and planning, you can reap the reward at every phase of the development cycle.
Following these steps, you can ensure that your FinTech app is not just productive, but a trademark asset of your business as well. Created with up-to-the-minute planning, the app can give you a competitive edge in the market and probably turn you into an industry leader in the coming years. To learn more about Fintech and related topics, follow our blog.
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Frequently Asked Questions
What is the most common application of Fintech?
Nowadays, a fintech application is used everywhere. These are used to create salary slips, raise invoices, track your resources, maintain ledgers, and much more.
Are fintech Companies growing?
Yes indeed. There has been a huge growth in the Fintech arena for various companies. The combination of finance and technology is paving the way to better success rates and advanced tactics for many industry players. Some of the fastest-growing companies in the world include Square, Robinhood, Bharatpe, LM Bank, Icici Prudential, and Nubank.
How Do Applications for Fintech Operate?
Fintech applications rely on a range of technologies to operate efficiently:
- Applications Programming Interfaces, or APIs: Fintech apps can safely access users’ bank data through these secure connections, which makes account management and transactions easier.
- Mobile and Web-Based Solutions: The majority of fintech businesses offer mobile applications that let users access financial services while they’re on the go. Additionally, some provide web-based tools for thorough financial management.
What Advantages Does Fintech Offer Users?
Fintech application users list a number of benefits, such as:
- Convenience: Quick and simple access to banking services at any time or location.
- Savings: Less expensive than with standard banking services.
- Improved Financial Management: Users may make wise judgments by using tools for investing, budgeting, and expenditure tracking.
Are Fintech-Related Risks Present?
Fintech has many advantages, but there can also be a few risks.
- Data Security Issues: Because fintech businesses handle private data, they are vulnerable to cyberattacks. Privacy concerns might arise from data breaches.
- Regulatory Challenges: Due to the quick evolution of fintech, regulatory frameworks frequently lag behind, putting consumers at risk of engaging in unregulated operations.
