Fintech, or finance and technology, has a significant role to play for several businesses across multiple industries. We usually associate fintech with banking and financial services, but the concept is now applicable to many other industries.
Several sectors use the intake idea, including eCommerce, trading, investments, metaverses, games, etc. Mobile applications have become essential for several fintech companies and businesses.
However, developing a fintech application for your business will take a lot of work. You have to consider an array of factors before you can commence with the development process.
Data security, storage, and handling should not be compromised since it is related to finance and banking. To help you launch the best fintech app for your company, here is a guide to fintech app development.
What are the Benefits of Launching a Fintech App for Your Business?
The first and foremost thing you have to learn is the set of reasons for which you should focus on developing and launching the fintech app for your business. There will be no doubt some gaps between the customer’s requirements and expectations and the application developed. You will only be able to incorporate the same with your business if you gather enough information on the fintech app benefits.
If you want to bridge these gaps and cover the loopholes, knowing about the contributions of the fintech application towards your business is crucial.
Keeping this in mind, we have introduced a couple of reasons why focusing on the fintech app can prove fruitful in the future.
Mobile users have significantly increased in the last couple of years. There is no doubt that 60% of your target audience will appreciate your business or even show interest if you offer them a mobile application. Therefore, if you want to target a more significant section of the audience, you must understand their requirements and expectations of your business.
As the users can easily access the application and your business from the mobiles, you will get a more positive response and online traffic. You can also consider the fintech application to place the business offerings at your users’ fingertips. This will give you more leverage in attracting as many visitors as you plan for.
Another significant reason to focus more on fintech app development is the availability of different technologies. You won’t have to stick to the native applications that restrict your outreach to the audience. Instead, you can go for cross-platform application development, where a single code base can run a program on Android and iOS.
Integrating several other applications or extensions with the main fintech application is much easier than the website or web app. It can be a third-party payment gateway, a banking portal, a user creation portal, etc. The APIs that integrate these extensions and software programs with the mobile application is simple.
Features to Consider for the Fintech Application
Before you begin the development process, you must list the features to be included in the fintech app. This will help the workflow orchestration process and ensure the designers and developers have a complete idea about the final prototype. To help you, we have discussed some of the primary features every fintech app should have in 2023.
1. User Interface
The user interface needs to be intuitive and attractive. You need to pay attention to the user-friendliness and more straightforward navigation of the UI to attract as many audiences as possible.
2. Personalized Experience
Another essential feature to consider while developing the fintech application is the personalized experience of the users. Whether setting a particular transaction balance or registering multiple mobile numbers under a single user profile, Personalized features can help you meet user expectations best.
3. Solid Security
Every fintech app should have absolute security features and encryption layers. You need to focus on security and develop multiple authentication layers to avoid creating many problems. Besides, you won’t be able to meet compliance concerning the protection of user data, audit checks, and many more.
4. Responsive Notifications
Push notification is also an excellent feature that the fintech app must have. Any changes with the customer order or request should be notified to the concerned user through the chosen channel, like the message, e-mail notification, built-in app notification, and many more.
5. Varied Payment Channels
Since we are talking about the amalgamation of finance and technology, you must include digital payment channels in the application. It can be electronic wallets, Bitcoin or any other crypto token, credit and debit cards, etc. The more payment options, the better will be the user experience.
6. Diverse Language Options
If your fintech application will be launched across multiple countries worldwide, incorporating a language change option is crucial. This way, users can easily change the language to their mother tongue for better use.
Road Map for Fintech App Development
The last thing you need to know is the proper road map for developing the fintech application for your business. In the below section, we have described the significant phases of fintech app development and briefly described the same.
This is where you sit with the experts and consultants to form an idea about the fintech application, features to be included, UI design and components, navigation system, back-end functionalities, and many more. Ideation often involves brainstorming, where you gather ideas and opinions of your employees and then decide which one you must proceed with.
2. Workflow orchestration
The second step is to orchestrate the workflows for application development for your fintech business. The workflows must define every operation to be performed until code deployment.
3. Design and development
Now, you need to move to designing the UI and developing the back-end functionalities using a proper technology stack. Establishing a controlled balance between the front and back end is essential for optimal communication.
4. Testing and deployment
The last phase of fintech app development concerns testing and deployment. Once the functionalities and interface are developed, testers will work on different testing suits and give the green signal for code deployment into the live environment.
With the basics of fintech app development and features, you can quickly develop the most innovative and high-performing application idea. If you are stuck anywhere, you can soon get help from experts in this field for over a decade.