The COVID-19 pandemic has accelerated digitization extensively among all spheres of businesses. The fintech industry is no exception on this front, with financial technology apps transforming human interaction with money. Numbers suggest that digital transactions will reach a valuation of $10.52 trillion by 2025.
This indicates that the fintech industry is set to experience exponential growth in the years to come. People are now using some of the best fintech apps to facilitate all sorts of transactions, be it online shopping or mobile bank transactions. This also highlights that the time is right for creating a fintech app and capitalizing on this opportunity.
However, creating the ideal fintech app is never easy, as there are many things you need to be mindful of. Yet you can make some efforts and take the right approach towards fintech app development to get the best results. This blog will dive into the nuances of fintech app development with an aim to help you get things right. So, let’s get started with the basics first!
When it comes to integration, fintech is the ideal example where financial services meet technology for better convenience and accessibility. In simpler terms, fintech is all about making financial services more accessible to people while leveraging the potential of technology. People use advanced technologies like Blockchain, Machine Learning, and Artificial Intelligence to make financial services more streamlined and refined.
There are many reasons why fintech is becoming so popular, but enhanced convenience is certainly one of the most important of those reasons. Besides that, banking scalability, seamless trading, and enhanced security are among other factors driving the popularity of fintech services. Additionally, increased access to high-speed internet has made financial services more accessible to even the people living in the most remote corner of the planet.
The post-COVID world has experienced extensive transformation in the payment industry. Gone are the days when you had to wait hours in line just to deposit or withdraw money from your bank. Instead, you can open the best fintech app on your phone today and make any payment without complications.
Over the past few years, there have been many notable innovations in the fintech sphere, enabling it to drive extensive transformation. Some of the best-known ways fintech products are transforming the world include:
The COVID pandemic has increased the demand for contactless payments to a great extent. This becomes even more evident when you understand that contactless payment is now a preferred choice among many.
Rapid Adoption Rate:
Despite all skepticism, most fintech products are benefiting from extensive adoption rates. As a result, fintech products are no longer limited to people wishing to access financial services with better convenience.
Customer experience has always been a cornerstone for online businesses. Unsurprisingly, fintech app development is one of the most important elements that helps businesses deliver better customer experiences.
Seamless 24/7 Payments:
Another great thing about fintech apps is that people can now easily make payments at any time of the day or night. More importantly, these payments are highly secure, which further helps enhance customer satisfaction.
Regardless of what skeptics say, cryptocurrencies’ emergence also significantly transforms fintech app development trends. Cryptocurrencies are now gaining global acceptance, and fintech development will help foster this trend in the future.
Types Of Fintech Apps You Need To Know About
Stats suggest that 64% of global customers are now accepting payments via fintech apps, which has increased from 33% in 2017. Hence, it is not surprising that there is more than one type of fintech app. So, let’s check some of them out to get a better understanding.
There are many fintech apps explicitly designed to help people make digital investments. These apps play a crucial role in eliminating the need for intermediaries and assisting people to make investments in an instant.
People use these apps for many different types of investments, but stock trading is still one of the most important reasons people use fintech apps for digital payments. These apps also have amazing navigability and enhanced predictive abilities to help people make informed decisions.
Gone are the days when going to a bank was a huge headache for everyone. Times have changed, and fintech apps for digital banking are surfing through the tides like a pro. People are using these apps to access all necessary banking services with their mobile devices easily. You can use these apps to check your balance, open a new account, make payments, apply for loans, and transfer or receive funds.
One of the most important aspects of running a business is seeking credit and loans. Fintech apps for digital lending are here to make loans more accessible to people in need. People can now hand or receive loans in seconds while establishing effective communication between the lender and the borrower. The demand for these apps has also increased the revenue generation of some of the finest fintech app development companies out there.
Digital payments are now one of the biggest reasons people use fintech apps in 2023. These applications help facilitate cashless transactions by transferring funds from one bank account to another.
But the best thing about fintech apps for digital payments is that they offer unmatched security if you use them wisely. Even businesses from all over the globe are now using fintech apps for digital payments to send and receive funds.
There is no denying the fact that creating the ideal fintech app that gives you a competitive edge is anything but easy. But you can get things right even in one go if you follow the appropriate approach. So here are some steps to fintech app development to help you out.
Before you dive into the puddle of creating the best fintech app, it is very important to ensure you are thorough with your research. You must outline your specific goals and problems you wish to resolve with your fintech app.
Following this, you must decide on the interface type and features you wish to see on your app.
This will give you the right headstart and further simplify the entire fintech app development process that lies ahead.
Building the ideal fintech app is impossible without a dedicated team to help you. You can either choose to work with your in-house team or hire app developers in India to get better results. Regardless of how you form your fintech app development team, you must ensure effective communication of all the details about the project.
Besides that, you must also ensure your team members are familiar with the basics of a fintech app. You must have people with experience in web development, software testing, UI design, and mobile app development. Otherwise, you can outsource your needs to a reliable fintech app development company for better results.
Before creating the ideal fintech app, consider the minimum viable product (MVP). You must research the field of your product, discuss things with the team, and highlight specific features you want on the MVP.
You must make all the efforts to be clear about the features you wish to see in your fintech app MVP with regards to the basic idea of your offering. This will help you determine if this will help transform your idea into a reality or if you will need something more.
Most app development companies in India use different programming languages for creating and designing their applications. For instance, people use Kotlin or Java and Swift or Objective C for iOS app development. But creating an app using both these languages will certainly burn a hole in your pocket.
Instead, you can leverage cross-app development to create fintech applications for Android and iOS applications. As a result, you will be able to save on your code-writing expenses while achieving favorable results.
Modern fintech app development is all about new and innovative features and functionalities to the application. Fintech apps of the day help people maintain budgets, pay bills, pay vendors, and more. But the catch here is that you must build APIs to facilitate seamless access through the application.
You can use different APIs for better development and testing while also using MongoDB or PostgreSQL to ensure your app has a robust database. But make sure all rules and regulations for API responses and requests remain intact. Lastly, always enable data encryption and authentication to secure your APIs.
UI/UX are two of the most important aspects of some of the best fintech apps. A fintech app without the right UI/UX can have a detrimental impact on customer experience. Therefore, your fintech must have user-friendly features and functionalities while ensuring it does not clutter the interface.
You must ensure all essential app features are easily available on the app’s dashboard. This will prevent users from wasting time searching for the features they need, enabling them to experience better user experiences. You can even consider leveraging the expertise of an app development company to get things right on this front.
Testing is one of the most important aspects of any app development project. So before you set out to pick a launch date for your fintech app, you must test it vigorously to get things right. Of course, you might encounter a few or many bugs in the application, but testing will allow you to fix them for good.
You can even consider sharing the app with people closer to you and seeking their feedback to enhance any persistent issue hampering its performance. Once you have resolved all the issues, you are free to pick a launch date for your fintech app.
Now that you have reached the final stage of your fintech app development journey, it is time to market your app aggressively. Generating awareness about your app’s launch and attracting more users is important before the app launch. Following this, you can pick a favorable launch date and make your fintech app accessible to the masses.
The last thing you need to do here is update your app regularly, even after people have started using it. This is important for retaining users and keeping your app updated with the latest innovations in the market.
The latest fintech app development trends have made it evident that the shift to digital finance is inevitable. Hence, businesses must make quick moves and create the ideal fintech app for the customers.
However, ensure your fintech app has a user-friendly interface and helps customers simplify their issues. Besides that, refer to the aforementioned information to get the best results with your fintech app development endeavors.
A – The overall cost of developing a fintech app can vary based on different factors and your specific requirements. Therefore, evaluating your needs and seeking expert quotations is best.
A – There is no shortage of examples of fintech apps; some of the best-known include PayPal, GooglePay, PolicyBazaar, and more.
A – There aren’t many ways to optimize the cost of fintech app development, but rapid prototyping can be a great way to bring down the cost, even if slightly.