How To Develop Fintech Software?
Table of Content:
1. Introduction
2. Features of Fintech Software
3. Step-by-step to develop Fintech software
3.1 Do Your Research
3.2 Shape the Concept and Define Feature Set
3.3 UI/UX Design
3.5 Choose the right technology stack
3.6 Design and build APIs for the core functionalities
3.7 Have an Identification, Authentication & Authorization System Ready
3.8 Cost to develop a fintech software
4. Conclusion
1. Introduction
Fintech technology is transforming, and synthetic intellect has a huge influence on fintech software development companies. Of course, Fintech technology is not a novice player in the business world but it is a most admired platform for financial industries.
The term fintech stands for financial technology. It came into the market during the 2008 economic breakdown; at that time, with complete change and progression, the financial industry developed, and fintech app development became the most profitable choice for entrepreneurs.
Hence, the demand for building a FinTech app has risen more than ever, however, before we dive into the procedure of how to develop a FinTech app, I would like to get you in touch with essential subjects such as how much does it cost to develop a Fintech App as well as what is the cost maintenance.
And for that, while hustling through several posts, one of the blog posts helped me to get insight into how much does it cost to create a fintech app, what features should they consider and what they shouldn’t, and I think it would also be beneficial for you to browse through that post once, as the task of planning the budget of a fintech application will be much better.
Clearing these aspects before developing an application will help you to focus on customer satisfaction and security, and you can build a fintech app as per customer requirements and budget the app development cost.
As we all know that Fintech being in our lives is now a normal phenomenal, from securing online payments via credit card, debit card or utilising digital payments apps such as PayPal, Google Wallet or Apple Pay or investing online, buying stocks online and in other several forms fintech app has seized the financial market which is profitable for the fintech industry in a more way.
Fintech technology involves financial transactions over the current and emerging technology that renders financial services and supports businesses to maintain their finance efficiently.
Now fintech companies are utilising cloud service financial transactions back end data stations, and processing promenade times are gone. Fintech apps are also growing reputation in most industries such as retail banking services, healthcare, travelling, education, fundraising, and so on.
2. Features of Fintech Software
There are some of the features that you need to consider to develop a fintech app. That Fintech software development companies need to keep in mind while they develop a fintech app. So that it interprets its users more reliably.
Data Analytics- Data empowers you with decision making authority although data analytics is an imperative element of the fintech app development. It allows users a clear picture of their financial actions. It can also understand the data and create statements for the user.
Biometric Security System- Technology has increased the no. of cybercrime. While building fintech software, most of the fintech developer’s foremost attention is to provide excellent security.
Artificial Intelligence- Artificial Intelligence is an evolving technology that is used by every industry. To begin its digital transformation from an advanced level. The guidance of contemplating AI features in fintech software outsourcing allows users with a more satisfying experience.
Personalization- The fintech app with AI integration enables quick opinions and responses to consumers by examining their expense and spending modes. It keeps your finance experts more interactive with the clients.
3. Step-by-step to develop Fintech software
3.1 Do Your Research
Fintech software developers need to do a lot of research before they start the process to create a fintech app. You have to create a structure to outline a method to decide the scope of the interface and the features that it is going to contribute to the fintech market.
Moreover, the range of MVP (Minimum Viable Product) and other features should be explicitly declared.
3.2 Shape the Concept and Define Feature Set
In this step, you need to consider how to build a fintech app that will hold the edge over its opponents.
The initial task is to conduct marketing research. You should recognise your opponent and determine what is recommended for your target audience, as there are different types of fintech apps in the market.
You should hire skilled Business Analysts and Product Managers who are capable of providing an approach with this crucial step effectively for your fintech startups. Concurrently with these experts, you can create the concept of your solution, produce a substantial business case, and determine the key features.
3.3 UI/UX Design
The appearance of the app is more prominent among consumers and therefore the purpose of designers becomes more obvious than the developers.
Therefore, they are required to act first before the developers and build their design with codes simply.
3.4 Development Approach
To create a fintech app as per the perception of the project, the development team requires to follow these steps:
- Build wireframes — pictures to perceive now what the complete application will resemble
- Create a prototype according to the wireframes, examine it, and assemble feedback from all the users
- Considering the test results, create a user interface (UI) and a high-fidelity model, test it
- Generate a minimum viable product (MVP) and a complete mobile app using a back-end
- Examine the last output, send it to markets, present users with maintenance after its launch, and constantly update the mobile app
3.5 Choose the right technology stack
What do you consider as the right technology stack? As we all know that for the right tech stack you need to choose carefully, as several languages can be utilised to develop and design fintech apps. You can use common technologies such as Java and Kotlin for Android apps, C or Swift for iOS.
However, it might cost you more if you choose to use two different app developments. To avoid that you can take another approach, which is known as Progressive Web App (PWA).
It is a great option, however, there are some limitations while using it such as it doesn’t let you practice a few in-built features of your mobile banking apps, for instance, biometry security.
And if you are not satisfied with these options, we have another option for you. You can practice cross-platform app development to create a fintech app. This approach will help you to develop one codebase for iOS and Android.
3.6 Design and build APIs for the core functionalities
The next step we would like to discuss is regarding the core features such as tracking bills and statements, instalments, budgeting, etc. If you now have an actual business where you provide these features, then you could utilise your current abilities. You are required to create these skills if yours is a different business.
No matter what, you need to design and develop APIs to help modernise and have a constant way to the backend from the front end. I suggest that you create RESTful APIs, that includes the following:
- Use the controlled cloud services you have now purchased to receive the API backend.
- Utilize an efficient tool such as Postman to improve and examine the API.
- Record the API utilising a tool such as Swagger.
- Ensure your APIs utilise techniques such as authentication, two-factor authentication, data encryption, etc.
- Efficiently control development, presentation, and production conditions for the APIs.
3.7 Have an Identification, Authentication & Authorization System Ready
Your identification, authentication, and authorization method require work flawlessly. In the digital era, where you can get information from anywhere, identification is similar to opening a username or a name. Your user is declaring to be the person who has access to a particular account.
Authentication is the way a user will verify who they are. This is normally accomplished by a password as one of the verifying systems. The key is only one authentication system.
For instance, you could also utilise an RSA sign or a smart tag. Nowadays, bio-based authentication or two-factor authentication has become more popular. Users can instantly verify their identity through a thumbprint or a retina scan.
The API should reduce access to all major areas. Your users can get authorization for performing specific tasks and assigning certain commands.
Some well-known authorization types also involve assignments, bandwidth traffic control, IP filtering, and others.
3.8 Cost to develop a fintech software
So far we have discussed essential trends, technologies, and features. It’s time for us to discuss the cost to build a fintech app. The complete price relies on various factors.
The hourly price of your development team, various features, and their complication adds to the total funds.
The rates vary in different countries. The charges of the app development change as per the states.
The pricing for every development platform for a basic fintech app. The ultimate cost can be cheaper or more expensive as per your specific project and its purposes.
4. Conclusion
The process of Fintech development has never been easy, however, the competition is surely worth the light. Advanced technologies from the AI and IoT stack have remarkably decreased development costs, and also, brought more recognition of the public and financial institutions to fintech apps.
They proceed to win over the digital world, entering all sectors of the private and corporate finance industry.
