How to Build a Fintech App: A Step-by-Step Guide
Global digitalisation has covered almost every second industry we can think of, and Fintech is one of them. Despite its complexity, fintech is one such industry that covers all financial technologies. According to Market Research, the fintech technologies market size is expected to cross $698 billion by 2030.
The development of fintech apps has been pushing the technology further and enhancing security, stability, user experience and providing more freedom to banks & financial institutions.
If you’re planning to develop a fintech app, you’re at the right place. This blog talks about fintech app development and everything else you need to know to build a fintech app in 2023. Keep reading to learn more!
Step-by-Step Guide to Build Fintech App
#1 Decide on Your Business Idea
With more expansion in fintech technologies in recent years, the financial app market has become more customer-oriented. Therefore, you must clearly define what exactly you are going to offer your users. Is it unique enough to grab users’ attention?
Here are some trending fintech app development ideas to consider:
- Digital banking apps
- Payments apps
- Loan and investment apps
- Insurance apps
- Personal finance management apps
- Trading and cryptocurrency apps
- Deposit and lending apps
Fintech is a lucrative sector, but you need to have a clear idea of the application before you start off with app development.
#2 Select the right approach to the UI/UX
In this Information Age, people are more exposed to visuals than ever before. So whatever UI/UX designs your users see on their screens, they should be compelling.
Two Things to Keep in Mind Mind While Designing a User-friendly Fintech App
UX Research
Find out what your users need, their patterns and behaviours, and what latest fintech app features are trending. You don’t have to spend sleepless nights for answers, a few ideal user personas can help you easily visualise your target audience and then you can integrate your research into your fintech app business plan accordingly.
Wireframe Design
A wireframe is more like a layout wherein designers plan out what features to add and where. I won’t say UI/UX is the only thing you need to think about, but it certainly is critical when it comes to user retention and engagement.
#3 Form a Team
To build a fintech app, you need to have a team of tech professionals. So either you can hire dedicated app developers an app development company to do the job for you.
If you choose to hire dedicated experts, you would need them for:
- UI Designing
- App development (with Node.js, Java and Swift language skills)
- Application testing
- DevOps engineering
So instead of hiring each individual and making them familiar with the basics of a fintech app, you can hire an app development company and save yourself from these hassles.
#4 Define MVP Scope
Your fintech app should have enough features to attract early customers who can later provide feedback, and that is the whole idea behind an MVP (minimum viable product). You can define the scope of MVP by going through these steps:
- Do market research and ensure you have collected enough information regarding your product
- Discuss with your team which features are a must-have in your fintech app.
#5 Technology Stack
Now you know what to do to develop a fintech app. It’s time to move on to the most popular technologies used in Fintech.
Here, I’ve put together some of the best front-end and back-end technologies.
Frontend Tech Stack
Front-end is the client side, this is where users interact directly. Typically HTML, CSS and JavaScript are used to structure, customise and add dynamic functions. However in order to speed up the development process, developers often used frameworks.
Each framework has its own strengths and limitations. Angular, React and Vue.js are some popular frameworks.
Backend Tech Stack
The back-end tech stack is responsible for the logic, storage and processing of information/data. Java, Kotlin, Python, C++ and C# are some of the programming languages used in the fintech sphere.
#6 Key Features of Fintech Mobile App
Data Security Regulations
Financial data/information are more often prone to theft and cybersecurity risks. Therefore, app developers are supposed to be extra careful and ensure data security.
Here are some of the key security features to know:
- The app should have the feature of two-factor authentication to avoid misuse and to stay protected from any unauthorised access.
- To minimise obvious risks and keep credit card details, only the last three digits should be visible.
- Fingerprint, facial recognition and voice recognition can also be included if a user is seeking advanced features.
Dashboard
Users love a beautiful dashboard, don’t they? A dashboard is basically an overview with some visual representations where users can check their spending and payment history.
Push Notifications
The push notification feature adds value to your financial app. It notifies your users in real time and keeps them informed about any payment changes or special offers.
Personalisation
Personalisation could mean anything as it varies from person to person. It can be the change of font size, various dashboard settings or switching from light to dark theme etc. However, adding a personalisation feature to your financial app is a good idea.
Conclusion
More and more users are opting for digital finance solutions and that is why the fintech industry is constantly growing. Building an innovative financial solution is indeed a good idea in 2023.
Now you know exactly what to consider when creating an innovative fintech app. You can hire an app development company that has years of experience to bring your idea to life.
