How to Create a Successful Fintech Application for a Startup or Company
Fintech is an attractive new century term for everything related to technology and finance, from money transfer software platforms to Fintech application development.
CONTENT
- A Step-by-Step Guide to Developing Fintech Applications
1. Selection of the project methodology.
2. Designation of the MVP volume.
3. Selection of an effective approach to development.
4. Selection and organization of the project team.
5. API Design and Development.
6. Application and API security.
7. Development of a FinTech application.
8. Ongoing development, releases, and testing.
9. Launch the FinTech application.
- Key features to keep your FinTech applications productive
- Key features of the fintech application
- The cost of creating a fintech application
- Conclusion
Over time, Fintech Software Development Services is not only becoming a trendsetter but also enabling the financial sector to make things easier for its consumers.
Interest in online banking and investment applications has grown especially in 2020. The growth was as much as 45% according to the annual report of the analytical agency App Annie.
There are two reasons for this, the first one is a pandemic. In conditions of instability, economic turmoil, and low rates, people are increasingly turning to applications that allow them to invest and monitor the financial situation.
The second one is the general popularization of investment and the ease of working with it. If earlier not everyone could work with trading instruments, now many large brokers and banks offer their clients convenient mobile applications and semi-automated trading solutions that work practically without client participation.
A Step-by-Step Guide to Developing Fintech Applications
1. Selection of the project methodology.
Hire an experienced project manager, an experienced architect, and business analysts with sufficient expertise in the FinTech industry. You need to launch a Minimum Viable Product (MVP) and improve your application based on customer and market feedback. Agile with iterative development is a more accurate methodology than the Waterfall model for such projects.
2. Designation of the MVP volume.
As a Fintech app development company, we recommend that you define the scope of the MVP:
- Provide web app, iOS app, Android app.
- Include the functionality and features of advanced mobile and web technologies.
- Prioritize these features using advanced tools such as a pain and benefit map or a priority matrix.
3. Selection of an effective approach to development.
With our expertise in Fintech application development, we recommend that you add the following building blocks to your development approach:
- Leverage managed cloud service platforms to better manage your IT infrastructure
- Develop your own Android and iOS apps as they offer the best user experience
- Focus on application security as well as API security
- Use leading-edge tools, frameworks, and guides for impressive development
4. Selection and organization of the project team.
It’s time to hire Fintech app developers. Many companies outsource development because it saves time and money compared to hiring their own development team. You need to use the following roles, which are typically part of a fintech application development team:
- Back-end developer
- Front-end developer
- Android and iOS Developers
- Business analyst
- Project Manager
- Designer
- QA specialist
- DevOps Engineers
5. API Design and Development.
At this point, you need to design and build APIs to provide flawless and stable access to the back end from the front end. You can use database solutions like MongoDB or PostgreSQL to build the API.
6. Application and API security.
At this point, secure your application and API using techniques such as data encryption and authentication. Use authentication tokens, digital signatures, data encryption methods, throttling, quotas, and gateways to secure your API.
7. Development of a FinTech application.
It’s no secret that Progressive Web Apps PWA is a connecting bridge between mobile web apps and native apps that is faster and more user-friendly than traditional web apps. Use tools like PHP, Python, JavaScript, and cloud-based software development services as they make development rewarding and easier. Next, integrate your APIs.
8. Ongoing development, releases, and testing.
The development process does not stop after launching your application. It’s time to keep improving and updating as you start getting valuable feedback. To outperform your competitors, make sure your app is user-friendly, smooth, and secure.
9. Launching the FinTech application.
Prepare launch events, promote them across multiple platforms, identify key influencers, and develop a press kit. Finally, submit your mobile app to app stores.
Key features to keep your FinTech applications productive
1. Safety
All fintech applications must comply with security requirements, protecting users’ financial data. To do this, the developer of fintech applications includes encryption, blockchain, biometric, and two-factor authentication, and also takes other security measures.
2. Integration of payment gateway
Most fintech applications deal with payments. To facilitate payment functions, you can choose to integrate with services such as PayPal, Stripe, Zelle, or work through banking or PSP APIs.
3. Dashboards
Create useful dashboards. It’s hard to imagine anyone building a fintech app without a visual representation, whether it’s financial expenses, payment history, or any kind of stock chart.
4. Voice integration
Fintech apps should offer customers modern features like voice assistants including Siri, Google Assistant, and Bixby.
Other features include
- Transaction History Display / Online Savings Account
- Lightweight feedback system
- Integration with social networks
- One-click communication
- QR / Barcode Scanner Integration
- Offline FinTech Application Usability
Key features of the fintech application
- Simplified bill payment and error-free money transfers
- Correct check of the history of transactions and messages about the operations performed
- Push notifications, alerts, reports, and analytics
- Availability of geolocation and currency conversion tools
The cost of creating a fintech application
The cost of software development depends on the scope of the tasks. The development of Internet banking is a very large-scale and rather expensive project, as it requires the long-term work of qualified specialists. If you need a small application, less labor will be required, the cost of such a project is affordable even for a small business.
The exact price of a fintech solution can be calculated only on the basis of a detailed technical assignment. The development of such a task also takes time and is relatively expensive. Therefore, when ordering a software product, they usually focus on the hourly wages of developers. One project can be performed by several specialists at the same time, this reduces the time required to bring it to readiness.
Conclusion
The growing use of digital payments, increased investment in blockchain technology, the growing maturity of e-commerce, and the conclusion of COVID-19 are expected to further the development of the FinTech market.
We are a leading fintech software company and you can easily hire a fintech app development team for your future technology projects.
