In recent years, fintech app development has moved from something niche to a trend. Large financial organizations are not only closely watching the development of these technologies, but they are also implementing them in their business. And if you are also interested in this market, we will tell you about the peculiarities of fintech development.
Advantages of FinTech applications
As we can see from the examples of some banks, a high-quality banking application not only attracts new customers (due to its simplicity and speed) but also reduces the cost of renting branches and employee salaries. In addition, the speed of processing transactions (transfers, online purchases, bill payments, etc.) increases customer loyalty.
Application greatly simplifies not only the interaction with the bank itself, gives mobility, but also gives the ability to control their costs. In addition, automatic payments for communal services, subscriptions to YouTube, Netflix, etc. make life much easier.
Types of fintech applications
As mentioned, expense accounting apps give you the ability to keep track of your expenses. They give you the ability to analyze your habits and expenses, and save and deposit money.
Investment apps give you the ability to monitor fluctuations in the markets, monitor the value of stocks, futures, currencies, and cryptocurrencies. In addition, all operations with their purchase/sale require only a phone and a few minutes.
Credit apps. You no longer have to stand in line, wasting time waiting uselessly, for the drive to the bank. With apps like these, anyone can easily get the loan they need, which will drop into a bank account in a few minutes or hours. And all without interacting with staff. Just the dream of all introverts!
Transfer and payment-enabled apps allow users to manage finances more extensively. Such mobile applications support payments in both traditional currencies as well as for cryptocurrencies. Customers can assess the risks of each transaction through machine learning. Besides, it is possible to automate any money transfer or distribute it across several accounts.
Main stages of fintech application development
- Choosing a niche
Before you plunge into application development, it is better to think carefully about the niche you want to occupy. Moreover, if you are outsourcing the development, your outsourcing fintech team needs to know not only the requirements specification but also the purpose of the final product. With an understanding of the purpose of the product and its niche in the market, experienced developers will determine the priority functions and help you set them up correctly.
- Market intelligence
The development of your product should first of all be based on the analysis of your target audience. It is important to know your capabilities, market occupancy, as well as advantages and disadvantages of competitors.
A quality product should go through a prototyping phase to ensure both technical stability and the absence of vulnerabilities, as well as a good UX/UI.
- Drawing design elements
At this stage, designers render the application interface elements according to the approved visual style. In addition, we ensure that the navigation within the app itself is convenient and simple.
After choosing the technology stack and developing a graphical prototype, you can now proceed to the development of the application backend. Experienced developers can give you good ideas and practices. However, it is very important to pass to the development stage having a well-defined requirements specification.