Introduction: Growth of FinTech app development services
Google Pay was one of the most downloaded FinTech apps (globally) during the month of February 2020 with 15.6 million downloads and this was followed by PhonePe which was downloaded 6 million times.
The global FinTech market is expected to grow at a CAGR of 23.58% from 2021 to 2025, in 2020 alone it was estimated there are 4,765 FinTech start-ups in Asia-Pacific.
The FinTech market can be divided by types of service, service provider, geography and technology.
Type Of Service – The FinTech market can be segmented by type of service into
b) Wealth Management
d) Personal Loans
e) Personal Finance
f) Fund Transfer
Service Provider – The FinTech market can be segmented by a service provider into
a) Payment Processors
b) Securities Brokerages And Investment Firms
d) Non-Banking Financial Companies
Technology – The FinTech market can be segmented by technology into
a) Mobile Commerce And Transfers
b) Robotic Process Automation
c) Data Analytics
Geography- The FinTech market is segmented into
- North America: USA
- Western Europe: UK, Germany, France
- Asia Pacific: China, Japan, India, Australia, Indonesia, South Korea
- Eastern Europe: Russia
- South America: Brazil
- Middle East
- Why We Need FinTech app development services
- Core Features Which Define Performance when building a FinTech app
- Design Features To Keep for your FinTech mobile app development
- Factors to Consider Before Choosing Technologies for Mobile Banking Apps
- Notable Challenges in Building Innovative FinTech Apps
Why We Need FinTech app development services
Over the years, more and more people have been seeing the gap in financial literacy and lack of financial inclusion.
Covid-19 is one scenario that pushed the world to adapt and adopt mobile payments, online banking and other mobile financial solutions to meet their needs. It is projected that Covid-19 pandemic is the second largest situation that has led to a 5% growth in the mobile banking just in a period of 3 months from January to March 2020.
Furthermore: The number of mobile banking payments across India in fiscal year 2019 accounted for approximately 6.2 billion. The Indian digital payments market was estimated to reach the one trillion U.S. dollar mark by the year 2023.
Building a FinTech app solution can solve gaps in the current financial system. FinTech mobile app development can help businesses maintain accounting, manage cash flow and track transactions all on a single platform.
Also given the fact – everything is now available online. To make the buying and selling process easy on mobile devices, these mobile payment solution apps are essential.
Core Features Which Define Performance when building a FinTech app
When building any kind of app – while on the large picture you have to evaluate things like target audience and theme and usage etc – the most essential feature would be usability.
How easy is your app to use?
When we talk about building a FinTech app in specific – other than simplicity, security of the app is another essential feature (as people will use your app for several financial transactions – they want to know its safe).
The next section in this blog will take you through some ways in which you can ensure secure authentication for users during your FinTech mobile app development process.
Other key features to consider when thinking about building a FinTech app:
Properly Working Pages
When a user opens the app, the login page should work properly as it is the first impression the user gets about your app. If your log-in page fails to open or shows an error in loading, users are likely to think the app is unsafe as there is an error as soon as they log in.
Easy Access to Transaction History/Online Passbook
A financial payments app will essentially be used either to make payments or track payments. A user should have easy access to view details on incoming and outgoing financial details – as that the basic reason they are on your platform.
A user should be able to enable or disable push notifications based on what they want to be notified on, it’s important to keep this as an option as the user can always stay updated. For example, if you are building an app for the Trade Market – the user may want to be notified when a specific share drops or goes up.
Feedback and customer support System
With the growth of digitization and online financial systems, there needs to be a strong growth for the feedback and customer support domain. Users should be able to give feedback or raise queries at any time and get immediate assistance.
Well-laid Integration with Social Media Channels
If you are aiming to be a great payment app – this is essential. They must be able to make a payment on a social media channel where a product or service can be purchased.
Various customizations include – setting custom alerts on finances, dark mode or light mode, being able to edit headings or labels etc.
The way you add customisation to your app is also subjective to the purpose of the app. For example, if you are building a budgeting app, the user may want to create various tabs to keep the budget of different categories like: groceries, pen supplies, fuel etc.
Payment Gateway Integration
Again, FinTech mobile app development based on the FinTech app solution you’re trying to build, you need to consider if users can make payments via the app for all purposes and on different platforms.
A user should be able to initiate a voice call directly from their browser or app.
QR/Barcode Scanner Integration
Speedy Payment processes to make it less complicated as one has to just scan and pay.
A user must at least be able to view and use the app for certain tasks, if your app does not open at all when offline – it could cause panic as the user cannot view their profile or account.
Typical security features include:
- Lockout of the profile after the third failed login attempt. However, the limit should be 6 attempts if one has to be PCI compliant.
- The app should always ask to reenter the password while updating any information in the profile.
- Display only the last three digits of the Credit/Debit Cards.
- Integration of voice and face recognition.
- Integration of fingerprint authentication in addition to 2-Factor Authentication.
Design Features To Keep for your FinTech mobile app development
Know the Business
Your features will be directly impacted by the solutions and tools you are building. You need to have a clear vision and goal in mind of your app’s deliverables.
Keep It Simple
A good app should be easy to navigate and easy to use. Do not use unnecessary features. Keep it simple to begin with so your users can get used to the app.
Add Value to the Services
Your FinTech app needs to directly solve a problem your user has.
You can think of creating loyalty points, cash backs and use rewards to engage the user and bring them back to your app.
Light vs. Dark Backgrounds
Use colours that are engaging and complement each other. If your target audience is yrs 18-25, you might not want to use very dull colours, if your target audience is for the older years, you may need to consider using more formal colours.
Type of Font
Again, based on your audience, pick your fonts carefully. The way the pages and fonts look will impact how the users engage with your app. You don’t want to use a casual font to deliver important alerts on the app.
While you should aim to use the right FinTech terms, you also have to ensure that the terms are understandable to the user, if the user does not know what an alert or feature does – they may get intimidated, compromising the user experience.
When you start building your FinTech App – you need to plan your FinTech mobile app development strategy. You have to decide whether you want to outsource the development process or build it in-house. [Pros & Cons of Buying Off-the-Shelf Software vs Building Your Own Custom Systems]
You have to keep in mind the pros and cons of building in house vs outsourcing your FinTech app development.
Factors to Consider Before Choosing Technologies for Mobile Banking Apps
Security from a Customer Perspective
Your FinTech app must be properly secured from any security breaches which might affect its efficiency and compromise your users data. So, it’s essential to think from the customer’s perspective; choose technologies which can minimize human element in security control.
Future-Proof your app
You must use technologies that come with updated features and focus on recent marketing trends to make your FinTech app more user-friendly.
Choosing Technology to Introduce App for Customers Quickly
With stiff competition out there – if you choose off -the-rack technologies or software with ready-made solutions, then it is crucial for you to have a great competitive advantage against your rivals.
Apps must be Differentiable to Stay Away from Competitors
You should think about selecting technology that should include outstanding features in your FinTech services and stand out among competition successfully.
Having an extra feature in the app will give you a competitive edge, but offering high user-experience will make your app more successful. Choose technology that collects relevant customers’ information and helps in meeting their expectations wisely.
Notable Challenges in Building Innovative FinTech Apps
Some of the challenges you should keep in mind when thinking about building a Fintech app are as follows:
- Lack of security is a grave concern and it’s paramount for you to ensure you protect your users’ data.
- Ensuring your app does not fail in cross-platform functionality and compromise on user experience.
- Compiling with Strict Regulations
- Staying updated with latest trends/technology and software
- Reducing the development time
These are the tip of the iceberg challenges which will pose a serious threat to the building of a successful FinTech app.
Summary Of Key Insights Into Building-up Of Successful Fintech App Development
The first stage is the planning process and how you navigate in this stage will define how successful your end result will be. Good planning can be achieved through:
- Target market research
- Analysing competitor offering
- Defining key issues
- Generation of ideas to solve issues
- Evaluating best procedures
- Choosing an operating system which app supports
How your app looks to your user is important and your designs have to make sure they design based on your target audience and app deliverables.
In this stage, the completed design is vitalized using two development processes, namely:
Frontend development- the User interface is converted into functioning code
Backend development- Deals with data integration and security
You should use Different types of testing that should be accomplished with the development process to ensure the final product is in perfect shape.
Marketing & Deployment
In this stage, you need to focus on persuading customers to purchase the products through various mediums and provide necessary feedback.
Maintenance & Support
To make your mobile banking app perform well, further maintenance and updating features must be included in them.
[Things To Keep In Mind When Building a Fintech application]
Building any kind of great app is never easy and also building a great business. That’s why Getafix has FinTech app development services that will help you as a company to navigate the development waters and build you just the app you need. Our team of experts will be fully focused on building your FinTech app while your team can turn their focus to the core business goals and become a great FinTech brand.