FinTech is one of the most talked-about issues in the technology business. We are seeing billions of dollars invested in this industry and an increase in the number of organizations developing FinTech.
The FinTech market will be worth $112.5 billion in 2021. Given this business’s attention, it will rise to $332.5 billion by 2028 at a roughly 20% annual growth rate.
More than 66% of global bank executives believe FinTech will help rethink wallets and mobile payments, making the financial industry more accessible to its clients. Clients of financial institutions value FinTech solutions as well. Only in the United States do more than 65% of the population utilize financial software.
FinTech demand generates supply. As a result, various banking and financial applications are on the market. However, this does not rule out the possibility of a market for your goods. However, creating a FinTech application takes significant time and work. Which initiatives, precisely? We’ll explain this in today’s article.
Around will discuss the major elements of financial applications and demonstrate the creation process step by step. With this knowledge, you can build a product that will set you apart from the competition.
This article will rely on our considerable five-year expertise in designing FinTech solutions. Our professionals have built over 20 financial products throughout this period. Dojimatech, which we will go through in greater detail later today, is also one of them.
FinTech Product Categories
In the FinTech industry, there is a lot of space for innovation. Several financial applications range from wealth management systems to digital banking solutions. Consider your requirements and the demands of your target audience before you begin constructing.
The following are the primary sorts of FinTech apps you may create:
App for Digital Banking
Digital banking applications enable online connection with a financial institutions. Customers may use this program to do any banking-related transaction, such as establishing an account, moving cash, or making loans.
Payment App Payment apps facilitate internet transactions and money transfers. PayPal is an example of such software, which is quite popular due to its ease.
In this context, peer-to-peer payment apps are particularly notable. Such applications do not necessitate the use of intermediaries. Transfers in them take occur primarily between two individuals and are often fast.
App for Investing and Trading
Such apps allow investors and traders to invest and trade directly from their smartphones, bypassing intermediaries such as brokers. This FinTech software is often used in the stock, FX, and capital markets.
App for Personal Finance Management
Using this app, personal financial applications enable users to track their income and spending by categorizing them as transportation, utilities, etc. You no longer need to keep track of expenditures in a notebook or utilize Excel sheets. These solutions often provide simple tools and a gamified experience.
Insurance App Applications that enable digital insurance are designed to make the issue of insurance policies more accessible and faster. Such software also aids in the handling of client claims and lowers the related fraud rate. As a result, they improve the efficiency of interactions between clients and insurance agents.
Wallet Digital
A digital wallet is a software that allows users to store money online, transfer money, and receive payments. The well-known Apple Wallet is an example of such an application.
FinTech Apps’ Basic Characteristics
As you can see, a wide range of financial apps are available. However, these FinTech solutions have several characteristics, which we shall discuss in further detail.
So, what are the essential qualities of every FinTech application?
Sign Up and Login
No FinTech program, whether a digital bank or a money transfer service, can function correctly without account registration. Protect client registration and login, for example, using two-factor authentication or touch/face ID.
Dashboard
No FinTech program, whether a digital bank or a money transfer service, can function correctly without account registration. Protect client registration and login, for example, using two-factor authentication or touch/face ID.
Payment Gateway
A financial app cannot exist without a payment mechanism. Integrate one or more payment gateways so that users may make transfers on your site with ease.
Security
Users entrust you with sensitive information about themselves and their finances. Thus security in a FinTech application is crucial. Encryption technologies, biometric and two-factor authentication, and even blockchain technology can be used to ensure a high level of protection.
Notifications through Push
Push alerts are a useful feature in a financial app. It will alert your users of any payment changes, or you may use it to provide special offers.
Scanning of QR Codes
This functionality will make interacting with the program easier for your users. Many transfers now use QR codes, so including a scanner in your program is brilliant.
Personalization
Allow your users to personalize the financial app to meet their specific demands. Personalization choices can include altering the text size in the program, moving from a light to a dark theme, and so on.
Advice and Explanations
Many technologies are available in the financial business that demand particular understanding from the standard user. As a result, make it user-friendly because clients of all ages are likely to use your app. It is also vital to include a function that gives advice and explanations for each tool in the program.
A Step-by-Step FinTech Product Development Strategy
Any FinTech app takes time and attention to regulatory standards and platform security. Furthermore, you want to provide an appealing solution to your users. We’ve put up a step-by-step plan for creating a successful financial app.
1. Select Your App Type
First, you must decide on the market for which you will develop software. Will it be a banking app, a personal financial app, an investing app, or a payment app? You will look for your target audience and examine your immediate rivals based on the type of application.
2. Form a Committed Team
Once you’ve decided on a FinTech app concept, you’ll need the help of specialists to make it a reality. You are free to select any model of collaboration that suits you. An in-house team, outsourcing, or engaging individual freelancers are all options.
3. Market Research
Your business analysts should determine the market for your FinTech product at this point. They should research your competition, identify your target audience, create a vision for your application, and emphasize its merits.
4. Maintain Regulatory Compliance
It would help if you also considered the legality of your software. Many regulatory and legal requirements in the banking sector concern data protection and anti-fraud measures. Check that your app conforms with all applicable laws.
5. Define the Features of Your App
In this phase, your team should consider the features required to run your program. We recommend that you start with the most crucial ones and include them in your minimal viable product. After your MVP becomes popular, you may add more complex capabilities.
6. Begin the UX/UI Design Process
At this point, your designers may begin working on the aesthetic aspects of your finance app. First, they should do UX research and consider the platform’s navigation. Only then will they be able to design a user-friendly interface.
7. Create Your App
Once the app design is complete, your developers may begin the technical portion of the process. As a consequence, you will have a minimal viable product that works.
8. Run Your App
Before releasing a FinTech app to the public, you must confirm that it functions well and is free of defects. It is the stage at which your QA professionals will test it to identify and resolve any issues.
9. Make Your App Available
You may release your app to the market once it has been fine-tuned. At this stage, your team checks that users are satisfied with the product and collect input for future enhancements.
10Pearls FinTech Product Experience
10Pearls has extensive expertise in the financial technology industry. Over several years, we’ve developed several FinTech products.
We have experience working with both big financial institutions and FinTech startups. As a result, you can be confident that we understand how to meet our clients’ demands.
Our professionals provide full-cycle FinTech Product development. We can pick up your product from the concept stage and follow it through to launch.
Our team has extensive expertise in developing various sorts of financial systems. We have experience designing bank apps, wealth management solutions, payment apps, and other applications.
Dojimatech is one such product. It is a platform that provides small and medium-sized enterprises with a multi-currency bank account. Our team worked hard to adapt the typical user experience of online business banking to a multi-currency context. Consequently, our users may send and receive money in real-time.
Last Thoughts
FinTech is a new phase in the evolution of the old financial system. Developing a new finance solution will bring this system one step closer to completion.
We hope you find our FinTech app development guide beneficial. You now know exactly what to think about while developing unique financial solutions.
If you require specialized staff to handle this time-consuming procedure, we can help. We will bring any of your ideas to reality, thanks to our many years of expertise in FinTech and scores of successful projects. Are you interested? Then please get in touch with us.