How To Create An Effective Fintech App Development? Fintech apps are taking over the banking industry by storm. A few years ago, the only method to transfer cash was by physically visiting banks. However, with technological advancements, it has become possible to manage your finances through your mobile phone and laptops.
There has been a major increase in the use of fintech apps recently. When it comes to fintech app development, there are several elements that need to be included. If you too wish to create a fintech app and are not sure which features to include, you’ve landed at the right place.
In this article, we are going to talk about the factors that you should keep in mind for fintech software development.
How To Create An Effective Fintech App Development?
Interesting Stats Related To Fintech App Development
Let’s Have A Look At Some Interesting
- According to PRNewswire 76% of traditional banks feel fearful about new fintech platforms
- Stats from Statista show that by the end of 2021, the mobile payment market will reach $6,685,102 million.
- According to the payment journal nearly 28% of people opened up a bank account with their smartphones in 2019.
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According to Sage Journalism, the adoption rate of fintech is 64%.
- Stats from Deloitte predict that America will account for 33.5% of the worldwide fintech market share by 2024.
Best Practices To Follow To Create A Robust Fintech Application
There are hundreds of fintech apps in the market, but not all of them are successful. So, how exactly do you create a successful fintech app? Read down below to find out some of the best practices that can help you in creating a fintech app that won’t disappoint its users.
Keep It Simple, But Engaging
Regardless of the type of the app you create, it is not going to be engaging enough to grab users’ attention if it does not have engaging visuals. Same is the case for fintech apps. Though many would assume that fintech apps are supposed to be plain and simple, it’s always a good idea to include some themes and visuals to your app. However, during the process – make sure that you don’t overpower the theme of the website more than the actual function of it.
Simplify The Process
The simpler the user interface of your app is, the better it is going to be for its users. As far as fintech apps are concerned, the majority of the people have the misconception that they are too complex to be understood. Hence, you might want to make your fintech app as easy to use as possible to ensure customer satisfaction.
Also, since the goal of fintech apps is to streamline financial activities, it is important that all the processes are made easier for the user. The app should ideally provide an easily accessible dashboard, and an interface that can be navigated smoothly.
Provide Value To Users
Another thing you should take care of is that you allow users to complete their app related tasks effectively – in a short amount of time. Your app should provide users value – helping them to perform financial processes within minutes, which would otherwise take them a long time to perform.
Also, provide them with features to keep a track of the overall activities they have performed using the app. One smart way to ensure this is to provide your users a summary of all the tasks they have performed. This can include all their transactions and other activities that they have performed.
Include App Connection Options
One important feature that you can include in your fintech app to make it stand out from the rest of the lot is to allow its users to integrate the app with other applications. This helps save the time that users would take to switch from one app to another.
Since fintech apps provide a variety of tasks that can be performed such as online transfer, asset management, mobile payments, crowdfunding and more, there are a lot of different benefits that you can allow to users by allowing them app integration options.
Transparency
Security is another important aspect that matters a lot when it comes to fintech app development. Since fintech apps involve the management of one’s finances, it is the top priority of users to choose the app that provides strong security features. To build user trust, you should include as many privacy and security features as possible.
Other than this, personalization is also important. By adopting a user-centric approach you can build trust between your service and its users. You can also allow your customers to personalize the app according to their preferences. Other than this, you can also include the option for them to connect their app with their social media handles.
Prioritize Privacy
As mentioned above, security is a critical aspect when it comes to fintech mobile app development. Research revealed that 46% of the cyber attacks were directed towards stealing data. This has raised concerns among users.
To build trust among users, you need to make them believe that their finances are secure and this can only be done if the app contains high-quality security features. Users no longer find it effective to protect their finances only through their username and password since cyber criminals can easily hack accounts if a password is all that protects it.
There are a number of security and privacy features that you can include in your app, for example fingerprint lock, two factor authentication, facial recognition, and more.
Takeaway
The main goal of finch apps is to allow users to easily manage their finances through their laptops and phones. Though there are several different factors and features that the ideal fintech app should have, the 6 mentioned above are necessary.
Other than this, feel free to include as many value-added, useful features as you like. The more the convenience your app offers, the more it is going to be liked by users. Looking for a reliable company for fintech software development? Checkout platforms like Clutch, Design Rush, Top Developers etc and choose the best company for yourself.