Fintech or financial technology is a new digital transformation technology. It is now more popular in financial sectors and how they respond to their customer’s needs, mainly for financial transactions.
Fintech is used when you use a credit card to purchase online or offline to buy goods or any services through various transaction methods like Google Wallet, PayPal, or ApplePay. Fintech app development has become very important for any start-up business as this is a part of our day-to-day life.
According to the reports of The Global Fintech Market Size, Status, and Forecast 2018-2025, the global market of Fintech will hit the shares of $124.3 million by 2025 with an annual compound growth rate (CAGR) of 23.84%.
Creating a Fintech app is a boon for start-up businesses. You can develop it in a few simple steps. Continue reading to know more about these steps.
Six steps for the development of Fintech app
Every start-up has to face significant challenges like immediate competitors or financial issues. Even the best Fintech app is used in digital payment, digital lending, customer finance as they are helpful for users, customers, borrowers, save money, and so on. There are some following simple steps that you can use to develop your Fintech app for your start-ups:- Here are 7 architectural apps for the construction clients.
Step 1. Select your Niche and make sure the legal compliance
It is the most crucial step where you have to focus and what would be your Fintech area. In this step, you can choose your Niche and then investigate how to enhance your excellence. Or you can generate new and fresh ideas and then research the most fitted Fintech categories among them.
After you select your category, make your Fintech app legal. There are many financial safeguards systems that you can install to your Fintech mobile app for the look-out for noncompliance—for example, KYC (Know your customer) and AML (Anti-money Laundering).
You can quickly find good opportunities for your app by conforming to various legal requirements, which is the core part of Fintech development.
Some following niches can select:-
- Investment management
- Mobile banking
- Global money transfer
- Loan and advances
- Blockchain based solutions
- Financial products
Step 2. Shape your concept and define the feature set
In this step of Fintech app development, you have to understand your competitors and conduct marketing research to get to know about your targeted audience. You can get skilled business analysts and product managers to suggest you take the proper steps for your business efficiency.
They will help you structure the vision of your business, develop a robust business case, and define the key features. These minor elaborations will help reduce the cost of your Fintech app at an early stage and minimize the time to market for the long term.
You can update the following features for your Fintech app:-
- Simplified UI
- Data visualization
- Biometric security
- Application tours
Step 3. Select the development approach and estimate time and costs
You should determine all the facts at this stage, such as the build-up cost for the Fintech app? Which developmental approach should you use? How to create prototypes for a Fintech app?
To solve these issues, you can combine with a seasoned project manager for development and QA experts to evaluate the tech stack and implementation constraints of your Fintech app. These ideas will help you develop a robust plan for a balanced budget and timely work process for your Fintech app.
You can get the finances from multiple sources for your Fintech app, such as:-
- Bank loans
- Venture capital
- Angel investors
- Start up competition
Step 4. Develop MVP and confirm your idea by practicing
Testing your idea before installing any big project is an excellent idea. You can do this by MVP or minimum viable product version. An MVP has all the features that are used to test the app in the beginning.
The use of MVP will also increase its value. Not just this, MVP will also help attract investors and help invest in the right market. MVP will bring early feedback and reduce the risk of an unsuccessful idea.
Step 5. Ongoing development, releases, and supports
Development is the last step of this process. The process of development becomes flawless after you launch your Fintech app. Now you have to improvise and upgrade your app according to the trends for valuable feedback to your Fintech app. Fintech app development will help you to get the complex solution and its support.
Support is significant for the Fintech app as your technology team should always be ready to get back and be polite to start a communication with your clients.
Users will only give high ratings to your app when your app has good response speed, quality of solving problems, and another excellent facility. It is essential for large and popular applications because even a slight unfixed issue can ruin your app.
PayPal users usually complain about their lousy support. Although PayPal is the most effective payment method in the US and will always top the list in upcoming years. Even after all these problems. Thus, it would be best to make fast and robust support for your app to stand equally with the competitors.
If you plan for furniture app development, it is the best time to create a successful and profitable business. However, you will get multiple options and have to face various challenges in this journey.
You can get experts that will help you in every step of Fintech app development, such as how to stand with the competitors? How to select the most reliable technology and app for Fintech? And many more.
Undoubtedly, it is not easy to start your business in this industry, but if you have accurate information and steps, you can quickly build up a strong Fintech company and app.
Ronak Meghani is a serial entrepreneur & eCommerce Consultant who has worked with small-medium-large companies. He is a co-founder of Magneto IT Solutions and has been closely working with eCommerce ventures since 2010. He has helped 200-plus international brands for building/improving their online ventures in the area of UI/UX, development, launching, revenue enhancement, marketing strategy, magento development, eCommerce support and much more, and 90% ventures are generating very good revenue. He’s enthusiastic about start-ups, entrepreneurship, sports, home decor ecommerce, automotive ecommerce, gems & jewellery web development, electronics ecommerce and all things marketing.