Do you know there are over 26000 startups all over the world? Moreover, the entire Financial Technology (Fintech) industry is projected to reach $213 billion by 2024. But why is that this figure has grown by 97% since 2017?
The simple reason is the advancement in technologies like Artificial Intelligence & Machine Learning (AIML), cloud computing, etc. With their help, every fintech software company in the USA has been able to provide seamless service and new products that have allowed users to take control of their finances. And there is still a lot of gap left to be filled.
This offers a lucrative opportunity to new entrepreneurs who are looking to start a new venture. However, no matter how profitable an industry is, there needs to be a plan of action in place before jumping into the development process. And if your app or software belongs to the fintech industry, then you need extremely meticulous planning.
In this blog, we are going to discuss the steps to create a fintech app.
Steps to Create a Successful Fintech App
1. Analyze Target Audience and Select Your Niche
The first thing you should concentrate on when you start financial software development is the problem that it will solve. There are two things you can do here. One is to pick an existing category and identify ways to improve it. The second one is to come up with an entirely unique idea and validate how it will help people. Both will require extensive market research and will help you stand apart from your competitors.
Once you choose a niche, you need to make sure your fintech app will be in good legal validity. There are many financial watchdogs that are constantly looking for companies that do not comply with the legal regulations.
Numerous financial safety nets are constantly monitoring for noncompliance. The KYC (Know Your Customer) and AML (Anti-Money Laundering) policies are the most well-known examples.
Also, you will need to abide by the various privacy laws based on the nations where your app will be used. Compliance with legal requirements is essential to success, so take your time with this step.
2. Hire Fintech Software Developers and Discuss Your Project
This is the most crucial step where you need to figure out the nitty grittiest of your project. For this, you can take the help of a reputed Fintech software development company. That will not only save your time and money but will also give you access to a pool of talented developers.
Since they are experts in what they do, they will not only help in ironing out any rough edges related to your project but will also suggest ways to improve the app. They can also create a roadmap that will make the entire development process smooth. With the help of the market research and the specialists of your outsourced team, you can come up with some key features that will be crucial for your app.
● Ease of Use
Information related to finance and money is often difficult to understand. Also, there are still a lot of elderly people who are not yet mobile savvy. If you make your app easy to navigate, it will definitely put you in a different league than your competitors’. Also, you can make a separate section on your app which explains the jargon associated with financial dealings. That will definitely make your app unique and help build a loyal user base.
Designing a dashboard that will be both user-friendly and educational is of utmost importance. Users will find it very convenient if they get all the necessary information in one place.
● Automated Payments
These days, there are a lot of things apart from the usual electricity and gas bills that people have to pay for. Be it OTT subscriptions or digital wallets, the number of payments to be made in a month are more than a person could remember. But your fintech app could help solve this problem.
Automated payments feature pay routine and regular bills without the intervention of the users. They will only get a notification once the payment is done. This will save them a lot of headache and inconvenience.
Security is one of the most significant and crucial aspects of fintech app development, and it should be a top priority for you too. Users will feel more secure using your app if you have more security layers in place. Software for facial recognition and fingerprint access will help protect user data from unauthorized access.
Who doesn’t like customization! More so in a fintech app where everyone has different preferences. Some would like to check their account balance whereas others would want to see the state of their investments. Therefore, your application should allow users to customize it to suit their needs. Settings must enable users to alter the appearance, and artificial intelligence can aid in content customization.
3. Choose Development Approach
Once you shortlist the features, you need to answer some essential questions like-
- What will be the cost to develop the software/app?
- How much time will the entire development process take?
- What would be the development approach?
- What should the prototype look like?
At this stage, each of these points should be taken into consideration. You should work with an experienced financial software development company to complete this task. In order to identify the tech stack and implementation constraints, the development and QA experts should also be involved in this process. You should therefore have a solid development plan that balances your time and financial limitations.
4. Create a Compelling UI/UX
Once the project is finalized and you have the prototype ready, it is time to work on the UI/UX of the product. Most people associate a fintech software with complex and hard to understand design. You have a massive opportunity here to break that notion and get noticed by the users.
Surprise them by making the visual components of your app tidy and appealing to the eye so users have a pleasant experience while using it. Additionally, it's crucial to strike a balance between UI and UX. Stylish visuals shouldn't interfere with user flow or attract too much attention.
If fancy visuals come in between smooth navigation, users will start looking for your replacement.
5. Create an MVP and Launch
This is a necessary step if you are developing something as big as a fintech product. It wouldn’t be wise to launch the entire app in one go. If there are some aspects of the app that users don’t like, it would be a time-consuming and costly affair to update all those blocks of complex code.
Therefore, the best option here would be to launch a minimum viable product (MVP). An MVP is a proof of concept that has just enough features for the product's beta testers to use. It makes it more likely that you'll develop a fintech app that benefits its users. Additionally, it is a fantastic way to promote your app and draw in investors. With an MVP, you receive early feedback, lowering the likelihood that your idea will fail.
Once you are sure you have worked out all the chinks in the app, it is ready to be launched!
6. Monitor Performance and Update
Once you launch the app, you’ll start receiving insightful feedback from users. That means there will be constant updating and improvement of the app. Therefore, support and maintenance will play a crucial role after the launch. So it is important that the fintech software company in the USA that you hire provides post launch services.
Users give the app a higher rating when the app responds quickly and effectively to user issues. For large and well-known applications, where even a minor flaw left unaddressed can completely ruin everything, it is an absolute necessity.
Narola Infotech is a fintech software development company with over 17 years of experience. Our 350+ IT experts have worked with clients across the globe and delivered exceptional results. You can have a look at what our clients have to say about us by clicking here.
If you want to start building a fintech app or software that will help you dominate a fintech niche, contact our experts at any time.