Fintech empowers customers in every business to take charge of their financial assets. That doesn’t only stimulate economic growth but also raises financial literacy. These changes have enabled the creation of many fintech applications that became indispensable tools for managing personal and business capital. For now, the industry of financial software application development is constantly on the rise.
5 types of fintech apps
A fintech app is a web or mobile application that accesses financial services, it should handle basic financial transactions. Fintech apps are widespread these days, thanks to innovations that have made it possible to reduce the cost of services both for providers and customers. The automation of payment processes has lowered the burden on human workers in the banking industry, the speed of money transfer has increased, and that’s not all benefits. Let’s have a look at the main five types of fintech apps.
- Banking apps
Banking apps are used for carrying out financial transactions and managing bank accounts online without visiting the office. Ordering a personal app or banking software database design is now essential for an average traditional bank. Fintech apps allow consumers to apply for overdrafts, manage their savings, calculate a budget, or transfer money between bank accounts.
- Lending apps
Lending apps provide transparent access to credits and loans, effectively connecting lenders and borrowers. The main features provided are usually credit score, loan application form, billing, payment. Some lending systems allow users to prevent overdrafts by making automatic deposits, get discounts in partnering shops, perform credit calculating and monitoring, and more.
- Investment apps
Investment apps are used to buy, sell and trade stocks online. Whether you need to make trades, invest in cryptocurrency and precious metals, or examine some specific charts and research, such apps provide a wide range of services for managing your investments.
- Consumer finance
These are personal finance apps that allow users to control their money in-flow and out-flow. Consumer finance apps allow to set and manage budgets, create reasonable and data-based savings plans. Remarkably, such apps help to improve spending habits by using notifications and reminders.
- Digital payment
Digital payments apps are used regularly for all mobile payments. They are usually bonded to a credit card, debit card, or bank account and bring together online payment systems and e-wallets. As they’re cashless, it is very convenient to use them for person-to-person money transfers and payments.
Building a fintech app of any type needs a thorough and dynamic approach. The easiest way to waste already limited resources and precious time is sticking to a rigid plan. Moreover, if you won’t adapt to changing circumstances, then you may finish with an inappropriate product that isn’t tailored to customer needs.
Here are some important features to bear in mind:
- security measures (commonly used: two-factor authentication, encryption, biometric security, blockchain, and others);
- integration with third-party services (like PayPal or bank API’s);
- voice integration;
- 24/7 live support or chatbot.
7 steps of developing a fintech app
Step 1: research.
First of all, a research phase must be completed. You have to be sure of the audience and market you’re targeting with your complex app solution.
Step 2: features.
Ensure that you clearly define product features and avoid extra features that may not be coherent to customer needs and your business objectives.
Step 3: assemble a team.
In fintech application development services it is crucial to rely on a highly skilled team to succeed. Make sure that you assigned the crucial roles for product development:
- Project Manager;
- Business analysts;
- UI/UX designers;
- Backend developers
- Front-end developers;
- Quality Assurance engineer.
Step 5: design.
Check if the app is convenient to use, does it deliver a good customer experience, is the UX/UI design working properly.
Step 4: check legal requirements.
Your app must comply with all law regulations depending on the country. It may include anti-money laundering and know your customer compliances, digital signature certificate, and others.
Step 6: develop MVP.
Testing MVP on the real targeted audience will give you a clear understanding of first consumers’ impressions, bug reports, and strategy improvements if needed.
Step 7: test and grow.
The last stage remains in flux and includes further marketing research and monitoring competitors’ activities. You should control the feedback and support to respond in time and avoid any issues.
Smart IT is ready to be by your side
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05 October 2021