Gone are the days when you had to stand in a huge line just to deposit a cheque or money outside a financial institution (banks). It occurred as a result of the introduction of mobile technologies i.e fintech app. Yes, you read that correctly!
With the advent of mobile apps, all banking and financial institutions have undergone a tremendous change toward improving and upgrading technologies in order to satisfy the demands of their customers. Fintech apps pose numerous privacy issues, which is why most consumers are hesitant to share their financial and personal information. If you want as many people to use your app as possible, you should emphasize how safe it is in addition to the benefits it gives to consumers.
The Clearing House polled 1,500 users in 2018 and discovered that two-thirds were significantly concerned about their data and privacy while using fintech apps. This is when people working in financial institutions realized the need to include fintech app development in their strategy to keep customers happy. Customers may now complete all of their banking tasks with a single click thanks to the features of numerous mobile banking apps such as online bill payment, viewing bank statements, and rapid fund transfer. That’s all!
Here is a guide that will show the relevance of mobile applications and capture your imagination by providing a step-by-step approach for building a successful fintech app to satisfy the expectations of your customers.
Types Of Fintech Apps
Wealth And Investment Apps
These smartphone apps allow you to buy stocks while lounging on your couch at home. They can also recommend investment options based on your preferences.
Traditional payment apps were designed to make and accept payments.
Must-have features include transaction history, currency conversion, and so on. Apps for mobile payments are becoming more popular as the volume of cross-border money transactions increases.
Lending apps, like other types of fintech apps, enable the removal of a significant amount of manual labor from lending. AI capabilities, which are frequently included in lending apps, ensure that the app provides the best loan possibilities.
Customers’ information is gathered in large amounts by insurance apps. As a result, having a streamlined process with clearly depicted processes and a professional user interface becomes essential. There are other interesting peer-to-peer insurance apps that allow users to insure one another.
Personal Finance Apps
Budgeting apps used to dominate app stores just a few years ago. Every personal finance app’s main goal is to provide the user with a more complete picture of their expenditure.
There is a distinct class of fintech apps that stand alone while imitating other fintech apps: investing, payments, insurance, wallets, and so on. The only distinction is that these apps use cryptocurrencies.
You can read more about fintech on this blog – https://sabpaisa.in/fintech-guide-to-financial-technology-benefits-categories/
10 Steps to Create a Secure Fintech App
Step 1: Conduct research and make a plan
Knowing your rivals, the condition of the industry, development trends, and who your users are (their wants and why those requirements are significant) is critical for developing a distinct value proposition/business model.
Relevant data is acquired at this stage to clarify project details. Careful planning is required for a successful product, and it is possible through:
- The market study on a certain market
- Examining a competitor’s offering
- Identifying critical concerns
- Idea generation to address problems
- Choosing the best treatments
- Selecting an operating system that the program supports
Step 2: Build and execute a prototype
To bring your concept to life, you must first construct a prototype that depicts the app’s logic, structure, and arrangement of design elements, images, and content. Furthermore, addressing a design issue during prototyping is 10 times less expensive than making modifications during development.
Step 3: Create the UI and UX
You should deliver a tailored client experience, make the account useful and helpful, strive for ease of use, and ensure the whole app is transparent and safe, according to best practices in banking app UI/UX design.
Customers value the app’s appearance more than its functionality, therefore designers play a larger role than developers. As a result, they must work first before the developers, making it easier for them to work with codes.
Step 4: Select a technology stack
Because each project is unique, there is no one-size-fits-all stack for web or mobile banking development. Nonetheless, a well-chosen technology stack will assist to reduce expenses, cut software development time, and accelerate time to market.
Step 5: Create the app’s code
You can either implement the app in-house or via a software development outsourcing firm. If you have the time and money to engage banking software development pros, the first approach works. However, if you need to get started quickly, look for qualified banking app developers who work for reputable vendors.
Make sure the code is adaptable and portable across devices and operating systems. This enables software programmers to act swiftly and change code in the event of a data breach of any kind.
Step 6: Have a Solid API Security Strategy
APIs are used by mobile apps to interact with back-end data. API keys and tokens play an important part in the security and performance of the program. Implementing an automatic API token rotation is one of the best practices for API security.
API tokens should be rotated on a regular basis.
Because APIs are also in charge of functionality, content, and data, ensuring effective API security is another critical part of developing secure financial software. Identification, authentication, and permission are the three most crucial security mechanisms in an API security stack.
Step 7: Identify and Authenticate
As a result, a fool-proof authentication and identification system is required for security. When developing such features, you must ensure that the API limits all potential loopholes and includes a 2FA mechanism for added security. Your mechanism, however, should not make it difficult for users to log in to the app, as it is necessary to ensure that users put in the least amount of effort during the registration process.
Step 8: Release and keep
The most breathtaking and rewarding point of the trip is the application release. But only if you have experts on your team or collaborate with vetted banking app developers. They will assist you in polishing your software and preparing it for publication on the App Store and Google Play.
Step 9: Promote your app and request feedback
Google Play Market, Apple’s App Store, and Microsoft Store each have their own set of rules that banking app developers must adhere to in order for their app submission to be successful. After the app is released, the first feedback, ratings, and stars will be provided.
Step 10: Improve and update
It would be fantastic to solicit relevant feedback from your target audience, work with review sources, and invite influencers and opinion leaders to try (and then promote) your app. Put in as much time and work as you need to improve your app.
According to a survey, a FinTech industry is a specific sector where developing a successful mobile solution necessitates some unique measures to capture clients’ loyalty.The takeaway is that a good banking app is more than simply a cool companion; it is about providing a gratifying financial experience to its loyal clients!
So, if you want to add value to your fintech app development, prioritize app security because users demand bank accounts with high safety features rather than a seamless user experience.Personal financing is in high demand, and by allowing consumers to watch their spending and establish budgets, you are providing them enough.
This guide is thus here to assist you in achieving a decent banking app that meets the requirements of your clients in the most appropriate manner.