Key Features of Fintech App DevelopmentAmr Saafan
We have seen that money is the most important thing for an individual or a business to run, especially during a crisis. In the past, people could borrow money from one another or from banks. However, as time passes and technology and the internet evolve, industries have developed numerous dependable solutions.
People were more concerned with the physical mode of loan sanctioning their money before covid-19, but after the pandemic, it became quite uneasy for people and businesses to stand in a queue and apply for their loans. This method is both risky and time-consuming.
You could be a potential fintech solution provider, providing customers with quick and secure solutions.
You can learn about the term “fintech solution” and its entire development process from beginning to end here. This may improve your chances of becoming the next top fintech app partner in the current industry.
Stay with us until the end, and you will gradually understand how fintech is the best solution for people to deal with their money crisis, and how it eventually helps you build the brand image and, most importantly, profit for your business.
Let’s start with fintech and an analysis of its market growth.
What do you understand about fintech app development?
Fintech is a term associated with the term fin+tech, which means a combination of finance and technology to provide some solution to the people.
This is what the entire fintech industry does.
The Fintech Software Development Company is a business that provides solutions to customers’ financial problems. With the incorporation of technology such as AI and ML into applications, the fintech solution effectively provides many desired solutions to end customers.
Many solutions you can land to your customers;
- Online money transactions
- Insurance of the digital system
- Secure with financial risks
- Trading exchanges solution
- Fast billing systems
- B2B fintech solutions and many more.
Market analysis for fintech industries
Everyone is thinking about fintech, especially investors and businesses.
According to Statista, global investment in these aligned companies has raised a total of $112 billion.
More than 70% of the company’s senior executives believe that fintech opens up a slew of new opportunities for banks and customers.
This evolution of fintech firms is unsurprising given that it creates solutions for every finance and banking industry.
Fintech introduces technologically advanced solutions to the market, such as digital money loans, e-commerce payment services, stock trading payments, and digital currency exchanges. Everything is based on digital currency access, which gives fintech companies an advantage.
Categories of fintech solutions for industries
If you’re a passionate entrepreneur in the race of fintech app development, there are numerous opportunities for you to be interested in the solution or your application.
Some of the industries where you could apply your solutions are as follows:
- Loan lending app
- Digital banking apps
- Crowdfunding apps
- Insurance apps
- Blockchain apps
Challenges faced in the development of fintech solutions
Fintech is more concerned with solutions than with problems. However, as we all know, every industry faces some difficulties.
The finance industry faces numerous uncertainties along the way; we must comprehend the difficulties encountered while providing the fintech solution, as well as the reasons for recovering from them.
Secure Digital identities
How can I protect my digital identity? This is one of the most important factors to consider before beginning your development process. It is extremely difficult for businesses to maintain their digital image in today’s virtual world. Companies are fighting tooth and nail to keep their market share and provide accurate solutions to their customers.
You can also protect your online identity. Allow for some bottlenecks during the portal registration process. To emphasize, you can provide login via OTP or a two-way authentication process. Thinking about all of the challenges at the start is a wise strategy that most businesses have used.
Data ownership legalities
Companies must navigate numerous legalities and ownership issues in order to comply with data legalities and compliances. Data is a valuable asset in the finance and insurance industries. You cannot assert the existence of your data in the absence of any legal formalities. You must appoint someone/a lawyer to handle such cases.
Migrate on cloud or virtual platform
Data is distributed at the company’s local level. It must be stored in a secure location. To accomplish this, you must place your critical data asset on a secure server or cloud platform.
You could compete with cloud solution providers to obtain your critical data from their storage. There are, however, various tools for monitoring and controlling data on virtual platforms.
In according with laws and regulations
To begin with your fintech app development, you must dress your company in accordance with and under the supervision of your country’s legal laws and authorities.
This is an important factor for your startup to consider because it will keep customers trusting you for a longer period of time.
Any third party protocols
You must align with some third-party protocols in order to be the best solution partner in the fintech sector. Payment gateways, social network buttons, chatbots, and analytics systems are just a few examples.
Fintech companies are the industry’s leading solution providers for current trends; challenges are only characteristics that may arise during the development process.
Create some strategies for rebranding your image and allow the world to be your table.
How to create a fintech app solution for your business?
We’ve learned a lot about the fintech industry and its challenges up to this point.
We’ve arrived at the crucial point where you can begin your development process.
Despite this, the fintech mobile app development company compromises the solution’s quality. They maintain their digital dignity by providing the industry and people with the fastest and safest options.
The first step is to understand the niche industry, where it is headed, and how to carve out your own space within it.
Research and analysis of the existing solution provider
It is quite simple to research several facts and data where they have previously delivered the solutions while residing in the existential industry. Knowing the most recent market trends and then analyzing your ideation and gaps to bring something more secure and faster to the people.
Choose the best niche for your company to provide a one-of-a-kind solution to the market. This is all about market research and trends.
Develop some prototypes with the support of your developer
A prototype can help your product’s value in the long run, allowing you to keep a large amount of money while developing.
It will automatically reduce the cost of the final product and detect any errors or flaws at the start of the process.
Designing components matched with UI/UX
Designing is the most natural way to improve a product. When a user first visits the platform, his primary focus is on the look and feel of the interface.
Fintech solution providers are more likely than previous leaders to provide faster and more secure solutions. A smooth interface with a parallax design elevates the customer experience to new heights.
Features implementation to match with your goal
It is critical to include the best feature-aligned solutions when delivering the right stack of services to the user. Always strive to include the best features that are in line with industry standards in your app.
Some of the must-have features are as follows:
1) Sign up and sign in screen
Creating a highly integrated platform is critical for the fintech application’s bulletproof functionality. The user login interface is the first step in gaining access to the platform. If users fail to attempt logins, they are likely to be moved with the system and lose trust in you.
With the integration of social media accounts, the signup process should be sped up. The fintech channel contains a large amount of data that the end user must validate, record, and manage. Changing any of the categories puts the application at risk.
2) Transaction history
Users make numerous transactions from their accounts, making it difficult to keep track of every transaction detail. Users can view a summary of their entire transaction history in the transaction history panel.
3) Card details
When it is not necessary to enter the card details for a transaction, bring the details to the dashboard once and let you simply tap on it to pay your amount.
4) Checkout and cashback
This feature allows your users to easily check the amount and receive cash backs and discounts. This encourages the user to complete the transaction.
5) Deposit machines
Deposit machines, like savings accounts, are systems where users can enter their money. The user transacts amounts from it when needed.
6) Saving management
This section assists users in managing their funds in their fintech accounts. Users gain knowledge of their saved funds and deposits.
This is the digital signature that enables the app’s secure money transaction. These are the encrypted signs that users must attach before any transactions from their fintech platform accounts.
8) Data visualization
This is an insight and analytical tool for tracking data and its use. How will the data scope evolve in the future? Users can view their transaction graphs and pictorial representations here.
9) Push notifications
This feature allows the user to stay up to date on all important notifications. This feature allows the user to be aware of important fintech news without having to return to the app for each notification.
Users may have multiple cards from various banks; it is simple for them to manage the details in their dashboard for quick transactions with complete accuracy.
Introducing AI with the platform
When it comes to banking and finance, artificial intelligence (AI) is the most important factor. Because technology is changing so quickly, it is critical for businesses to align with AI technology to gain a competitive advantage. In the industry, AI fintech solutions are fast, advanced, user-friendly, secure, quick, and dependable.
Compliance with the fintech regulations
For newcomers, the industry is unusual. Under a variety of security laws and regulations, industries must maintain their solution.
Consult with your legal advisor before committing to all formalities such as KYC, PCI-DSS, and so on.
Cost to develop the fintech solution in 2022
Fintech is a broad marketplace sector. It is based on a variety of other factors. The cost of the fintech solution would vary according to
Location of the developers
You must select the best mobile app development team to fit your industry’s needs.
The cost of hiring the developers, on the other hand, would vary depending on where they live. The fee for American or European developers is higher than for Egyptian developers.
Technologies muted in the platform
We cannot ignore the significance of technologies in the very fragile and complex app structure that is fintech. The chatbot and customer support are critical for task management. It should be supported by the most recent algorithms, which will raise the overall cost of producing fintech applications.
Cost for the maintenance
How about you acknowledge whether or not your platform is fully functional? After-sales support is also critical for your application. This increases market trust and quality for your solutions.
A niche of fintech app
Fintech apps are widely used in industries such as banking, lending, insurance, investment, consumer finance, and so on. The cost of a fintech app varies depending on the niche; you should analyse each component briefly and estimate the final price for the product.
Important technologies you can addon for fintech app
The top-tier factor aligned with the fintech application for secure and faster banking is security. To reduce risk in the registration and banking systems, the technologies that have evolved must be integrated with security.
Every fintech company’s goal is to acquire desired solutions for users in any way possible. When deciding on a technology stack, developers and analysts collaborate to come up with a solution that will functionalize the entire process.
Fast forward technologies will be the bane of fintech core companies in 2022.
Python, java, ruby, C++, C#, scala, and ruby on rails are suitable for front-end applications.
- Ios: swift, objective c, swift, apple Xcode, ios SDK
- Android: java, kotlin, android studio, Android SDK
- Native, C#, flutter
- Phonegap, html5
Consider the technology that is applicable to your niche. This will bring your product to the right market while also lowering the cost. You can select a fintech app development company that can help your product gain traction in the market by incorporating the appropriate technology stack.
Popular Fintech companies
As the industry of fintech underwent many transformations, it pushed many new players. This way frontlines new financial services to the world.
Banking fintech provider
- Monzo was founded in the year 2015, this UK-based fintech company has acquired $1.1B and has nearly 5M account holders.
- Tide has the potential customer-centric banking market; users can raise business credit in less than 3 minutes.
Payment fintech provider
- Braintree is a PayPal-owned company empowered with a powerful payment solution to transit companies like uber, StubHub, and Poshmark.
- Stripe delivers solutions to top MNC companies like Google, Amazon, Salesforce, and many others. Stripe has partnered with banks including Goldman Sachs, Barclays, and Citibank and launched their stripe treasury using the stripe API for end-to-end customers like Shopify.
- Azimo promises to deliver money within less than one hour.
Investing and wealth management
- Robinhood has a service for premium users called Robinhood gold which allows pre and post-market trading, buying additional power, and larger instant deposits.
Market and exchange fintech companies
- Ethereum is one of the token mining companies, working on bitcoins, consumer apps, and developer API. It has invested total funding of $18M.
Money Lending companies
- Affirm is a San Francisco-based service that delivers money lending solutions to companies.