Fintech App Development Guide For Your Business

How is Financial Technology shaping the future of payments?

Fintech companies, which include startups and existing organizations in the finance industry, use technology to create user-friendly, cheaper, faster, more streamlined, and automated financial services. Fintech involves services such as banking, insurance, trading and the creation and use of crypto currencies, such as bitcoin. The industry has gained a huge impetus, owing to the use of cellphones and rapid advances in technologies. Digital Finance services have redefined the way in which financial activities are done, making borrowing, depositing or transferring money, opening a bank account, filling out credit applications, monitoring investments, paying bills and fraud prevention easier. From mobile payments to crowdsourcing, digital finance has altered the course of corporate operations, improving and supporting firms and tech-focused startups, showing no signs of slowing down.

Key functional domains to make a fintech app in 2022

The finance technology market is estimated to reach $305 billion by 2025, with a 20% CAG. For financial institutions and businesses to thrive and stay relevant in an ever-growing industry, a change to a digital-only model is becoming increasingly important. Apps in the digital finance industry have become more popular as AI/ML, big data analytics have improved and progressed. While developing a product, there are a few crucial domains to consider:

  • Loan
  • Digital Fiance application
  • E-mortgage
  • Insurance
  • Investment, including robo-advisors
  • Digital payment apps
  • Personal finance management
  • Tax filing and management
  • Peer-2-Peer payment
  • Crypto currency
  • Digital wallet
  • Regtech
  • Stock trading

Core Digital finance app features

Let us have a look at some important features of fintech app development in 2022

  • Strong app security – Biometric authentication, involving facial or voice recognition, two-factor authentication and fraud detection tools are safer than traditional security measures like passwords.
  • Blockchain – This technology is being used in apps to ensure safe transactions.
  • User-centric design – The app UI and UX should be customizable according to the needs of the users. Highlights, diagrams and charts indicating the status of their funds are more visually appealing to users than reading numbers. Notifications keep customers updated on the status of their finances.
  • AI chatbots and recommendations – chatbots in finance industry softwares can improve customer service, with an added advantage of twenty-four seven availability at minimum costs. AI helps process and collect data and predict customers’ requirements based on their usual actions.
  • Cross-platform usage – Account integration should be a seamless process on the user-end in a product.
  • Gamification – These apps should feature benefits, including rewards, discounts and cashbacks, to gain more users.

Best technologies to build an app for finance industry

For developing a digital finance solution, different tech stacks or technological tools are used. The tech stacks used while developing will be based on the type, budget and functions of the app. Some of the tools used in the development are :

  • Java, JavaScript, Python, C/C++, Ruby, and Swift as programming languages for web, iOs and Android
  • React and React Native, Node.js, Django, Ruby on Rails, Angular, and Vue for app frameworks
  • PostgreSQL, MySQL, MongoDB, Kafka, and Snowflake for database

A step-by-step guide to building finance industry app solution

Developing an app worth its salt involves careful study of latest market technological trends and market studies; here we take a look at the steps involved :

  • Identifying the target market – Researching a target marketbase is the first step to developing a successful and competitive software and apps.The focus should be on the needs of the target market and ways to improve existing technologies for users. There should be a clear vision for the project and what it aims to achieve.
  • Choosing the useful tech stack – In product development, depending on the cost and time, developers can choose between native, cross-platform and progressive web apps.
  • Adding core features – The features discussed earlier in this article need to be kept in mind, while developing the app.
  • Following laws and regulations – Depending on the country in which the product is being developed, compliance with national privacy laws and related finance industry regulations is key.
  • Testing the app – Creating an MVP version of the app will help users to try the product and give useful feedback.

Challenges of creating a software solution for finance

As attractive as it may seem, developing a software application is filled with challenges, owing to stiff market competition, ever-changing technologies, and a plethora of regulations. Let us take a look at some of the common challenges faced while developing a product.

  • Coming up with a unique product idea – One of the most crucial factors to think about while building a software application, this entails looking out for market gaps that need to be filled.
  • Selecting a tech stack – This step will decide the performance, how user-friendly the product is, how safe it is for users, and the costs that will be involved in the developmental process.
  • Accepting government regulations – This can be a daunting task, since the rules and regulations surrounding the development of the product vary in complexity, depending on the country in which the product is being developed.
  • Handling AI and big data – Developing involves a balance in the integration and utilization of complex systems.
  • Security – Protection of sensitive information through encryption is another challenge in the way of development, since cybercrime is still a very real threat to privacy and user data.

Develop your next finance app with an industry expert

Choosing the right professional team is key to building a successful product. With over 17 years of experience in the industry, GeekyAnts- Fintech & Healthcare app development company has worked with businesses worldwide to deliver successful, personalized finance industry apps using state of the art technologies. Some of their successes include an instant payment system for the Bank of Azerbaijan, a mobile banking application for Jupiter Money in India, a mortgage software solution for Sprive, and their collaboration with Khatabook, India, for building a digital transactions ledger. Keeping in mind the developers’ vision, they are always looking forward to creating high quality software products.