There’s not a single industry that has not been caught in the web of global digitalization for good! Fintech not being an exception witnessed tremendous growth, especially after the pandemic, and the market value is most likely to hit $309,98 billion by the end of 2022.
No wonder fintech is complex; however, the traction it is gaining is unspoken! The industry is replacing traditional mechanisms, including payments, banking, e-commerce, and much more, enabling businesses to obtain more control over their finances.
Are you thinking about fintech creation? Here’s more for you to learn about fintech and its key requirements for app development.
So, how about getting started?
What is a Fintech App?
Financial technology or fintech refers to mobile apps that automatize and enhances financial services using modern technology. Companies leverage the mechanism for delivering solutions that enable app users to efficiently manage their financial operations.
Additionally, fintech helps solve finance-related problems faced by service providers and users. What are they?
Take a look!
- Easy access to investing
- Access to personal and online banking to unbanked
- A plethora of financing options
- Multiple payment options
Do you want to get a fintech app developed for your end users? Then, it’s time to get an exceptional fintech app development company on board for further assistance!
What are the Key Requirements of Fintech App Development?
If you’re a startup, then this guide is for you! It is significant for you to be familiar with some of the best features you can integrate to help your platform acquire a solid consumer base.
So, continue reading to learn more!
1. Multiple Integrations for App Enhancement
Notably, the foundation of building a flawless platform is API that are utilized to form a link between software applications. For example, talking about the fintech domain, APIs are integrated for issuing commands to third parties.
Additionally, it improves the overall cost, and one of the most common examples is integrating the fintech app with Plaid API. The mechanism enables linking apps to bank accounts for app users to effectively keep a check on their account balance, make transactions, and more.
Not to forget, privacy and security are one of the most significant factors in the fintech industry, and it is vital to gain users’ trust by providing them with the best security services.
Some of the top-notch security features that’ll help enhance the functioning of your fintech app are:
- Registration using the phone number
- Two-factor authentication
- CVV2 codes
- Biometric security
Additionally, it is suggested to thoroughly test your app and its security system to avoid making any blunders. It is also necessary to keep your app updated and maintained for security reasons.
Undoubtedly, the fintech industry deals with truckloads of data that has to be kept safe from theft and hacking. Moreover, providing companies with external customer support is a risky business, and consultants must be provided with proper training to work under strict safety rules.
In case your app is not able to resolve customer queries 24/7, it is better to integrate an AI-based chatbot that’ll serve the end users and decrease your burden.
4. User-Friendly UI
For any app to stand out there, its UI has to be minimalist and user-friendly. Furthermore, fintech apps must be amalgamated with stats and analytics that display real-time information for companies to easily recover their revenue.
So, what do you think?
Cost of Fintech App Development
Nothing comes easy, and fintech app development is equally complex as any other software development. Therefore, what worries most app owners is the budget! Since complexity demands higher investment, no one would want to burn a hole in their pocket.
To provide you with the estimation of the overall cost of app development, mentioned below are a few factors that influence the investment to be made:
- Choice of the platform
- UI/UX design
- Number of features integrated
- Tech stack used
- Technology incorporated
- Developer’s cost
In a Nutshell!
Undoubtedly, the fintech market will continue to grow and make financial management easier like never before. However, it is of utmost importance to attract a large customer base to acquire success.
How will you do so?
By building an applaud-worthy fintech app for your audience with the help of the best mobile app development company.
So, what are you waiting for?