DEV Community

Cover image for How to successfully create a fintech app?
huskyjam
huskyjam

Posted on

How to successfully create a fintech app?

Great digital changes have affected the introduction of technology in all spheres of life. Fintech is a financial technology industry that also refers to this created to facilitate working with financial transactions. The development of the Fintech app is worth paying attention to; this is a great way to earn money. But to implement a competent plan, you will have to face various difficulties and tasks. This article will help you answer all your questions.
So, how to build a fintech app?

Nature of the technology stack

Choosing the technology stack in accordance with your tasks guarantees the construction of a successful fintech application. It is necessary to be aware of the state of the main technological trends. Let's look at a few of them.

1. Blockchain

A continuous sequential chain of blocks containing unchangeable information built according to certain rules. This helps to maintain undisclosed reliable facts about users and ensures security.

2. Artificial intelligence

Artificial intelligence analyzes the transmitted information and thus interprets it and demonstrates the necessary actions. It is an ideal option for completing the full list of tasks in this application.

3. Big data

A modern technological direction associated with the processing of large data sets, which are constantly growing. Big Data is the information; it's processing and Analytics methods. The main fact is that big data predict the actions of customers, which provokes the creation of marketing moves.

4. Microservice

Microservice is the interaction of several modules and services. It is useful for clearly organizing the entire fintech app. Thus, it becomes a classified mechanism with interconnected data management components.

5. Cybersecurity

Cybersecurity is an activity aimed at protecting a program from digital attacks. The purpose of such cyber-attacks is usually to gain access to confidential information, change or destroy it, extort money from users, or disrupt normal business processes.
The next step is to select the technology stack. They are important for creating certain restrictions for application implementation. Here are a few of them: JavaScript, Flash, Scala, and Golang. This is one of the safest technologies for building a backend.
To choose a programming language that is suitable for your fintech application, first, it is correct to set clear goals and expect their implementation. Sometimes you have to use multiple languages because each task has its own characteristics and requirements.
When developing a fintech application, you should set a goal that consists of thinking of something that will facilitate the process of using the app's users. Therefore, setting functions plays a huge role and contributes to the creation of a unique application.

Here are a few features that each app should have:

  1. Easy login to the app. For example, using a fingerprint, voice, and face recognition.
  2. The application must have an operation related to finances: money transfers, balance check. The more money transactions your clients can perform without contacting other organizations, the more likely you are to promote your app.
  3. The ability to scan a QR code and the card number. It will make it easier to use your app.
  4. Financial Management is the ability to monitor your money, plan your budget.
  5. Notifications that each client can configure at will. They are also a good way to inform users about the existence of a fintech application.
  6. Cashback to attract customers, as they like different promotions and the opportunity to benefit from something. The successful option is a great offer cashback when using fintech application.
  7. Setting up extraordinary services that allow users to book, buy, or order different things. When using these functions, you can also offer to automatically record expenses, which will make life easier and save people time.
  8. Using chatbots allows the user to quickly find out the necessary information at any time, as well as simplify the work of employees. To successfully implement this feature, you need to carefully configure the chatbot because they often do not cope with their tasks.

Steps to successful development fintech application

To create an application that will be considered unique among others, it is important to understand the procedure. It is proposed to analyze each step in detail and clearly put everything in place.

Step 1. Select the category

It should fit your budget, your ideas. You also need to remember the legal side of this process, as the unregistered financial activity can lead to liability and reduce the reputation of your app.

Step 2. Defining the idea and setting the functions

To do this, you must clearly imagine the points that will help your app differ from others. Therefore, it is important to analyze the competitor’s market and user demand.
Turning to professionals in this industry will guarantee the creation of a competent application. These specialists should collect all your wishes, analyzes, and requirements into one whole and form a General picture with a sequence of actions.

Step 3. Unique design

Your app's interface sometimes plays a bigger role than its functionality. He is the face of your app. You should contact a qualified designer who will make your brand unique and recognizable.

Step 4. The answer to the main questions in developing your fintech application

At this stage, you need to evaluate the financial Department required for the project, determine the approach to creating it, and choose how to create a prototype of your application. Contact specialists who will help you fully understand the nuances of app development.

Step 5. Development of a minimum viable product (MVP)

Before implementing a specific project for a long time, you need to test it. It is MVP that can confirm the readiness of your application to function for a large audience.

Step 6. Release, update, and further development

Current development, releases, and support. If you think that after the app is released, you don't need to do anything else, then this is not the case. From now on, you should not only support your app but also make it better. Customers should see that the app is being updated and working to improve for their users.

What are the reasons to develop a Fintech app nowadays?

The banking industry is changing rapidly. In the past few years, non-traditional Fintech startups have begun to realize that their work can lead to stable long-term growth. Most Fintech companies are characterized by an original, innovative approach, consumer-oriented flexibility, and digital-based infrastructure-something that most "old-school" financial institutions do not have.

Almost every user wants to see an app on their smartphone that will help them limit their budget analysis time. Consumers are well aware of it and try to benefit from it. Fintech projects allow them to process more data about the client, for example, where and how they pay with a card. Then, based on this, interesting offers are made to users.
They create projects aimed at optimizing their businesses. Even now, fitness apps bring them profit. In addition, the advantage is that the fitness industry is not limited to one category. Modern technologies do not stand. Still, they are developing, and there are even more of them.
It is important to analyze the market at this time and evaluate the success of fintech apps.

Top comments (2)

Collapse
 
marcellahaller profile image
marcellahaller

As for the steps in developing a fintech app, the post gapsystudio.com/blog/fintech-ux-de... also indicates such steps as: create use cases, create a travel map and an app map.

Collapse
 
mahamoti1129 profile image
Mahamoti1129 • Edited

Just so you know, there's a reddit user reposting your article as his own on multiple subreddits.

reddit.com/r/web_design/comments/n...