Key Learning to Build Fintech App for Startup

The worldwide digital transformation enabled all industries to target a wider customer base on a global scale, helping to improve customer service and support like never before. This is particularly visible for the financial industry. The penetration of technology for banking, insurance, investment and other financial segments has been so rigorous that the Fintech app category is now one of the most competitive across app marketplaces.

Due to this increasing competition among fintech apps, building a fintech app is no longer enough to cater to your customers. You need to ensure that the said Fintech app has all the ingredients of success. Whether you’re building a fintech app for the benefits of staffing your small finance firm or looking to roll out a payment app for your grocery business, you can’t compromise on these ingredients.

Learning from the leading Fintech app projects here, we will offer some hard-learned tips for developing an excellent Fintech app for startups.

Consider the Fintech App idea

To build a sustainable fintech app that continues to thrive with popular engagement and traction, you need to start by evaluating the app idea and its market feasibility. Ideally, one should start by brainstorming with core stakeholders. To evaluate the app idea, ask these questions we mention here below.

• How will the new Fintech app add value to customers’ financial transactions and user experience?
• What unique value propositions does the app offer and how do they differ from competitor apps?
• How will the fintech app monetize and generate revenue, and how sustainable is the business model?
• What are the development challenges for the project, and do you have full command to take on these challenges?
• What kind of resources does the project need, and how will you facilitate them?

Has a strong knowledge of financial rules

Since banking, insurance and all financial niches are extremely regulated by several industry-specific laws and compliance rules, you need to have strong control over your fintech app to release a successful fintech app product. Some of the critical regulations apart from the country-specific rules that fintech apps need to keep in mind include Anti-Money Laundering (AML), The General Data Protection Regulation (GDPR), Payment Card Industry Data Security Standard (PCI DSS), and several others .

Not only do you need to have a good idea of ​​these regulations, but you also need to figure out in advance how they can seriously impact your app’s success and monetization. Since many of these industry-specific laws and regulations vary from country or state to another, you must be extremely cautious about their implications for Fintech operations and transactions.

Choose a suitable Fintech niche

The fintech industry is huge and multifaceted, and naturally it is difficult for a new start-up to choose a specific app type. This is why you need to spend a lot of energy and conscious thinking to decide on the right fintech niche that suits your ambitions, abilities and expectations.

Since as a startup you are not going to launch a mobile banking app just like established banks, you can choose from the trending startup niches like investment advice and management apps, financial planning apps, money transfer and wallet apps, crowdfunding apps, insurance sales and advisory apps, market monitoring – and stock market apps, credit management apps, etc.

Know your target group

The next important step is to know your target audience who will be using your fintech app. For this, you need to analyze several different demographic factors and user characteristics, ranging from age, income, gender, location attributes for lifestyle and purchasing patterns to financial preferences.

Some of the most reliable ways to know your target audience include social media analysis and research, market statistics and analysis tools, and conducting market research through professional agencies. Once you have an almost perfect idea of ​​the target audience that will be using your app, you can use this information and knowledge to fine-tune your app even further.

Pick UP the right tech stack

Now that you have a comprehensive idea of ​​the market, the competition, the target audience and the app idea, you can pick up the technology stack that is the perfect fit for your app project. Since fintech apps rely on trending and cutting-edge technologies for enhanced and intelligent customer experience, you can’t just stick to traditional and soon-to-be-outdated technologies.

It’s always a good idea to build a fintech app using cross-platform technologies with native features like Flutter and React Native. When it comes to using trending financial technologies like Blockchain for secure transactions, you can rely on corresponding APIs. Similarly, you can opt for conversational AI Chatbot for smooth customer onboarding.

Impressive UI/UX

When it comes to fintech app projects, creating an impressive user interface (UI) and user experience (UX) is crucial simply because fintech users don’t waste time on functionally frustrating apps. It must load quickly and make it easier to perform actions as easily as possible.

For Fintech apps, it is always important to go through a comprehensive design process that includes wireframing and mock-up design to the final stage of dynamic prototyping.

Robust QA process

Fintech transactions that go wrong can directly affect the financial loss of customers; therefore, performance and security are extremely important aspects of any fintech app. This is why for a fintech app it is crucial to go through a rigorous QA testing process.

While user testing, security testing and performance testing are a must for fintech apps, many leading fintech apps before launch decided to release their beta versions so that, based on user feedback, they can improve and create a perfect app in every way.

Parting words

Fintech is far from an easy industry you can bet on for quick success. But once a fintech app is developed and released following these proven guidelines and principles, even fintech apps from small startups can enjoy global success for a while. In this regard, one must remember that fintech apps should aim for sustainability and improvisation with the market rather than quick success.