For years financial institutions and companies are utilizing several states of the art technologies for meeting the needs of their clients. These technologies shaping financial solutions are now referred to as fintech. From traditional mobile banking apps to sophisticated financial or investment planners, there are several different types of fintech apps in the market.
As per a recent survey, in the USA almost half of the banks and the majority of credit unions have already developed or are considering fintech partnerships. Fintech solutions have penetrated almost every walk of life including online and mobile transactions, mobile wallets to financial and investment planning to making insurance choices.
Since the market potential of fintech apps is enormous, it is quite normal for anyone to wish to build a robust and powerful fintech app. But wait a minute. What type of fintech app do you need? This is why we are first going to explain several different types of fintech apps briefly followed by the particular steps of fintech development.
Key Types of Fintech Solutions
Based on the financial segment, customer requirements and technologies, here we are going to showcase the leading types of fintech apps.
Mobile Wallet & Digital Payment
The integrated digital payment method with apps and online platforms is the most common and basic type of fintech solution. The mobile wallet that facilitates online payment for offline and online purchases is the most widely used fintech solution now. Some of the leading fintech apps in this segment include Google Pay, Apple Pay, Braintree, Stripe, PayPal, PhonePay, PayTM and several others.
Mobile Banking Apps
When traditional banks release a mobile app with all the net banking facilities to make on the go transactions further easier, we get mobile banking apps. Since people mostly access the web through their handheld devices, the popularity of mobile banking apps has already surpassed net banking.
Digital Credit or Lending
Digital credit or lending apps have just started to gain popularity. People looking for credit for different purposes 8ncluding education, house building, consumer purchase or others can just opt for these apps. These apps apart from checking the credit score and eligibility of the person can suggest a lot of credit or lending schemes as suitable for the person.
Investment apps are getting popular just because they provide people a lot of valuable information regarding different investment products and schemes and quickly help them to compare the different investment options and make a choice. From stock market investment to bonds to secure long term deposits to commodities and currencies, these investment apps cover a broad array of investment products and choices.
For customers deciding the right insurance product according to their requirements and eligibility is often a difficult task. This is where a mobile insurance planner app can help. An insurance app can also offer customers a lot of insurance product choices and provide comparative analysis and Allie them to test eligibility by providing the details.
Financial Planner Apps
Another key type of fintech app that has huge popularity is the financial planner application. These apps basically try to help the customers plan their financial budget, make use of their money for higher gains, make better savings and track expenses better.
Key Steps to Building a Fintech App: Most Important Steps
Now that you have a rough idea of different types of fintech apps to make the easier choice for your intended fintech project, it is time to explain the development steps one by one.
Make Extensive Research
For Fintech app development you need to reach out to your target customers and analyze their opinions and data regarding the requirements. You also need to analyze the various fintech solutions available in the market and their strengths and weaknesses. These findings will help you decide on the features, functions and user experience elements that you need to incorporate into the fintech app.
Build the Right Development Team
Now you need a team of expert fintech developers to build the fintech app. If you have no idea about the technicalities involved, it is always advisable to outsource the development and hire a team with proven expertise and track record in fintech development.
Choose the Technology Stack
Based upon the target operating system platforms and the kind of app features and performance expectations, you need to choose a technology stack consisting of the frontend, backend and database solutions. For native development, you need to rely mostly on the platform-specific languages while incorporating APIs to integrate banking features. For cross-platform development, you can rely on other cross-platform technologies such as Flutter, React Native, Xamarin, Python, etc.
For hiring an expert team for your fintech cross-platform app project, you need to go through a rigorous hiring process. We can provide you with a complete guide on how to hire flutter developers for your fintech project.
UI / UX Design
In the case of fintech app projects, designing the user interface (UI) and user experience (UX) has a greater significance simply because the ease of use largely depends upon these elements and the most notable and successful fintech apps in the market offer fluid and effortless UI / UX design. It is advisable to go through a rigorous UI / UX design process consisting of wireframing, mock-ups and dynamic prototyping.
Finally, before the app is launched, it is always advisable to subject it to rigorous QA testing. Many fintech apps release a Beta version to make the app users within a selected number of reliable customers and based upon their feedback and inputs address the fault lines and launch a perfect app.
Releasing App Updates
Since the fintech market is more prone to security threats of all kinds and since there are new tech innovations that appear every once in a while, a fintech app from time to time needs to release security patches, performance and user experience updates. The continuous cycle of updates is a key aspect of fintech app development.
If you are a fintech startup and want to develop a successful fintech app, the above-mentioned steps will help you to get started. Remember, among all the tech driven businesses, the financial sector happens to be the most dynamic one. Naturally, your quest for new technologies and new user experience attributes for your fintech solution cannot just comtech-drivene to a standstill.