Fintech application development company made millions out of the finance industry. Fintech apps have changed the traditional way of paying money. As fintech apps are easy to use and solve all the common issues related to the banking and financial sector. Because of this, they are in huge demand.
Moreover, fintech apps are great to make quick money transfers, storing transaction history, trading, and many more. Fintech apps can manage loans and insurance, investment in the stock market online, tax management, and currency exchange.
If you are planning to invest in well designed, secure fintech app it could make you a billionaire. As the demand for fintech apps is increasing every year.
Let’s see some data according to the reports :
- There are approximately 30,000 fintech start-ups.
- The global financial sector is expected to be worth US$26.5 trillion in 2022, with a CAGR of 6%.
- The largest fintech company is Visa with a valuation of almost half a trillion USD.
An estimated 70% of Americans used some form of digital banking. This figure has increased year-over-year by at least 0.5%. Approximately 65.3% of the US population uses digital banking at present time.
In this blog, we shall be discussing the latest trends in the fintech industry and the step-by-step guide for building Fintech mobile apps.
Let’s go!!
What are fintech apps?
Simply fintech refers to financial technology- which means financial services provided with the help of technology and innovations.
Fintech apps include money transfers, trading, financial planning applications, money management programs, and much more. They have improved the security of customers and improved data processing with additional layers of fraud protection. Let’s look at some latest trends in the fintech industry. Fintech mobile app development services look out for latest trends so that they can provide competitive solutions in the fintech industry.
Latest fintech trends
We have researched the finance industry and listed here the latest fintech trends. To know more read along.
Use of AI for fintech apps
AI helps them in managing user income and spending limits on a variety of things. Banking apps provide customized financial advice for assisting users to reach their financial goals. AI helps the user to assist 24/7 and respond to users in real time without skipping one.
- Easily detect fraud and block user request
- Improved security and UX
- Save time and cost
- Automated customer support
- Helpful in market research and prediction
Biometric authentication
Fintech apps are sensitive when it comes to privacy, biometric authentication is best to enhance security. This technology helps in identifying the person and avoiding theft with biometric authentication.
- A reliable method of verification
- Lower risk and high security
- Preventing theft, fraud, and mishap
- Enable fingerprint and face recognition
It is handy and easy to use. It comes with two-factor authentication and is helpful to verify the transaction. Biometric authentication is used widely, if you are developing your app ask your mobile app development company to embed this technology.
Easy payment innovations
Contactless payment, smart speakers, and mobile wallets these latest technologies are examples of fintech innovations.
Moreover, this allows clients to make large transactions securely. Multiple payment options are quicker and more convenient than accepting checks. And overseas visitors can make the purchase very comfortably.
Crypto and blockchain
Fintech application development company use blockchain technology. As it is an emerging technology with advanced functionalities that makes the error-free system secure. It is ruling over the fintech industry because blockchain solutions will reach $11.7 billion globally.
Usually, blockchain helps to integrate secure payment gateways, manage settlements, clearance and identity management, and many more. Blockchain is challenging to use on the other hand popular fintech applications contain blockchain transactions.
Step-By-Step Guide for Creating Fintech Apps
Fintech is a competitive industry, if you want to successfully launch your app you have to accelerate the process of building the app for launching it in the competitive market.
1. App ideation
Start brainstorming the idea by thinking of developing the app from the user’s point of view. The current trends in the market, and analyzing the competitors. Once you are clear with the app idea shares that with an expert fintech app development company.
2. Market research
This is the most important step, without market research drop the idea of developing a fintech app. Usually, market research helps you to analyze the latest market trends. By doing good market research you will find the mistakes of your competitors which you will avoid in your fintech app development process.
You can use social media analytics for doing market research and conducting a survey which is the easiest way of doing market research.
3. Ensure legal compliance before developing a fintech app
It is essential to apply security protocols to save your fintech app from illegal activities. You have to follow legal compliance to prevent such activities. All you have to understand the legal agreements related to users’ financial data using APIs.
In addition, you can generate data privacy and management policy. Also, create a backup in case of business continuity and disaster recovery. Start this by signing an NDA agreement to protect your idea.
4. Choose right stack
Choosing the right stack will save you time and money or you can hire mobile app development company they will help you in choosing the right stack for your fintech idea.
The tech stack to build android based fintech app
| Android app development toolsAndroid StudioUI/UXAdobe xd/ Adobe illustrator/ FigmaFrontend tech stackReact native/ Angular/ Vue.jsBackend tech stackPython/ java/c++/RubyFrameworkReact/ Node.js/Spring /RORDatabase MySQL/MongoDB/PostgreSQL |
Tech stack to build iOS fintech app.
| Type | Tools |
| iOS development tools | Xcode/App code |
| UI/UX | UIKit/SwiftUI |
| Programming language | Objective-C/ Swift |
1. Hire dedicated developers
Now it’s time to hire dedicated developers. You can hire an android app developer or an iOS app developer if you want to develop the app for android users. Don’t forget to hire a UI/UX designer as the design is the crusial part of the fintech app.
2. Start the development process
After hiring the team it’s time to start the development process. It starts with the front-end development of the fintech app. Minimal design is good for fintech app development. Ask the ui/ux designers to create a lucrative front end so that the app will deliver a positive user experience.
The front and back end develop hand in hand. After the frontend development is completed the backend developer will give functionality to the frontend part of the app.
3. Test the app and launch
After the development it’s time to test the app, the app should be tested with all the tools. This will help you to get the final result of your app. It will help you to fix bugs and errors in this stage. After resolving all the issues it’s time to launch the app in the market.
4. Maintenance
You have to maintain the app after completing the development process. Invest in maintenance services will help you in maintaining the life of your fintech app.
Conclusion
By going through the blog we hope you can easily launch your fintech app. Fintech App Development Cost depends on various factors. If you want to know more about the fintech apps you can contact to fintech app development company.
