How to Build a Fintech App? Share: Async Labs Date Published 3 March 2022 Categories Blog Reading Time 4-Minute Read Waiting for the perfect time to develop a fintech app? The time is now! Whether you’re paying your bills through your bank’s mobile app, checking your account balance, withdrawing money at ATM, or using one of the online platforms for money transactions, you’re using fintech technology. We have already become so accustomed to these services that we can hardly imagine our lives without them. According to recent research, Generation X and Z have met all their financial services needs via the mobile Internet in recent years, opting for companies or financial institutions that use mobile and flexible channels to conduct transactions. Fintech empowers consumers to take control of their financial lives, leading to much greater financial literacy and improving their financial situation and outcomes. So what exactly is fintech, its main areas, and how do you develop a fintech app? Let’s discover more! What is FinTech? FinTech (short for financial technology) refers to companies that use modern technologies to offer an individual, innovative replacement for traditional banking services. It is a term used to describe the impact of new technologies and solutions on the financial services industry and traditional banking. The main fintech areas include the following: Mobile banking and mobile payments Cryptocurrency and blockchain Investing and trading Consumer finance How do you build a fintech app? Developing a fintech app isn’t much different from developing other apps. Here are the steps necessary to create a Fintech app. Do the research and find your niche Fintech software developers need to find a niche and do a lot of research before developing an app. You need to ensure that you’re creating the right product for the users and your business. Here are some fintech niches: Payments Money transfer Wealth management Cryptocurrencies Insurance Personal finance Trade Legal requirements Legal requirements vary in each country or even in each state or region within a country. Ensure you comply with all applicable legal requirements, laws, regulations and get legal counsel. Form a development team To develop a fintech app, you need a team of the following professionals: Designer Project manager Front-end developer Backend developer Product Manager Business Analyst QA Specialist The number of people on your team will depend on deadlines, the project’s size, and your chosen technologies. Choose the software development company for your next fintech project based on their experience, communication skills, and hourly rates. UI/UX Design A good UI /UX design is an essential part of all fintech apps. The app has to be user-friendly and easy to use. Creating multiple prototypes will help you determine which UI /UX design works best. Develop an MVP (Minimum Viable Product) Create and develop a list of MVP features, and release an MVP version to ensure that your app finds a market after release. Check and analyze your direct competitors to achieve similar goals. Think about developing innovative, faster, cheaper, and more user-friendly apps. Choose the right technology Choosing the right technology stack for developing a fintech app with high-value features is critical. The right technology stack will ensure robust fintech app development and help you save time and money. Using the right platform, programming language, or third-party tool will positively impact your app’s security, scalability, and performance. There are different languages you can use when developing fintech apps. You can choose basic technologies, such as Kotlin and Java for Android, Objective C, or Swift for iOS). Quality Analysis After launching your app, things aren’t over yet. Do the A/B tests to check the ratings of your users. You should improve existing features and add new advanced ones based on the collected data. If you want your fintech app to be better than your competitors’, it should work smoothly, be easy to use and secure, and be easily customizable by users. Developing a fintech app is by no means a simple process. If you want to succeed, you need to offer your customers more than the standard solutions. What makes a good UI /UX design for a fintech app, and what important features should your fintech app include? Read more in our full article on how to build a fintech app. Looking to build an exceptional fintech app? Start moving towards your goal now! We can help you develop a secure and high-performance mobile or web solution. Get in touch with our experts and let us know your requirements.