The Ultimate Guide for Creating a Successful Fintech Mobile App from Scratch

The entire finance industry now depends heavily on cutting-edge technologies to meet the requirements of their clients. Particularly sophisticated mobile apps representing financial services and institutions have now a norm for the entire industry. These apps, widely referred to as fintech apps, now hold the key to success for many banks and financial institutions.

The Fintech industry is continuing to set new growth milestones, and naturally, every financial company, irrespective of its size and business focus, is irrevocably drawn to fintech app development. As a financial company, it is quite obvious to take an interest in building fintech apps. Here below, we are going to provide a detailed step by step guide.

The Fintech sector consistently carves out new heights of growth, compelling every financial entity, regardless of its scale or business orientation, towards the allure of fintech app creation. As a financial organization, it's quite natural to gravitate towards constructing fintech apps, particularly with the guidance of a proficient branding agency. In the ensuing discussion, we will unfold a comprehensive, step-by-step manual.

Know the Various Types of Fintech Apps

As it has already been known that the financial sector is particularly drawn to cutting-edge technologies for higher security, awesome customer experience and time-sensitive growth opportunities. Based on the financial objectives and nature of the business, we have several different types of fintech apps in the market.

Fintech apps now represent a broad category consisting of several different financial tasks and niches. If you want to know how to create an app from scratch for your financial company, it is essential to understand the variety of fintech apps available in the market.

• Investment Apps: These apps allow the customers to invest in stocks and ETFs right from the comfort of their homes.
• Mobile Payment Apps: These payment apps allow you to make payments and receive payouts with a few raps on your mobile screen.
• Loan Apps: These apps allow customers to apply for the required loan and lending options from banks and financial institutions just by filling up firms and submitting details right on their mobile screen.
• Insurance Apps: These apps based on customer needs and eligibility criteria allows customers to buy insurance products and stay updated on the processing related to policy and claims. 
• Personal Finance Apps: These apps help customers to keep a close tap on their financial metrics, expenses, budget and allow them to make long term financial goals.
• Cryptocurrency Apps: These apps representing digital currencies or cryptocurrencies allow customers to make investments, transact, or receive payments using crypto coins.
• Netbanking Apps: These mobile banking apps representing the online platforms of banks allow customers to carry out all banking transactions and activities right on their smartphone screen.

Now that you have already seen various types of FinTech apps representing different financial niches, now you need to choose one for your upcoming app project. In this respect, it would be wise to remember that some fintech app niches such as personal finance and budgeting already represent too many apps. So, it is advisable to choose a fun tech niche that is less saturated.

When selecting the niche for your fintech app, you also need to consider the fintech target audience. You can always target countries and markets that still lack advanced FinTech solutions and technologies. You can also come up with a great app that addresses all the shortcomings of your competitors and provide something extra and unique.

Focus On Addressing Compliance Needs

In the case of fintech apps, you particularly need to keep your focus on compliance and issues concerning legalities in various markets. You have to keep an eye on it from the very early phase of the app project. The document verification systems like KYC should be incorporated properly into the app.

The app also has to comply with privacy regulations such as CCPA, GDPR, LGPD and PIA to ensure that users' financial information remains protected and are safe from unsolicited access. The choice of privacy laws depends entirely on the target region.

The app needs to consider the privacy and security requirements according to the target market or region. For example, you will have strict privacy laws such as GDPR in Europe, while in the USA, there are different state laws to meet the compliance requirements.

Consider the Key Features

Your choice of fintech app features entirely depends upon the type of the app. One needs to analyze the target audience, the existing fintech apps in the competition and their uniqueness and shortcomings. Certain features remain common across most fintech apps. Let's have a quick look at them.

• Secure Login: You can use cutting edge technologies like Fingerprint, Face Recognition or Voice Recognition for login.
• Push Notifications: Allow customers to customize push notifications based upon their needs and availability.
• Personal Financial Tools: Irrespective of the niche, many fintech apps offer some budgeting and saving tools.
• Core Financial Operation Features: These features include money transfer, mobile payment, balance update, etc.
• Virtual Assistant and Chatbot: Intelligent virtual assistants or AI-based chatbots are in-things for fintech app customer support.
• Promotional Features: These include gift cards, cashback offers against transactions, deals, etc.

Create the Development and Design Team

Now, it is time to get onboard developers and designers for the app project. Based upon the chosen OS platform and type of app (native or cross-platform) you need to decide the required technology stack and skills, and based upon the skills, you need to hire the most experienced and accomplished developers and designers.

You need UI designers with prior experience in Fintech app projects. Hire web developers having Node.js skills, Android developers with Java skills and iOS developers expert with Swift development language. For cross-platform fintech app projects, you can hire developers with experience in React Native or Flutter.   

Last but not least, you need to hire experienced QA Testers with experience with the security and performance testing challenges of fintech app projects.

Create Custom APIs

Fintech app projects facilitate smooth back-end, and front-end collaboration often needs custom APIs for the core app features. This is one core area you need to emphasize upon. It is advisable to develop RESTful APIs by utilizing the managed cloud service you have already opted for hosting the app.

Always make clear documentation of the APIs, and for this, you can use tools such as Swagger. Moreover, it is essential to add a security layer to your APIs by using proper data encryption, authentication, etc.

Conclusion

Fintech apps have already become the key to the success stories of banks and financial institutions. Since the digitization of banking and financial activities will continue to grow, the opportunities around fintech apps will proportionately grow. There cannot be a better time than now to build your fintech app.