There are various technical terms that you must be aware of when you start with your fintech app development. To understand the stages involved to create the app, we have outlined the main steps involved in the app development.
Fintech App Development Stages
- Choose The Fintech App Niche
- Deal with compliance
- Define features
- Form a project team
- Create a UI/UX Design
- Develop an MVP
- Refine And Support
Choose a Fintech Niche
Finding the financial institution niche is the first step a developer must do before starting the fintech app development process. Before starting the fintech app development process, a programmer must determine the type of application a client wants and the fintech industry on which the client wants to focus. The reason for this is that every business owner would like to have a unique application to the same software that is currently available.
Deal With Compliance
Knowing the area of expertise of the fintech application comes before dealing with compliance. A development team must take into account all Fintech legislation before starting to create mobile apps for a financial institution. AML (Anti Money Laundering) and KYC (Know Your Customer) must be implemented in fintech applications for this. These programs assist in monitoring compliance. In addition, any fintech application used by a business must abide by privacy laws like the PIA, CCPA, LGPD, and GDPR. This helps keep the financial information of users of financial apps secure.
Additionally, the privacy settings for commercial apps are entirely dependent on the nation in which they will be used. This is a result of certain nations having particular regulating entities while others have not. For instance, the United States lacks a specific fintech regulator to guarantee compliance with different federal requirements.
Conceptualize and Shape the Features
Determining the app’s concept and functionality is the next step in creating a personal finance app for any business. The size and type of an effective fintech app define its qualities. To focus on the right user base, the development team needs to look at the mobile payments app’s requirements. Some of the most common functions that every fintech Android or iOS app has to have are listed below:
- budgeting and tracking of savings
- Push notification notifications
- A very secure login is made possible via voice or facial recognition, two-factor authentication, and fingerprint authentication.
- Financial processes include moving money, checking a balance, and sending electronic payments.
- AI-powered chatbots or virtual assistants
- QR code scanning and card number scanning
- Cashbacks, special offers, and advertisements aimed at the target market
- Unconventional financial services include things like donations and gift card purchases.
Create or Hire a Development Team
The selection of the ideal fintech development team is the most important step in creating native apps for financial institutions. The creation of fintech apps requires technical knowledge.
- Web developers
- User interface designers
- qualified experts in quality assurance
- Supervisors of Projects
- Business analyst
- Android and iOS developers
- both front-end and back-end devs
Having a team of software engineers with a lot of experience essentially ensures the quality of the program. Long-term cost and time savings from hiring an experienced financial app development team are also considerable.
Choose the Right Managed Cloud Services Platforms
Web app developers use PaaS platforms like AWS Elastic Beanstalk to accelerate the development cycle. In addition to expediting the process, PaaS systems have several benefits, including:
With the aid of PaaS platforms, developers can easily integrate services like databases as well as APIs (Application Programming Interfaces).
A PaaS provider oversees the management of operating systems, networking, cloud infrastructure, runtime environment, and middleware.
Focus on UI/UX Design
A good UI/UX design is one of the most important components of building a financial app. A part of an app that enables user interaction with the system is the UI/UX. Consequently, mobile app developers must ensure that their apps are user-friendly. To decide which design is most suited for the application, the team needs to build numerous prototypes. Here are some fantastic UI/UX design suggestions for the banking industry:
Designing the UI/UX of the app should be easy.
Apps must have easy-to-use features and functionality.
Don’t add any pointless features.
The colors of an app shouldn’t be overly light or dark.
It should not be difficult to find options.
Develop An MVP
Software is tested using a Minimum Viable Product (MVP) before the long-term development process begins. It refers to a proof of concept that has components that might be evaluated before beginning the development of a banking app. This approach ensures that the software will function flawlessly and greatly enhance user experience. To put it simply, the MVP strategy enables the team to receive early feedback on the application to broaden the scope of improvement and reduce risk factors.
Refine and Support Your App
The last stage of creating financial apps is post-deployment support. Since attacks on fintech apps are common, it’s crucial to keep them updated and offer regular support. In addition, the team complies with regulatory standards if adding a new feature is necessary to maintain user interest.
