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Considering Fintech App Development: Where to Begin?

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What is it?

It is all in the name. Fintech combines financial services (Fin) with modern day technology (tech), and the popularity of fintech mobile app development is increasing as we speak. 

Fintech applications pave the way for financial institutions in the financial industry to simplify the integration of crucial financial services with modern day mobile apps for effortless access to fintech products and services.

The Fintech mobile application development process consists of various important financial technology elements incorporated in the app development process to achieve the optimal outcome for your Fintech app. 

This article will provide you with all the information and steps in the Fintech app development process for simplified use and implementation.

Introduction 

The financial sector can be traced back as far as thousands of years from today. Finances have existed as long as anyone can remember, even though it might have looked a bit different than it does today, its presence cannot be denied. 

From coins to bartering and back to money products again, the financial industry transformed immensely over the past few centuries. In this 21st century money products have been transformed even further, and we now see an increased usage rate of digital currency across the globe.

Fintech is the modern-day term used to highlight the development of the fintech sector and can be found everywhere around the world. Fintech companies provide these mobile fintech solutions to clients to simplify the use of and access to financial products and services in their daily lives.

The Fintech industry is formed in such a way that it demands instant mobile access to financial services, and this is where Fintech mobile app development services plays its crucial part.

What Are Fintech Apps?

Financial apps are specially developed mobile software used to access, process, implement, and monitor financial products and services. 

Fintech mobile apps are used for the vast majority of online financial transactions that we complete in our daily lives today. Fintech apps range from mobile banking apps to online trading platforms which can be accessed by a touch of a button.

The Fintech market is currently at its peak performance and popularity, and it is the ideal time to create a Fintech app if you are in the financial industry, make use of financial services, or if you have a startup recently joining the industry. 

Financial technology applications bring together crucial financial services such as banking, mobile payments, and financial planning with technological software such as applications to create a cross-platform app for increased exposure to the financial market.

These finance apps simplify the way in which traditional financial services are rendered and accessed. Banking apps for example creates the opportunity for individuals to make use of their online digital banking services such as lending money or accessing bank accounts. This process is completed through mobile apps installed on various devices such as mobile phones, desktops, and smartwatches.

It is extremely important for businesses in the modern day and age of today to make use of Fintech app development services to stand out in the agile financial technology environment that companies are currently operating in. The apps are not only beneficial to the startup or business implementing these applications, but also the customers using these Fintech mobile apps.

Also read: The Importance of Healthcare Mobile App Development in the 21st Century

Importance of Fintech Apps

Fintech apps are extremely important in the 21st century, especially because technology is currently at its peak in popularity and use. There are a lot of factors that can make Fintech service delivery difficult or create obstacles in some cases and that is where Fintech apps are required and implemented to fill the gaps and to ensure high-quality and efficient financial technology service and product delivery to customers. 

Mobile Fintech app development services provide everyone with the opportunity to access and provide financial services through Fintech apps. These apps remove the border restrictions that we previously had because everything needed to be physical.

In most cases financial services are required in a timeous manner as livelihoods depend on it and before Fintech was developed individuals had to physically visit a bank branch or business to complete financial activities. This costs a lot of money and time for individuals to go to these physical branches, but with the increased rate in companies that develop and build a Fintech app for these specific services they contribute to removing geographical obstacles for clients across the globe. 

Finances also need to be monitored frequently. This is not always easy to do if you must wait for statements or need to go into a traditional bank to proceed with your financial activities. Fintech apps are designed in such a way to accommodate frequent on-demand monitoring and use of your financial products and services as and when you require it. 

These apps provide individuals with the opportunity to make investment decisions and changes instantly, and view current balances as required. This is especially important because the financial industry is extremely volatile and ever-changing, so clients should have the platform to action any financial activity at a touch of a button as the financial market changes, and this is one of the many reasons that Fintech apps are used.

In this modern century that we live in there are very few individuals that do not have mobile devices and because of this it makes for the perfect online platform to integrate financial services with technology via applications.

Mobile devices like smartphones and tablets are used daily by individuals across the world, and most services required by these individuals will be searched for and used on mobile devices such as smartphones for online payment services, for example. 

It is crucial that financial software development companies create apps that are compatible with different operating systems to ensure Fintech apps are cross-platform friendly and usable by most individuals throughout the globe because of the daily financial services requirements.

Read also: How to Monetize Mobile Apps?

How it Function in Diverse Industries

There are various types of financial apps used by different types of companies and individuals, for diverse purposes and outcomes. 

Digital Banking Apps

Online banking applications are one of the most used Fintech apps around the globe. The banking industry was revolutionized through Fintech software, and the use and progress is increasing daily.

Digital banking apps are used for all your essential banking services. This includes lending money through your banking app through an immediate loan or online application submitted via the app. 

Other banking services include money transfers and accessing your funds and bank accounts. Fintech software provided the baseline for these apps to function on. In the past you would have needed to go to a banking branch for all your banking services but through banking apps, you can access funds immediately in case of an emergency, or urgent transaction as required. 

Digital banking apps even provide clients with the opportunity to access and download bank statements as and when required which is also a major benefit considering you do not have to stand in long queues or find a branch when you are on holiday for example, just to get bank statements. With Fintech, these banking services are all possible with a touch of a button through digital banking apps on mobile devices or computers.

Payment Apps

Payment apps provides for efficient processing of financial transactions through the payment processing services that these Fintech apps offer.

Payments are simplified drastically through these apps and both businesses and individuals benefit from this development.

In the past all payments needed to be done in person or through banks, but with payment apps the entire payment processing procedure is streamlined. The payment feature is usually integrated with an application for enhanced efficiency.

Most products and services across the world require payment and selling goods and services online will require an online payment feature. Online shopping apps and a lot of other businesses use these apps to ensure payment for their goods and services offered to clients. This can include wealth management services payments as well. 

Individuals can also use payment apps to send money to each other without the involvement of a business or sale. Businesses can use payment apps in-store to streamline the checkout operation within their store.

Payment apps are used for much more, and without its businesses and financial transactions would not be the same. It is crucial to include payment features in your app when developing your Fintech application.

Investment Apps

Investments are nothing new and can take the form of various options. Investments can range from buying houses to saving money in an investment portfolio or account. 

Investment apps on the other hand is a newly developed platform designed in the technological revolution period. 

These apps assist with services such as investment and wealth management. Financial professionals can provide advice through these apps and investors can make changes based on this advice using the digital application.

Investment apps can also provide easy access to your investments to assist with fast investment changes should the financial market require it. 

There are also automated investment advisors called robo-advisors which is intelligent software created to assist clients with investment opportunities and services on-demand as required. This provides for unrestricted access to financial advice as there are no time limits or operating hours due to the advisor being a robot and not a human.

These features integrated within investment apps also provide for more accurate advice because these robots can scan the current financial market movements and instantly base its advice thereon. 

Investment apps can motivate individuals to participate in investing activities because of the simplified access and efficient use of these Fintech apps.

Budgeting Apps

Budgeting applications are used by companies, individuals, and even business analysts to do their financial planning. 

These Fintech applications promote saving and budget-conscious decisions globally. 

Expenditure can be tracked and monitored through these apps. These apps can also include automated features to notify users when limits are reached or when they are close to reaching limits set as part of their financial planning.

Budgeting apps are extremely important for managing finances and can promote healthy spending habits.

Lending Apps

Fintech provided a platform for users to access on-demand financial aid as and when required.

Lending refers to the process where a company or individual obtains money in advance and repay the amount monthly through an agreed-upon mechanism and rate.

Lending facilities are usually required when a person needs financial aid, and most of the times these services are required in a timeous manner, and that is where lending apps come in. 

These apps are accessible through mobile devices, and users can apply for loans with the touch of a button as they require it, which enhances the lending process and speeds up the entire process.

Also read: How to Outsource Mobile App Development

How To Develop a Fintech App

Requirements

Our first step in the FinTech app development process will be to establish the requirements and envisioned outcome that you have for your FinTech app. This is the most crucial step to ensure our vision aligns with yours. This will also include discussions on the development and maintenance costs for the project.

Planning

Our app development team will provide you with details and expected due dates for certain phases in the mobile FinTech app development process. This guideline should provide clarity and transparency on the course to your envisioned FinTech solutions. 

Design and Development

The third phase in our software development process of FinTech apps will then be for our FinTech app developers to design and create your desired app, and with the help of our testing models we provide you with the opportunity to get a comprehensive overview on how the final product will perform.

Testing

We then use the advice from and skills of our FinTech app development team together with your input to streamline, adapt and improve the FinTech app in the best viable way to ensure efficient app launching proactively. 

Ongoing Support

Our continued support means you can reach out to our resolute app development team whenever you require assistance. We strive to provide our clients with the highest quality FinTech app development services, and we guarantee your satisfaction as a FinTech app development company.

Must-Have Features

There are a few key features to include when building a mobile fintech app. These features contribute to the efficient execution of services provided through the mobile application. Some of these features include:

Security and Backup Features

When it comes to Fintech applications, safety is crucial. These apps are loaded with so much financial data and personal information that the safekeeping thereof is imperative, financial data is usually obtained and stored through blockchain technology which is another crucial feature in financial apps.

Safekeeping of user’s financial data on financial apps can include password capabilities integrated with the app to prevent unauthorized access. 

It can also include features such as biometric identification used to provide access to the financial app and restricts users without secure access and authority. These features are must-haves when developing a Fintech application.

Another important feature of financial apps is backup facilities which should be available on the app. These features should be usable by both app users and the financial services provider. Backups of financial data can be made via cloud services and other storage software which is integrated into these Fintech apps.

Digital Payment Features

This feature also forms part of an integration capability that Fintech apps should have. 

Including digital payment facilities when developing a financial app will boost sales and performance of the app through efficient service provision. 

Clients can buy a product or service through a financial app and make a payment online using the same app with digital payment features. 

APIs can also be used to integrate payment services into financial apps through other payment software. Bank APIs can assist to share data between different applications which enhance the way in which financial services are provided to clients and assist to make the process much more personalized. 

Notification Features

Fintech apps can be taken to another level of convenience through push notifications included in the development process of financial applications.

Push notifications refer to reminder messages or popups that appear on a user’s mobile devices’ screen when there is an update or important reminder that the user must be aware of.

Notifications such as push notifications can be set up in such a way to benefit the user and enhance service delivery. Budgeting apps for example, can have a notification when a user is close to reaching a limit.

Digital banking apps can have a notification when money is withdrawn or transferred out of the users account for safety purposes and enhanced monitoring of the users’ financials.

Including push notifications in the app development process will increase use of the application and is another must have feature to add.

Diverse Operating Platform Capabilities

Cross-platform development is a major factor when it comes to financial applications across the globe.

Fintech app users are everywhere and the importance of creating a financial app that is accessible to everyone cannot be stressed enough.

Individuals across the globe have different operating platforms and different smartphones, computers, and other smart devices. 

Therefore, it is so crucial for Fintech app developers to ensure that these apps are developed in such a way to be compatible with all types of operating systems through cross-platform development. 

This feature will enhance accessibility for all users across the world and should be included in the app development process.

QR Scanning Features

QR codes are unique numbers and patterns designed to link specific addresses and activities to the code. Users then access the code by scanning it with their mobile device.

This feature is necessary when it comes to developing Fintech applications because a lot of these apps are used for payment services and QR codes assist to streamline payments.

Users can scan the code to redirect them to a payment app online, or users can even make automatic payments by just scanning a QR code.

There are various other possibilities for which QR codes can be used in the Fintech sector to boost efficiency of the financial product and services industry.

Also read: Native vs Cross-Platform Mobile App Development

Why Use a Specialized App Development Company?

Why?

Financial apps are extremely complicated to build if the right procedures are not followed. Developing Fintech apps require precision and skill to boost optimal functioning of mobile financial apps.

The financial software development company that you use for your Fintech development process should have the necessary skill and understanding to take your Fintech idea and turn it into reality. 

Fintech applications can contain various layers of integration and development and it can be a difficult task for someone to take on if you do not have financial app development experience. This is where professional app developers come in to take this intricate process from your hands.

There are various prebuilt app creation platforms that one can work from to design a standard financial app, however, these apps are not specifically made for your product or service and can be quite generic with not distinct features or add-ons. 

Therefore, developers in the Fintech app development industry also provide customization for your financial app which personalizes the app towards your business and its brand. 

Fintech apps are heavily relied upon by users across the globe and accurate and detailed advice is expected from these mobile applications, and it is therefore extremely important that a professional Fintech app developer manages the financial app development process to ensure that there are no flaws in the design and to ensure that the app can provide accurate data, especially when it comes to providing financial advice.

If a Fintech app is not developed according to specific financial standards it can lead to user’s losing money or mismanaging their finances, and that is exactly why the app needs to be built with the highest possible quality.

If you choose to make use of a professional app developer, you and your employees’ time can be spent to focus on financial service provision instead of focusing on developing an app for the services that you provide, as this will be done for you by a professional Fintech app developer.

Who?

HotShots Labs is a boutique Fintech mobile app development agency with profound concentration on business and client requirements. Our team of expert fintech app developers at HotShots Labs can assist you by planning, building, and launching our top-notch high-quality financial products and services.

Our company knows the app development process from the beginning to the end and we apply the most modern architecture and tools for financial application development and techniques to boost user satisfaction when using our professionally developed Fintech mobile software and apps. 

HotShots Labs make use of Flutter and Flutter’s widget services as a platform and tool for a solid foundation on which we build even further by designing and implementing your Fintech application with our customization and development processes.

Our core mission is building long-term partnerships with our clients by providing highly personalized and customized app development services for our clients.

Experience

HotShots Labs have over 7 years of experience in mobile Fintech app development solutions, and we continually add to our experience through each Fintech project that we complete.

Our team of app developers at HotShots Labs has extensive knowledge in mobile finance app development and we strive to make your vision our own when developing your envisioned Fintech app.

As an app development company, we have completed more than 30 successful projects and we are not planning to stop. Our creativity and skills benefit our clients in many ways, and we strive to provide our clients with full satisfaction on the high-quality products that we provide.

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