How To Build A Fintech App From Scratch?
by Debamalya Mukherjee Technology 29 August 2023
The fintech market is growing at a rapid rate as more and more people have started opting for fintech services like online trading platforms, electronic wallets, intelligent budgeting apps, online insurance companies, digital neobanks, and more.
So, if you are one of those companies wanting to build top-notch fintech solutions, then this is the perfect time to shape the future landscape of an all-digital economy. With the help of the best financial software development firms, you can easily transform the right idea into a real fintech app.
Step by Step guide to developing a fintech application from scratch
Building a dedicated fintech app right from the start is not at all an easy endeavor. Along with careful considerations, you will also need a bunch of steps to get things right on track.
Given below are some steps to create your personal fintech app:
Identify the Niche you belong to and make sure of all Legal Compliances
Be patient to start the development work. Instead, you should first analyze what your niche is. It means what type of fintech services your company offers or wants to focus on offering. There are various types of fintech apps like digital banking, payments, apps, lending, insurance, online trading, and more, from which you have to pick one and then choose a relevant specialization as well.
Once you have confirmed your niche, you have to make sure you understand all the legal compliances for the fintech app in your targeted areas for fintech applications that have to deal with a lot of financial data of your customers. so they must be compliant to ensure the safety of your client’s data as well as confidentiality.
One must develop their app in such a manner that it becomes compliant with all the rules and regulations of the geographical areas where it is launched. Because violating these lawful compliances might get into legal trouble, leading to hefty fines as well as imprisonment.
Determine the features and budget of your project
Once you decide which type of fintech application you need to create. We shift our focus on its features. It is recommended that you should only add necessary features and functionalities to the application. Providing a plethora of options may confuse the users, not to mention unnecessary features and functionalities will only make the working of the FinTech application more complicated.
In addition to that, you must also estimate a budget for your project and add features that fit accordingly. This will help you stay focused on the necessary features and functionalities only. Otherwise, budget constraints might decrease the speed of the development process and delay the product launch.
It is quite helpful if you create documentation for the scope of the project that lists out all your project requirements and budget. This documentation can become your north star during the development process.
Hire/Organize a Team
Probably the most important thing to do for your application development project is to hire a team to build your fintech application for you. You will need to hire a variety of people with various skills.
Depending on your requirements, your team may include:
● Front-end and back-end developers
● Web developers
● iOS/Android developers
● UI designers
● QA Specialists
● Business Analysts
● Project managers
Your team must consist of highly skilled individuals, if not experts, to make sure that the final product is of top quality while using minimum resources. Having a professional fintech development team can save you both money and time.
The size of your project determines the strength of your team. You will need a bigger team for a bigger project. As the size of the project decreases, your team also reduces depending on what skills you need to complete the project.
Every website and application needs a good UI design; otherwise, it will degrade the user experience. As they say, the first impression is the last. If your app is not visually appealing or aesthetically elegant, then users won’t enjoy using it. They will leave and never return. Therefore, you have to make sure that your fintech is highly interactive and easily usable.
You might have to develop several prototypes and determine which UX/UI design is the best for your fintech app and which customers enjoy using it. This won’t be much of a problem if you have a professional team at your command. Still, there are certain tips for developing an ideal UX/UI that can come in handy.
● The colors mustn’t be too bright or too dull
● The app must be easily navigational. They must not have a hard time finding relevant options
● All the functions and features in the app must be easy to use
● Don’t overload your app with unnecessary features
The best thing you can do is to examine your idea prior to conducting full-scale development of your fintech app. You can launch an MVP (Minimum Viable Product) with essential features as proof of ideas to conduct a test examination.
You can use MVP to check whether the application is performing up to expectations or not. Is it bringing users any real value? What are the things that users would like to change in the finished product? Such feedback from the MVP can help you build a fintech app that your users will love to use and will bring them real value.
Launching an MVP increases the scope of improvement as well as reduces the risk factors.
Improve and Support your Fintech App
Make necessary changes based on the feedback from your MVP. add the features that will complete your fintech app offerings and then test the app thoroughly. Make sure that everything works as it is supposed to.
A software development cycle isn’t limited to the development and deployment of the application. Your work continues even after the launch of the product. You have to stay vigilant about the new market trends and features to regularly update your app and improve its functionalities to ensure that it is still relevant and useful with changing times.
You must also be aware of any changes in the legal compliances and regulations of the industry as well as your targeted geographical areas
The whole world is going digital. Most of the businesses are now conducting digital transformation. The eCommerce industry is booming, the metaverse is blooming, and many more factors indicate that the need for a fintech app is not going to fade anytime soon. On the contrary, the fintech industry is on the rise. The demand is only going to be increasing with the increased digitization of our day-to-day operations.
You can take advantage of this boom and create a fintech app that can help users manage their financial services online. But you must also be alert about the increased cyber-attacks, for they can adversely affect your business as well as your customers. And when you are providing a platform for people to manage their finances, you can’t afford to do it without taking the best security measures.
I hope this article has provided you with proper knowledge about developing a fintech app from scratch. You can always contact a top-rated financial software development company to discuss the feasibility of your idea. You can also collaborate with them to make it a reality. Thanks for reading!