Fintech App Development – Here Is All You Need To Know
With the global fintech market value expected to reach $300 billion by 2022, there could not be a better time to build a fintech app. But, if you want the fintech app development to be done right and launch an app that provides value to your target market (and eventually to you), then you should have a step-by-step plan.
Here in this article, we are covering everything you need to know while building a fintech app. Let’s dive straight-
Contents of the blog
- Fintech App – A Considerable Market Opportunity
- How to Develop a Fintech App?
- The Monetization Model of Fintech Apps
- Tech Stack for Fintech App Development
- Team Required For Building a Fintech App
Fintech App – A Considerable Market Opportunity
The application of fintech in the present technology-driven world is endless. From online payments to regulatory technology, insurance, crypto exchange, investment and more – the fintech application development sector is thriving with opportunities.
As per the report by Innovate Finance, the UK is the leading market for Fintech with a whopping $4.1 billion for fintech investment in 2020, followed by the USA.
At the heart of fintech, the boom is another crucial trend – the drastic shift towards mobile consumption. As mobile device penetration has increased exponentially, especially during the current COVID-19 pandemic time, more and more people are turning to mobile apps for financial services as well.
In case, you are thinking about whether there is still a valuable marketing opportunity in the fintech space for new entrants, then the answer is without a doubt. According to EY’s 2019 Global Fintech Adoption Index, the global consumer adoption of fintech is still at 64%, hence there is still plenty of room for new fintech based apps and software.
How to Build a Fintech App?
The first step of building a fintech app has nothing to do with fintech app features and everything to do with starting with the right steps.
Step 1: Discover the opportunities.
No matter the type of app you are building ( here are your different types of fintech applications with their features), always start your fintech app development journey with the discovery phase. During this phase, you will be able to determine whether you are building the right product for users and business growth.
In discovery, your main objective should be to get the answers to questions like –
- What do your users want?
- Why do they want it?
- How can your product help?
- What could be the USPs of your product?
- How can you make your product different from competitors?
You can start by having one-on-one questions with the focus groups. We, at Systango, a fintech app development company, based out of London, provide top-notch solutions for modern problems in financial ecosystems. At the discovery stage, we try to uncover the answers to the above-mentioned questions and build a lookalike audience. Making decisions for user personas is easier than using statistics and faceless user segments.
During the discovery phase, you end up with the solution for various challenges and problems. For fintech app development, the discovery phase includes exploring the expectations users have and consider various regulations and integrations.
Step 2: Plan to grab the opportunities.
Once you have built a roadmap for your fintech application, you need to begin with the planning. Being a leading fintech app development company, we at Systango break down the challenges and opportunities from discovery into deadlines, milestones and key deliverables.
At the beginning of the planning stage, we give priority to high-risk items and integrations to ensure the feasibility of everything that follows. This is equally important in the fintech application development process as there will be crucial integrations and regulations to consider.
Step 3: Sprint to solve challenges.
Rather than taking a linear approach to fintech application development, we work on sprints that involve switching the features of your fintech app to focus on the outcomes of specific functionalities.
During every sprint, you select a key challenge or goal and begin with high priority opportunities that are identified during the discovery phase.
Step 4: Review and grow.
Throughout the development process, you need to follow a number of agile procedures. This is to make sure that you are always on top of the key strategic aims of your fintech application.
We, at Systango, a fintech app development company, perform retros with the team to evaluate the process and deliveries. During these retros, the app development team collaborates with project managers and clients to discuss what went well, what needs to be improved, ideas and suggestions.
In this step, you analyse user behaviour and use this insight to bring improvements to your application. To ensure that you are constantly delivering value to your users and securing long-term loyalty, it is advised to perform A/B testing of various features and solutions.
Must Read – Fintech Apps: Development Trends, Tips and More
The Monetization Model of Fintech Apps
Thinking how you can earn from your fintech app, here are a few Fintech revenue models to choose from-
1. Fee Schedule-
This is one of the most straightforward ways to monetize your mobile solutions or web apps. Payment schedules can be transactional and subscription-based depending on the regularity of charges. With a transactional approach, users pay a fee only when they actually use a service, while in the subscription model, users will be charged a fixed amount per unit of time.
2. P2P Lending-
The P2P lending concept allows one individual to take a loan from another individual using a Fintech app. It cuts down the need for financial intermediaries and institutions. With this model, an individual can lend money to other individuals and earn interest. The benefit this model offers to financial service providers is, they can charge a small amount as brokerage.
3. Business Collaboration-
Today, almost every company and business model is leveraging business collaboration to earn profits. You can partner with neighbouring vendors or traditional financial institutions to expand the range of services and deliver value to your customers.
4. In-app purchases-
Most of the fintech applications are free to download and they are making money through in-app purchases. In this model, you can sell your products or services to the customers and boost your revenue stream.
While going with in-app purchases, you can experiment with different options and choose the one which is the best for your business. And, later on, you can simply focus on highly impactful in-app purchases.
Tech Stack for Fintech App Development
Native App Development
If you are looking for platform-specific fintech app development, then here is the tech stack you can pick for your app-
iOS-based app development-
Objective-C: Programming language that provides object-oriented capabilities along with dynamic runtime that enables developers to build a robust application. Can be used to write any application in iOS and OS X.
Swift: Programming language that provides developers with dynamic libraries to improve app performance with advanced features and less error-prone codes.
Apple XCode: Full-featured development environment to sustain debugging tools and user-interface.
iOS SDK- iOS Software Development Kit which combines XCode and enables developers to write iOS apps using languages like Swift and Objective-C.
Android-based app development-
Java – Object-oriented programming language that comprises a wide range of open-source tools and libraries. Can create a highly secured fintech app compared to other languages.
Kotlin – Programming language that can provide a cleaner and lighter solution for API deficiencies, and improve flaws present in the Java-based application.
Android Studio- It utilizes on-device emulators, debugging tools that aid in developing high-quality mobile applications.
Android SDK – The Android Software Development offers wide-ranging development tools to build and update applications.
Cross-platform app development –
React-Native- React Native is a popular cross-platform app development framework for both Android and iOS. Seamless integration, live reloading feature, supported by external tools and low development cost are some of the features that make cross-platform app developers and mobile app owners pick for fintech app development.
Flutter- Flutter is an object-oriented programming language that contributes to app development for platforms such as Android, iOS, Mac, Windows, Linus and more. Customization and fast rendering, less testing, same UI, speed and hot reload are some of the pros of choosing Flutter for your fintech app.
Hybrid app development –
HTML 5 – This is one of the most convenient technologies to build hybrid applications.
PhoneGap – PhoneGap is widely used for building hybrid mobile applications. It offers an economical solution to users.
Team Required For Building a Fintech App
To build top-notch fintech applications, you will require technical experts such as –
- UI Designers
- Web Developers
- Project Managers
- Business Analyst
- Front-End Developers
- Back-End Developers
- Android/iOS Developers
- Quality Assurance Specialists
Partner with Systango for Fintech App Development
Our expertise in Fintech app development solutions encompasses a broad range of world-class features and functionalities. Our team of Fintech app developers not only focuses on delivering a workable solution but also concentrates on making Fintech development services future-ready. The FinTech apps are designed keeping in mind the performance metrics of the respective domains.
We develop Fintech software development for the following categories –
Fintech Software Development Solutions We Offer:
- Payments & Transfers
- Lending & Finance
- Wealth Management
- Digital Banking
- Investment Management
- Market and Exchanges
- Financial Management
- Equity Management
Systango provides a Fintech solution that will be fully aligned with your business goals and customer needs. Drop us a line to get in touch with us.