This article was contributed by Eugene Craig who works as a copywriter at juicify.digital.
Fintech investments across the globe have reached a staggering $59 billion, and there are expectations that it will more than double to $124.3 billion by 2025. This surge in investment is ushering in a diverse range of technology stacks and solutions inside and outside financial software development, providing businesses with more resources for creating custom fintech apps.
But, since having something is different from using it properly, it goes without saying that crafting a successful fintech app takes more than just access to technology. To guide you through this process, we’ve compiled five essential tips that have helped software development teams at Uptech to build fintech apps that not only keep up with the times but also exceed user demands and save cost.
Fintech Apps Types
Fintech apps have reshaped the world of financial services, offering innovative solutions and redefining the way individuals and businesses manage their money and access financial resources. Let’s look at some of the types of fintech apps dominating the financial industry today.
This is one of the most prominent fintech solutions in the world that allows big traditional banks and startups to leverage technology. By 2024, there will be over 3 billion digital banking users worldwide. Chime, NuBank, and Revolut are some of the biggest digital banking solutions platforms. Essential innovative features of these solutions include digital currency management, AI chatbots for customer support, security integration, and QR-based payment methods.
Digital Investment Apps
With digital investment apps, you can start investing your money in things you like, and they make sure you do it right without worrying about market fluctuations. Most of these apps are robo-advisors or neo-brokers.
To enhance their chances of success, businesses create investment apps for a particular demographic, providing users with helpful updates and trusted data to make sound investment decisions. For example, apps such as IMPACT are specifically designed in the US for people with a strong sense of social responsibility in their investment choices.
P2P Lending Apps
These apps directly connect borrowers with lenders, eliminating the need for banks. They create a platform where users can lend and borrow money from each other on equal terms. But, P2P lending platforms have tools that let you check if you qualify for a loan and see example interest rates and repayment terms. A popular example of this app is Prosper, regarded as the first P2P lending platform in the US.
Also one of the most extensive fintech offerings, digital payment platforms simplify financial transactions in foreign, local, or digital currencies, offer instant fund transfers, and provide real-time transaction tracking. PayPal, Venmo, and Google Pay are notable industry leaders.
5 Tips To Craft A Fintech App
Technology solutions that work well with how people think and feel tend to be more successful. An excellent example of this is people’s tendency to keep scrolling on social media without interruption. Why does it seem so challenging to put an end to this behavior? It’s because the technology behind these platforms is designed to tap into our cognitive and emotional patterns.
To create a successful fintech app, consider these five key tips:
Carry Out Discovery
The Discovery phase is an important process in financial software development that shouldn’t be skipped or rushed through. Why? It is the foundational step in comprehensively understanding the project’s scope, objectives, and requirements. More importantly, the market viability of your app can be predicted and validated during this phase.
The Discovery phase should involve:
- Collecting and analyzing data on user behaviours and preferences.
- Evaluating technological stack and their feasibility.
- Estimating costs.
- Setting timelines and holding stakeholder workshops, if required.
The end goal of the Discover phase is to create a prototype of the app.
Choose A Specific Niche
The more clear and specific your target audience is, the easier it will be to implement solutions they will love. In other words, a fintech product or service that will resonate with and be appreciated by the audience must be tailored precisely. That’s the secret of most successful fintech ventures – understanding your niche market inside out. As a rule of thumb, it’s essential to immerse yourself in the challenges of your targeted audience, turning them into innovative solutions in your financial software development.
Personalize UI Design
Your app’s users are likely everyday individuals. That’s the first thing to keep in mind when creating a user interface in financial software development. Consider typical human behavior and, of course, seek user feedback regularly.
Implementing personalized UI would mean different things to different apps. But in an investment app, for example, you may have to design a slider or risk profile selection that lets users indicate their risk tolerance. This UI feature ensures users can personalize their investment strategy to match their financial comfort level.
Gather Feedback From Users
Knowing what to remove or add is key to improving user experiences and refining fintech products or services. User feedback should be the compass that guides this journey towards improvement. Don’t be among those who implement features they see from competitors without first understanding if they genuinely address user needs. Instead, actively engage with your users to understand their pain points, preferences, and expectations. Even if you’re not discovering new features to add through this process (which is most likely not the case), you will be confident that you’ve considered your users’ voices and made informed decisions.
Use Gamification for Involvement
Gamification is fun, and it has a place in fintech services and app development. By introducing gamification elements like challenges, rewards, and interactive features, financial apps can transform routine tasks into engaging experiences. An example of this is an investment app that allows football fans to save a certain amount every time their favorite team scores a goal. This clever integration of gamification adds excitement to the investment process and encourages users to save more effectively while celebrating their team’s successes.
Making a fintech app that’s truly helpful to users means you need to know a lot about the subject, do deep research, and carefully study the information to connect the dots. That said, product teams should follow the five tips mentioned here to bridge the gap between knowledge and action, and create user-centric, successful fintech apps.
About the author
Eugene Craig is a freelance content writer and blogger with a passion for a wide range of topics. Eugene currently works as a copywriter at juicify.digital. He has a special interest in travel, artificial intelligence, music and sports. Born in Buffalo, New York, Eugene is passionate about exploring the beautiful corners of our planet. So, he rarely stays in one place for a long time, preferring a change of scenery and daily routine. Innate curiosity, a craving for research and a vision of beauty have made Evgeny a great writer, a talented journalist and aspiring philosopher, eager to share his thoughts with the world.