Guide To Create a FinTech App for FinTech Startups
Every FinTech startup is challenged to outperform both its immediate competitors and traditional financial institutions. It is because developing a FinTech app from scratch requires massive investment and effort. Indeed, it might be difficult to know from where to start and how to when it comes to create a FinTech app for FinTech startups.
So, if you are worrying about how to develop a FinTech app. No need to worry. In this article, I’ve prepared a thorough description of the FinTech app development process. These Seven (7) steps will help you to know how to develop a FinTech app that your users will love. Without further ado, let’s move towards the development process of a typical FinTech app.
7 Steps of FinTech Mobile App Development Process
- Select Your Industry Niche
The first and foremost step is to decide what FinTech area will be your focus. You can choose the industry niche and investigate what can be enhanced there, or you can generate FinTech app ideas and see where they fit among FinTech categories. Also, please note that you can always find good investment opportunities if you decide on building mobile apps for FinTech. So, this is about your selection process of niche, after that let’s move on to ensure legal compliance for the mobile application.
2. Ensure Legal Compliance
After selecting an industry niche, conforming to the legal requirements is a crucial success factor. So work through this second step carefully. There are hundreds of thousands of financial systems for the regulatory authorities. The most popular examples include the Anti-Money Laundering (AML) and KYC (Know Your Customer) policies. You have to comply with various privacy laws like General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), Insurance Regulatory and Development Authority of India (IRDAI) etc., depending on the countries where your app will be used. These are the few names which I’ve mentioned here, but before developing an it is important for you to ensure legal compliance according to your FinTech Mobile app.
3. Define Innovative Feature Set and Shape the Concept
In this step, you have to think about developing a FinTech app that will have the edge over its competitors. You can do it by performing market research. But, to win in this competitive market, first, you need to identify your competition and target audience. Once you are done with all these things, move on to the next step.
Your next step is to engage with skilled Business Analysts and Project Managers who can help you approach this important step efficiently. By using these ways, you’ll be able to develop a substantial business case, structure the vision of your FinTech app solution, and define the innovative features. I am sure in FinTech app development cost estimation such a precise explanation will help a lot.
4. Design Effective UI/UX
After these three steps, one question arises: how to make a FinTech app user-friendly and easy to use because, as you know, the user interface (UI) of your FinTech app is the most crucial element to defeat the competition. The UI/UX professionals can design an engaging and intuitive user experience for your FinTech mobile app by creating low/mid-fidelity wireframes and interactive prototypes. Then, through collaboration with experienced UI/UX designers, you can tackle many challenges with ease, grab users’ eyes at a single glance, and make your brand recognizable.
5. Choose The Best Mobile App Development Approach
The below mentioned following points should be accounted for in this stage:
- How to create a FinTech app prototype?
- What development approach to use?
- How to determine the cost of developing a FinTech app?
To deal with these tasks, you should collaborate with a seasoned Project Manager. You can have a robust FinTech mobile app development plan that will balance your budget and time constraints. Also, you can have the development and Quality Assurance experts (testers) in this process to identify the tech stack and implement constraints.
6. Develop MVP (Minimum Viable Product)
Before launching a long-term project, it’s good to test out your FinTech app idea first. A minimum viable product (MVP) version serves this purpose. An MVP is a proof of concept and a best mobile app development technique in which a new product is developed with enough advanced and innovative features to satisfy early users. It ensures that you will create a FinTech app for FinTech Startups that brings value to its users. Also, it is a great way to market your FinTech app and attract investors, thus minimizing the risk of your FinTech app idea not paying off.
7. Ongoing Development, Releases, and Support
The mobile app development process does not stop after your FinTech app is launched. It is the actual time to keep improving and upgrading as you start getting valuable feedback. Indeed, release management is a simple process that includes the management, planning, scheduling, and controlling of an entire FinTech software. Always try to select a FinTech app development company that provides you continuous enhancement, timely releases, and support. So that you can have a FinTech solution that will be difficult to compete with others.
Conclusion
I hope now everything is clear in your head through this guide on how to create a FinTech app for FinTech startups. As we all know, the FinTech industry is thriving as more and more companies develop their applications. While FinTech is not one of the easiest industries to target, you can build a great FinTech app that can thrive anytime with this guide. But for this, you need a strong development team with tech skills and solid domain experience.
If you have decided to begin with FinTech apps, you have all the chances to create a successful and profitable business. Of course, there’ll be plenty of challenges on your way to success, and all these challenges can be easily combated with the right team and the best FinTech software development services at your side.
