Are you searching for data-driven insights to launch a startup in a Fintech related niche? Then this overview will be a good support for thought-provoking research and a bit of a help for choice.The requirements for social distancing impacted like a catalyst on the processes in the financial industry. According to Google stats, 73% smartphone owners manage their money through apps. In this light financial app development is an in-demand industry.
Financial app development
Contactless payments, remote finance management, AI and blockchain technologies for innovations and secure services. Nowadays, the financial domain is a mushrooming field where new habit-forming services are being implemented and new opportunities are being tested. The right time to offer customers new experience while dealing with money. In order to catch ideas you can jump into a portfolio by a financial app development company and explore the actual solutions designed recently.
What financial app is
The financial app is a digital product that enhances user experience in dealing with financial resources. In dependency on its target audience it can differ in design, functionality, scale and accessibility. All the features compiled the main idea.
For example, let’s imagine a financial app development targeted the audience that experienced a lack of budget management skills. The main feature of this type of app is to serve as a wise intermediary between users and their money and give actionable advice. The app will analyze numbers from the user’s bank account and discover unseen spending and saving patterns. The hints based on analyzing these patterns will help people change their financial habits and manage money more consciously.
What types of financial apps are in the market?
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When planning financial app development, build a solid basement for work through meticulous research of existing solutions. This will let you onboard the features which deserve attention and avoid weaknesses the others haven’t noticed. Before you start financial app development, define who will use the app, how and for which purposes.
The briefly classified types of financial apps will help you with it.
Peer-to-peer payments app is a widely spread solution. The stats say 40% of US users apply it in their everyday life. It isn’t amazing if you take into account how often people encounter the need to transfer money to friends, relatives or colleagues. Apps of this type let you do this without overpaying for transactions.
The most intricate p2p payments apps include extra features. For example, Cash App allows users not only to get and send money, but invest it in stocks and cryptocurrency.
Full-service banking apps are leaders in the industry. They offer users a wide range of financial opportunities from credits to investment. More than a half of US users are acquainted with this type of service. But it doesn’t mean that if you’re not a big financial institution founder, there’s no sense in starting financial app development.
Budgeting apps are getting more popular due to improvements in people’s financial literacy. It is required by everyone from regular housewives to business owners. This type of app empowers users to treat their money with better efficiency and rationality. You can research the core features of leading solutions in the niche – Mint: possibility to keep track and analyze daily expenditures, to get notifications about overspending, to tune payment reminders, to learn more about investments through educational resources.
If you decide to focus on this type of services for financial app development, explore existing solutions in detail and describe an alternative.
Investing apps
Apart from tracking their expenses, notifications about payment deadlines, sending and getting money, people are interested in tools that provide effective savings and even multiplication of the fortune. This type of financial app development presupposes implantation of features that will enhance manipulations with finances. Along with an information dashboard and opportunities to buy and sell different sorts of assets, users can be engaged with well-organized educational materials, analytical data, access to human financial advisors etc.
Let’s imagine an app that lets you invest not only in stocks, ETF and mutual funds but in physical assets as well. Through the tools using augmented and virtual reality you can select and examine golden and silver investment coins and acquire them contactlessly.
These are the main types of financial apps, but in practice the wider spread get solutions that can be referred to a mixed type like budgeting and investing apps or p2p payments app and investing, or p2p payment app with credit opportunities and so on.
So, focus on people’s needs, figure out what they need and give it to them.
Considering ideas for financial app development, you can try to combine most useful features in order to create a super efficient financial solution.
For example, p2p payment apps can include convenient lending tools that allow users to invest and borrow painlessly.
Whatever type you choose for financial app development, don’t underestimate the importance of implementing significant features.
What features matter for financial app development
Some requirements are universal for any app regardless of its type. As Fintech is a very competitive industry, it’s essential to invest enough effort into perfect user experience design. Accessible for intuition-guided navigation interface is a must-have. Users expect from the product to provide effortless financial management and true engagement.
Any goal should be achieved in a few taps.
Seamless integration with banks and other financial institutions. Users expect easy juggling with their finances, and it obligates the financial app development team to provide for smooth integration with third-party financial services through building a suitable architecture.
Data security
This feature plays the dominant role when dealing with financial app development. As a founder of a Fintech startup, you have to justify the trust of the audience providing defense for money and personal data. This task can be solved through application of multifactor authentication. New technologies like touch ID, face ID can prevent accounts from undesirable access. Storage of information in different databases and its encryption can serve as an additional layer of defense. All these things let you organize a reliable anti-fraud system.
Legal compliance
Every country has its own requirements for financial organizations. To work within legal frames, check all the permissions, licenses and other documents that provide business with legal compliance.
To wrap up
Regardless of the type you’ll choose for your financial app development, pay enough attention to the core features and, especially, data protection. Catchy design, simple procedures, low risks and effortless money management – that is what can attract followers into your project. The better you’ll target it at your audience and adjust the product with their preferences and expectations, the more popularity you can gain in the market.