We are moving towards a time of Metaverse where everything is virtual, so the payments and finance world also has a great scope of digitalization. The biggest companies are investing money in financial technology, and in this situation, building a Fintech app could be the best investment for you too.
Building a Fintech app isn’t that difficult, but you just need to be clear about the basic concepts, which is why we will tell you all the things you need to know about building a Fintech app. So, let’s get into it.
Is a Fintech App Worth Investing in?
Making a Fintech app could be a lifetime investment for you, mainly because this industry is flourishing like never before. The growth rate of Fintech apps is more than 24.8 percent, and this industry is about to reach 310 billion dollars this year.
Everyone is moving towards digitalization, and people prefer mobile transfers over cash payments because they are hassle-free and highly convenient. According to a survey, approximately 88% of the transactions are done by mobile now, and most of them use different Fintech apps.
So, it wouldn’t be wrong to say that Fintech apps are currently ruling the finance industry. Fintech apps that are compatible with the newest trends like blockchain and international transactions have a huge scope in the market.
So, the answer is yes – Fintech apps are worth your investment, and you are going to collect quite a lot of capital if you give your time to a Fintech app and design it according to the newest market trends and make it user-friendly.
Different Types of Fintech Apps
Fintech apps aren’t as simple either, and there are different kinds in the Fintech apps as well, so before making an app, you have to determine what kind of app you need.
- Online banking
In an online banking app, you can make transactions with just one click via the Internet. It is often called web banking too. You can make international transactions too with an app for online banking, so make sure to design it accordingly.
- Investment apps
Another area of Fintech apps is Wealthtech, where a person can invest in particular stocks or different companies from their phone. This digital investment can get them to profit too, and usually, these apps have analytics that helps you make a better decision that doesn’t contain a big risk.
- Budgeting apps
The financing is going digital, and so budgeting is. You can also make a simple budgeting app that could help people keep track of their money. These apps help with accounting, and you can also connect them with your bank account.
- Online payment
Payment is the biggest and most flourishing area of Fintech. Ensure that the app has all the necessary things for a digital payment app, and you are good to go. Also, you have to determine whether you want your app to be solely for local payments or you want to go international, too, like PayPal and Skrill.
Steps to Create a Fintech App
Making a fintech app can be quite tricky, and we would suggest you hire an expert app developer for it. Here is the list of steps you would need to follow for making a Fintech app.
- Sort the basics out
First of all, you need to sort all the basics out by deciding how you are going to earn through the app, through ad marketing, or through commission. Also, you need to make a proper marketing strategy for your business to attract more users.
Moreover, analyzing the competition could help you a lot with mapping out a better strategy. Also, you would need to do some research about financial regulations in your country before launching a Fintech app.
Once you figure these things out, it is time to invest a tad more and hire a professional software development team and tell them about your plan. Make sure to be very specific and keep an eye on the progress, so your app is exactly how you want it to be.
- Define the necessary features
There are a lot of features that you would have to include in your Fintech app. So, make sure to have your app development team on board and give them a brief on what features you like to be included. Among the necessary features of the Fintech app are:
Dashboard: The dashboards should have a clear history of all the pending and cleared payments to make things easier.
Notifications: The Fintech app should also have an option of push notifications to make payments secure.
Profile: Make sure that the app has a proper consumer profile option. It should also have a login page.
Verification: Most Fintech apps have a security code page, and users have to enter their code every time they log in. It ensures maximum security, so you also need to add a verification option to your Fintech app.
Bill Payment: Also, you can add the option of bill payment. It is up to you whether you want to include loan payment, fine, and tax payment.
- Start the development process
The actual development process of Fintech apps is quite long. The first thing to be made are frames that would show what the app is going to look like.
Then the team would come up with a prototype of this app to analyze whether the app is good enough or not. Next, you would have to go for test runs in which you would check everything about the app.
Finally, it is time to develop an MVP and a proper app and finalize it. This app would then be available for the consumers to install. You can either list your app on different platforms or give an option of installing it on your site.
How We Can Help in Fintech App Development
Owlab is a software development company that provides you with easy and one-stop solutions to all your problems. We are operating in such industries as fintech, blockchain, retail, healthcare, travel and hospitality, and entertainment. Our company was founded in Ukraine, and currently, we have an office in Estonia as well.
Our team consists of extremely professional and experienced app developers, and we make sure to provide you with the best services possible. So, contact us and make a reliable Fintech app right away!