Innovations of fintech apps have changed the way people manage their finances and facilitate transactions globally. If you are planning to build an innovative fintech application ensure to understand its strategic approach.
Innovation in financial management allows users to access every financial process like baking and payments through a smartphone. While planning for an app development ensure that the app is secure, quick, and user-friendly as this is the basic requirement of consumers today.
To build a fintech application businesses will have to follow some important stages like development, planning, and deployment. To start this process you can also get help from a fintech app development company.
Through this process, you will be entitled to enter the fast-growing fintech market that is expected to reach USD 16,652,680 million by 2028.
Though expect this development process before entering into this market you are required to know about a lot of factors like the different types of fintech apps and the benefits of entering into this market.
Continue reading to learn about the guide to fintech app development.
What do Fintech apps mean?
Fintech apps are considered an innovative solution to transform traditional methods of financial services into innovative technical aspects. Fintech apps can facilitate many financial transactions like online payments, and banking systems, as they also allow investment through digital platforms.
Before learning about the process of Fintech app development you must definitely understand user needs, technological trends, and financial regulations. These apps have changed the way businesses and consumers manage their decisions related to finances.
Fintech apps also provide personalized money management plans based on your situation and your monthly expenses. These apps have a deep understanding of both finances and technology.
Key Stats about Fintech Growing Demand
People have started seeking fintech apps over traditional banking systems due to their more secure, faster, and innovative digital alternatives. In this section, you will learn about the growth in the fintech sector and why is it the best time to dive into this booming market.
- By the start of 2028, fintech apps are expected to reach $492 billion.
- Every year about $25 trillion is exchanged through digital payments, which represents 49% of all online and POS sales.
- More than half of the world’s population is using one or the other fintech application.
- Fintech applications have become a top property for 64% of the users, this number has seen an exponential growth from 2015 which was estimated to be around 16%.
Different Types of Fintech Apps
Today fintech applications are providing services to multiple users related to financial needs. To avail of different financial services users need to access different fintech apps. Learn about different types of fintech applications:
Digital Wallet Apps
Digital wallet is one of the most popular fintech applications that provides money exchange services. Through these apps, we can easily share and receive money from different consumers.
Through these digital apps, you can also pay electricity bills or book any ticks, other than this you can even shop from these apps without the need for physical credit cards or cash. Some of the popular digital wallet apps are Cash App, Phonepe, and PayPal.
Digital Banking App
Banking apps are the best alternative to traditional banking systems where you have to stick in lines to complete one banking task. Now, every task can be done virtually without any in-person visit.
With a rise in the demand for online banking apps, some of the backs have completely shifted online without having any physical branches. This method can help users by providing better interest rates, more intuitive interfaces, and reduced banking charges. There are some popular examples of such apps as Revolut, Chime, and Monzo.
Investment & Trading Apps
Nowadays every other person is investing in stocks and IPOs. The number of people likely to invest in stocks has increased after the evolution of trading apps. As now a customer can easily buy or sell any stocks without having to visit their bank.
To subscribe to these apps you are not required to pay any subscription cost of additional commission. These apps also provide you information related to trading tools that can help you make an informed decision. Popular examples are Robinhood, Kite, and more.
Personal Finance Management Apps
Now you can keep a complete track over your monthly expenses through personal finance management apps. These apps allow users to track expenses, manage savings, and make a budget for your spendings.
These apps can track your financial situation through you monthly bank statements which can help you provide clear picture of your expenses. These app can also integrat AI features to provide recommendation. Some of the popular apps are mint, PocketGuard, and YNAB.
Cryptocurrency & Blockchain Apps
These apps ensure to provide more secure digital currencies transactions. Cryptocurrency apps have been widely used by many people due to its advanced technologies like transparency, secure financial system, and decentralized transaction.
Popular cryptocurrency & Blockchain Apps are Binance, MetaMask, and Coinbase.
Reasons to Build a Fintech App
Fintech apps have gained popuklarity in the market due to its fast and secure services among users. Read further to know more about the benefits of developing a fintech application:
High Demand for Digital Financial Services
Need for digital payments have increased with an increase in the digitalization. These days most of the users seek mobile app for budgeting, payments, and investing.
Cost-Effective Business Model
Automating financial services help you to manage your expenses and reduce the chances of unwanted expenses as compared to traditional services.
Enhanced Security and Trust
For the safety of the financial information you seek to use advanced safety technologies like biometrics and encryption.
Revenue Opportunities
There are multiple ways to earn revenue thorugh fintech application service slike transaction fees, premium features, or subscription plans.
Wide Audience Reach
Now through fintech apps users from different regions can easily access innvative financial services like personal expense management and automated banking system.
Integration of Emerging Technologies
To deliver innovative and personalized financial services to the users you must leverage to use AI and blockchain technology.
Process of Developing a Fintech Application
Process of developing a fintech application seems complicated but it also one of the rewarding process for businesses. To build an innovative fintech application you need to follow complete process of app devevelopment given below:
Market Research
Before developing a fintech application the first step that you must take is market research. First identify the services your app will be offering to solve customer problems. Define if the motive of your app development is helping user to manage their expenses or faster payment solutions.
Planning & Features List
Once you have identified the problems you want to solve, ensure to plan the features and functionalities you want in your application to provide custtong-edge financial services to the customers.
UI/UX Design
This is one of the most important aspect of fintech app development. The first thing that attracts users attention is the UI and UX of the application. Ensure to keep the interface of the application simple and accessible so users can easily identifies its functionality.
Development Process
Once the design of the application is completed now is the time to move on the development phase. In this phase, first you need to decide the technology on which you want you app to be based on your preferecnes. Once it is decided ensure to take help from a mobile app development company to the code the features you want in your fintech app.
Testing & Quality Assurance
Once an app is developed ensure to take it through testing process to identify its lags and errors. This is an important step to ensure smooth functioning of the application.
Deployment
Once all the errors of your applciation is resolve ensure to launch your application on Google Play Store and Apple App Store based on your target market.
Final Words
Finally we have examined that fintech application plays an important role to manage the expenses of the customers and to provide ease in banking system. This blog has also defiend several different types of fintech application that can be developed based on the business niche and target audience.
However, the process of developing a fintech application requires you to follow the multiple steps shown in this blog to stay ahead in this competitive market. If you want to develop a fintech app this is the best time to enter into this market.