The forecast of the immense growth of the fintech industry has encouraged many organizations to invest in fintech app development projects. Every business is looking for unique features which can make their apps stand out. If you are also looking for ways to get an upper edge in the competitive market, then here are some tips for you.
Finance and technology are two of the
trendiest topics in the modern world. Everyone wants to stay updated with
financial and technical knowledge. This is why fintech apps are getting more
and more popular. As the Internet of Things is becoming a common part of our
lives, we are switching towards online payment rapidly. Almost everyone is
paying with the help of online payment apps such as Paytm and Google Pay. These
are just one type of fintech app, there are so many types of them. so, let’s
have a look at what a fintech application is and what are its types. We will
also see how much it costs to build a fintech app in the later section.
What does it mean by fintech apps?
Fintech is short for Financial Technology
and as the word suggests it refers to the combined services of finance and
technology. It is a computerized program that is used to enhance the
functioning of financial activities. This concept has completely transformed
the experience of banking and other financial services.
Fintech apps are applications that allow
users to easily manage their finances. These apps are highly helpful to various
companies and business owners, as well as individuals to easily manage their
financial operations. Fintech app gives different solutions to numerous
financial activities. These include:
·
Internet banking
·
Online money transactions
·
B2B Fintech services
·
Tracking and management of personal
capital
·
Exchange trading services.
What features should be included in a Fintech App?
There are certain aspects that every
fintech app developer should consider before creating the app. These features
enhance the overall quality of the app increasing its usage in the market. You
can find these features below:
Personalization
This is a significant feature that must be
present in not only a Fintech app but in every application to increase its
usage by the customers. Personalization is what makes the users feel that the
app is specially crafted for them.
The personalization option delivers a
customized experience for each user making them feel valued. This is the key to
increasing the reach of your Fintech application and thus maximizing
your customer base. This feature allows users to not only manage the app’s
theme or language but also control the push notifications and manage the
categories of their money. This feature works by utilizing the gathered data of
the user to predict their behavior and provide various services that can
attract them to the application.
For example, an investment app should be
proficient enough to guide the user in the proper direction with all the
messages as and when required.
Simplicity
Simplicity is the key to making customers
stick to your app. Financial services are one of those many things where people
like things to be simple. Everyone avoids complex things, especially
applications. If the user can’t get to what they are looking for within the
first 10-20 seconds of using your app, then there is a high probability that
you will lose them as a potential customer.
Monetary activities and services are very
time-consuming and one should have to be very careful while dealing with a high
amount of money. So, your application should not be complex, otherwise, it will
annoy the user as they have to think about a lot of things at the same time.
The more conveniences you give to your customer, the more they will appreciate
your app.
Voice assistance
We were talking about making things simple,
so, what can be a simpler way of managing your finances other than the use of
voice commands? The use of voice assistants is becoming very trendy in almost
every type of application. But in fintech apps, this is a quite new approach.
The use of voice commands in fintech applications assists the user in easily
managing their financial activities. This can help customers is easy searches
and quick results.
Push notification
This is a crucial feature that should be
present in every fintech application. The push notification feature is an
effective way of communicating with customers because it gives a perfect
solution for their varied financial problems. It keeps the user in touch with
the application even though they are not using that at a particular time. These
notifications offer various benefits by creating awareness among the customers
regarding various discounts and offers that come with a particular account
privilege. Push notifications also increase connectivity between the user and
the application.
Data privacy and security
Security and privacy are of utmost
importance in anything related to financial activities. If you are creating a
fintech application, then you have to keep in mind that your application must
provide the users with a high level of data security standards. Although every
application needs to provide great security and privacy to its users when it
comes to a fintech app, this need gets magnified. High-security
standards make your application extremely credible and secure to use. People
prefer to use only those fintech apps which are trusted by several other users.
So, your app must be in line with all the legal guidelines and should be
authenticated because no one wants their financial data to be breached.
API integration
The API integration can be simply
understood as the connection between different software applications to provide
the best user experience. This feature in a fintech app can be highly useful as
the user can connect their banking application with your fintech application.
This can provide the user with easy access to their fintech app through their
banking applications. If you can provide your customer with the facility to
easily manage their money, they will surely stay with you for the long run.
Data Visualization
Visual data are exceptionally appealing to
the eyes. If you want to make your app engaging, then include the feature of
data visualization. This helps the user to easily interpret the data reports of
their financial transactions as well as their investment portfolio and other
activities. The data which is represented in only a report format or just
letters and numbers appear uninteresting to the user and thus increases its
difficulty to understand. The use of graphs and charts is appealing to the eyes
and easy to understand to the user. Thus, data visualization becomes an
important aspect of your fintech app to make it engaging.
Types of Fintech Apps
Fintech applications are invented to manage
finances. But the term “managing finances” is a broad one and comprises a lot
of activities. Digital banking, insurance, online payment, raising capital,
trading, deposits, cryptocurrency, and many more are included under the single
term of “managing finances”. So, there are different types of fintech
applications for these varied types of users. This makes the process of fintech app development a very complex task. Let’s have a peek at these variations
of fintech apps and some of their examples:
·
Online mobile payment (Paytm,
Paypal, Google Pay, etc.)
·
Cryptocurrency (Robinhood,
SoFi, Gemini, etc.)
·
Sock trading (Groww App,
Sharekhan App, Zerodha Kite, etc.)
·
Lending (Money View, Cashbean,
Paysense, etc,)
·
Insurance (Oscar Health,
myCigna, Aetna, etc.)
·
Personal Finance (Mint, Prism,
Mobills, etc.)
·
Accounting (Tally, Marg, Busy,
etc.)
·
Customer banking (SBI YONO,
iMobile by ICICI, IDFC first, etc.)
You can easily manage your diversified
financial needs with the help of these varied fintech applications. And if you
are looking for creating a fintech application but are not sure to work in
which domain, then you can also take a hint from these applications and can
select one as per your ideas.
Fintech App Development Cost
We have seen the features which you can add
to your fintech app as well as the types of apps from which you can select for
your project. Now you need to decide a cost range which you can pay to a fintech app development company for your project.
The cost of any app depends on its
complexity. So, if you want to develop a complex fintech app with lots of
features, then you need to bear a huge amount of cost. This can cost you
somewhat between $50,000 and $250,000. But if you do not have a big budget,
then you can create a simpler app with fewer features that will only cost you
$30,000 to $50,000. So, first, you need to decide your budget and then you can
add the features you want to your app.
Final thoughts
In the modern world, everyone is getting
financially as well as technically advanced. This raises the need for fintech
applications in the market, increasing the competition among various companies
which provide fintech app development services. These apps provide great
assistance to the user in managing their financial activities and keeping a
track of all of their finances in one place. If you also want a fintech app for
your project then, you just have to find a credible company that can provide
you with its best fintech application services.
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