If you’re running a financial business or an investment firm of some type, a fintech app could prove to be your best personal assistant.
Being at your fingertips at all times, a centralized app that can help you track all your business data and client info from one single place may be the best thing that you can do for your online financial business.
From providing your services to document verification, and streamlining operations to enhancing transactions and customer interactions, a fintech application can do much more and faster than a brick-and-mortar store.
All you need is an intuitive and user-friendly mobile or web app that can be used by both businesses and individual users alike.
There are many features to look for in a fintech-enabled app with the foremost being security! Needless to say, an easy-to-use interface and instant computing power always come in handy.
Before you get going with your financial technology app, let’s get familiar with a few things including the must-knows and the basics.
What is a Fintech app?
A fintech app, also known as a financial technology app is a type of mobile or web interface that is used to provide financial services over the internet.
As a full-proof digital solution, it can be used to streamline and automate most of the processes involved in a financial system thus saving time and cost.
There are many other benefits of adopting a fintech app for your business such as increased profitability, better access to your clientele, superior customer service, higher efficiency, cost cutting, and financial inclusion for all.
Some of the most common examples of such applications include mobile banking apps, investment apps, online payment platforms, blockchain, cryptocurrency, digital wallets, and robo-advisors among others.
And that’s just for starters! As new technologies continue to grow and evolve, fintech is guaranteed to get better and meet the ends of consumers and ever-changing trends.
Fintech Market Trends in 2024
As one of the fastest-growing technologies, the global fintech industry has grown to double in the last 7 years or so.
With over 26,000 fintech startups worldwide, the trend of integrating financial technology into online businesses is on fire.
Some of the coolest trends to watch out for in the all-so-hot fintech landscape are:
- 1. The adoption of AI and Machine Learning.
- 2. Embedded Finance.
- 3. Open Banking.
- 4. Digital payments and mobile banking.
- 5. A2A Payments.
- 6. Blockchain technology.
- 7. Green Fintech.
- 8. Cross-border payments.
- 9. Decentralised Finance (DeFi).
- 10. & most of all, Cyber Security!
To meet these various demands and market trends, the financial market has gone so far as to come up with various mobile-friendly apps that are meant for specific finance-related tasks such as finance, banking, insurance, payment, assets management, and so on.
Based on that, fintech apps are further categorized into different types of softwares and apps.
Different Types of Fintech Apps
Fintech apps are a catch-all phrase for any type of software, mobile app, web app, or digital technology that can be used to improve and automate a financial service.
As such, there are plenty of fintech apps in the market that you can use based on your requirements.
Some of the most common types of fintech apps include:
- Online payment gateways and UPI apps.
- Mobile and internet banking apps.
- Investment apps.
- Trading solutions.
- Loan and mortgage apps.
- Peer-to-peer lending/ borrowing softwares.
- Wealth and assets management apps.
- Personal finance management (PFM) apps.
- Insurance portals.
- RegTech platforms.
- Digital wallets.
- Cryptocurrency and blockchain apps.
- Credit score monitoring apps.
- Remittance apps for cross-border transactions.
- Expense tracking and receipt management apps.
The point is, that different types of fintech apps serve different purposes. Therefore, when building a fintech app for your business, make sure to be well aware of your niche or line of expertise.
To give you an idea, here are some of the best fintech apps that are available in the market.
Best Fintech Apps Examples
While there are thousands of fintech apps in the digital age, some of the best-known in their respective fields are:
- Robinhood (for trading)
- Chime (neobank for mobile banking)
- Acorns (micro-investing)
- Venmo (p2p payments)
- Paypal (a digital wallet for online payments)
- Mint (budgeting and personal finance)
- Coinbase (for cryptocurrency)
- SoFi (online bank for personal finance)
- Cash App (p2p payments and banking)
- Revolut (mobile banking services)
As you can see, every aspect of your finances and investment is covered by these fintech apps and the like.
So if you haven’t integrated a fintech app into your business as of yet, it’s high time to do it now.
Why Make a Fintech App?
Making a fintech app for your financial marketplace or business is pretty important in the modern era given the use of digital technologies in our daily lives.
From earning to spending to saving, everything can be done using a fintech app without having to wait in the long queues of banks and ATMs.
Some of the rather important benefits of having a fintech app for your clients include:
1. Higher efficiency of financial processes without the need to employ manual power and paperwork.
2. Better accessibility of financial services to a larger population including those residing in remote and rural areas.
3. Cost cutting and affordability of financial services at lower prices compared to traditional banks and other financial institutions, and sometimes even at no cost.
4. Convenience and transparency of information for clients, consumers, and investors alike.
5. Superior customer experience through round-the-clock support and custom-made solutions.
6. Financial inclusion for all especially those having limited access to conventional banking facilities and financial services.
7. Continuous improvement and innovation of the tool in terms of the technology itself.
As evident enough, financial technology has a massive impact on the whole financial system and its transformation into a more inclusive, efficient, and customer-centric market than traditional capitalism allows.
For this reason alone, investing in a fintech app to support your financial business may be the best thing that you can do.
To make the most out of your official fintech app, there are certain features you need to be involved no matter what.
What are the core features of a Fintech App?
A good fintech app is defined by several traits such as security and transparency at the top. However, there are many other core features that you should look for when building a fintech app for your business.
Although it all depends on the type of fintech app that you want to have for your target audience, some of the rather crucial features that are essential for providing a seamless customer experience are:
- Secure user-authentication
- API integration and other software
- Easy account management
- Transaction details and record maintenance
- Online payments and fund transfers
- Expense and budget tracking
- Real-time notifications and alerts
- Investment portfolio management
- Loan/ Credit services
- Financial planning and recommendations
- 24/7 support and autonomous chatbots
- Regulatory compliance with financial and data protection laws.
- Customization and personalization for a great user experience.
- Intuitive user interface and financial dashboards
- Automation through AI and machine learning
By making sure that these features are a part of your fintech app, you can promise a more comprehensive and secure online experience to your customers and clientele be it for banking, investing, budgeting, or any other financial service for that matter.
Moving on, to be able to add these features and functions to your fintech app, you should also be aware of the technologies and tools that are required to do so.
What Technology is Best For Your Fintech App?
While there are many ways to build or develop a fintech app, the best method is none other than to hire fintech app developers.
Being well-versed in all things technology, a specialized Fintech app development company in USA can help you bring your best ideas to life when it comes to your Fintech app design and development.
But first, it’s important to know your audience and the type of devices your app would be running on in the first place whether it’s the web or smart mobile phones.
Once you have that figured out, you can use one of these advanced technologies or app-building platforms to design a fintech app of your own. Let’s take a closer look.
1. App development platforms:
- JavaScript and React for fintech web apps and software.
- Kotlin and Swift for iOS and Android-based mobile apps.
- React Native, Xamarin, and Flutter for cross-platform mobile/ web apps.
2. Backend development:
- RESTful APIs for communication between the app and servers.
- GraphQL for a more efficient data query and APIs.
- Microservices and cloud platforms for maintenance and scalability.
3. Database Technologies:
- SQL for relational data storage.
- NoSQL for storing unstructured and semi-structured data.
- Blockchain for apps on cryptocurrencies and decentralized finance (DeFi).
4. Security & Encryptions:
- SSL/ TSL for encrypting data transmission.
- OAuth and OpenID Connect for secure authentication.
- Tokenization for securing sensitive information such as payment card details
- Multi-factor Authentication (MFA) for an extra layer of security.
Apart from that, a good fintech app development company shall also adhere to regulatory compliance by employing anti-money laundering (AML) screening techniques.
Our Fintech App Development Company in USA will also apply data analytics and machine learning to process and assess big data and the risks and fraud associated with it.
Keeping the overall cost to the bare minimum, we will provide you with these services using the best app development technologies based on your project’s requirements.
Step-by-Step Guide to Get Your Fintech App Developed
1. Like any other app, the process of building a Fintech app from the ground up begins with conceptualization.
2. Once you have that penned down, you can start scribbling a detailed plan or blueprint of the same.
3. Based on the goals and the purpose of your fintech app, you can further select the technologies, models, and frameworks required to bring it to life.
4. After that, comes the most important part of your app’s design and development i.e. designing the User Experience (UX) and User Interface (UI). From developing the wireframes and mockups to visualizing the graphics, layout, navigation, and user interactions, everything that is needed to build a user-friendly interface is done in this phase.
5. Followed by, the development of the backend infrastructure including the servers, databases, APIs, and other components required to handle the app’s running and operations.
6. Now we get to building the front and backend components of the app as they should be visible to an end-user.
7. Then add security measures such as encryption, authentication, authorization, and other mechanisms to protect user data, transactions, and sensitive information.
8. After that we’ll integrate third-party services such as payment gateways, identity verification, analytics, and compliance tools for a seamless communication and data exchange between your app and third-party services.
9. Testing the quality of the product is next up in our app development process. Aside from fixing the bugs and issues that can hamper the performance and quality of the app, it also includes testing it for functionality, compatibility, security, and usability.
10. Obtaining regulatory and compliance approvals for financial services.
11. Deploying and launching the app in real-time on servers and app stores such as Apple App Store and Google Play Store.
12. Providing ongoing support and maintenance, and regularly updating the app with new features and security enhancements.
By keeping these steps in mind, you can leverage the expertise of your app development company and successfully launch your fintech app in the market.