How to Develop Your Successful Fintech Solution

Fintech refers to the technology incorporation in the delivery of financial services. Fintech apps have recently come to fore with the aim of improving activities in the financial sector. Fintech has already had a great impact on banking, insurance, electronic payments, wealth management, etc. And currently, there’s a sparked interest in blockchain, cryptocurrencies, and cybersecurity.

Fintech industry is booming these days, the fintech market is growing, and the interest in fintech software is only getting stronger. The fintech industry is one of the most fast-growing global industries. Thus, there are enormous opportunities in fintech software development.

November 16, 2022

Fintech market

The fintech market continues to grow and make a huge impact on the financial sector. According to the Global Fintech Market Research Report, the fintech market is expected to reach a value of 324 billion by 2026. With the help of fintech solutions, customers get more convenience in payments, thus, the fintech industry remarkably enhances customer experience.

Another reason for the rapid fintech market growth is the fact that fintech helps small as well as medium-sized enterprises meet their financial needs. The digitalization continues accelerating in the post-pandemic world thus, creating even more opportunities for fintech solutions. Besides, fintech doesn’t only provide convenient transactions, it also gives more guarantees in terms of financial data security.

Fintech Trends

Fintech has had an impact on several industries in the sector of finance. Currently, there are more than 26,000 international fintech companies all over the world. Since the investment in fintech is going to grow, it’s worth staying ahead of the curve and learning more about the upcoming fintech trends in 2022. Let’s look at some of them.

Internet of Things (IoT) and Sensors

The Internet of Things has already changed the way we can process the data, and sensors have already become important elements of the fintech revolution. One of the examples of how the sensors can be used in fintech is contactless payment. Sensors are also used in ATM machines for gathering data of the number of people who use them, and so on.

Bitcoins

Bitcoins and their use are on many people’s lips. Bitcoin ATMs are popping up all around the world. And it means that there’s a growing optimism that cryptocurrency will stay with us for the future and will remain a smart investment. Thus, a lot of companies are incorporating cryptocurrency into fintech.

Artificial Intelligence (AI)

AI is already embedded into our daily lives. No one gets surprised by smart homes, social media algorithms, -and fintech is no exception. If you haven’t thought about incorporating AI into your business, now it could be the time to reconsider it. Using such AI elements as customized banking product suggestions, support chatbots, etc. could help to scale up your business.

Robotic Process Automation (RPA)

It’s used mainly to automate mundane tasks like data entry, information processing, and so on. The main purpose of RPA implementation is to robotize the tasks that don’t require human input and let human resources focus on more creative and innovative tasks.

Cybersecurity

Date security is one of the top priorities for every company. And as attackers find new ways of hacking the data, one should be on the safeguard to protect such sensitive information. These days, fintech startups use more innovative technology, such as multi-cloud data storage, decentralization in order to better protect the data.

What Is a Fintech App

Fintech app is the fintech application that utilizes technology with the purpose of alleviating the finance management. Such types of apps allow people to easily send and receive money and do other everyday financial operations. Fintech apps are tailored towards creating much better customer experience as compared with traditional banking. Fintech apps offer a lot of advantages, such as cost reduction, convenience in financial operation, security, and personalization.

When you would like to build a fintech app, you should take into account that there are several types of fintech mobile apps. The most important types of fintech apps are:  digital banking apps, insurance (Insurtech) apps, loan apps, trading apps, personal finance management apps, and payment processing apps. So, when you decide on building a fintech app, first think about the type of the app you would like to create, and only then about fintech app features.

Fintech App Features

When you think about how to build a fintech app, consider what type of fintech app you would like to create, fintech app features you would like to include, choose finance programming language and take into account approximate fintech app development cost.

Here we’ve included some of the must-have app features that will help you build fintech app that is up and running.

  • Basic Functionality for financial operations. Here you should include all the basics needed for making easy financial operations. Such features can include but are not limited to money transfer, balance checking, account management, etc.
  • Simple and easy-to-use UI/UX. Users should be able navigate the app intuitively, -and here’s when properly made UI/UX design comes in handy. You can also create a personalized UI/UX, which can significantly improve your brand reception.
  •  Data Visualisation. People can process information visually in a much better way. That’s why data visualization provides much better access to the information on expenses, incomes, transactions.
  •  Scanning and QR code. It is very convenient for the users, as all they have to do is to scan the QR code with the help of a camera phone. And the users shouldn’t enter card numbers all the time. This feature is great for creating excellent customer experience.
  • Secure Authentication. In fintech app development, it’s of paramount importance to think about security and enable a highly secure signup process. It can be done with the help of two-factor authentication, unique code generation, email or SMS alerts, etc.

Best Programming Language for Finance

Another important element in fintech application development is to make a choice between various fintech programming languages. And the question you might ask yourself when it comes to fintech development is what programming language will be the best for building a fintech app.

We would say that Java is the best programming language for finance, because of the following factors:

  • wide choice of features
  • enhanced security
  • cross platform abilities
  • compatibility with major operating systems
  • high-speed performance
  • multiple threading support
  • easy-to-use security APIs
  • stability

Java is used by a lot of world’s biggest banks, mostly because of its enhanced security, and security is highly important in the finance sector. But, of course, one can also choose other programming languages like Python, Scala, C++, and others.

Custom Financial Software Development

It’s always better to opt for custom fintech applications development. Customized solutions are adapted specifically to your business. It means that you can have only the fintech features that would help your business run successfully.

Apart from above-mentioned must-have fintech features, you could include such additional features as: voice-assisted banking, biometric sign-in, gamification, app tours, cross-platform capabilities, and what’s more. It all depends on your idea, your needs, type of fintech app.

If you are thinking about which features to include in your fintech mobile app, don’t know how to create a fintech app and where to start from, A-Team Global can help you and answer all your inquiries. Accumulating vast experience in fintech mobile app development, we know how to put all your ideas in practice and how to develop a fintech app that would have competitive advantage and would meet all your requirements. With top fintech developers on board, at A-Team Global, we provide fintech software development services from ideation to full-cycle development as well as design, maintenance, and update, it all depends on your particular needs. We have provided software development for financial services to many companies and helped them achieve their goals.

Case Studies

Swisscoin: creating website and app that obtained 1000 users in a week

Upon a customer’s request, who operates in the Fintech niche, we’ve created a website with a user-friendly interface that would allow buying and selling cryptocurrency. During  the second stage of our cooperation, we’ve also developed an easy-to-use application with the possibility of displaying stores that accept payments in Swisscoin cryptocurrency on the map.

As a result of our work, in just a week, there were more than 1000 users who downloaded the application. And the number of people using the application was growing every day. About 350 users actively used the website to sell and buy cryptocurrency. Many others visited it to read the news and learn new information. The website has been up and running and still continues attracting new audiences to the product.

Creating a token-based crowdfunding platform

Our specialists qualified in smart contract development and programming, created the crowdfunding platform that helps business owners find investors to grow their businesses. And the lenders make a profit by helping local businesses expand and build a more sustainable economy. This is a type of platform that can be sold to other companies and modified according to their requirements.

As a result of our work, we fully met the customer’s requirements and within a short period of time, produced a fully functioning website and 2 tokens. All the parameters, but the smart contract conditions, can be set from the Admin panel of the website making the website highly flexible.  

Fintech Development App Estimate

Fintech app development cost depends on several factors:

  • what type of fintech app you want to create
  • which features you would like to include in the app
  • whether or not you want to include additional features, their complexity
  • what custom solutions you would like to incorporate
  • and, finally, what company will provide fintech application development services

There are a lot of fintech software development companies on the market. The cost for a fintech app also depends on the location of the fintech software development company.  If it’s located in the USA, the cost will be significantly higher as compared to the cost of such a company located, for example, in Eastern Europe. If you choose to work with a reliable IT software company from Ukraine, you can save a dime and get highly professional fintech application developers on board. The majority of Ukrainian developers speak English well, and have a good combination of software and hardware skills. The approximate cost for a basic fintech app can fluctuate between $30,000 and $50,000.

Contact us at A-Team Global, and we can give you an exact cost for your fintech app development and all the insights on how to make a fintech app that would be successful on the market.Fintech continues developing, and despite all the fintech challenges like data security, user retention, the fintech industry has a bright future. That’s why investing in fintech apps development can bring you high ROI. And if you are hesitant where to start from and how to build a fintech app that would be profit-making, drop us a line, and we’ll help you with everything. 

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