FinTech Apps- Development Trends, Tips, and More

In the past year, there have been many domains that have grown leaps and bounds, and FinTech is one of them. But there’s a small catch to this. All FinTech domains have witnessed different levels of impact, among which digital payments, investments, and regtech(regulatory technology) are the ones with the most positive impact. 

The consequence? FinTech application development has witnessed dramatic growth in this same span of time. 

In this blog, we shall explore the different aspects of FinTech apps, tips for creating a truly valuable FinTech app, and also some tips to get your FinTech app right the first time. 

Contents- 

• What are FinTech Apps?
• Technological Trends in FinTech mobile app development
• Practices for great FinTech mobile app development

What are FinTech Apps?

The word FinTech is an amalgamation of the words ‘finance’ and ‘technology’. A FinTech business enterprise leverages various technological solutions for the creation, automation, and improvement of financial service offerings.

As FinTech mobile app development continues to gather pace, it’s important to understand that the domain itself is pretty vast, and newer technologies and applications are making their way into the market for both enterprises and customers as we speak. Insurance apps, investments apps, as well as cryptocurrency will take FinTech to a different scale altogether. 

Perhaps the biggest factor to understand where FinTech application development is concerned is that it’s not something that’s witnessing adoption among startups and new financial service providers, but traditional financial institutions like banks too, have realized their importance to start with the adoption of these services. 

The statistics from Fortunly provide a lot of insight into the direction that FinTech is heading to, a few of which are mentioned below- 

• 77% of traditional financial institutions have plans underway for more focus on innovation for better customer retention.
• FinTech companies over the globe succeeded to acquire a staggering $25.6 billion as investments in 2020.

If the above stats are enough to convince you of creating a FinTech app, then you should consult a leading FinTech app development company like Systango for the most cutting-edge app. 

We hope that you have a fair idea about FinTech apps now, and so we proceed ahead with the technological trends in the industry that are making these apps all the rage.

Technological Trends in FinTech Mobile App Development

1- Microservices

In the area of mobile app development, microservices allow FinTechs to create highly dynamic solutions that can solve the needs of clients in the world of today. Microservices prove to be essential in breaking down applications into smaller, independent parts.

Microservices provide a welcome change from the unified approach of app development, where everything is supposed to come together as a singularity. They structure the application like loosely designed blocks that communicate with the assistance of APIs. 

The biggest reasons why microservices go well with FinTech app developers are mentioned below- 

• Quicker market entry.
• Simple debugging and maintenance processes.
• Better scalability.
• Microservice management is simpler. 

2- Automation

Technologies like AI, ML, robotics, and computing have disrupted every industry imaginable, and FinTech is one of them too. For any function that involves servicing the customers, lightweight and interactive user interfaces are what tick the right boxes. 

Automation tools like chatbots not just make things convenient for users, but also provide an unmatched and immersive experience. While there is no denying the fact that automation is changing the facade of the FinTech industry, a human factor is also pretty important. Any company handing over critical issues to ‘automated humans’ is not the right way to proceed, and a balance is advisable. 

3- Voice-enabled commands

Google Assistant, Amazon’s Alexa, and many different home devices are being increasingly integrated by various FinTech enterprises so that customers can make use of the app even with their voice commands and execute the required financial transactions. 

Given how the COVID-19 pandemic still has ripples going all over the world, voice commands can play a crucial role in reducing physical contact and deliver a completely contactless payment experience. It won’t be an exaggeration to say that voice commands and payments will significantly alter the world of FinTech application development.

4- The Presence of Blockchain

Blockchain is the most disruptive force in the FinTech arena today. The simple reason for such a firm standing of this technology is the multiple utilities that are brought by Blockchain in FinTech mobile app development- smarter contracts, smoother payments, and digital identities are just the tip of the iceberg. There are a lot of other features that customers today look for in a FinTech app.

Some of these demanded features include wallets with cryptocurrencies and digital asset databases, which can all be made possible with Blockchain.

Other than the trends that are being adopted by FinTech app developers for superlative applications, there are a few tips that can be integral in FinTech application development. Systango is a leading FinTech app development company that makes use of the latest technologies and trends to provide you with a future-proof FinTech app.

Practices for Great FinTech Mobile App Development

Be it absolutely anything, adopting the right practices can make all the difference. As far as FinTech is concerned, here are some practice tips to come up with a great financially-oriented app.

• Plan a Growth Strategy

Everyone will want to release their application in the market as soon as possible, simply because of how intense the competition is. However, lack or absence of planning can lead to your app failing in the long run. 

The very first step to ensure app success is planning the code and structure in such a way that keeps scalability in contention for the future. It’s also important to stay positive about the app’s success as well. Keeping the right strategy in place is crucial. 

• Focus on the App’s UI/UX

UI/UX plays a highly crucial role in any app, and FinTech application development is no different. Because of the complex financial nature of these apps, an easy-to-navigate and intuitive interface cannot be ignored. 

Other than that, the app should also look professional enough and offer a seamless customer experience. Thorough testing of the UI/UX is an absolute must. 

In the case of cross-platform app development, make sure you are testing the UI/UX of the app on both Android and iOS devices.

• Compliance and Security

The right FinTech app needs to provide confidence to its users that all of their data and private information is kept safe and secure. In other words, your FinTech app should have the right kind of security encryption protocols in place 

Ensure that the authentication practices you use are innovative and offer something different from the competition. The same goes with compliance too. FinTech apps need to take a lot of care for user data like banking details, profile details, and IP addresses that need to be stored and securely processed.

That’s all about it. If you are looking to explore FinTech for your app idea, then Systango is the perfect choice for you. We are a leading FinTech mobile app development company and have a highly seasoned team of native as well as cross-platform app developers that will go that extra mile for the perfect FinTech app. 

With the kind of experience that we have, a great FinTech will be your reality.  Get in touch with our Fintech app developers today.