Fintech, which provides a range of services based on new technologies, has benefited in recent years from its very strong growth. Nevertheless, despite revolutionizing the world of finance it still has little access to real autonomy. Eventually, new Fintech startups are taken over by older and larger groups which intend to invest in their ability to evolve. One of the most important things in Fintech start-up is creating an innovative, business-driven Fintech app. So, how to do it?
How should a Fintech app look like?
Young retailers favour a modern, flexible and scalable approach to digital interface. The first-generation mobile applications of remote banking (which dated back to the 2000s ) went through rapid changes. The possibility to open a live account by using the mobile application, where the activation takes just minutes, was among their most important improvements.
Another advantage is the possibility of making mobile contactless payments. Today, almost all “apps” display a “common base” of standard and customizable services. You can check your bank statement and history of operations once you unlock your mobile phone with swiping your code or by facial recognition (soon also vocal). Some applications allow some additional features like overdrafts, issuing checks or cashing them.
Do you often go Dutch when eating out with friends? Now, you can reimburse your share of the restaurant bill to a friend through a simple text message (sent from the application), which acts as a transfer. You can both block and unblock your card if it’s lost, or you can set, and change whenever you want, the limits for withdrawals, for example, when you expect to have big expenses abroad.
Interested in more tips for Fintech Apps? Check out our article: 5 Key Features for Fintech App
So, how you should create a Fintech app?
1. Fintech App: MVP development
At first, there is an idea which needs to be very clear, distinct and feasible. We must have a plan that needs to be implemented point after point. You must know exactly how your application should work and which of the customer’s needs it covers. It’s very important to attract not only your investors, but also the clients.
For you as a client it’s important to have a clear understanding what goes into the cost of developing an app and what documentation to provide before requesting a quote. Here we have described in details what steps should be taken to get an accurate app estimate.
2. The latest technologies: Blockchain in FinTech
For such a fast growing market, as the FinTech industry, it’s especially important to use the latest technology solutions while creating new applications. In Espeo we follow the newest technology trends to be able to offer the optimal technology pool for each industry we work for. That is why last year we built a solid team of developers and consultants around the blockchain technology which is one of the leading technologies in the FinTech sector.
The blockchain technology is mostly associated with cryptocurrencies but yet the blockchain has more to offer than creating an ICO. This technology covers the essential needs of the FinTech industry. Check out our blockchain technology website to find out more.
Next step? The Budget! So, if we have investors with funds, there may be no problems coming our way. While dealing with potential investors, establishing basic budget and initial work scope is essential. The budget needs to be planned clearly and realistically to achieve your goals.
We usually start to work with our client from MVP development. Here the most important thing that influences the budget of the whole project is a feature selection process. It involves going through the MVP’s goals and objectives as well as customer needs in order to determine only the key features relevant to the goals. Only the proper and solid approach in the early phase guarantees a successful app creating process. In Espeo, we encourage our clients to start off with Product Design Workshop which gives a startup founder a unique opportunity to set up a clear and business driven app vision together with the team of pros-experienced developers, UX and UI designers.
Here you can find out more about Espeo Product Design Workshops.
4. Create a professional team!
You must put together a professional crew. You should find people who are talented and enthusiastic about work. Remember that you need an experienced programmer and a person – a security programmer – so that security won’t be a problem for anyone.
It isn’t difficult to say why the application security is so important. Everybody wants to be sure that the documents and private information are safe while using Fintech apps We must protect our finances, so if you are thinking about a Fintech startup and a Fintech app, you have to think about security as well. It’s the key to success!
Undoubtedly, creating a Fintech app is a complex work. If you want to work in this industry and begin a Fintech start-up, you need an application that will turn your mobility into success. At the same time, you must be careful not only about choosing the right features for your MVP, but also about an appropriate investor support, a support of a qualified team of programmers and a realistic budget, thanks to which we can implement your Fintech app plan point by point.