FinTech today is developing by leaps and bounds, striving to revolutionize the world of finance. Even traditional banks have become interested in integrating financial software development services with their classic offerings. However, there are thousands of failures for every successful FinTech solution. How to create a technologically advanced and convenient mobile application, which will be in demand, and not gather dust in a developer’s portfolio?
1. Give preference to native apps
When choosing between cross-platform and native applications, experts prefer the latter. Native apps turn out to be more functional and flexible, because they are created specifically for each platform, taking into account its peculiarities.
Moreover, it takes much longer to update security features for cross-platform applications than for native libraries. This is a big business risk for FinTech, where safety is the top priority. It makes sense to create a cross-platform application if there is a task to make it faster and with lower costs, or to test a hypothesis. If the task is to rock the market, then choose native IOS and Android apps.
2. Hire a strong team of product managers and UX/UI designers
Experienced professionals are the backbone of a successful application. The scheme “I will take low-cost newcomers and grow them to meet my needs” will not work here. Turning to professionals, you avoid endless bug fixing.
For application development, product managers and UX/UI designers are especially important – the client path depends on them: whether it will be convenient and pleasant for people to use the service or not, whether the most trendy options will be included.
But this doesn’t mean that experienced players’ skills don’t need to be boosted: by training them, the company not only builds up competencies inside the team but also increases its authority, improves the attitude of potential employees.
3. Use hyper-personalization
One of the major trends in financial services development is hyper-personalization. Today it’s not enough to dispense with basic characteristics such as gender, age, and location. When designing an app, you need to consider everything: from your favorite color to the genre of music. In FinTech, these are routine financial transactions, frequency services for use, and so on.
Hyper-personalization allows people to spend less time looking for necessary options and information, which frees their time for more important things. When all the options are at hand, customers more likely will stop on your app.
4. Introduce smart technologies
New technologies are considered to be the essence of FinTech applications. They include artificial intelligence and blockchain, which are a requirement of the time, not a whim of developers.
Blockchain is of great help where trust, transparency, and speed of operations are needed, and artificial intelligence is a must for the analysis of vast data volume and better customer engagement.
5. Forgo the super applications if you are not yet a key market player
In recent years, international juggernauts from various fields have been creating super apps – ecosystems in which several functions from the field of finance, leisure, or lifestyle are combined within one solution.
To create it, you need to build a complex IT structure from scratch, including working out a huge number of interconnections between services. And if you’re a giant with millions of users, then the super app development will be reasonable, but for small companies, it’s better to create several simple solutions. Here less UX/UI effort is required, and a set of app features will still perform the necessary targeted actions.
Therefore, for services of different types, it’s recommended to release separate apps with carefully designed point functions. Test hypotheses and develop multiple applications with simple functionality to highlight features that are crucial to users.
Now is the perfect time to start developing a FinTech application, as the market is at its peak. However, the environment is very competitive, so developers have to work hard to come to the fore. And this is where our tips will help.