In recent years, the fintech industry has experienced significant and unpredictable growth. The mind-blowing expansion of the total addressable market (TAM), substantial investments, and the global scaling of companies have permanently positioned the sector at the forefront of the financial landscape.

FinTech APIs, banks, and financial institutions have started to step in and develop their own FinTech applications to eradicate the dependency on third parties. However, deciding and

determining what specific tools and apps to create or choose poses a challenging question that requires careful consideration.

But don’t worry, whether you’re a company looking for its fintech app, an entrepreneur, or just a fintech nerd. This Blog has you covered. Here, we will closely examine all the whats and hows of making a Fintech app. So, let’s get started!!!!

Fintech App Innovations: What’s New?

Nowadays, it’s quite rare to find any app without mini Fintech applications. It has been effortlessly built into the financial ecosystem with much devotion that now it’s basically ruling the app market. All the features provided by this innovation enables FinTech companies to offer a wide range of digital financial products and services, spanning money transfers, loan processing, insurance, trading, and much more, all merged onto a single platform. 

Some of the current trends are: 

Open Banking: Open banking principles are popularly being adopted by Fintech Applications. They offer seamless data sharing between two or more financial organizations and encourage third-party developers to introduce innovative services.

Integrating Blockchain and Cryptocurrency: Features like cryptocurrency trading, blockchain-based payments, and even decentralized finance (DeFi) solutions are used more commonly nowadays. 

AI and ML: Fintech apps incorporate AI and ML for basic but essential tasks such as fraud detection, credit scoring, personalized financial advice, and chatbot customer support. This helps enhance efficiency and user experience.

Robo-Advisors: Robo-advisors have become the Robinhood in the world of fintech. They use sophisticated and unique algorithms that provide relatable investment advice and manage portfolios regarding each user’s personalized risk preferences and financial objectives. 

RegTech Advancements: RegTech solutions have proved to be a game-changer in the financial industry. They help financial institutions comply with evolving regulatory requirements more efficiently and save precious time. 

Contactless Payments:  By prioritizing secure and convenient payment solutions that are contactless, FinTech has made transactions fast and easy. It includes NFC-based payments, mobile wallets, and other digital payments.

Embedded Finance: By Integrating into various industries through embedded finance, Fintech apps are revolutionizing. It allows a seamless user experience by embedding financial services into non-financial platforms.

Comprehensive Personal Finance Management: With the integration of holistic personal finance management tools such as budgeting features, expense tracking, and insights into spending patterns, Not only is this empowering users to make informed financial decisions but also allows them to take control of their finances and work towards achieving their financial goals.

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Instant Payments Facilitation: Fintech apps enable faster and more convenient payment methods, supporting real-time or instant payments to meet the growing demand for swift and efficient financial transactions.

These trends highlight the dynamic development of fintech apps, adjusting perfectly to present technological advancements and responding to redirecting consumer preferences in the financial sector. 

Now, let’s look keenly at the top trending app niches in FinTech. 

Customer Targeted Fintech Apps:

Mobile Payment Apps 

Mobile Payments have made life rather convenient by streamlining transactions, Allowing sending and receiving money digitally securely. 

These intelligent apps let users link their banking accounts or credit/debit cards, allowing them to make payments with a few taps.  

For Example: 

• PayPal
• Apple Pay
• Google Pay

Using these apps, you can even make digital payments in stores. Additionally, they save your banking information, transaction receipts, and more. 

Personal Financial Management Apps

Financial management apps offer users tools that help track expenses, budget planning, and set goals. 

For Example: 

• Mint 
• YNAB 
• PocketGuard

Entrepreneurship Targeted Fintech Apps

Small-Scale Businesses Accounting Apps

These apps simplify the processes and tasks related to management for new entrepreneurs or start-up owners. They help businesses stay organized and monitor them with the help of features like invoicing, expense tracking, and financial reporting. 

These apps have revolutionized how we manage and plan our finances. They have made it convenient for us to keep up with our financial activities and manage our bank accounts on the go. 

For Example: 

• QuickBooks
• ZERO
• FreshBooks

Apps for Business Lending and Crowdfunding

These apps offer easy and engaging ways for new small businesses and entrepreneurs to access capital.   

They offer a quick and easy way for businesses to secure loans or to raise funds from a vast pool of investors without going through the lengthy process of traditional banking. What’s more, 

They use technology to assess the proper worth of credit and offer competitive interest rates, making it easier for businesses to access funding.

For Example: 

• Kabbage
• Funding Circle
• Kickstarter

But as you set on making your own fintech apps, there are thousands of questions that might wander your mind such as, How to create an IOS App or how to create an Android App? There is no need to worry as down here we have listed proper steps on how and what to do when making a Fintech App. 

How to make a FinTech App?

In the vast market of FinTech apps, you need to break the barrier with something new and fresh that gets the eye of hundreds. There are several steps on how to make an Android/IOS FinTech App. We have broken them down here into accessible and understandable steps. Let’s have a look. 

• Firstly, outline your fintech app’s primary goals, vision, and features. Ensure that you understand the problems it aims to solve and the value of its service.

• Then, conduct thorough market research to identify and know your target audience, competitors, and relatable market trends. This information will help you master your app development strategy.

• Understand your financial regulations and data security standards for your fintech app. This is a very crucial step to ensure trust and legality.

• Decide on the technology stack for your Android app, including programming languages, frameworks, and databases. Consider factors like scalability, security, and ease of development.

• Create an intuitive and user-friendly UI design. Pay attention to the user experience (UX) to ensure smooth navigation and efficient use of features.

• Develop the backend infrastructure for data storage, processing, and user authentication. Implement secure APIs to connect the app with external services if necessary.

• If your fintech app involves transactions, integrate a reliable and secure payment gateway. Ensure compliance with payment industry standards and security protocols.

• Implement robust security measures to protect sensitive user data. Use encryption secure connections (HTTPS), and follow best practices for data storage and handling.

• Conduct thorough testing, including unit testing, integration testing, and user acceptance testing. Identify and fix bugs to ensure a stable and reliable app.

• Publish your app on the Google Play Store. Follow the guidelines provided by Google, and make sure your app meets their criteria for acceptance.

• Regularly monitor user feedback, app performance, and security issues. Provide timely updates to address bugs, introduce new features, and enhance performance.

• Establish customer support channels to address user queries and concerns. Responsive support contributes to user satisfaction and retention.

Conclusion

App development is an iterative process, and requires continuous improvement to stay competitive and to keep up with the ever evolving user needs. We believe it’s not much of a task to do if you’re already a tech Nerd but if you’re a newbie experimenting with risks, consider seeking professional advice, especially in areas related to security and compliance.

BEST OF THE LUCK!