Our finances and transactions have become digital for some years. If the digital era dominates in one niche, it is none other than financial services. No wonder when aspiring developers of a startup are thinking about how to create an app from scratch, they find Fintech apps most lucrative. But Fintech app development has its challenges, and despite the opportunities, the technical roadblocks are huge for shaping a successful Fintech product.
Do you want a comprehensive guide to building a Fintech app that appears unique and valuable? Your aspiration is aimed in the right direction since the fintech industry is booming. According to the latest industry statistics, the exponential growth of the Fintech sector is destined to reach $179 billion by the end of 2022, and it will cross $213 billion by 2024.
Do you want to know how to create an app from scratch for shaping your fintech aspiration? Well, here we are going to provide a guide to building a Fintech app, starting from choosing the right Fintech niche to selecting advanced features to tech stack and development. Let’s begin.
What Fintech Niche to Choose?
Fintech apps are of diverse types targeting a variety of digital ways to manage transactions, financial planning, investment, and insurance needs. Naturally, when you want to have a complete guide on how to create an app from scratch to produce a unique fintech offering, you need to begin by deciding the right niche. Here we will explain some of the most popular fintech app niches.
● Investment and Trading Apps: You can trade stocks, commodities, and currencies across major trading portals and markets all over the globe just by simply tapping on your handheld screen. These investment apps also allow you to invest in mutual funds, Govt bonds, corporate bonds, and many other financial instruments.
● Digital Banking Apps: Many app publishers refer to mobile banking when looking for a guide to building a fintech app. Digital banking, thanks to net banking and mobile banking, continues to transform banking operations and transactions. The use of digital banking is exponentially growing. According to Statista, while in 2018, only 61% of people in the US were digital banking users, by the end of 2022, it is likely to cross 65%.
● Mobile Wallets: the mobile wallets or mobile payment apps that we can use almost everywhere for all sorts of transactions, purchases, and money transfers have primarily made fintech apps popular among the common masses, and they are likely to stay popular for the years to come. To understand how to create an app from scratch for entering the fintech market, you can find this niche to be the easiest to set your feet on.
● Lending Apps: Apart from the so-called mobile banking apps that allow people to apply for bank loans, there are also dedicated lending apps allowing people to take financial loans from reputed financial institutions. There are lending apps to help you compare different loan products in the market along with their eligibility criteria, interest rates, and terms.
● Mobile Insurance Apps: When you go deeper into a guide to build a Fintech app, mobile insurance can very well be a less-traveled path for a startup. Insurance companies now make their insurance products accessible to customers through mobile apps. Mobile insurance apps can represent a specific insurer brand or help customers compare and buy from different insurers across life, general, and other insurance niches.
● Financial Planning Apps: Did you ever th8ng why those expense tracker apps are so popular in the market these days? Well, these apps allow people to control their expenditures completely. Similarly, financial planning apps enable people to track expenses, manage investments, track regular payments, and make long-term financial planning. When financial experts are interested in how to make an app from scratch, they should instead choose financial planning.
● Crypto-Trading Apps: Finally, the dedicated apps for trading cryptocurrencies are already famous and renewing their growth stories every once in a while. Crypto coins are subjected to profitable trading and will not lose market attraction soon. When taking a closer look at any guide to building a Fintech app, you should also consider Non-Fungible Tokens (NFT) apps that allow unique creators, artists, and innovators to store, transact, and sell their valuables with a non-fungible token.
Fintech App Basic and Advanced Features
When we help you understand how to create an app from scratch for the fintech niche, we advise you to balance the best features that make unique value propositions for the end users. Below, we mention some of the features of regular and advanced fintech apps.
● Transaction History: Irrespective of the fintech app niche, allowing users to check on their transaction history or financial reports is a must-have feature.
● QR Scanning: Generally, any app allowing financial transactions offer QR code scanning as a standard feature.
● Conversational AI Support: Instead of regular Chatbot support, conversational AI is popular for its ability to converse in natural language and customized manner to address customer contexts and intents more precisely.
● Autocomplete Forms: frequent KYC form fill-up needs are everyday in the financial industry. For some industries like insurance providing information takes a hell lot of time. This is where autocomplete features and intuitive form handling can be beneficial.
● Intelligent Dashboard: Intelligent dashboards and visually intuitive and interactive data visualizations and reports on all sorts of financial activities and market dynamics can be immensely helpful as an admin panel feature.
Choosing Technology Stack
Finally, for a fintech app, you must choose the tech stack wisely, keeping in mind the future challenges corresponding to the compatibility and development roadmap. As part of a guide to build a fintech app, we must advise you to choose the tech stack that supports all your key features and the ones you will incorporate through future updates.
For example, choosing Flutter as your front end will help you incorporate AI Chatbot support based on NLP, python, and similar stuff. On the other hand, if you have a React leaning for your digital offerings, React Native can also be a strong cross-platform alternative.
Don’t Undermine All 3: Wireframing, Mockup & Prototyping
Fintech apps, unlike most other niches, need to work heavily on creating the most engaging user interface and delivering a user experience that takes the least effort in making transactions and carrying out other financial activities.
As part of our guide on how to create an app from scratch for the fintech industry, we must advise fintech startups to Anke design that breathes with user expectations. Hence, ensure your app follows the standard design protocol covering all key stages, such as wireframing, mock-up, and dynamic prototyping.
There is plenty of inspiration in the fintech world for how to create an app from scratch for startups. But setting aside the success stories of the big fintech players, you need to concentrate on perfecting the most elementary aspects of your fintech app. Remember, just like the sky-high opportunities, fintech is also the most competitive app niche; hence, every single step counts here.
Guest post by Juned Ghanchi