A Complete Guide of Fintech Application Development

The development of Fintech apps is buzzing around the world; we keep hearing this word every now and then. Although the development of Fintech apps is now a common term it does not mean that there is no growth in this area, Fintech vertical is still one of the most significant and fastest-growing verticals.

Each day a new startup is ready to adopt this technology to make their financial situation better. Unlike other app development, fintech app development needs to be done with extra security, fintech app development companies need to ensure application protection along with speed and user interface that is seamless.

Here we present a couple of factors that can help you better plan and execute your fintech app growth.

1. Planning

The first critical stage of the development of FinTech apps is planning where all ideas about the given project are gathered to provide comprehensive details and make it easier for the developers. Why Is It Important? It is necessary, for the following reasons:

a. It helps provide an early insight into current trends in the fintech industry, its target market and its competitors.

b. It helps to assess the budget and costs for upcoming marketing and product creation strategies.

c. It helps to streamline project creation.

d. The developers and designers will be aware of an important software development framework.

Given that there are many challenges associated with the development of mobile apps, pre-planning is an important part of the project’s smooth processing to achieve considerable success.

Following points should be consideration for careful planning, these aspect include:

· Target Market Research

· Analyze Competitor Offering

· Defining key problem with their solution

· Defining on exact features of the app in the future

· Choosing a suitable operating system to support your app.

2. User-friendly Design of Fintech App

Fintech application development’s key task begins with the job of designers since the app’s look is more critical than its coding. The basic design theory is built on three pillars, namely simplicity, clarity and actionable.

The design should be simple, as it will be easier to use at any time for the consumer. There should be clarity from the side of the user to see without much trouble whatever they’re clicking on their screen. In addition, they should be actionable as the mobile interface particularly for financial apps must be large enough to avoid stupid errors due to tiny touch controls.

Not only this, not only do mobile apps feature usability; they also display emotions. The customised experience must be recognised in order to humanise the UX design as it offers an opportunity to better interact with the customers.

3. Development of Fintech App

The next step which vitalizes the entire design is the creation of the software engineers’ apps, which comes in two parts:

a. Frontend Development

This method of development deals with the translation of user interface into usable code. The frontend developer is responsible for translating app design into well-defined codes, so that it is clearly displayed on the browser.

In addition, they should also ensure that its look is accepted in all the latest browsers and mobile app platforms, while also ensuring that other device resolutions look good in design.

It includes several tools for creating a safe fintech app which includes HTML5, CSS3, Angular, jQuery, Bootstrap, and much more. Thus, the front-end developer strives to create a good looking, innovative and imaginative user interface to have an enjoyable experience for the user.

b. Backend Development

This phase of development deals with data integration, server-side configuration and security. The backend developer is responsible for providing CMS-based content and for creating the logic required to operate as it should be. When an account is taken off the concept front, working in conjunction with the front-end development team, they need to reduce confusion in CMS setups and give customers simple handling of their app content.

4. Testing of the App

Testing of the fintech software continues concurrently throughout the development process. It is a dynamic system as they have to handle several features to give consumers a seamless and pleasant experience. To build a perfect fintech app, it thus becomes important for the developer to conduct a test based on a real-world scenario.

The Quality Assurance (QA) tester is responsible for providing the best customer experience by focussing on the following aspects:

a. Functionality, to ensure the working of the module as per the expectation of the customers.

b. UX & Usability, to ensure that there is not much requirement of time for displaying graphical attributes of the product.

c. Performance, to ensure the swift working of the product on various browsers and operating systems without being affected by the issues such as slow page loading and low responsiveness.

d. Security, to ensure the app is successfully meeting the standard security guidelines and comes with additional protection gears to prevent future hacker attacks.

5. Marketing & Deployment

It is the point at which an app solution is published for end-users to use. It is an important feature, as it helps draw vast numbers of consumers and make the most efficient use of their financial transactions.

There should be active and aggressive marketing and advertising before the official release date, so that a large number of tech-savvy consumers get to know about the product with enough reviews being given.

The present world is part of digital technology, so fintech companies need to concentrate on promoting their financial goods on social media, and can also use search ads and e-mail distribution to support journalists and popular bloggers. However, the actual cost is hard to calculate and should work into the budget.

6. Maintenance& support

Providing maintenance and upgrading of the mobile fintech app is very necessary for an uninterrupted and effective output. Do you know why maintenance of the Mobile App is important? Since it is:

1. It saves the app from being dropped on the app store.

2. It gives mobile app protection from cyber threat.

3. Using Consumer expectations.

4. Keep apps updated and relevant.

5. Keeps consumers happy and pleased.

It is also a part of the post-development process, and the related costs are exempt from overall expenses.

7 Total Cost of Fintech App Development

The development cost of mobile fintech apps varies from place to place and depends on the type of feature set you choose to create and this depends on your team’s location as well. To give you a hint about the cost of creating fintech apps.

Simple fintech app — US$30,000 to US$75,000

Fintech app with mid level of complexity — US$1,00,000 to US$2,00,000

Complex Fintech App — US$2,00,000 to US$5,00,00

Originally published at – https://emorphistechnologies.blogspot.com/2020/09/a-complete-guide-of-fintech-application.html

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