Fintech App Development: 5 Insights That Will Delight Your Users

As we all know that COVID-19 has drastically changed everyone’s life – from working from home to new budgetary restraints and stock market volatility. Fortunately, Fintech companies have proved themselves powerful in the time of crises. Fintech apps are changing the way users deal with their money. Whether your users are freelancers, investors, or just want to control over their finance, Fintech app development companies innovate the fintech app with great features via creativity to move, save, and invest funds.Great customer experiences are not built-in a day; it needs deep-planning and delivered mindfully. Fintech companies who have mastered the art of delighting users are a great example for other competitors. So, if you are planning to develop the Fintech app, then you must focus on what your customer wants from your app. These advanced approaches to finance and banking help the users to control their financial activities.If you are a Fintech app developer, chances are your users are looking to you to make their financial services seamless. In the gig economy, these modern approaches to banking and finance help in bringing financial literacy to the 21st century. According to the report, among smartphone users in the US, nearly two-thirds have at least one fintech app. So, whether you are planning to develop a fintech app or already started the development, here you will get some tips to keep in mind for robust Fintech Apps.

Be Secure

When it comes to all about money, then security is the right call for us as Fintech app security and data protection is an important topic for the ones who are hoping to develop Fintech apps. So, keeping your Fintech app secure will assure to have top security measures, and it will help in gaining customer loyalty and keeping engaged on your app.Make sure your Fintech app and associated accounts use strong password policies. Developers usually follow 8+4 rule policies, that require a password made up of at least 8-letters one uppercase character, one lowercase character. Your users must stay vigilant in protecting their passwords. Besides, you can also allow them a monthly reset of passwords to turn back the clock on any possible account breach every 30 days. It is also your duty, as a developer, to store password data safely on the backend. Ensure that your customers are using hashed and encrypted passwords to avoid potential decryption in the event of data theft.

Be Focused on Customer Goals

Before developing any apps, you must know the needs of your customers and that your app creates a user experience that reflects trust. Financial companies must give personalized services to their users that help build trust between you and your app’s users.Customer understanding, building trust, integrating technologies is the trifecta that lies at the root of the ideal device. When designing an app around evolving consumer expectations, make sure you have the agile team that can put itself in consumer shoes and responds to customer feedback.

Be Data Compliant

According to the European General Data Protection Regulations (GDPR), an organization that does business with EU citizens must comply with stringent data protection regulations for customers. With Fintech applications, this ensures that any access to user data such as name, image, banking information, or identify computer data such as an IP address is legally necessary with secure storage and processing. Organizations that are not GDPR compliant face steep fines.One of the key principles of GDPR is design-by-default privacy, meaning apps and systems that should be built from the ground up with user data access in mind. It is a piece of great news for your users: Developing your Fintech app with GDPR in mind will make it easy for your users to know that their data is stored and accessed privately and securely through design.

Key Factors where the GDPR impacts the Fintech sector

·         Customer’s Consent

·         Supplier Management

·         Biometric as Identifiers for Financial transactions

·         Right to be forgotten

·         Sanctions

·         Communicating a security breach

Be Payment Compliant

It is essential to require multiple security protocols as it is the best way to keep safe your data safe. If your Fintech apps handle credit card payments, make sure your credit card data is compliant with Payment Card Industry Data Security Standards (PCI DSS). Even if your Fintech apps are using a third-party payment processor, PCI DSS still requires credit card information to be stored with a PCI compliant host.

Be Safe 

While developing custom APIs for your Fintech app, ensure that their design does not get expose in identifying information or other private data inadvertently. Programming your API to auto-increase recording IDs may save time, but may also expose your data to hackers who are familiar with exploiting record keeping. Data is only as safe as your weakest entry point — make sure it is not your programming!“More than 80% of fintech companies look to leverage APIs to improve the customer experience they offer”.

Final words

As a Fintech app development company, always ensure you’re putting the requirements of your users first. You may be added to other designs to delight your customer, but there is nothing more trusted and attracted than a strong, secure programming foundation. By focusing on security and user’s requirements, you will leverage users to do more with their money – and do more enough your Fintech apps.Technologies innovations remark the banking battleground of the present and future. Users want new and better services- so it depends on you how you will meet their requirements. If you want to be on the right side of the customer service path; then get together with your team today and plan different ways and follow these above strategies to deliver a positive customer experience. 

Originally published at – https://emorphistechnologies.blogspot.com/2020/07/fintech-app-development-5-insights-that.html