Reply To: Fintech platforms and applications
Now you don’t have to spend sleepless nights dreading the long queues in banks (when all you ever wanted to do was to deposit a cheque, can you imagine that?!). The mobile technology business is booming. Banking app developers are having the time of their lives. There are no more queues, and guess what? People are willing to pay for convenience. According to PR newswire “The Global Fintech Market is expected to reach a value of $305 Billion by 2025” ”
With the advancements in mobile banking app development, the banking scenario has changed drastically. Technologies are being regularly upgraded to meet new challenges and trends emerging in the market and to fulfill customers’ expectations.
In the old times, a bank was considered prestigious if it owned a big office in a posh area (yeah, sweet 90’s!). As for today, good banking requirements have changed. Now, a bank can only survive the competition if it has a sound running official website and a mobile banking app where the customers can reach their accounts without any hindrance or delay.
This called for the compulsory up-gradation of banks to Fintech app development to stay in business. It is not only convenient to use but also ensures the providence of the best available services to customers. Remember, meeting customer expectations is definitely the newest trend in the banking sector.
Recommended: How to launch a mobile app the right way?
So, let’s have a look at an easy step-by-step guide to building a Fintech mobile app.
Step-by-Step Guide To Build Your Fintech App
Step 1: Do your research
Fintech software developers have a lot of research to do before they begin the process of building an app. You have to make a map to outline a plan to finalize the outlook of the interface and the features that it is going to offer. Also, the scope of MVP (Minimum Viable Product) and all the features should be clearly stated.
Step 2: Form a team
As I have mentioned earlier, you got to have a team of professionals to start building a Fintech mobile app. You can either use outsourcing facilities or build an in-house team. Just make sure that the purpose and process of building the app are properly communicated to each member of the team, and they are familiar with the basic working of the Fintech app development company. You’ll need experts in the following niches:
Web developing (Node.js skills)
Android Developing (Java Skills)
iOS Developing (Swift Language)
Step 3: Define MVP (Minimum Viable Product) scope
You have to define the scope of your MVP (Minimum Viable Product) and overall app. You can do this by going through these steps:
Do your market research, especially regarding your product’s field
Have sessions with your development team and clarify which features are a must-have in your app
Use tools like Prioritization matrix, etc., to highlight the selected features
All the features should be clearly stated. Make sure to check the validity of your basic idea, and see if whatever you require to give it shape is readily available.
Step 4: Select your technology stack
What is the technology stack? Let me tell you. There are various languages that can be used to build and design apps. You can go for the basic technologies (Java and Kotlin for Android, Objective C, or Swift for iOS). But as I have mentioned earlier, it would cost you more if you go for two separate app developments. There is another approach to take too. It is called Progressive Web App (PWA). It is a good option although it doesn’t let you use some of the in-built features of your mobile, for example, biometry.
Disappointed? Here’s the deal. There is a third option too. You can use cross-platform app development to build your app. This way, you will have to write just one codebase for both iOS and Android (cool, no?). Wait, it gets cooler! By using this approach for designing your app, you can save up to 60% of your total cost. My opinion? Totally recommended!
Step 5: APIs for basic functionalities
Your fintech app has to cover various functionalities like bill tracking, budgeting, etc. you can utilize these basic functionalities if you own a business that is already offering these services. For a start-up, you have to build them from scratch.
Whatever way you go, it is necessary to build APIs for smooth and fluent access across the website. My recommendation? Build REST (Representational State Transfer) APIs. This would include:
Record your API with tools like Swagger
For Testing and development, use tools like Postman
For API development, make sure that you are using strong database solutions like MongoDB, PostgreSQL, etc.
Rules and regulations for API responses and requests should be intact
Enable authentication and data encryption for secure APIs.
With the growing demand for online services across various businesses verticles, investing in mobile app development company has become necessary for entrepreneurs. As the number of smartphone users is multiplying daily, having a digital presence is a must to sustain the digital realm. To meet the online demands of the modern era, creating an engaging mobile applications service acts as a bridge to connect with your potential buyers.
Hope this article helps everyone.