Financial technology – shortened to Fintech in common parlance – isn’t just for Fortune 500s and Wall Street traders anymore. It’s a widely used form of technology appealing to small companies and average users.
Essentially, Fintech refers to any platform that competes against traditional institutions for the delivery and use of financial services. Often, it uses emerging technologies to provide users with a more frictionless, engaging, augmented and (in many cases) secure experience. Examples include financial planning apps, digital brokerage apps, banking apps, crowdfunding platforms and payment apps.
The pool of available Fintech apps is relatively small (compared to other app types), but growing by the day. In other words, with awareness high and saturation low, now might be the perfect time to launch your big Fintech idea.
If you’re an entrepreneur looking to launch a Fintech app, discuss these four essential elements with an experienced mobile application development company.
Security, Security, Security
What’s a financial platform without security? Where users’ money is concerned, you have to consider fraud prevention and security if you’re creating a Fintech app. To that end, it’s imperative to work with experienced app developers. This isn’t a job you want rushed or sloppily executed.
Talk to your app developers about incorporating comprehensive customer risk profiles and assessments, and integrating behavioral analytics that help you spot fraudulent or suspicious behavior on your app. The steps you take toward security will help you gain trust with new or potential users and ensure positive word-of-mouth as your company grows.
Personalized Customer Experience
Users don’t want a one-size-fits-all approach to their money. They want services tailored to their individual needs and financial ambitions. Moreover, they want to feel personally supported as they use your app.
As you forge through the initial strategy and development stages of app creation, work with your development team to build personalization into your app’s DNA. See if you can leverage customer data to provide personalized offers and recommendations. And consider implementing AI-powered chatbots to deal with user queries and concerns.
Scalability And Evolution
You might have the next big Fintech app on your hands – here’s hoping! – so you need an app that’s scalable and capable of evolving. Your customers’ needs might change over time, and you will want to ensure that your app’s capable of evolving alongside them.
This isn’t easy to do with off-the-shelf products. As such, it’s better to create a product from the ground up.
You can’t expect to be the sole, isolated service provider for users. Although you’re competing with traditional financial institutions, you do have to work with them if you want to attract users. Legacy integration involves bridging the gap between your exciting app solutions and existing legacy systems. Work with a company that marries your concept to legacy banks’ digital infrastructure.
For entrepreneurs entering the Fintech arena, understanding these four elements is critical. And what’s more critical is finding an experienced app development company that can compellingly implement these essential ingredients. Find an app development company that understands security, scalability, personalization and legacy integration to get your big Fintech idea off the ground.
If you are interested in even more apps-related articles and information from us here at Bit Rebels, then we have a lot to choose from.