By 2027, the fintech industry will grow to over $330 billion.
This explosive growth has everything to do with the widespread adoption of online payments. Another contributing factor is the rising demand for financial services in emerging markets.
It’s not surprising then that more and more people are looking into fintech app development. If you’re one of them hoping to create an app to revolutionise the industry, here’s what you need to know.
Fintech App Development: Building With Top Features in Mind
Are you developing an app for mobile payments, insurance operations, or borrowing and lending funds? No matter what it is, remember that fintech apps must be convenient and secure.
That said, users will expect registration and onboarding to be seamless. Secure account management should also be a default feature. This means users should be able to add payment card details easily. They must also be able to check their balance in real-time without any problems.
Another essential feature is the ease of payments. Make sure to accept all kinds of payments, including digital ones such as NFC, QR code-based, and so on.
Other features your app must have include automated customer support (i.e., chatbots). Consider adding expense tracking, intuitive dashboards, and tiered alerts and notifications as well.
Fintech Security: The Most Important Feature of All
Security is key to the app development process, especially when mobile wallets or payments are involved.
To prevent identity theft, data leakage, and loss of customer trust, focus on best practices for your fintech app. For example, always ensure a secure connection between the app and the backend infrastructure. This is crucial for apps that integrate with APIs.
Aside from two-factor authentication and biometric authentication, data encryption and recovery of lost data should be prioritised. However, not everyone should be allowed access to these. This is why secure storage solutions and data loss prevention tools are non-negotiable.
Of course, beyond security, there are also regulations to stay on top of. Ignoring these is not an option. Keep in mind that these can result in substantial fines, legal troubles, and ruined reputation.
Are Gamification Features Necessary?
Are you considering gamification features such as rewards, incentives, personalized challenges, and more? While game-like elements make apps fun and help boost user engagement, don’t forget what your app is all about.
If you’re developing a traditional banking app, gamification might not be as important to your target audience. The same applies to regtech apps, which help companies comply with regulatory requirements.
Most likely game-like features will work for personal finance management apps. They could also work with cryptocurrency and investment apps.
Do You Need to Create a Fintech App ASAP?
Now that you know more about fintech app development, let Builder.ai take care of the heavy lifting for you.
As we always say, our goal is to help people who need software built at the speed of thought. Compared to software development agencies and other low-code or no-code app builders, Builder.ai offers guaranteed pricing, a dedicated project manager, a transparent dev process, and more.