How to Develop a FinTech App: Complete Step-by-Step Roadmap
Do you want to develop a fintech app, but don’t know what to do? Or are you looking for a detailed guide or step-by-step roadmap to tailor your fintech app? No need to worry, just relax and read our detailed blog.
Let’s explore the blog and get your queries solved. Let’s go….
What is a FinTech Application?
————————–
Fintech or we say Financial Technology is the next generation of how financial services will be done. It is either a mobile application, web application or software platform. With reliable and trusted fintech app development services you can develop a fintech solution that is convenient, efficient, and secure for both financial service providers and users.
The USPs of these fintech applications is that they use modern technologies like cloud computing, artificial intelligence, block chain, data analytics, and automation which plays a crucial role in replacing the traditional financial services and processes.
Examples of Fintech Applications:
- Digital Banking Apps
- Payment and Money transfer apps
- Investment & Trading platforms
- Personal Finance & Budgeting tools
- RegTech Apps
- Credit Apps
- InsuranceTech (InsurTech) Apps
Step-by-Step Process to Develop FinTech App
————————–
In this part of the blog we will give you detailed and step-by-step information to develop a custom Fintech app that goes with your business aesthetics, fulfills its core objectives and exceeds your expectations.
Let’s explore each step one-by-one until your fintech app is developed.
Understanding the FinTech Market and Identify Your Niche
Before jumping onto the design and development phase, it is very important to understand the fintech market and the niche your app is going to target. This is just step one, where you put your idea into the real-world and determine whether it will rank or not.
You can start with study of market dynamics, competitor analysis and validation of user needs, it will help you identify your niche and ensure your app addresses key financial issues and solves it.
Define Core Functionalities and Features
Before you write even a single line of code it is crucial to define core functionalities and features your fintech will have. The main questions you answer in this phase of development are what and why. If you are not getting proper answers to these questions then there are very high chances that you’ll end up overspending.
You can start with determining user pain points and outline the features that solve those problems. Next you must differentiate between the must have and decorative features which will save significant budget.
Ensure Security Requirements and Regulatory Compliance
When developing a fintech app, you must not think that security is something you can add at the end of development. You must design your app with security in mind from the scratch. It doesn’t matter if the product handles personal data, medical records, financial information or any sensitive information, it must be secure from the architecture itself.
To ensure security you can make your fintech app compliant to data protection requirements such as GDPR, CCPA, HIPAA, PCI-DSS and more. Follow encryption standards for the data at rest and in transit. Next secure API communication.
Choose the Most Suitable Tech Stack
There is a wide pool of tech stacks available in the market but not each one of them fits your fintech app needs and requirements. The type of tech stack you choose heavily impacts the performance, scalability, security and long-term maintainability of your fintech app.
You can start with selecting front-end frameworks and back-end technologies. Then you can move on to determining what should be the type of your mobile app native, cross platform, or hybrid. You must also select between the SQL or non-SQL databases for your app.
Create UI/UX Designs and Product Prototypes
UI/UX designs are one of the most crucial aspects of any app. It can either break or make your solution. No matter how great your app is, if the UI/UX is not good enough, your fintech app will ultimately fail in the market. The goal is to ensure the product looks good as well as is intuitive, accessible and aligned with users’ needs and expectations.
The UI/UX design is an iterative process where user research is done to develop persona, low-fidelity wireframes and high-fidelity user interfaces are developed. Then you can shift to designing interactive prototypes, testing and refining.
Develop Minimum Viable Product
Developing a minimum viable product is probably the best thing you can do when crafting your custom fintech app. An MVP contains all the essential features required to make it functional enough to deploy and test on the market to get the user reviews. With a minimum viable product you can avoid investing heavily into the full-scale development of the product before determining its demand on the market.
MVP significantly reduces development time, cost, helps you get real-world feedback of your product and provides your opportunities to refine features before implementing them into the final product.
Start Full-Scale Development
Once you are done with core features, intuitive UI/UX and MVP to understand market demands, then you are finally ready to step into the full-scale development of the fintech app investing your time and resources into it. What can stop you at this point? You have everything you need to go all in.
What you can do to make sure the final outcome of your development meets your expectations is employ Agile methodology for development. Develop all core and secondary features and integrate APIs, third-party services and cloud environments. Develop back-end logic, and database. Then implement the front-end component.
Testing and Quality Assurance
To keep your fintech app functional and ensure the minimum downtime, you need to test and run multiple quality assurances before the product is released into the market. Testing is a never ending process developing a fintech application and intensifies as the launch comes near.
The entire quality assurance process includes functional testing, API testing, database testing, performance and load testing, security & penetration checks along with cross-browser & cross-device compatibility testing, and usability testing with real users. With high-quality and thorough testing you can reduce maintenance cost and safeguard user trust.
Deployment
This is the part where your development ends and comes the time when you deploy your ready-to-use fintech app. However, deploying is not as easy as you think. It requires setting up a proper deployment environment by monitoring, orchestrating and planning.
Here’s what you should do when deploying your fintech app: setting up cloud infrastructure & server environment, configuring CI/CD pipeline, running final security checks, migrating databases, launching the live application and monitoring system performance after deploying. With a smooth launch you can ensure users get immediate and uninterrupted access to your fintech app.
Post-Launch Support
An app only keeps working fine in the long run when the post launch support is to the point and solves all the bugs and errors before they become a big hurdle. This perspective tells us that launch is only the beginning of fintech app development and it needs to evolve with market demands, user needs and feedback to keep thriving in this competitive market.
Post-launch priorities include bug fixes, system optimization, rolling out new features, enhancements, ongoing security updates, performance monitoring, scalability adjustments, customer support and feedback collection. Consistently improve your fintech for the long term success.
Conclusion
Finally….your custom fintech app is developed and deployed into the market. If you follow our step-by-step guide, then we ensure your app is solving real-user needs, matching market demands and aligns with your company goals and objectives. Our step-by-step guide is well researched and structured.
