With the fintech industry continually growing, now is the perfect opportunity to develop a cutting-edge application that addresses the current market needs and leverages the latest technology and resources available
The fintech industry is currently experiencing a surge in growth, as evidenced by the significant increase in venture capital investment in the first half of 2021, reaching $52.3 billion compared to $22.5 billion in the second half of 2020. This makes now the ideal time to embark on the development of a cutting-edge fintech app.
To successfully develop a fintech app, it is crucial to focus on integrating with established financial service providers to ensure seamless payment processing, secure banking information handling, and access to powerful cloud services.
A smart development strategy also includes creating an interactive prototype to validate assumptions with real users and only investing in features that truly meet the needs of the target audience.
Fintech, or financial technology, encompasses a wide range of technology-driven solutions in the financial services industry. From mobile payments and virtual cards to budgeting apps and wealth management platforms, fintech has become a daily part of our lives.
The fintech market also includes various aspects of personal and business finance, including wealth management, payments, lending, insurance, personal finance, cryptocurrency-based solutions, money transferring, trading solutions, regulatory technology software, and mortgage solutions. As technology continues to advance, the fintech industry is poised for even more growth and innovation in the coming years.
Fintech apps come in many different forms, each with its own unique set of features and capabilities. Some of the most popular types include:
Related – Know How to Build an App for a Neobank
When it comes to the most successful fintech apps, mobile payments, banking, and investing tend to dominate the charts. Some of the top players in the industry include:
When developing a fintech app, it’s essential to consider the features that users will expect and that will set your app apart from the competition. These include:
Are you curious about the steps involved in creating a custom mobile fintech app? Let’s walk through the process of building a basic rental management app.
The app will enable users to verify the credit scores of prospective tenants, accept security deposits for leasing, manage the escrow process, and handle the release of funds to eligible clients at the end of a leasing contract. Additionally, the app will facilitate an effortless contract renewal process for selected tenants.
The core value proposition of this app is to streamline the application process for renters and improve return on investment for landlords, exemplifying the mutually beneficial solutions that fintech can offer
Creating a fintech app can be a complex process, but breaking it down into manageable steps can help simplify the process. Here are 8 steps to guide you through the development of a fintech app:
Authenticate and Manage Users – Use Firebase as the foundation of your app. It provides secure user authentication, management, and crash reporting. It also integrates with other Google services for a rich user experience.
Get Secure Hosting – Use Cloud Firestore, an encrypted cloud-hosted database solution for app development. It is a Firebase product and integrates seamlessly with other Firebase products for streamlined development and user experience.
Integrate Credit Score Checking – Use a consumer-facing API like Experian, ACS or Universal Credit Services to pull credit scores and credit reports. This data can also be shared online with third parties.
Access Bank Account – Use Plaid, a major API in the fintech industry that connects your app to bank accounts and consolidates financial data on one platform.
Setup Payment Gateway – Use Stripe, a global payment processor that simplifies the process of storing credit card details and complying with PCI certification.
Implement Chat – Use a Chatbot API with natural language processing and machine learning to automate customer service tasks.
Add Bonus Plugins – Consider additional APIs like Intuit for financial management and D3 for data visualization to enhance the functionality of your app.
Consider Legal Obligations – Understand legal agreements associated with accessing users’ financial data, create a data privacy and management policy, secure an insurance policy, and have a disaster recovery and business continuity plan in place to ensure the security of your users’ sensitive data.
Our experience in building fintech apps includes a wide range of projects, from smart budgeting apps to AI-powered loan platforms and cryptocurrency solutions. We take a full-service approach to each project, from initial prototyping and user testing to final development and launch on the App Store and Google Play. Additionally, we also handle the back-end development for our fintech projects.
The process of creating a successful fintech app with us typically includes the following steps:
At Ideausher, we specialize in bringing innovative fintech ideas to life through expert app development. From concept to launch, our team of developers in NYC, CA, Australia, and the UK. And we work closely with clients to create cutting-edge products that stand out in the market. If you have a fintech project in mind, let’s connect and see how we can turn your vision into a reality. Contact us today.
Build Better Solutions With Top Developers
Fintech stands for financial technology, and it refers to the use of technology to improve and automate financial services. This can include everything from mobile payments and digital wallets to investment apps and online lending platforms.
Some popular examples of fintech apps include Venmo for mobile payments, Robinhood for commission-free stock trading, and Chime for mobile banking.
Security is of paramount importance for fintech apps, as they handle sensitive financial information. Other important features include payment gateway integration, machine learning capabilities, and user-friendly dashboards.
The process of creating a fintech app typically involves several steps, such as authenticating and managing users, securing hosting, integrating credit score checking, accessing bank account information, setting up a payment gateway, implementing chat functionality, and considering legal obligations.
Fintech app development can be complex, as it involves handling sensitive financial data and complying with various regulations. However, by using APIs and working with experienced app development professionals, the process can be streamlined.
The cost of developing a fintech app can vary depending on the specific features and functionality required. However, it is generally more expensive than developing a simple mobile app due to the complexity and security considerations involved.
Idea Usher is a pioneering IT company with a definite set of services and solutions. We aim at providing impeccable services to our clients and establishing a reliable relationship.