If you’re entering the lucrative world of FinTech mobile app development, you’ve likely already found some existing apps on the market that you admire, and probably ones you find fault in, as well. This is all valuable research as you ideate and start to develop your app, so it’s wise to start a list of features and concepts as you move into these stages. As your friendly neighborhood app development partner, we’d like to give a solid five things to think about as you start work on your financial app and go through the app development process.
Is it Scalable?
The old saying says “Hope for the best and plan for the worst.” Well, in the world of mobile app development, you should plan for both. You’re going to work hard day and night to make your app as successful as possible, and, if you get your wish, you better be able to grow rapidly as your popularity explodes. Inopportune updates and unnecessary downtime might cause scores of users to unsubscribe, which could devastate your dream.
The ability to be scalable in a smooth and continuous way doesn’t just happen, though. It requires extensive technical work from the beginning, including more-than-adequate tech stacks, flexible and adaptable coding, and a team that is ready from the start to build and expand quickly. Yes, you should be prepared for the worst…any realistic business owner should. Just realize that lack of preparation for explosive success can also cost you dearly when it happens. To ensure that your app is scalable, be sure that your app development team offers DevOps services.
Most of us have been using FinTech apps for quite a while now, and we likely only use the familiar everyday tasks that we’re used to. Plus, lots of folks are just getting accustomed to the convenience of these apps, and hardly do much more than check their account balance and pay a few bills. Today’s users, most of whom are younger and more accustomed to the digital world, require all the extra features and utility possible. Making sure your financial app has a comprehensive menu of features like real-time stock market updates or personalized reminders to offer to users who expect the latest in technology and convenience should be your baseline when you launch. Keep it practical, as too many features can be overwhelming. Just make certain the features you do use are the best and most used on the market today.
You may also want to consider pairing up with another app company or developer to possibly pair up your service with a mutually beneficial service. For example, if you’re developing a budgeting app that helps users manage their household expenses, you may want to consider finding a partner that specializes in investments, pensions, or retirement planning. You wouldn’t need to develop all the code and UX that your partner has, but by joining forces, you can offer a more comprehensive and ultimately useful financial app for the user.
The future of 5G
5G is coming, if it isn’t already in your area now. This is no small event; some industry experts are actually claiming it will be the fourth Industrial Revolution of the modern era. This isn’t just optimistic hyperbole, as cumbersome tasks like file sharing, buffering, and traffic capacity will be optimized, and turn processes that normally took minutes or even hours into a few seconds. As a result, the battery life on devices will increase significantly, and features you might have been likely to eschew on your app as cumbersome or too time-sensitive can now be a cutting-edge highlight and competitive advantage over app developers who aren’t planning for the future.
It’s important to keep in mind that 5G, like any emerging technology, will have its growing pains, like prohibitive costs, limited access, and other quirks. That said, if you want a FinTech app that will thrive for the next five to ten years, you should develop it knowing the incredible power that 5G will provide.
Pay Attention to the Rest of the World
It’s easy to stay immersed in the American mobile app development scene…it’s as busy and innovative as any other in the world. Yet, there are other developments and breakthroughs happening on the global scene that could greatly impact the future development of your app. The emergence of unified payment interface (UPI) from India, for example, has eliminated the annoying two to four day waiting period for larger payments, and several American app developers have adopted it to optimize their apps. Payment apps like Alipay and WeChat in China have all but replaced cash in certain areas, and continue to grow in popularity and access. When considering different directions in your FinTech mobile app development, make sure to check in on the global market, and how it shapes the overall trends of financial technology.
Security Above All
Identity fraud and cybercrime are at all-time highs, and there’s no sign of that stopping. Even employing security measures from a few years ago isn’t enough, so it’s essential to know and implement the latest security features if you want to compete. Poor encryption algorithms, insecure data storage, or cracks in code that let hackers in are all serious problems that are happening today, and your future financial app needs to have the best measures in place to protect against them. A feature like a remote wipe, which can eliminate all sensitive data and passwords remotely if the user’s device is lost or stolen, is an essential feature to help prevent fraud.
Other measures include two-part authentication (think fingerprints or facial recognition) and crypto libraries that store all the codes and algorithms that provide the architecture to the app’s utility. Remember, people tend to trust larger institution’s apps, like big banks and brokerage firms, over more independent and focused apps, so if you’re launching something along those lines, you need to be even more transparent with how your app can keep information safe.