Despite being a highly complex industry, fintech is steadily gaining traction. It is replacing traditional modes of payments of banking, e-commerce, wealth management, etc. Businesses and accountants can manage their accounts more easily with Fintech. The fintech sector grew staggeringly due to factors like the drop in investment markets and the leveraging of the potential of underlying fintech businesses. Tens of thousands of startups use financial services worldwide, some thousand of startups are funded by fintech companies internationally. Fintech is a complex ecosystem, so you should consider the characteristics that will help your startup succeed in the beginning.
Fintech app development should include the following features.
The fintech industry places a high priority on security. Once users have experienced security issues, they will uninstall your app without a second thought. Your fintech app will be more secure if it includes these features:
- Authentication with two factors
- Use the OTP to log in
- The security of fingerprints or face scans
- Dynamics of CVV2 codes
You should perform penetration testing to protect the security of your application. It will teach you about how hackers can hack your app so that you can devise preventative measures. Additionally, you should maintain, update, and make sure the application is secure. The fintech industry is subject to specific regulations. You must comply with regulations if you are planning to develop a fintech app. These regulations include PSD2, FCA, and PCI-DSS, privacy legislation like GDPR, CCPA, or PIA. The initial phases of fintech app development should consist of the implementation of security techniques.
2. Integrations are important
APIs are the building blocks of fintech apps. Application Programming Interfaces (APIs) are used to link multiple apps or portals together. Fintech APIs have the capability of issuing commands to third-party workers. APIs are also inexpensive. The Plaid API allows you to connect your app to bank accounts using this fintech technology company. Therefore, users can perform various banking tasks such as checking balances, making payments, and more. APIs also play a key role in e-commerce, particularly in the payments process and checkout. If you incorporate your fintech app with online payment methods like PayPal, Stripe, etc., your customers can purchase from anywhere around the world.
3. Data encryption during transmission, receipt, and storage
It will help to consider all phases of the data life cycle when planning the financial mobile app development process. It is imperative to protect data while it is being transmitted and while it is being stored, whether on your separate servers or the user’s computer. Encryption refers to the process of encoding raw data into a form that, if intercepted and accessed by anyone, will be unreadable and essentially useless.
When you send data from A to B, SSL technology encrypts it, but you need to take additional steps to protect it when it is stored. In addition to storing data on the user’s device, many mobile apps store data on dedicated servers or cloud hosting platforms. You must hire mobile app developers that prioritize your users’ data security and safety throughout the process.
4. Simplicity is the key
Making your fintech app user-friendly and straightforward is the key to its success. App users don’t need to spend a lot of time learning how to use your app. Developing fintech apps involves creating analytical tools that collect financial data and create simple financial programs. Analytics are displayed in real-time so that users and organizations can quickly find out their expenses, revenue, savings, and so forth. For fintech apps to attract more audiences, they need to be simple and easy to understand.
5. Provide maximum support
Companies offering financial app development solutions may use sensitive data to engage in a rich user experience. To solve customer queries, you cannot rely on 3rd party customer service providers. Instead, you must hire consultants to resolve customer problems. Your consultants must be qualified appropriately and follow strict safety guidelines. If you cannot hire a team that can be available 24 hours a day, create a chatbot. You can tell users about their finances or bank offers, so they feel confident using your app.
Considering what fintech can deliver for businesses and consumers based on current trends, it would be appropriate to mention its undiscovered potential. People can conduct transactions more efficiently thanks to online platforms and mobile apps. There is also the possibility of hackers compromising the data, resulting in a tumultuous situation. The implementation of this type of online security should be done with great care. The development of a secure and user-friendly financial mobile application should be left to experts who can assist you. Therefore, choose a reputable mobile app development firm with the required expertise and experience in financial app development.