Tips to build a Fintech app
- Financial Services
Nothing beats the satisfaction of making financial transactions with a few taps on our phone as we sip coffee in bed. Fintech apps offer a stress-free way of managing our finances and have made our lives easier. Research has found the investments in fintech to have increased from $900 million to $18 billion in the last decade alone. The fintech industry is undoubtedly evolving, making it necessary to keep up with its changing innovations to have a competitive edge in the market.
When building a fintech app, it’s only sensible to consider the different types. Examples include digital banking, loan, payment processing, and insurance apps. While different fintech apps can have varying features and specifications, knowing the basics can be useful nonetheless.
This blog will discuss some tips to keep in mind when building a fintech app.
There’s no such thing as too much security
A report on financial app security (2021) stated that 75 percent of security risks could’ve been avoided if fintech apps had incorporated appropriate security measures. This is self-explanatory as to how important it is to have optimal security in your fintech app. The more secure the app is the higher your user engagement.
Run relevant security measures over every internal and external part of your fintech app. Internal components of the app include things like codes, servers, and a database that contains confidential data. Consult with app developers who know its inner workings as they’ll advise you about the best security measures best. Blockchain technology is an excellent way of safeguarding sensitive information. It offers a decentralized network that enables you to transfer confidential data. This reduces the risk of data breaches and warns you about any suspicious activity.
The external aspect of a fintech app deals with what users view on the app. This can include things like login protection or how their data is safely stored. Consider having a multi-factor authentication code, as this will add an extra layer of protection to the app. Another security tip would be to offer users a seamless transfer of funds. PayPal, WorldPay, and Stripe are some popular payment gateways.
Think about personalization
Adding elements of personalization to your app can help engage users more. For instance, you can allow them to modify the features they like best in the dashboard, make templates, or even alter any visual aspects of the app. This can also instil a sense of ownership in users. Consider the example of Apple, which with its latest iOS 14 software update, allows users to personalize their interfaces according to their individual preferences.
Artificial intelligence (Al) can help you evaluate the needs and preferences of clients by going through their past activities on the application. Research by Cambridge Centre for Alternative Finance found that 90 percent of fintech firms use artificial intelligence.
Another tip for personalizing your app is to alter its language settings based on the country it’s being used in.
Your customers will appreciate having easy access to you when answering any product-related questions. As phone or email correspondence can be tiresome and long, chatbots and live support are great ways of providing instant support to customers. With AI, you can seamlessly manage large amounts of customer questions. Research has predicted that by 2023, 79 percent of chatbot interactions will be via mobile banking apps. On the other hand, the live chat software market size is expected to rise to $997 million by 2023.
As a fintech company, you need to offer customers support 24/7/365 as they can make financial transactions anytime. This is especially true if you operate in multiple locations worldwide. Your support team must be highly knowledgeable about every feature of your app and have a solid understanding of fintech. To reduce security risks, ensure your support team has minimal access to confidential data. Let them know what information they are prohibited from passing onto customers, emergency contacts, etc.
Encourage your support team to go the “extra mile” for customers as a bonus tip. This includes offering them suggestions according to their preferences, extra product information, etc. This will instil confidence in your services and make the customer feel valued.
Good graphics are key in fintech app design. Tables or graphs, for instance, can help customers get a better idea of their finances. As fintech apps require users to provide personal data, consider making quick and straightforward sign-up. An indicator that allows users to know their progress can be helpful too. The right background colour and font are also important. Make sure every icon and logo matches correctly with them.
When thinking about colour palettes, try to link them to the world of finance. Red and green colours, for instance, mean buy and sell in the world of finance. Keeping these intricacies in mind when choosing your colour palette is crucial. Research has found that colour enhances brand awareness by 80 percent. Viable options for fonts for fintech apps, on the other hand, include Roboto, Lato Condensed, and Titillium Web. The text must not only be clear but understandable too.
Creating a fintech app can seem like a complex task, but you can make it seamlessly with the right tips in mind. Fintech apps are dynamic platforms, and every detail from their various graphics, features, and security measures counts. Customers not only want a secure but an easy-to-use app too. Adding a little colour that correlates with your brand won’t hurt anyone either; it’ll only visually appeal to your customers! With modern technologies like AI or live chatbots, fintech apps can be customized according to business and customer needs. Having a well-trained team on board can simplify the development process and add their expertise to it. The quality of your team can make or break your fintech app.
Windmill Digital offers high-quality product design services. Our experts are highly skilled in their field and are experienced in creating exceptional products for our broad range of clients. For more information, contact us here.