Everyone is familiar with the word FinTech nowadays. It is present everywhere and it is impossible not to see how this ground-breaking technology is changing finance. Financial technology improves the ability to manage account balances and offer consumer-focused payment options, provides access to large amounts of data, and, last but not least, prevents fraudulent activities.
Financial institutions, such as banks, are looking forward to collaborating with FinTech firms so as to reduce structural costs and guarantee better customer services. When technology is combined with financial services, a FinTech company is born. Your clients are actively looking for a solution. An idea can arise from various situations. If you have an idea, bring it to life, as it can be a marketable product and even business. Shape the idea and build a revolutionary, business-driven app.
These are the steps involved in creating a successful FinTech product.
Determine how the FinTech app will look like
The FinTech market is crowded and highly competitive, which is why you will want to make sure that your mobile application is simple, innovative, and ensures multi-tier functionality. Know from the very beginning what you are going to do. Be certain how you want to proceed and develop a sketch of what the program will look like. While you are drawing the hypothesis, ask for opinions. This way, you will find the plus points and the minus points of the situation. You are going to market the app, so learn to accept different points of view and deliver the most value to your clients.
If your initial idea was wrong, it might be necessary to reshape it and create a new hypothesis. There is no point in sticking to the initial concept if it is not useful. Consider what you might lose if you go down the wrong path. When you cannot innovate, do not copy. It is true that growth has become harder to come by, yet copying someone else’s idea is not recommendable. Introduce a new idea, a new choice, and be fair with consumers. Create a better online banking user experience. Better yet, offer an app that automates investing.
Take into account the target country
Financial technology aims to improve activities in finance, providing attractive alternatives to banks and getting the masses to participate in financial activities. Since it is such an important part of the financial system, FinTech is regulated by governments. Regulators and supervisors have been taking specific actions across different sectors. Prior to launching the FinTech product, study the laws and regulations of the target country. It is not enough to offer outstanding technology. You need to have a good understanding of the laws and regulations which are applicable to your business. In some countries, the FinTech product is tested under the supervision of the government. Make sure you comply with the new and old legislation.
Work in partnership with a professional IT consulting company
When it comes to the development of a FinTech app, it is necessary to have a professional team. Find people who are talented and love their job. They will be successful in what they do. Ensure that each developer is an expert in their field and they fit the company culture. A team is like a puzzle, in the sense that each piece plays a key role. Consider the skills, as well as the personality. Start with a 3-4-person team for the first month. A small team is particularly easy to manage.
If you want your project to be successful, get an expert opinion regarding your FinTech product. More precisely, hire a professional IT consulting company. The software consultants will use their knowledge and experience to advise you. You need to get outside experts to help you with specific aspects. Of course, you know your business better than anyone. Yes, but you are not an expert. Make sure that you are moving in the right direction. A software consulting company can help you implement different kinds of projects, offering fast, face-to-face assistance with code quality, user experience, and connected device integrations.
Start looking into software consulting companies. There are certain factors to take into consideration when selecting software consultants, such as past projects, communication, and pricing. See if the team is willing to work with you for a long time.
With a team of experts by your side, you are sure to build a winning FinTech app. Keep in mind that asking for help is not a sign of weakness. When it comes to software, you need all the help you can get.
Get the prototype ready
Build a prototype and test it. There are several types of prototypes that can be used to get a license or secure financing. Examples include:
- Breadboard – This represents a working model that shows how the program will work. It is basically a software mockup with partial functionality. That does not mean you cannot make a lasting impression with the prototype.
- Presentation prototype – The presentation prototype is very close to the final FinTech product that you are trying to develop. As the name suggests, the model is meant to be used during promotion to prove what the app can do.
- Pre-production prototype – This is an adequate design for a product with high profitability that is going to production. It is the ultimate version of the product. Changes may be necessary, so be prepared for reiterations.
You feel that your financial product is not perfect. It is not and it will never be. Prototype and test along the way, constantly getting feedback and reiterating. Building and testing prototypes is paramount to ensure that you are designing an offering suitable for your customers.
Do not neglect security
It is needless to say that application security is important. Finances need to be protected. As far as the development of a FinTech application is concerned, security needs to remain a major priority. Secure the app from the very get-go. Create well-written algorithms and identify flaws or vulnerabilities in the code. Test everything to ensure that protection is guaranteed. You do not have all the time in the world, but make an effort and test the product over and over again. Security is an essential part of application functioning, so do not ignore it.