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Features of the Development of Financial Applications

Features of the Development of Financial Applications

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Recently, the development of fintech applications and the specifics of this process are increasingly being discussed by financial organizations, and this is not at all surprising. . To stay competitive in the new realities, many financial companies have begun to think about moving to a mobile platform, and if you want to join them, you should know some nuances.

We will talk about them in this article.

Table of Contents

  • Advantages of FinTech Applications For
  • Types of FinTech Applications
  • Main Stages of Development of FinTech Applications
    • Choosing a Niche
    • Market Analytics
    • Prototyping
    • Development of Design Elements
    • Programming
  • Conclusion

Advantages of FinTech Applications For

  • Banks Having developed a high-quality application, a banking organization can reduce the costs of doing business, since part of the staff’s duties will be taken over by the digital product. In addition, the availability of such a mobile service facilitates faster processing of financial transactions and automation of many business processes, which positively affects customer loyalty. There are also such fintech application development services.
  • With the proliferation of mobile devices in recent years, bank customers expect to manage their finances through a convenient app. With such a service, they get not only that but also the ability to monitor their expenses and regular payments 24 hours a day – minimizing the need to contact banks to clarify any information. The life of users has also been simplified thanks to the automation of various transactions, be it the monthly payment of utilities, loans, etc.

Types of FinTech Applications

  • Personal finance applications help users keep detailed records of their expenses with a clear interface and tips aimed at saving money. If desired, people can analyze their financial statements and send part of the money to a deposit or piggy bank. Investment programs provide access to tracking cryptocurrencies and currencies, as well as stock market fluctuations.
  • Thanks to investment applications, users have the opportunity to track the fluctuations of the stock market and the value of currencies and cryptocurrencies. AI-based recommendations are built into such services, you can change the type of investment and invest money more efficiently.
  • Lending-enabled applications rely on chatbots that significantly speed up and simplify the process of obtaining loans. Here, the creditworthiness of customers has been evaluated automatically – thanks to artificial intelligence – so users can issue microloans or installments on their own, without interacting with the staff of a bank or other financial institution.
  • Applications with the possibility of transfers and payments provide users with enhanced opportunities for managing their finances. Such mobile applications can make transactions in both currency and cryptocurrency. Due to the machine learning used here, clients can assess the riskiness of each payment. And in these services, there is an opportunity to automate any money transfer or distribute it to several accounts. You can use the mobile development service at the following link: https://wesoftyou.com/services/mobile-development/.

Main Stages of Development of FinTech Applications

Features of the Development of Financial Applications 2

Choosing a Niche

Before we start developing your fintech app, you need to decide on your desired niche. We will discuss the upcoming project and find out what exactly it will be used for. Depending on what product you need – a service for managing personal finances, trading, or something else – our team will understand which functions will become the most important for it.

Market Analytics

Having collected information on the market segment you need, including data on the target audience and competitive applications, our specialists will draw up a technical task.

Prototyping

When developing an application prototype, we focus not only on its functions and tools but also on quality UX/UI. Since we are talking about a product that is quite difficult to understand, we do our best so that even financially inexperienced users can understand its interface.

Development of Design Elements

At this stage, our designers think through the elements of the program interface by the approved visual style. Along with this, we also implement service navigation, which would simplify the user experience of your customers as much as possible. In 2021, the value of investments in fintech companies amounted to 226.5 billion US dollars.

Programming

As part of the implementation of the software part of the application, we take into account your needs when choosing a technology stack. Our developers can create both a native application for a specific mobile platform (iOS or Android) and a cross-platform service that supports both operating systems.

Conclusion

Despite widespread digitization, the fintech application industry is always open to new promising projects. And even if software development as fintech carries many risks, but also features, such development is the future.

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