A Guide to FinTech or Finance App Development

Finance has been one of the highly booming industries in the market. And with the emergence of technology into the Finance industry, it became a whole new industry, which is FinTech. Just to let you know, the term ‘FinTech’ refers to finance and technology. It isn’t wrong to say that FinTech is changing the future of banking. And if you are thinking of entering into the industry or making most of the FinTech industry, well, this is the right time. Invest in Fintech app development and build an exceptional finance app for your business. It’s no hidden secret that a mobile app can boost your brand in many ways. 

Talking about mobile app development, it is crucial to follow a proper approach in order to build a powerful app for your business keeping the latest mobile app development trends in mind. The same goes for finance app development. You should do proper research and planning before beginning working on your finance app development process. And to help you with that, we have created this guide to finance app development. 

What is a FinTech App?

A FinTech or finance app helps a business to improve and automate the use as well as the delivery of financial services. Through a finance app, bankers, business owners, companies, bankers, and other entities can easily manage their finance operations. Just to let you know, FinTech apps range from project to project. A majority of FinTech apps use technologies like data science, machine learning, and blockchain. 

Why Do You Need a FinTech App?

As we mentioned, FinTech apps range from project to project and financial sectors such as banking platforms, blockchain, and budgeting apps. Therefore, it becomes crucial to determine the value of your product or app for your customers. 

As a business owner, it is also very vital to understand the need to build a finance app if you are thinking of investing in the FinTech industry. In this digital era where technology is prevailing at a great pace, everything and anything is possible through smartphones including banking. As a result, banking has become a lot easier and convenient. Now, users expect every finance and banking business to have an app so that they can perform the complex task of banking easily through the finance app. 
Now, to satiate this growing user demand for making banking easy and convenient, it is important for a finance business to invest in finance app development. 

Features That Must Be There in Your Finance Business App

The purpose of finance apps can differ according to the nature of the business. However, when it comes to the technology trends that will transform the FinTech industry, they are same for every finance business. Similarly, there are some common features that have to be there in the Finance app. These are:

• Intuitive UI/UX design
• Data analytics
• Personalization
• Push notification
• Artificial intelligence
• Voice-assisted banking
• API integration
• Biometric security system
• Third-party integration
• Multi-tier functionality
• Data security and privacy

Steps to Develop a Finance App 

In order to build a finance app, an agile and iterative approach is the way. If you are not someone with a good knowledge of how to build an app, then it is imperative to know the importance of hiring a professional mobile app development company. And if you have professional support by your side, the next thing to ensure is whether or not your finance app development project is going in the right direction. In the process to develop a finance app, there are generally five steps included. These are:

1. Knowing The Market Niche

FinTech is a huge industry that covers different market niches. Therefore, identifying the audience for your finance app is very important. You also have to find out whether the app is for institutions, individuals, or organizations.

2. Create an MVP Model 

In case you don’t know, MVP is the minimum viable product. Instead of going big, start with an MVP model. There is nothing wrong with it; all the big organizations first develop the MVP model of their app to get feedback on it. For that, prototype your finance app with limited functions and release it into a small market segment. 

3. Get Cloud Services

Irrespective of the market niches, getting cloud services is important for all FinTech apps. MBaaS and Paas are two popular platforms from which you can get cloud services. Along with that, Application Programming Interface (API) and Software Development Kits (SDKs) can also be used to support your finance android app development or iOS app development. 

4. Design and Develop the Finance App

Once you have outsourced the best mobile app development team, the next step should be starting the development process. Make sure the development team carries out the plan effectively and incorporates all the features that have been planned. The finance app should not just be aesthetically pleasing, but the UI aspect should also be seamless in order to make it engaging and intuitive for users. 

5. Test and Launch the Finance App

Testing is a crucial step in the process of developing a finance app. You don’t want to roll out an app that generates issues and provides a bad user experience. Therefore, it is crucial to test your finance app on various devices. Also, ensure that the security of your app is top-notch as it is a FinTech app that will involve banking transactions. Once your app is tested and good to go, the next step is to publish it. Along with Google Play Store and Apple App Store, there are more platforms where you can publish your app. 

Technologies That Can Be Used to Build a Finance App

In the process of developing a finance app, the biggest question is what are the best technologies to use to develop a finance app. Well, here we have listed a few popular options that most businesses prefer when it comes to mobile app development in the finance and banking industry. 

• React Native

Developed by Facebook, React Native is one of the most sought-after mobile app development frameworks. It is the best option or we should say the solution to build cross-platform apps. The framework is trusted by some internationally renowned organizations such as Instagram, Skype, Tesla, and Walmart. Now, talking about why React Native can be the best option to build a finance app, well, there are a number of reasons. These are:

1. Great performance
2. Easy debugging
3. Personalized UX
4. Faster development
5. Easy testing using various tools and libraries
6. A huge developer community
7. Native app like performance

• Flutter

For your finance business, if you have chosen to go for cross-platform app development, well, the Flutter app development is the best bet. Flutter is one of the popular cross-platform app development frameworks that doesn’t need any introduction. However, if you still want to know about the major perks of choosing flutter app development, well, here are they:

1. Single codebase for any operating system
2. Great stability
3. Smooth development cycle
4. Flexible customization
5. Open-source
6. Uses Dart as a programming language
7. Native app-like performance
8. Supports app development for desktop, mobile, and web

• Xamarin

Xamarin is another popular mobile app development technology that supports cross-platform app development. The technology is based on .NET framework and C#. In case you don’t know, Xamarin is owned and managed by the renowned tech company Microsoft. With that being said, let’s have a look at all the reasons why you should consider Xamarin for your finance app development project.

1. Easy and convenient development
2. Native-like performance
3. Great performance
4. Code reusability
5. Great flexibility
6. Safe and secure
7. Less maintenance
8. Perks of C#
9. Great support

• Native App Development 

If you are thinking of building a native app, well, there are a number of technologies for that as well. For iOS apps, Swift is the best native app development language that comes with a wide range of advanced features and supports minimal coding. It is an intuitive and powerful language that is preferred by a majority of Apple developers. 

Similarly, for android apps, you can with C++ and Java - the two most popular languages for android app development. Where Java is mainly known to develop exceptional android apps, C++ is a language that allows you not to just build android apps, but iOS and windows as well.  

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Why Should Small Businesses Invest in a Mobile Application?

With that being said, we come to the end of this finance app development guide. Hope you’ve found it useful. However, to build an exceptional finance app to make your mark in the FinTech industry, it is also crucial to have the best professional support by your side. Auxesis Infotech is a top-rated app development company having immense experience and great exposure in the FinTech industry. We have qualified experts to provide you with the best solution and implement it effectively through our exemplary mobile app development services into your FinTech business.