In recent years, fintech products have become ubiquitous. They improve our lives by making financial services accessible at a tap. Consumers can apply for loans, use virtual cards for safe payments, make instant transfers, etc. This is a highly competitive industry, so if your company is thinking of creating its own app, prepare thoroughly.
Reliable white label banking providers allow businesses to cut costs and minimize time to market. Meanwhile, building a system from scratch is the most expensive option. The process of developing an app includes 10 key stages:
1. Research and Planning
To build a successful model, you have to gain an in-depth understanding of the market. Study the competition, trends in software development, and preferences of the target users. What do these consumers need, and how can you solve their problems?
2. Creating a Prototype
The prototype must demonstrate the logic and structure of your app. The order of visual elements, features, and content, must be clear. Prototyping lets software teams fix any design flaws cheaply.
3. Introducing Security
Using the DevSecOps approach (development, security, and operations), your team can automate the integration of security features at every stage. Make sure the members are familiar with common cyber threats and have experience averting them.
4. Building the UI and UX
The design must make your app useful and easy to navigate. Its users will expect a highly personalized experience and an intuitive layout.
The right technology stack will help you achieve the goal with lower investment and in less time. Here, there is no one-size-fits-all approach, as every project is unique.
Not every company can afford to hire development experts. If you do not have in-house talent, consider outsourcing the project to a reputable firm. Make sure the team has successfully developed fintech apps before.
6. Third-Party Integration
Most fintech apps rely on data from third-party sources, and connection to APIs is an integral element of development. Instead of creating the features from scratch, you get them quickly and easily.
After polishing the app, you are ready to present it to the end user. Publish it in Google Play or App Store depending on your platform. Every store has its own requirements for financial apps. Follow the guidelines to make sure your submission goes smoothly.
Promote your platform using different channels, including your official website and social media. Let your existing customers know they may now use the app, and generate new leads.
9. Collecting Feedback
After release, feedback will start flowing in. Ask opinion leaders to test your app and promote it.
10. Updating the System
Use the feedback to pinpoint areas of improvement and polish the app. This is a constant cycle. Keep an eye on the feedback and fix any issues as soon as they arise.
Native, Cross-Platform, or Hybrid?
A native app for iOS or Android is more expensive than a cross-platform system, which is adaptable to a different OS. The hybrid approach combines mobile app development and web app development. A trusted software team will help you find the best platform considering your needs and budget.