Fintech projects offer users many new opportunities that greatly simplify everyday life. For example, with one application you can buy or sell digital currency, order food, or send funds to loved ones. If you want to develop a high-quality banking application and are looking for a reliable fintech software development company, then this article is for you.
How often do you visit the bank? Most likely, most people limit themselves to rare visits, because now all everyday financial matters can be solved using a simple application on a smartphone. Any modern bank that knows how to adapt to new realities has its own application. The banking application helps businesses:
The application can be an excellent tool for opening up new opportunities in marketing and analyzing user behavior. Even these benefits are enough to understand the advantages of a banking app. You can contact Kindgeek if you want effective support in fintech software development. In the meantime, let’s look at all the stages of such a complex but interesting process of developing a fintech application.Also read: Top 10 Job Search Websites of 2021
Banking app development requires consistency and experience. The development of a fintech application consists of several steps.
First, you need to prepare for developing a mobile application: research the market, audience, and competitors. Questions to answer:
Answering them will help you not only develop a unique banking application but also better understand what your audience really needs.
If you decide to contact an outsourcing agency that can develop a banking application, you should prepare a technical specification. Write down the goals of the project, requirements for design and functionality, and any of your wishes. This will make it easier to discuss the project with the contractor and come to the best solution. Next, you need to conclude an agreement and begin developing a mobile application.
Design is not so much about form as it is about content. A beautiful application can attract attention, but not keep it. Therefore, the main task of the designer is to work out the logic and structure of the application. The first thing he does is screen the future product. On each of them, he shows the logic of interaction between pages: where the user can click and how he will complete his tasks. The screens also indicate the location of visual and content elements. This is how the designer sketches out a rough application architecture that can be easily modified.
The next task is to work out the appearance of the application. The designer starts from the technical specifications, the customer’s corporate style, and the provided references. Next, he looks for the best solution for colors, fonts, icons, buttons, and other visual elements. As a result, the customer already understands how his application will work and look. If desired, he makes changes or approves the design.
At this step, front-end and back-end developers come into play and create the finished product.
The issue of application security for a fintech project comes first. If bugs and errors related to animation, fonts, or performance can be quickly resolved and nothing will be lost, then any vulnerability in the code can lead to leakage of user data. To prevent this from happening, you need to strive to write high-quality code and eliminate all potential and real vulnerabilities, with which testers will help.Also read: The Top 10 In-Demand Tech Skills you need to have in 2021
Application testing should be performed in parallel with the development of a banking application. They test functionality, performance, and design. Testers have an inspection plan and a list of tests that need to be carried out. Some of them are automated, and some are done manually. If there is a bug, information about it is promptly transmitted to the fintech software development team, which fixes it. Additionally, you can involve a focus group that will impartially evaluate the application and provide useful feedback.
Once the application is ready, it needs to be shown to users. To do this, you need to use the App Store and Google Play. Each store has product requirements that are specified in the guidelines from Apple and Google. There are a lot of recommendations and rules, but an experienced development team, even if it doesn’t know them all, is definitely ready for them and will be able to guide the application through the thorny path of checks to release.
When you plan to develop a banking application, you will need to determine its functionality. This factor affects the budget and development time of a fintech application more than others. In the banking app space, there are standard features that a user expects to see.
When you help a user manage their finances, you must also provide a strong level of security. You can add fingerprint login, FaceID, and two-factor authentication.
A good fintech app allows users to quickly view their balance. You also shouldn’t make it difficult for users to view their payment history.Also read: Top 10 IoT Mobile App Development Trends to Expect in 2021
Modern users are looking for an application with useful functionality that works without problems. Give users the ability to open and block cards, set transaction limits, and freely use bank details.
This is the feature that most people use banking apps for. The ability to pay everyday expenses, taxes, fines, housing, and communal services, transfer money to other cards, repay a loan or mortgage – it’s all about payments.
You can go further and implement advanced auto-payments: give the user the ability to configure the frequency, amount, and limits of payment so that the application can automatically pay any bills.
Digital technologies are actively being introduced into our lives and the banking application market. It takes a lot of effort to create a successful and safe product. A company that has extensive experience in developing fintech software will help you develop a cool product. For example, you can trust Kindgeek and create an application that will allow you to work with cryptocurrency based on innovative technologies, in particular blockchain, smart contracts, etc.
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