Designing and developing a fintech app can be for many reasons. For one, you could be aiming at the economic benefits that come with it. And on the other hand, you could be aiming to bring a solution to your business’s financial transaction challenges.
Regardless of your motivation for developing a fintech app, the truth is fintech apps are quickly transforming the financial management approach. If you’re investing in designing one, the work and outcome have to be perfect. Designing and developing an outstanding fintech app requires a delicate balance between user and customer experience. Here are the top tips for designing a great fintech app:
Find Your Niche
The best place to start when designing a fintech app is to identify your relevant niche. When you know your niche, you easily understand who your target audience is and make the right decisions concerning them. Some key factors you should consider when choosing the right niche are:
- Your area of expertise
- Whether your app will target a specific demographic group or a specific region
- Whether you want to launch your app locally or globally.
With these tips in mind, you can now choose one or multiple niches to proceed with. Some of the key options include the following:
Digital Payments
Your fintech app sure needs a digital payments option where users can get cheaper and more convenient payment solutions at their comfort. You should consider creating a fintech application with features like online payment systems, e-wallets, and digital currencies that can meet your users’ needs.
Digital Banking
Within the digital banking niche, you can offer virtual banking solutions to customers who prefer to manage their finances from the comfort of their homes. You should include features like account opening, funds transfer, bank balances, and loans in your new fintech app to boost its success once you launch it.
Digital Lending
Since your app will attract all users, including lenders, you want to create one that offers lenders fast access to the information they need to approve loans. This app should also make it easier for borrowers to process their money instantly and save time from long bank queues.
Digital Insurance
Users that are looking for easier ways to administer their policies and simplify claims processing will appreciate a fintech app with digital insurance solutions. Create your app with this in mind, but remain vigilant with the overall setup, and use external help like AI and data analytics to detect fraudulent activities.
Understand Your Target Audience
Once you know which niche to work with, conduct thorough market research on your target audience. You need to know what works for the people you’re targeting with the app and what they dislike from the existing options.
With this information, you can then design an app that solves the existing problems and promises more benefits. That way, you’ll gain a competitive advantage and attract more clients to your app.
Know Your Security Options
A fintech app borders mainly on sharing sensitive personal client data that moves through the app during transactions. You must ensure your app has extra security features like multi-factor authentication, sign-ins, login sessions, or onboarding.
Data privacy is among the main legal issues you must address when creating your fintech app. Most countries have their own set of legal requirements and different financial safeguarding systems to check non-compliance.
You should know what is legal in your country and the security measures to take before designing a fintech app. Legal compliance policies include GDPR (General Data Protection Regulation), KYC (Know Your Customer), AML (Anti-Money Laundering), and many others.
Create a Simple User Design
A simple user design means easy navigation. Your key functionalities should be easily accessible. When it comes to fonts, choose easy-to-read fonts that require less space for lengthy information. Choosing your app’s background theme is also essential. Ensure that you match it to the logo and branding style. Have dark mode as an option; it will help those who like dark backgrounds.
Pen Down the Essential Features
Since you now know your app’s purpose, list down the essential features that you’d want to include in the app. This will help you build a robust fintech solution that’s easy to use, fast, more secure, cost-effective, and more user-friendly.
The most common features fintech designers use are OTP-based login, 24/7 customer support chatbox, two-factor authentication, and cross-platform functionality. Try to shortlist every helpful feature that your app cannot function without. For example, if the user uploads files or wants to verify identification, it must be done as quickly as possible.
Guide User-Friendliness
A first-time app user has a high potential of getting stuck between the steps; that’s why having a guide is crucial. You can advertise your guide on your website or pass the message through YouTube videos. Fintech apps often require frequent logins due to session expiration, filling forms now and then, or identity verification for every login. Make the processes straightforward for a smoother user experience.
Mobile Optimization
Many people access their fintech services on their mobile phones because it’s easy to navigate through them. That’s why it’s important that you optimize your app for mobile devices. You can achieve this by testing the app on different devices and platforms to check if it’s compatible.
Create Different Currency Options
Giving consumers different currencies and their values in your fintech app is essential. However, you must conduct market research to develop values for the given market since they vary globally. For example, if your fintech app targets the trading markets, you should come up with different currencies and their conversion rates, keeping in mind that they get updated frequently.
Always work with significant currency values and ensure all the digits fit in the space given. In this scenario, your dashboard should offer services like changing ETH to USD, crypto to USD, Bitcoin to USD, and many others.
Endnote
To design and develop a fintech app, you need to plan and meticulously execute the above tips carefully. Right from finding your niche to creating different currency options, you can never go wrong with these tips. Since the fintech world is constantly evolving, you must stay alert to market trends and remain responsive to user needs. This way, you can achieve long-term sustainability and growth in this dynamic industry.
Digital Web Services (DWS) is a leading IT company specializing in Software Development, Web Application Development, Website Designing, and Digital Marketing. Here are providing all kinds of services and solutions for the digital transformation of any business and website.
