Do you know that there was a time when monetary acquisitions used to be the most important affair in one’s life? But these days things have taken a dramatic turn. Yes. People have started chasing peace of mind instead of the total amount of dollars they can obtain in their life. And do you know where peace of mind comes from? Of course from convenience.
Yes. The more convenience you get in your life, the easier it will be to spend your days on this planet. And one of the best examples of what we are talking about is fintech apps. Yes, you read that right! Fintech applications have completely changed how we used to manage our money a few decades or years ago.
They have almost replaced traditional banking methods and made it a cakewalk for people to do whatever they want to do with their money. For example, one may want to pony up for groceries, transfer money to their family member’s bank account, or pay tuition fees for their children online. All this can be done with the help of an excellent fintech app developed by a financial software development company.
In fact, a renowned global media organization’s 2021 report claims that nearly 90% of the USA’s population used fintech software to handle their financial lives. Another similar report states that the total fintech market will be worth $492.8 billion in the next 5 years to come.
So do you want to gain access to such a huge market and extract as many business opportunities as you can? If yes, you need the help of a highly praised financial software development company for sure.
Yes. You will be able to solve the pain points of your target audience by offering solutions through a top-notch mobile application in the Fintech niche that is tailored to fit your needs. But before you mint even a single penny that way, it is essential to get a deep sense of the current fintech market. So let’s pay attention to:
A Sneak Peek at the Fintech Market
The fintech market is growing very rapidly at present since it has a CAGR of around 8.6%. Thus, if you are brooding over the fact that when is the best time to launch your fintech product, we would say now. Wondering why? Well, we have some statistics to convince you to do what we are suggesting presently. For example:
- 90% of smartphone users stump up for whatever product or service they consume through their mobile phones
- 23% of US customers rely on the services of a fintech agency which is expected to grow dramatically in the upcoming days
- Ant group is the most popular fintech organization across the globe and they declared their net worth to be around $300 billion
- 94% of financial service providing entities believes that fintech will drive a tremendous amount of growth in this sector
Hence from the statistics discussed above, you must have wrapped your mind well around why it is a smart decision to contact a financial software development company now and get your fintech app developed through them. Understood? If so, it is time to go ahead with:
What are some powerful strategies to build a fintech app in 2023?
1. Discover the right heads
Yes. This is one of the most instrumental jobs you must perform when you are considering developing a fintech solution in 2023. Do you know why? Because the right combination of individuals will play a significant role in making your product vision stand out from the rest of your opponents’ vision out there.
And just to let you know there are several methods to find the most appropriate fellows who will do your job successfully. However if you do not have deep pockets, it is in your best interest to work with a highly-acclaimed financial software development company that delivers discounted offers and packages.
2. Recognize your target niche
This point is all about selecting the most suitable fintech domain for your business. And just so you know, the most apt niche for your agency would be an industry which you have already worked in or have undisputed expertise in.
Apart from that, you can also consider the field or area in which you have maximum and robust connections with experts. For example, we have shared below multiple niches of the fintech market you can pick from:
- General banking
- Trading
- Lending
- Money transfers
- Investment banking
- Payroll services
- Credit monitoring and reporting
- Cryptocurrency trading apps
- Personal finance management
If you like any of the domains mentioned above, please do not forget to shoot the breeze with the application development professionals of a financial software development company to turn your preferences into an app.
3. Build an idea
Not many fellows out there believe this, but the truth is that startups are the storehouses of myriads of ideas. Yes. And cognizing how to build a fintech app entails spending a huge amount of time brainstorming and coming up with out of the box ideas that will disrupt conventional banking activities and payment systems.
Not only that! These ideas will also sort out difficult pain points of your patrons in the easiest possible way. Now let’s see a few riddles that you must take into consideration while brainstorming:
- What are the most preferred and easily accessible payment methods available at present?
- How to further enhance the existing payment process?
- Where does my idea of fintech app development differ from that of my competitors when it comes to fixing actual customer issues?
- Why would people get my app on their phone or for what purpose?
If you receive the right response to these questions, it will be a child’s play to work in the correct direction and get your business idea rolling sooner than later. Still if you need a little bit of help to create an application based on your idea, please be informed that the finest financial software development company is just a call away.
4. Define your MVP scope
Do you know what MVP indicates? If not, we must notify you that it refers to a Minimum Viable Product. Now you might be thinking what is this, right? So a MVP is a product development model that is built to draw the attention of innovators and early adopters (who are the buyers with the highest risk appetite.)
The best thing about such people is that they know how to validate a product idea and give accurate feedback to improve the experience and engagement of target users. Therefore it is highly required to define your MVP scope if you want your fintech startup to succeed without any hassle.
Beyond this, if you need any sort of professional assistance that guarantees the success of your fintech app, please look no further to a reputed financial software development company.
5. Define your USPs
Are you aware that in 2022 almost 65.3% of Americans availed digital banking services? Yes. And while it is great news for fintech startups, it also means you should define your USPs very clearly so that your targeted customer base can perceive them pretty well.
6. Read relevant laws and regulations
The next thing you must bear in mind is that some regulations are brought into effect so that the financial information of users doesn’t get leaked to malicious actors. Therefore we have listed below some prominent fintech laws and standards that you need to peruse:
- GPDR – General Data Protection Regulation
- eIDAS – Regulations on Electronic Identification and Trust Services
- PSD2 – Payment Services Directive 2
- GPG13 – The Good Practice Guide
- FCA – Financial Conduct Authority
- PIPA – Personal Information Protection Act
- APPI – The Act on the Protection of Personal Information
- ISO 27001 – International Organization for Standardization
Now if you want to build a terrific app that is based on these regulations, please set up a formal meeting with the service representatives of a top-level financial software development company.
7. Decide the services you will provide
You can only make your product or service look far better than that of your rivals if you become aware of various touch-points of friction in your prospective users’ journey in your app for varied customer bases.
Yes. Please remember that fintech is an umbrella term that caters to different classes of people, from simple patrons to massive businesses. Thus you need to zero in on a specific niche and focus your resources on making it a reliable platform to enable future innovations.
And if you need help in making an application that delivers inventories or services for a specialized market, kindly make sure to get in touch with a internationally-known financial software development company.
8. Research your rivals
Yes, doing this particular thing is very important. But how should I do that? You might want to imbibe. Well, BI or Business Intelligence is the answer. Yes. BI in fintech entails:
- Carrying out comprehensive analysis to catch up with industry trends
- Reviewing the existing offering benchmarks
- Steering clear of gaps in products and services that the competition has filled
- Identifying correctly your USPs that are not discovered by your competitors yet
In case you are not capable of performing all these tasks on your own, we would like to share with you that a trusted financial software development company can execute these jobs for you when you hire them for your financial app development.
9. Develop a network
A successful startup needs to be backed-up by a number of:
- Like-minded fellows
- Venture capitalists
- Customers
- Employees
- And many other folks
Hence you need to capitalize on this network and offer relevant value to everyone so that your notions or ideas begin attracting curiosity and investment. And to build a powerful network, you can make multiple strategies, like:
- Creating relatable content
- Making regular consumer engagement strategies
But before you can accomplish these goals, you need to come up with a solid fintech app first in which a top-rated financial software development company can help.
10. Prioritize security
Did you know that according to a premier digital banking infrastructure provider, over 98.2 million individuals have fallen prey to data breaches? Yes. And it is why many experts in the financial industry say that every potential entrepreneur needs to prioritize information security if they want to kill it in the fintech industry. For example, the best financial software development company suggests leveraging the finest practices of:
- Data encryption
- Role-based access control
- Well-organized application of passwords
Summing-up
Up until now, if you liked this content and want to construct a fabulous fintech app for your agency or organization, please consult the most accomplished financial software development company now.
As the editor of the blog, She curate insightful content that sparks curiosity and fosters learning. With a passion for storytelling and a keen eye for detail, she strive to bring diverse perspectives and engaging narratives to readers, ensuring every piece informs, inspires, and enriches.
