How to Build A FinTech App | 7 Useful Tips

“FinTech” is a mix of “finance” and “technology.” It refers to modern technology that focuses on enhancing and automating the provision and utilisation of financial services. Many companies, from startups to big banks, adopt this concept to improve their financial services. It comes in many forms, such as InsurTech, cryptocurrencies, mobile banking, and investment apps. Today, people have high expectations for apps, especially in Finance. These apps should give users an edge in the digital world to succeed. When it comes to FinTech apps, the goal is to improve, not necessarily revolutionise, but make them faster, better, and more user-friendly.

Therefore, if you are looking to build a FinTech app, here are 7 curated elements you might not want to miss during the planning phase and before executing.

1. User-Friendly Interface

With current data showing that 85%-88% of users spend their mobile screen time on apps, ensuring a great user experience is the first and most important area to look into. Therefore, designing your FinTech app for convenience is a vital aspect. The software needs to be user-friendly and visually appealing to meet these expectations.

Moreover, having a carefully planned design app attracts more users and adds an extra layer of security to your app. And you might wonder, how can a good app design enhance security? – When your app has a unique and recognisable design, it reduces the chances of scammers using a similar template to impersonate your app and deceive users.

So, investing in a thoughtful app design not only enhances user satisfaction but also safeguards your users from potential fraud.

2. Pick The Right Colours

The use of colours, particularly Green and Red, is significant in financial products. While you might experiment with colours in other industries, going against the norm in Finance can have adverse consequences.

For instance, common associations involve Green with positive actions like buying and benefiting while Red with negative ones like selling and incurring losses. That’s why many FinTech companies opt for Blue as their brand colour. It effectively stands out and complements result visualisations.

When choosing a colour palette for your app, prioritise clarity and user-friendliness. Use white backgrounds and vibrant, sharp colours to create a positive user experience. Additionally, pay close attention to contrast to enhance readability.

3. Personal Touch

Personalisation is one thing that will help you win over customers. Your clients would undoubtedly enjoy the ability to tailor the software to their requirements. You can, for instance, allow them to alter the dashboard’s favourite features, build templates, or adjust the visual theme.

Additionally, AI technology will help simplify the following process and make customers’ things simpler. An AI-powered software will evaluate how clients use the app and how it can be enhanced to fulfil a specific client’s requirements.

4. Focus on Security

Ensuring the security of your app is not merely a technical necessity; it serves as the cornerstone for establishing trust with your customers. When users entrust your app with their financial information and transactions, they place their confidence in your ability to safeguard their data and finances.

In the digital age, where data breaches and cyberattacks are all too common, users are understandably concerned about the safety of their personal and financial information. Your commitment to the security of their data demonstrates your dedication to their financial well-being.

To achieve this:

• Strong Encryption: Employ industry-standard encryption and security protocols.
• Protected Access: Implement secure account access and advanced authentication methods.
• Password Generator: Include a feature generating unique strings for in-app use.
• User Education: Inform users about security measures in place.
• Multifactor Authentication: Use multifactor authentication to confirm the correct user.

5. Test Your App, Know Your Users

Comprehensive user testing and feedback sessions are essential to gather insights from diverse user groups, ensuring your FinTech app is user-friendly for everyone. Embracing unexpected user profiles means being adaptable and open to catering to a broader audience than originally anticipated, ultimately enhancing your app’s accessibility and appeal.

For instance, if you develop an investment app primarily aimed at digitally-savvy millennials, remember that older individuals with similar investment needs may also use your app but may need to be more familiar with mobile technology.

Therefore, prioritise an intuitive user experience and straightforward functions regardless of your target audience’s digital proficiency. Neglecting these diverse user groups can significantly impact your app’s overall performance and success.

6. Make Your FinTech App Comprehensible

One of the major challenges faced by many financial websites and apps is overwhelming users with an excessive amount of complex data. This often includes large numbers, confusing navigation, overly complicated interfaces, and unclear calls to action, leaving users feeling burdened due to a lack of context.

To tackle this challenge effectively, it’s vital to concentrate on comprehending users’ objectives and facilitating their achievement. The action items encompass:

• Improving website design
• Enhancing information presentation
• Streamlining the user flow

Addressing these aspects ensures that essential features are readily accessible, and complex financial data is seamlessly transformed into visual formats like graphs or charts. Ultimately, effective data visualisation significantly improves the overall user experience, making it easier for users to digest and utilise complex financial details.

7. Reflect Your USP on Your App

Once you’ve chosen your niche in the financial technology market, getting to know your competition is crucial. This step will enable you to discover what sets your offering apart, whether it’s a unique benefit or a competitive advantage compared to existing solutions. Your differentiation strategy could involve creating a brand-new product for a specific niche market, such as underbanked financial services, or enhancing the quality of an existing offering, e.g. providing fast and straightforward mobile banking.

While the FinTech market offers extensive opportunities, it’s important to recognise that established giants like Microsoft and popular projects like Stripe and Coinbase dominate the industry. Therefore, achieving success as an outsider typically relies on executing your idea exceptionally well. Before writing a single line of code, focus on understanding user needs and satisfaction. Take the initiative to share your ideas with your potential customers to identify which aspects of your future mobile application resonate with them and which areas may need improvement or refinement.