Building a fintech application? Here are 5 useful tips

Madison Technologies 26 Apr 20215 minutes read

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“Fintech” is a blend of the words “finance” and “technology”. It refers to any organization that uses technical technologies to develop, automate, or enhance financial services and processes. The word ‘fintech’ has various meanings, and as the industry is expanding rapidly, we see the introduction of new services and applications for both customers and businesses every year. Expect Fintech to take on several shapes and sizes, from InsurTech and cryptocurrencies to mobile banking and investing applications. You’re probably imagining start-ups that use cutting-edge technology when you think of Fintech-based applications. Yet conventional finance firms and banks are also now embracing fintech services.

Without even realizing it, today’s customers demand a lot from apps as before. It is unlikely for the finance industry to afford to exist in the past. The foundation of FinTech applications is deemed to be emerging technologies. The performance of a FinTech software product largely depends on whether, in the ongoing digital modernization process, it can quickly provide its users with an advantage. Ideally, in terms of technology, any modern approach needs to deliver something new. Not inherently a groundbreaking thing, but at least web application development in Fintech must keep in mind that their application always needs to run faster, work better, and probably cover more functions.

1. User-friendly interface

Convenience is a key component of Fintech applications. Additionally, the software needs to be easy-to-use and visually pleasing. There are hundreds of banking applications, but wait – only those apps that are simple to use and look good are installed and used by consumers. It’s important to create a well-thought-out design because it will help drive more users and make your app even safer. Don’t know how your application can be protected by app design? There are fewer chances of anyone using your template to scam users claiming to be you when your app design is identifiable and unique.

2. Personal Touch

Personalization is one thing that will help you win over customers. Your clients would certainly 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 the app is used by clients and how it can be enhanced to fulfil a specific client’s requirements.

3. Choose the right colours for your fintech design

Colour coding, especially the colours green and red, holds great importance in financial products. You may play with the symbolism of colour in other industries and decide to go against the tide. In finance, however, any revolution would disastrously backfire on you. Some universal definitions are filled with green and red: buy and sell, benefit and loss. This is why so many fintech firms choose blue as the colour of their brand. It stands out very well and contrasts with the visualisation of results.

Think about improving clarity and clearness when selecting the colour palette for the app. Use white backgrounds and sharp, vivid colours that stimulate users positively. Pay attention to contrast. 

4. Focus on security

Keeping a Fintech app safe will give your customers the faith that their data, and, more importantly, their money is in good hands. It is important to provide industry-grade encryption and security protocols for your app. Make sure that protected access to accounts and advanced authentication practices are adopted. You can also add a password generator that adds random strings that can be used solely inside the app by text users.

Also, inform your users about security. Implement multifactor authentication to guarantee that access to the app is given to the right person. You need to make sure that your app can verify user identity safely, whether it’s a physical authentication token or a cutting-edge biometric solution.

5. Test your app

Ensure all the potential demographics of your target audience are protected by user testing and feedback sessions. To access your product, be ready for unexpected verticals. For example, for millennials who are just starting their education on the market but are digitally proficient, you might create an investment app. It’s wise to remember that someone else may be using your app. For example, by some slightly older individuals whose investments are the same place, but may not be as used to mobile apps compared to a younger generation.

That’s why, no matter how digitally savvy you expect your target audience to be, an intuitive UX and easy-to-understand functions are important for your product. Overlooking such target groups will make an enormous difference in your app’s results.

6. Make your fintech design easier

Overloading users with heaps of indigestible data is one of the greatest pain points of many financial websites and applications. Big numbers, tangled navigation, overcomplicated interface, and vague call to action placed a burden on users with inadequate context.

Try to prevent it by concentrating on what they are trying to do and helping them do that. Work on the design of the website, the presentation of information, and the flow. Keep the main features easily available and transform cold financial information into graphs or charts. At the end of the day, visualizing details is a perfect way for the user to maximize the overall experience.

7. Find your competitive advantage

Get to know your competition as soon as you’ve selected your niche. This will help you find something that will differentiate your offering, a unique benefit or competitive advantage, from the current solutions. This may be an entirely new product targeting a particular niche market (e.g. under-banked financial services) or simply enhancing the quality of an existing offering (e.g. fast and simple mobile banking).

At a glance, financial technology market prospects are extremely extensive. The industry, however, is controlled by widely established giants such as Microsoft and other highly popular projects (Stripe, Coinbase), rendering outsiders unable to achieve easy success. You can, in most situations, bet on a stellar execution of your idea to make a break in the fintech market. Before even writing a single line of code, dive into user satisfaction. Share your thoughts with as many potential customers as possible and try to unravel which users resonate with parts of your future application and which are obsolete or broken.

Madison Technologies focuses on building amazing digital product experiences that scale.