Mobile app development is a challenging job to perform but when we talk about FinTech app development, it becomes even more complex. Such apps require the integration of different technologies. Smooth navigation, online payment solutions, UX/UI, and authentication, need to be securely integrated for a banking app to be both functional as well as competitive.
When sharing your requirements documentation with the app developers, there are a few important principles, to focus on. Some of those, which are the real load bearers, are mentioned below, and your communication should leave the development team under no confusion regarding their importance.
1. Security
In FinTech app development, security is critical for the desired performance. Moreover, it’s not always about the mobile app code. If you don't discuss it with your mobile app developers and stress the necessity for security they can consider it on a lighter note. Any breaches in app code could create chances of hacks in banking app security. It may not be a likely situation, but when millions are at stake, there is no chance of any casual approach. In short, it is essential to have advanced security across your entire project team.
2. Unique Offerings
All banks have competitors in the market. If you want to stay ahead of other banks, then release a more secure and feature-rich functional product. To gain better outcomes in terms of user engagement, then add advanced features in collaboration with a digital payment solution provider. All the features added within the app and exploring your competitor make your product unique. Of course, you can revolutionize the FinTech industry with an entirely new set of features, but that requires higher capital.
3. Merging Offline and Online
Among the numerous banking-app features, those merging both online and offline functionalities are the most popular ones. There is nothing special about checking the account balance using a mobile app. But when your customers have a feature to take a photo of a bill to use for future payments, your app is engaging customers looking for next-level features. Multiple features can help your FinTech app development to stand out including the ability to deposit checks, update personal details, and many more.
4. Testing
Any mobile app needs to undergo different rounds of testing before launch. But banking apps need even more rigorous testing. After all, the app needs to serve thousands of users, integrate with different third parties, report user activities, and handle large databases perfectly. For that reason, the testing routines and KPIs need to be as extensive as the real development approach. While it may be a common process in development to save money by eliminating some testing phases, it is a blunder to eliminate any of the testing phases.
5. Focus on Standout Features
If you are thinking what sort of features can offer competitive benefit to your FinTech app, several of them are discussed below:
ATM locator: make it simple for your customers to find ATM
Predictive money management
Expenditure tracking and budgeting tools
Investment order management
Wrapping Up: Mobile app development is a time-consuming and expensive process. If you focus on the above guideline properly it will be simple to get desired business outcome from the mobile app. Make regular communication to understand that your mobile app developer understands everything about the final product. It also helps the developers, to know the people who are going to use it. A smooth transition from development to deployment is the most crucial phase of your FinTech app development. If it is done smoothly, the chances of getting user engagement and sales are high.