Fintech app development services

2020 was a challenging time for many, if not all, industries. The ramifications of wide-scale lockdowns, heavy travel restrictions, switching to working from home, and deep revision of growth strategies, budgets, and priorities all had a profound effect on businesses around the world. Finance industry has a need for flexibility and accessibility.

It’s evident that now could be the best time for traditional banks and fintech startups to build fintech apps that will reshape the industry in the years to come and generate new value chains in local and international markets, including the C2C, B2C, and B2B spaces.

If you hire a fintech app development company for that, they will know the assignment, but it’s nonetheless useful to know what the process includes. It goes without saying that every fintech app is unique in and of itself, but there is a basic set of essential features of financial software products:

1.     Digital banking. Built to connect directly to users’ bank accounts, banking apps offer everything necessary for managing personal funds, paying recurring bills and making SWIFT money transfers, generating spending reports and performing a variety of other essential functions.
2.     Payments and money transfers. Online payments and money transfers have traditionally been among the most popular and in-demand online services that replaced the traditional banks of the pre-digital era. Contactless payments and payments made via a QR code are on the tope.
3.     Cryptocurrency. This is one of the latest financial trends, and a driving force behind the rapid expansion of the fintech sector. Financial services are full of crypto-exchanges, real-time investment and trading platforms, and multi-currency wallets supporting both fiat and digital currencies.
4.     Insurance. Next-gen insurance companies rely on the analysis of big data and use of artificial intelligence to create highly personalized insurance policies aligned with a variety of customer preferences and interests.
5.     Lending and financing. These apps are gaining increased popularity as people spend more time shopping online during the pandemic and traditional banks cannot offer the same speed and flexibility.This category also includes P2P lending services that allow people to borrow money from each other and charge a broker’s commission for every transaction.

Fintech development app estimate

The following are the most critical aspects that influence the final fintech development app estimate:

• Type of vendor and location
• The number of app features and their complexity
• The infrastructure of backend and APIs
• UX/UI design complexity
• Methodology for development (native, mobile web, hybrid, etc.)
• The number of platforms that will be created (iOS, Android, web, etc.)

The following five steps make up the majority of the mobile app development process:

• Pre-production (also called – discovery or research)
• Design of user experience and user interface
• Development of mobile applications
• App deployment and testing
• Ongoing assistance

The most valuable benefit you will obtain from the discovery step is an exact answer to the question, “How much does it cost to develop an app for your business?” Based on the user stories in the product backlog, an appropriate app development budget and delivery date are calculated.

This is an approximate list of factors affecting the custom mobile app development price. However, do not forget about some “hidden” costs. Often they are not taken into account in the rough estimate, but this is a mistake. Unexpected expenses can be: marketing, maintenance, security of the program and its production, servers, hosting, and others. In addition, you will likely have to make changes in the middle of the development process, which also costs time and money.

Custom fintech app development: our real experience

Custom fintech mobile app development brings a lot of features for both user side and admin side. There are the most essential:

• Account management and automation (easy management of funds, debit and credit cards).
•  Accessibility, data analytics and executive dashboards (you can use the cloud to collect valuable app usage data, draw actionable insights from it and make improvements).
• Security and multitier authentication. There are a lot of tools to protect users’ data:  biometric identification, fingerprint scanning, two-factor authentication, and fraud prevention tools.
• Alerts and notifications.
• Deep integration.
•  Intelligent chatbots.

Let us tell you about our real case in app development for a financial institute.

The story 

Businesses tend to prioritize functionality over usability while developing a CRM to make sure it can provide some business value and get launched asap. However, the system sometimes might get so complex it’s hard to navigate and use it.

Insights is a company that provides a B2B solution for Financial Institutions that allows them to send emails, sms, direct mails to their clients. They had a developed solution already, and turned to us to improve the UI/UX of the application.

Altering the crm ui design not just good specialists in this field, but also a deep research into the purpose and business logic of the project. This is key to improving/changing user flows in the most simple and efficient way, and we were ready to roll our sleeves up.

The challenge

We performed discovery and figured out that the customer is open to not only UI/UX but also functional improvements that can make the system simpler and easier to use. Therefore, several functional improvements were presented and documented during wireframing/prototyping, including new functionality.

The main challenge was to manage budget and timelines since the scope of work was growing and by the end of the discovery phase, it was clear that a simple redesign will be not enough to fulfill the needs of the customer.

Key features

• Users and Accounts management.
• Invoices.
• Email/SMS Offers builder. Direct (paper) mail builder.
• Targeting rules for the audience.
• Campaigns creation and scheduling (from offers).
•  User engagement forms.
• Landing Pages.
• Analytics dashboard.

Value we delivered

Triare took the complex approach to this request: studied customer’s business, researched the industry, figured out best practices, and not only designed better UI/UX for the solution, but also proposed valuable improvements and features that can increase the competitiveness of the product on the market. We had regular meetings with stakeholders, conducted user interviews to understand current challenges and UX flaws on the project, and provide the best possible.

The result

TRIARE team came up with a few fresh ideas, including improving the business value of user engagement forms, suggesting and designing UI/UX for full analytics that includes metrics by each feature, simplifing menu structure and navigation. At the end of our cooperation, the client received a prototype of the new UX, a new design for the application, the suggested UX and functional improvements, and documented user flow.