Taking care of the finances has always been a priority and at the same time quite a headache. You see then, we were supposed to manage finances by ourselves which led to unfortunate thefts, human errors and of course huge losses of our hard-earned money. Fortunately, after the introduction of fintech technology, i.e. financial technology, that’s not the case anymore.
Today fintech is no longer just a buzzing term but it has become a seismic shift and is here to stay for the long haul. Though, chances are extremely high that non-techies might not have realized its potential yet. Say for example, when you are able to pay online really quickly at the grocery store by simply scanning the QR code with your smartphone app. Also, have you ever wondered how you are able to calculate your EMIs or send or receive money transfers with the help of a reliable online app? All thanks to the ever-growing Fintech realm.
So I suppose you are here to learn about how to conduct your first fintech software development project. Well, I would definitely suggest you to think of hiring a reliable financial software development company that has a knack for offering unmatched solutions irrespective of the needs and requirements of the customer. While building financial software, integrating HRMS software can streamline payroll calculations and employee benefit tracking. Apart from this, keep reading the following post to understand the entire procedure of developing a fintech app. So without any further delay, let’s begin! However, first, you need to understand what’s exactly happening in the fintech industry and why you should be investing in the sector right away.
Understanding the Fintech Market
Steps to Build an Ideal Financial Software
- Step 1 – Gathering All Necessary Requirements
- Step 2 – Software Design
- Step 3 – MVP
- Step 4 – Launch and Maintenance
- Best Features to Incorporate into a Financial Software
- Conclusion
Understanding the Fintech Market
According to reliable stats, the fintech industry is supposed to reach around $234 billion at least in a few years down the line. Some of the world’s popular regions that have a huge impact on the fintech industry include Europe, North and South America, Asia Pacific, Africa, and the Middle East. And each one of these sectors turns out to be the highest growing to date, isn’t that amazing? Not to mention, both millennials and GenZ are responsible for such insane popularity of FinTech startups and applications. While building financial software, leverage ERP to “Grow Your Business with ERP” by streamlining financial processes and gaining valuable insights. Global adoption cannot be ignored at any rate. But here comes the big question, why more and more businesses are trending towards fintech app development and why you should be doing too?
- Security is Pretty much at Paramount – One of the obvious reasons to consider Fintech app development is that you get a highly secured app. With security threats happening every now and then, businesses have become pretty much concerned about their customer’s safety. Fintech app development ensures the thorough protection of all sensitive information with the help of numerous security codes, encryption policies and a highly secured connection. Here the scope of biometric, tokenized data is pretty high.
- Cost-effective – Well, many of you have this different notion of not investing in such technological advances due to their additional app development costs. But what if you think this way, what if you invest extravagantly in the app but in the end all the confidential information is not safe and gets stolen? How will you compensate for these losses? Now if you flip the coin and see the other side, what if you had already invested in hiring reputable financial software developers who ensure security and save you from additional headaches such as payroll, equipment and hardware costs, and administration costs? So overall, you can reduce around 40% by hiring professionals for your upcoming project.
- Streamlined operations – You see finance is one such subject that is quite mismanaged. With the incorporation of fintech applications, that’s certainly not the case anymore. All these transactions can be viewed in real-time, better risk management, ensuring enhanced customer experience that definitely makes you stand out from the crowd.
Now without letting you wait further, let’s just dive into the process of developing financial software for your business.
Read: How Artificial Intelligence is Changing Cyber Security
Steps to Build an Ideal Financial Software
Step 1 – Gathering All Necessary Requirements
The first and foremost step is to gather all the necessary requirements. Ask the team of fintech developers to understand all the needs and requirements in advance. Here several brainstorming sessions are conducted. What features will be included or what technologies will be used are discussed here, also create a project scope, highlight milestones and timelines and goals that ensure the fintech app development project will be accomplished in the given time.
Step 2 – Software Design
The next stage to take into account is software design. When you hire a reliable fintech application development company, you will find a team of well-experienced professionals who can offer the development of UI/UX design. Make sure the design is created in such a way that the end users can easily walk through and learn about the app right in the first go.
Step 3 – MVP
The third step to consider in the development of financial software is MVP. MVP means creating a minimum viable product which can be easily coded using different technologies and integrating the best security methods right in the application.
In the end, it’s all about creating a fintech application that turns out to be a great USP and offers you success pretty much in the long run.
Step 4 – Launch and Maintenance
The next step is the last one where the developed fintech application is released in the market and maintained by the chosen financial software development company. Before hiring the company do ensure that they keep the developed fintech app hack-free and glitch-free. At the same time, one must keep an eye on app reviews and ratings.
Best Features to Incorporate into a Financial Software
- Secured authentication
- Seamless Payment and Payment gateways
- Easy to use Dashboard
- Personalized notifications
- Potential to integrate different third-party apps
- Precise Data Analytics
- Biometric Security System
- Automation
- Chatbots
- Cryptocurrency
Above all these, you can consider incorporating artificial intelligence technology. As you can see from the above image, the adoption of artificial intelligence is happening like never before. Data is available everywhere, all you have to do is make smart use of it and deliver an amazing user experience. From the customer’s perspective, AI can be used to create tailored products, automate several transactions, robo-advisors, KYC, chat interface and a lot more. While Power BI excels at visualizing financial data, Power Automate automates tasks to streamline financial software workflows. As from the businesses’ perspective, faster claim processing, fraud detection, and assessing customer’s lending capability can be well taken care of.
Overall, by incorporating artificial intelligence, one can deliver intelligent banking services and improve operational accuracy and efficiency. What’s more to it, all the repetitive and boring and monotonous tasks can be well taken care of.
Conclusion
And we are done for now! This is it! This was all about developing financial software. I hope now you are ready for creating your very first fintech app.
