The American bank Chase has found that 4 out of 5 customers prefer to manage their money with a smartphone rather than visiting a bank. As the world becomes more digitized, new opportunities are emerging to increase revenue in the financial sector.
However, building a successful FinTech app requires careful planning, strategic thinking and experience in payment product development. In this article, we review the key features of payment apps and provide a comprehensive guide on how to develop a successful FinTech app.
The FinTech industry has experienced significant growth globally, and the statistics below illustrate its remarkable expansion:
Source: Deloitte
In 2017, the global revenue of the FinTech industry was approximately $90.5 billion. This figure has increased by over 100% since then.
Source: Statista
These statistics illustrate the robust growth and immense potential of the FinTech industry, driven by technological advancements, changing consumer preferences, and a shift towards digital financial services.
The digital payments market is experiencing remarkable growth due to several compelling factors.
First, the convenience and speed of digital payments have made them the preferred payment method, especially among the tech-savvy younger generation. The ability to make quick and hassle-free transactions has changed consumer behavior and expectations.
Second, the increasing digitization of businesses has fueled demand for efficient and cost-effective digital payment solutions. Businesses of all sizes are realizing the benefits of streamlined transactions, reduced administrative overhead, and improved cash flow that digital payments offer.
Third, the exponential growth of e-commerce and online marketplaces has created an urgent need for secure and seamless payment systems. Both consumers and businesses need reliable solutions that enable frictionless cross-border transactions and support the global nature of modern commerce.
As these factors continue to shape the digital payments landscape, we can expect the industry to experience sustained growth and innovations that will revolutionize the way we transact and interact in the modern financial system.
The FinTech industry offers a wide range of opportunities for innovative financial products. From digital wallet solutions to neobanking platforms, there is ample opportunity to address different needs and meet the needs of your target audience.
So let us explore the main categories of FinTech applications you can develop.
A digital wallet is a virtual wallet where users can securely store, manage, and trade their digital assets such as payment cards, bank account information, loyalty cards, and digital currencies. It serves as a digital replica of a physical wallet and provides a convenient and streamlined way to make payments, transfer money, and access various financial services from a mobile device or computer.
There are several popular and widely used digital wallet apps available in the market. Here are some of the best digital wallet apps:
Google Pay follows Material Design principles, offering a visually appealing and consistent interface across devices.
Source: CNBC
Venmo incorporates a social element into its UX/UI design. It features a colorful and playful interface, along with a social feed where users can interact, like, and comment on payment activities of their friends.
Source: Venmo
Explore the SDK.finance software to develop your own digital wallet solution, click here.
A neobank refers to a type of financial institution that operates exclusively online and without physical branches. Neobanks, also referred to as digital banks or challenger banks, offer a range of financial services, including banking, payments, and money management, entirely through digital platforms such as mobile apps and websites.
Unlike traditional banks, neobanks emphasize a user-friendly and streamlined experience through the use of technology and innovative solutions. They often offer features such as easy account setup, intuitive mobile banking interfaces, real-time transaction notifications, budgeting tools, and personalized financial information.
Visit this page to explore SDK.finance FinTech software to build your own neobank and reach the market faster.
Money transfer software is a technology solution designed to facilitate the secure and efficient transfer of funds between individuals or businesses. It enables users to send and receive money electronically, eliminating the need for traditional methods such as cash or paper checks.
Follow the link to get more details about a pre-developed software solution to build a future-proof P2P payment or remittance app.
Payment acceptance software refers to the ability of a business or organization to accept various forms of payment from customers for goods or services delivered. This includes having the necessary infrastructure, technology, and processes in place to securely process and authorize payments.
Click on the link for a full range of online and offline payment processing development services.
A currency exchange solution is a software or platform that facilitates the exchange of one currency for another at the current exchange rate. It allows individuals or businesses to exchange their local currency for a foreign currency.
Currency exchange software must include access to current exchange rates for various currency pairs, tracking and recording of currency exchange transactions for reference and audit purposes, and support for a wide range of currencies to meet diverse customer needs.
Follow this link to get a powerful foundation to start your foreign exchange business.
Developing a successful FinTech app requires careful planning, technical expertise, and a deep understanding of the target audience and market trends. We take a look at the pre-development and development phases to clarify the most important things you need to know to build FinTech app.
The pre-development phase is critical to laying the foundation for developing a successful FinTech app. Here are the key steps to follow in the process:
Clearly define the goals of your app and determine the most important features that meet the identified market needs. Prioritize the features based on their importance and feasibility, taking into account both user needs and business goals.
Consider the following key functions to implement in future-ready FinTech apps:
Here you can find detailed information about key features of payment apps.
By focusing on UX, you can streamline processes, eliminate unnecessary steps, and provide features that simplify financial tasks. Intuitive interfaces, intelligent automation and personalized recommendations can increase efficiency and help users achieve their financial goals faster.
The Revolut’s mobile app, for example, offers a clean and minimalist interface with intuitive navigation.
The redesign of the account screen aims to provide users with a refreshed interface for seamless navigation through their transaction records and investment accounts. The screen has been divided into different sections that group items based on money, accounts, and transaction-related actions.
This restructuring ensures a user-friendly layout and improves the overall user experience when interacting with their financial information.
Source: UXdesign.cc
It presents financial information in a clear and concise manner, making it easy for users to understand their spending habits, create an effective budget, and make informed financial decisions.
Watch the SDK.finance mobile app UI of our platform, designed to help you create secure and feature-rich financial experiences in record time. Supercharge your mobile payment, finance, or digital wallet app launch with SDK.finance:
Choosing the right programming languages and databases is integral aspects of how to develop a fintech app that stands out in a competitive landscape. Consider factors such as scalability, security, integration capabilities, and development resources. For example, the most popular programming languages for back-end development of payment products include Java, known for its robustness; Python, with its simplicity and versatility that allows developers to build and scale applications quickly; and Ruby, known for its elegant syntax and developer-friendly conventions.
To understand how to develop a fintech app, you need to be aware of security protocols and compliance standards. Each country and even different states or regions within a country may have their own legal requirements that must be followed.
To build FinTech apps must comply with various data protection laws, such as the General Data Protection Regulation (GDPR). The GDPR is a data protection regulation that applies to the European Union (EU) and the European Economic Area.
The ePrivacy Regulation also applies in the European Union and the European Economic Area, as well as in other countries where the app is used.
Today, there are numerous FinTech compliance practices that must be followed. These include complying with the Payment Card Industry Data Security Standard (PCI DSS) for secure handling of payment card data, anti-money laundering (AML) compliance, following know-your-customer (KYC) requirements, acquiring digital signature certificates, and more.
Specific compliance obligations vary from country to country and must be carefully considered to ensure regulatory compliance and minimize the risks associated with non-compliance.
FinTech software development is undoubtedly a complex and resource-intensive task that involves several complicated steps. From design to development, API integration, testing, and deployment, each stage requires attention to detail and technical expertise. In addition, keeping up with evolving regulatory requirements and industry standards adds to the complexity.
To streamline the process and accelerate the adoption of payment products, you can consider a pre-developed payment software. It serves as a ready-made foundation with essential features and functions already built in, significantly reducing development time and costs. This way, companies can focus on customizing the solution to their specific needs instead of starting from scratch. By using pre-developed software, companies can benefit from a proven framework, extensive testing and ongoing support from experienced software vendors. This not only speeds time to market, but also ensures a robust and reliable solution that meets industry regulations. Check this article to explore top 10 FinTech app development compnaies.
You can start building payment software from scratch after going through all the previous steps yourself, or work with a FinTech software provider to speed up the development process.
Working with a vendor can accelerate the release of your payment product, saving you time and lowering overall development costs so you can focus on business operations and application functionality. A trusted software partner can also provide scalability as your business grows, ensuring your FinTech platform can meet increasing user demands.
With SDK.finance, a leading FinTech software provider, you can accelerate the development of various financial solutions. Whether you are looking to build a digital wallet, a neobank, a business ledger and money transfer software, SDK.finance offers a comprehensive solution that saves you time and resources.
If you’re looking to develop a fintech app, it’s important to keep in mind that estimates may fluctuate frequently, particularly during the early stages where the project’s scope may change significantly after considering what the MVP version should entail.
However, there are some general market benchmarks for typical fintech apps, and you can expect to pay between 800,000 to 1,000,000 US dollars for complex financial solutions that have multiple monetization models, important features, and third-party integrations.
With SDK.finance’s pre-developed PayTech Platform, developing a FinTech app has become more affordable and easier than starting from scratch. Our cloud-based software option provides a subscription-based delivery mode, allowing you to start using the platform quickly and cost-effectively.
Developing a successful FinTech app requires careful planning, technical expertise and a deep understanding of the target audience and market trends. Working with a software company can bring expertise, scalability, and cost efficiency to the development process, allowing them to focus on operational aspects and application functionality.
With SDK.finance’s pre-developed payment software, you can develop a successful FinTech app faster using its transactional engine with the ready backend. Accelerate your time-to-launch and conquer new markets with our payment solution.
Proud to announce that SDK.finance is the best FinTech startup 2015! Central European Startups Awards has… Read More
On November 10, SDK.finance was presenting demo at Bank Innovation Israel 2015 DEMOvation challenge. Bank Innovation… Read More
Great news! SDK.finance is selected for the €20.000 cash prize pitch competition at Execfintech! After… Read More
On March 8, CTO SDK.finance Pavlo Sidelov and CEO Alex Malyshev were attending one of the… Read More
On March 30, SDK.finance has been selected as a finalist for Red Herring's Top 100 Europe award,… Read More
Money 20/20, the cutting-edge FinTech conference, was held April 4 – 8 in beautiful Copenhagen… Read More
