How do you make a Fintech product?
f you run a financial service, the best thing you can do right now is make a fintech product. To get you started on making your presence known in this booming Fintech industry as a successful Fintech startup, we will walk you through creating a top-notch Fintech product.
3 May, 2022
One of the most fascinating trends in the digital market is that people are moving away from using traditional banks and stock trading to using financial management apps on their smartphones. There are apps for pretty much every financial task out there, and more are being developed each day. In fact, the worldwide adoption rate of Fintech apps and services for SMEs is 56%.
If you run a financial service, the best thing you can do right now is make a Fintech product. How do you make a Fintech product? To get you started on making your presence known in this booming Fintech industry as a successful Fintech startup, we will walk you through creating a top-notch Fintech product conforming to Fintech design trends.
What is a Fintech product?
Fintech products are new financial products that make use of technology like mobile apps and online banking to offer a full range of services. These financial innovations make it possible for people to maintain control over their personal information while still benefiting from the convenience of online banking and payment platforms.
The term is often used to refer to innovative digital tools like mobile apps, artificial intelligence, and machine learning technologies that aim to make transactions easier, more convenient, and faster for users.
Steps in Fintech mobile app development
Fintech products are a new and exciting way to invest, manage finances and make payments. Fintech is the fastest growing industry globally and has been revolutionizing the financial services sector for years. Developing a Fintech application is an exciting and lucrative opportunity.
First, you need an idea for the type of app you want to create
The process starts with ideation:
- What problem does this app solve?
- What value will the user get from it?
- How does it work?
- What's its purpose?
To create an app that will be successful, you need to ask yourself what problem your app solves for users and how does it solve this problem? What are you trying to achieve by making an app? Do you want to grow your customer base or track customer behavior? Make sure that your goals align with your business strategy before moving on to identifying your audience and their needs.
Is there a gap in the Fintech market for your idea? What are other similar apps doing? How do they work? What are their strengths and weaknesses? Come up with a plan: what exactly will your app do, which features will it have, which platforms will it run on, how much time will it take to develop, and who's going to be involved in the Fintech software development. After this, you will need to develop a business plan so that you can understand all the costs involved with getting your app and estimate how long it takes to develop a Fintech app.
Second, design and Fintech app development
Once an idea has been finalized, it goes through the design and mobile app development stages, where it becomes more detailed and functional to make sure everything will work properly once released to the market. You'll need to find Fintech app developers or development agency and designers that can build your idea into reality. The software development team will work closely together to create wireframes and prototypes before going live with development.
You need to think about your app's features and how it will work. You might want your app to be able to send notifications, generate reports or integrate with other systems. In this step prototype or lockup of your product that users can test to see if they like it will be created.
Here the design comes into play. Designing a Fintech app can be quite challenging as so many aspects need to be considered, like user experience, navigation, branding, and data security. Designers must think about what kind of content will be used on the app because this will determine how they design it.
The next phase is Fintech app development, where all of these designs come together to make an actual product. It's time when all the coding takes place, and any other technical aspects are dealt with.
Once this phase is complete, it's time for testing! This step can include beta testing or alpha testing if there are any bugs or errors that need fixing before launch day. Launch your beta version of the app to more people and make any changes based on their feedback before launching it globally.
Third, and finally, you'll have to launch your new Fintech app!
A marketing plan should be created to promote the app once it has been launched. The launch is the last step in this series of steps that a Fintech company needs to complete before customers can use their product. You release your new Fintech product into the world!
Fintech product design
Let's focus on the Fintech product design. What to include in your Fintech app design?
Design It to Be Simple Yet Powerful
When it comes to the design of your financial service's app, you have to be sure that it can stand out from the crowd. The design of your financial service's app will either make or break it, which is why simplicity with power is at the top of the list.
Power
User experience is king when it comes to financial app design. If your user feels the wow factor, that's great. But if you've overwhelmed them with various features and buttons, they will be gone in a second.
Pleasure
Your financial app design should reflect its functionality (simple, modern, professional) and have an impact on users.
Simplicity
A good financial services app design should be clean and simple; the simpler your app design is, the easier it is for the user to understand its function.
Focus on Illustration More Than Text
The most useful financial apps are, hands down, those that provide their users with a clear and concise overview of their finances. From bank account balances to credit card debt, from crypto investments to tax credits, nowadays, we can check all our financial information in one place and with the swipe of a finger.
Financial services app designs need to be both intuitive and visually appealing. Information at a glance in the way of graphs, tables, icons, and good use of color allows users to understand their financial situation better.
If your app focuses too heavily on text and too little on visuals, you can be sure users will abandon ship and flock to one of your competitors.
Say No to Information Overload
Try to show only the essential information and make it clear. It's important for users to feel comfortable when dealing with their money. Therefore, it's a good idea to create a unique visual identity and brand voice that works together to create a more welcoming experience.
The best finance services apps are designed with simplicity in mind, which makes them easy to use and enjoyable to interact with. This allows users to focus on the task of managing their finances instead of searching for the right button or feature.
Avoiding information overload will help users stay focused on what your app does, what they can do with it, and more easily understand what's going on with their finances.
Implement Security Features
With financial services app design, it's essential to keep security in mind. At the same time, you don't want to make the process of logging in and using your app so complicated that users are tempted to turn to an alternative.
Therefore, the best way to approach security is through a careful balance between convenience and safety. A good example of this is using fingerprint and facial recognition instead of a password, as well as one-time authentication codes sent by SMS for extra security.
What makes good Fintech products
There are all sorts of awesome Fintech products available, from peer-to-peer lending to cryptocurrency wallets. But what really makes a good Fintech product, then? Many factors go into determining if a Fintech product is good or not, but there are some key points to review before diving in.
First off, what is the purpose of the product? Is it meant to help people save money on their monthly expenses, or does it provide them with more options for managing their finances? For example, if someone wanted to start investing in stocks but didn't have any experience, they might find an app like Stash helpful because it has quick tutorials and teaches investors how to invest over time.
A good Fintech product aims to provide an excellent user experience. Fintech products are often complex and challenging to understand, so it's important to ensure that the user can easily navigate them without confusion or frustration. This can be done by providing clear instructions for each step of the process and ensuring there is no room for error in your design.
It is one that meets customer needs and goals when it comes to their finances. It should also be easy to understand and use, provide value for money, and provide some form of protection against unforeseen events that could occur in the future.
It should be secure and protect your data and any sensitive information you share with them from hackers. For example, an excellent security feature in mobile banking app would be automatic logouts after a set time of inactivity on the app.
How is Fintech Implemented
Crypto Trading Terminal and Wallet
This app concept is clean, sticking to a minimal design approach while focusing heavily on visualizing information. The use of color is appropriate, allowing users to understand the gravity of the action they're about to perform simply by looking at the color of an object.
Wealth Management App
Dark mode wins with this wealth management app design. In using such a dark background, the colors of each category of investment stand out much more while remaining pleasing to the eye. Though this app uses text greatly, it keeps wording at a minimum so as not to overwhelm the user.
Financial Services App
The pastel color pallet targets a very specific user, which is a great idea when designing a Fintech services app. You need to find your niche. The focus with this one is all about money management—understanding finances with large, tap-able buttons that display just the right amount of information.
Ready to create your first mobile banking app?
You've read up on the best practices when designing your Fintech mobile app. You've learned about the process of building a Fintech product. You even have an idea of where to start with this process. Now it is time to put these ideas together and build your Fintech app!
