How To Build A Fintech App – A Straightforward Answer

How To Build A FinTech Application

Introduction 

With an adoption rate of 64% FinTech is growing rapidly in current times. Public awareness of FinTech stands at 96% and most smartphone buyers are already using FinTech apps. Traditional financial service providers including banks, insurers, lenders are embracing the use of technology in the financial sector. Every financial player is striving to build their own FinTech app to automate and streamline their business operations. But, the question here is, how to build a FinTech app that does everything a financial service provider seeks to modernize their legacy systems.

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The current market scenario and growth opportunities offer a range of possibilities to develop a FinTech app. A report by Statista states that now is the perfect time to build a FinTech app due to social trends and financial technology developments.

Financial Technologies Revolutionising FinTech 

To build a FinTech app, you should match your business objectives with the right set of the technology stack. It is also crucial to understand the major technology trends. You should undertake the following five financial technologies to build a future-ready FinTech app.

Blo ckc hain

AI & ML

Bio metr ics

Regular Technology

Type of FinTech Apps

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Before beginning with building your FinTech app, you should be aware of the types of FinTech apps that are out there. It isn’t necessary to stick with one type of FinTech app.

Your business idea might require features that relate to other FinTech app types. Here are some of the most popular FinTech app types.

Digital Payments

Digital Banking

Digital Investments

Insurtech

How to Build a FinTech App – 6 Step Process 

Be it a newcomer in the financial industry or an established institution digitizing its offerings, it is challenging to outmatch the existing competitors. So, how to build a FinTech app that serves its intended purpose? For those who are new to FinTech mobile app development, it is difficult to know how and where to start.

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Here, I’ve described the process of FinTech mobile app development in six simple steps.

1. Choose your Industry Niche and Identify Regulatory Compliance

2. Build the App Concept and Define Necessary Features

3. Design UI/UX

4. Pick Your Preferred development approach and time & cost

5. Build MVP and Assure Quality

6. Release Your Final Product and Keep Updating

Conclusion 

The question of how to build a FinTech app revolves around the types of FinTech apps and the industry niche regulations that you are required to comply with. In this article, we’ve discussed the aspects of building a FinTech app. Starting from understanding and identifying the relevant industry compliances to building your FinTech app. The process of FinTech app development will require you to be involved in many tech-savvy activities.

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If technology is the area where you don’t find your core competency in, you can reach out to Nimble AppGenie for your FinTech app development requirements. We’ve helped many startups and established organizations in the financial industry to meet their technology needs and exceed their company goals.

Thank You If You Have Any Query?

Visit: https://www.nimbleappgenie.com/ Contact : +44 207-459-4465, +1 920-354-6944