There is no doubt that the fintech market is witnessing a high time in the global market. The latest advances in technologies like AI, ML, and Big Data have led to the beginning of a new era in the Fintech industry. According to the latest research, around 64% of the people used fintech services in 2019, and the number is expected to increase in the coming years. Another report showed that the total worth of the fintech market was around $187 billion in the first half of 2019.
The above stats depict that the fintech market is growing at a much faster pace. So, if you’re planning to invest in fintech software development then it’s the perfect time. However, before stepping into the development phase of fintech solutions, here are a few things you need to consider to stay ahead of the curve.
1. Study And Analyze The Fintech Market
The first and foremost thing you need to consider is to analyze the fintech market carefully. You need to have a clear understanding of the user needs and should be well versed with the latest ongoing trends. Fintech is nothing but a robust solution to solve the problems related to finance. So, it might be possible that you know everything about making a powerful mobile app or software development. Still, unless you don’t know much about finance, you can’t develop a successful fintech product. All in all, try to grab as much relevant information about the finance industry that can help you develop an efficient and useful financial solution.
2. Focus on Agile Software Development
We all know that money is everything when it comes to the finance industry; even a small delay in any task can cost marketers a lot. That’s why the significant aspects of this robust industry are getting automated via the latest technological advancements. From payments and lending to banking and investment, all these things are drastically changing with time.
However, these rapid changes are not so flexible, and that’s the main reason why agile workflow is necessary for the fintech industry. Introducing Agile practices in your workflow could change things tremendously. It can help you build scalable and high-quality products in much less time. You can seamlessly add the new and latest changes as per the market trends anytime in your financial solution. That’s a vital aspect for any fintech company that wants to stay ahead of the curve. So, always look for a software development company that follows agile methodology while developing their software.
3. Choose An Experienced Fintech Developer
That may be a tedious task for you, but it is equally essential for building a perfect fintech solution. Many times, a developer might not be aware of the standard finance terms, which eventually adds to the development time. Hiring an expert developer with complete knowledge of the fintech market can be a lot beneficial. Even if you cannot find a fintech expert developer, try to get a project manager or a tech lead who can guide the other members of the development team.
Besides that, you can also outsource an experienced fintech software development company that has experience in building financial solutions for Insurance companies, NGOs, etc. Alternatively, an experienced fintech software development company can provide you with a more effective and user-friendly solution that best suits your business needs. They have an extensive range of robust tools and expert developers that are very well versed with all the roadblocks of fintech software development.
4. Pick A Diverse Team
To bring success for your fintech software, you’ll be needing a team of diverse ideas and thoughts. You will surely need the people with the same goal as yours, but that doesn’t mean they should follow the same path as you are following. Your team should have people who deliver fresh and innovative ideas for your project.
Remember that everything is changing today, and so the development process. Things are getting more automated and, hence, you don’t need to start from scratch. Instead, your team should focus on customer satisfaction and in bringing new ideas for building useful fintech software.
5. Choose Your Platform Carefully
Apart from choosing your team and software development company, you should also focus on selecting an apt platform for your product development. The platform you select will majorly affect the success of your fintech product. And the selection of platforms is not an easy task. You need to consider all the vital aspects while finalizing your development platform.
For instance, all the major banking software are still leveraging the old technologies, but to make your product stand the test of time; you need to select a platform that has advanced functionalities. Another aspect that you need to consider is opportunities. Always go for a platform that offers you ample opportunities to market your product to a vast network of users seamlessly. All in all, try to find a perfect platform that reduces your manual work, provides security, and brings success to your product.
6. Speed-up With Proper Tech-stack
As discussed in the point above, that you should always go for a platform that reduces your manual work and brings success to your product, and it’s not possible without leveraging the latest technologies. The recent technological advancements brought many new and innovative changes in the finance sector. Technologies like AI, Big Data, and Blockchain solved many technical problems, and one of them was security.
So, choosing a proper tech-stack is essential to build success for your product. You can choose from several technologies and programming languages that work best for your project. For instance, Python is considered as the best programming language for building fintech software, and the reason is its strong financial algorithm performance. Besides that, it also offers several open-source libraries for ML and data sciences that make your product boost in the global market.
7. Security Is Important
Nothing can be more critical than safety while building fintech software. Your software solution/ fintech app should be completely safe and secure against all the odds prevailing in the global market. Even a small mistake from your end can prove hazardous for your users and can spoil your brand value within a few days after deployment.
Remember, you are dealing in the finance industry; your app will interface with the core system of different banks. So, you should always make sure that your product is error-free and secured. Carefully develop your backend system with proxies and firewalls and make sure your frontend has no entry at all. In short, take all the necessary steps in making your software more secure for your users.
8. Consider Third-party Integrations
Nobody can deny that the main aim of developing the fintech solutions is to provide ease and satisfaction to the customers. And that’s why you should always consider integrating third-party software in your product. These integrations will ensure more success and will provide more ease of work to your customers.
For instance, if you are offering a ticket booking service on your fintech app, then you must integrate with the ticket booking service to provide efficient services to your customers. Similar is the case with insurances, online shopping, loan repayment, etc. So, try to think about the perfect third-party apps that you can integrate within your app to make it more useful for your users.
9. Personalize Your Experience
In this digital world full of robotics and AI-driven machines, people are always looking forward to human touch. So, try to include that in your fintech product. You can leverage the advanced solution of AI and ML to add that human-touch in your system. They explore and identify your user’s in-app behavior and then provide a human-based value proposition based on the user’s needs and wants.
You can even leverage the AI-driven chatbots that provide your support system a human-touch. Although a computer system, AI-driven chatbots allows your users to ask the questions without limiting them to some keywords freely. It also carefully provides the best answer to their queries. Besides that, you can even enable your customers to customize their dashboards according to their needs. That way, you can get more personalized data of your valuable users, which will surely help you to develop a unique product based on customer’s expectations.
10. APIs Can Be Useful Too
Last but not least, try to focus on APIs. API or Application Programming Interface is popularly used to connect your fintech software/app with other external services. They ensure high-security data transfer and also facilitates effective communication with other apps/systems. Moreover, you can seamlessly create a new product much faster by integrating with an already developed solution. An example of that is the payment gateway or investment app.
That’s a common trend in fintech companies to use an existing API for building an efficient product. However, some companies take a step forward and create new APIs to get fruitful results. In fact, quite a lot of systems offer their APIs to decrease your product development time. All in all, try to leverage the benefits of APIs to build efficient fintech software for satisfying your user’s needs.
So, in this article, we discussed some crucial points to be taken care of before developing a fintech software. We also came to know how critical these different aspects are for the development of an efficient fintech product. At last, you need to understand that each project has a different aim and different target users. So, you need to build your strategy accordingly to meet all the standards and requirements of the users that you are targeting. After all, your priority is to create a successful product to improve your brand image in the global market.