Have you ever observed the way financial institutions continuously remain ahead of the curve in terms of technology? This is because they integrate the most modern digital technologies to offer their clients protected, flexible, and dependable services.
With the arrival of innovative technologies such as blockchain, artificial intelligence, machine learning, and robotic process automation, financial and banking institutions can give higher-end security and comfort to customers from all parts of the world.
Still, how can you make sure that your FinTech solution is better than the rest? If you intend to build a Fintech solution in 2023, this article will assist you in learning the finest techniques. Hence, you can obtain the highest benefit from your solution, and your diligence will be worth it in the end.
Nevertheless, before delving into the Fintech solution development process, it is critical to take a pause and assess the present status of the Fintech industry.
Shall we? Let us start!
A Quick Overview of the Fintech Market:
Deloitte’s report revealed a continuous rise in revenue for the global fintech industry. In fact, it has nearly doubled since 2017. As of 2017, the industry generated a whopping €80 billion in revenue. Can you guess what the projected revenue is for 2024? An impressive €188 billion.
According to a report by EY, China tops the list of countries that have adopted fintech banking and payment solutions in 2019 with a staggering 92%. This percentage is significantly higher than that of the United States, which has adopted these solutions at only 52%.
| Country | Banking and payment | Financial management | Financing | Insurance |
| China | 92% | 91% | 89% | 62% |
| US | 52% | 49% | 41% | 31% |
| Mexico | 49% | 36% | 31% | 23% |
| South Africa | 47% | 43% | 34% | 26% |
| UK | 41% | 37% | 34% | 24% |
| Total | 56% | 51% | 46% | 33% |
By 2026, the Global Digital Payments Market is going to hit worth USD 11.29 trillion, registering a CAGR of 11.21%. In 2020, the market transacted USD 5.44 trillion, and by 2026 it will be worth USD 11.29 trillion.
Truly remarkable growth!
Isn’t it obvious that having a digital solution is an absolute must-have? Especially if you are in the financial sector, where staying competitive is a constant challenge. Don’t you think it’s a win-win situation to invest in Fintech?
So, the real question now is, how can you build a Fintech product that makes perfect business sense?
Well, to get that answer, you need to continue this reading and discover the best tips for developing a successful fintech solution.
Tips For Developing a Successful FinTech Solution In 2023
Is finding the “right path” to a successful fintech solution as easy as pie? Not really. You’re somewhere bound to encounter a few challenges along the way. But don’t let that discourage you, as with the right strategy and approach, you can easily overcome them.
So, what are the best tips to keep in mind when developing a fintech app, software, or web application? Check them out below.
#Tip 1: Research, Research, and Research!
Though research is an important phase in any software development process, however, since Fintech deals with the transaction, it is considered to be the most complex sector from all others.
Apart from that, the more complex the problem is, the more research work is required. And at this point, you should dedicate as much time to the research process.
Start your development process of a fintech solution by asking yourself a few questions-
- Are you up-to-date on the governmental regulations surrounding financial services in your target region?
- Who are your target customers?
- Do your consumer primarily use desktop or mobile?
- How much you are willing to spend on your Fintech software development?
- What timeframe do you have to launch your fintech solution?
- What features do you want to include in your product?
- What problem will you solve with your product being unique or better in the market?
Find the answers to these questions. When you focus on these key areas, it will help you set yourself up for success and keep your project on track. So, do conduct as much as research you can make to serve your client with Fintech services.
#Tip 2: Select a technology
Technology selection plays an important role in the development of Fintech products. Because this lets you decide what features you can include, what operation you can perform, what platform will it support, and more.
But how do you decide on the right tech stack for your project? Are you looking for something more established and stable, like PHP, or Python? Or a newer and more trendy stack like MEAN or MERN?
Do you need a full-featured framework like Django, or are you looking for something more lightweight like Flask or Express? With so many options out there, it’s important to evaluate each stack based on your specific needs.
Further, there are also emerging technologies like AI, Big Data, Open Banking, Blockchain, etc that are influencing the industry and making the product more secure, scalable, and convenient.
#Tip 3: Gather a team
Your next important step in developing a high-end Fintech solution is to find the right software developers who can help you in developing your desired product.
While hiring your professionals, here are a few of the points to keep in mind:
- Your Fintech software development company should possess expertise in project management, technical stacks, and communication methods.
- Subsequently, you must decide if it would be beneficial to employ an in-house software development team or outsource remote developers.
- Whatever you choose, make sure to vet and interview your app developer, software developer, or web developers properly and thoroughly before signing the agreement.
#Tip 4: Define the minimum viable product
The next thing you can implement in developing a successful FinTech solution is to define the minimum viable product (MVP). What is that? The MVP is the most basic version of your product, which is designed to test with customers. It should have just enough features to allow you to gather feedback and learn about your customer’s needs.
Creating an MVP can help you save time and money by allowing you to validate your idea before investing too many resources into development. It also allows you to get feedback from customers early on, which can help shape the direction of your product.
When defining your MVP, it’s important to keep the following in mind:
- The MVP should be able to solve the problem it was designed to solve.
- The MVP should be able to be built quickly and cheaply.
- The MVP should have a small scope so that it can be easily tested and improved upon.
#Tip 5: Design an engaging interface
Assuming you have already gathered feedback from users and stakeholders, it’s now time to design the interface for your FinTech solution. The user interface is critical to the success of any software application, so take your time and make sure it is well-designed and user-friendly.
There are many important factors to consider when designing a user interface, such as layout, font, typography, color scheme, iconography, and overall branding. Make sure the interface of your product is easy to navigate and understand, and that all the features are easily accessible. Pay attention to detail and create a polished end product.
#Tip 6: Consider Integrating APIs
As you develop your FinTech solution, thinking about APIs and integrations can do wonders. This can expand the features of your solution and create new opportunities for a better user experience. For example, payment gateway integration like PayPal can be integrated for smooth and seamless transactions.
#Tip 7: Focus on security
Make sure your solution is compliant with all relevant security regulations. The best way to stay informed of any new developments in the FinTech compliance and regulatory space is to regularly monitor the websites of relevant agencies, such as:
- Financial Conduct Authority (FCA)
- European Securities and Markets Authority (ESMA).
These organizations are responsible for setting regulations for financial services, so it’s important to frequently check for updates.
Besides, use secure coding practices and industry-standard encryption methods. Besides, consider implementing robust user authentication and authorization mechanisms.
Bonus Tips:
#Tips 8: Build for scale: You can’t let your business stop at one point, it has to grow and scale. Therefore, it is important for your business to build a FinTech product that can be scaled and expanded.
#Tip 9: Define Your USPs: To let people know about your product, you need to market it. For that, you should define your USPs clearly to make them more evident to your customer base.
#Tip 10: Diversity: Since your product will be used by people from different backgrounds, it is necessary to build a product that is accessible to everyone and every device like desktop, mobile, tablet, etc. Your screen size, processors, RAM, functionality, and design should be diverse enough to accommodate different users.
Wrap up!
These are a few easy yet important tips to make sure your FinTech solution is top-notch. You can consider reaching out to the experts for better consultations. They will help you in developing custom solutions. Hire an experienced custom mobile app development company that can help you with your development needs.