In ancient times, we began using gold coins as a medium of exchange, and now we have upgraded to paper money and investment portfolios.
However, with the emergence of Fintech, this industry has taken a quick turnaround. Now, you can virtually buy stocks, apply for insurance and loans, currency exchange, and manage tax all of which are part of FinTech.
According to the latest information by researchers, the FinTech industry is expected to reach $698.48 billion by 2030, growing at a CAGR of 20.3%. Global downloads of Fintech applications reached 1.98 billion in 2023.
So, it’s the perfect time to invest in the FinTech industry. Read the complete information to learn about FinTech and the process of developing a FinTech iOS Application. You can hire a FinTech app development company to build an application.
What do you understand about Fintech?
Fintech is a common term used to describe anything related to finance and technology. It includes applications for budgeting, investing, and money transfer.
It has become an essential part of our lives, though, you must not have realized it yet. With the innovation of cashless transactions, we now make payments through cards, UPI, and bank transfers, all of these are part of FinTech.
List of different Fintech Business Applications
FinTech Applications are not just limited to payment apps, they also have platforms like wealth management banking apps. Here, is a list of the trending FinTech applications you can build:
Online Banking Application
Say no to bank visits with banking apps! These days, banking applications allow you to virtually connect with banking authorities. Account opening, contact number change, issuing new chequebooks, every task can be done using the software.
Investment and Trading App
Investing and trading apps eliminate the role of traders in trading and investing in stocks, capital markets, or foreign paper. Then, you can do it directly with your smartphone.
Insurance App
Insurance apps are beneficial for speeding up insurance policies. These software applications are also helpful in handling customer claims and it also reduces the chances of fraud. Altogether, they lead to more efficient communication between agents and customers.
Online Payment Applications
Online Payment applications like PhonePe, and Paytm are truly important for today’s generation. These applications facilitate easy and secure online transactions.
Payment apps enable transactions between two participants, with no involvement from other intermediaries.
Personal Finance Management App
A Management App can be beneficial if you are unable to keep proper track of your income and expenses. This application allows you to manage your expenses with innovative user interface tools. With this, you no longer need a pen or paper to manage your finances.
Features Required to Build a Fintech iOS App
You must have come across several FinTech Applications, to understand the common features required to build a FinTech mobile app. Read further, to know the features that are compulsory for FinTeach applications.
Sign Up and Sign in
It doesn’t matter what type of FinTech application you have; every app must have a registration process for smooth functioning. Account registration for these apps includes two-factor authentication, such as Touch ID or Face ID.
Secure Payment Gateway
No FinTech application can function without the integration of payment methods. Make sure to integrate more than one or two payment methods to provide secure payment transfer platforms.
Dashboard
Whether it’s a banking application or an insurance app, it provides several features to its users. Therefore, it would be beneficial to represent all the tools on the dashboard to provide easy access.
Push Notifications
One of the most important features required in a FinTech application is regular notifications. An app must notify users of any updates regarding their investments or payments. It must also notify users of special offers.
Security
A FinTech application needs to be highly secure as it deals with account details and the personal information of customers. To secure such an application, you must ensure the use of two-factor authentication, biometric verification, or the latest blockchain technology.
Personalization
An app must provide a personalized experience to customers, as every customer uses it for a different purpose and has different choices. Features that can be personalized include font size and dark mode theme; it must also display personal information.
QR Code Scanning
Nowadays, most people prefer to use a scanner for making payments or checking information. So, adding a scanner to your software would be a great idea.
Process of Developing a Fintech Application
Developing a FinTech application is not an easy task, as it requires the involvement of professionals and skilled designers to develop an application that meets your expectations. In this section, you will get a complete idea of application development.
Formulate a FinTech Business Idea
By now, you must have understood the features required to build a FinTech application. Now, it’s time to think of something innovative to set you apart from other brands in the same sector. Consider what is missing in this industry to make you unique, as this will also ensure customers stay on your app and generate revenue for you.
Gather Requirements and Analyze the Project
Gather all the information and your requirements to efficiently explain them to your development partner. For that, you should properly research the monetization model and the future of the FinTech industry. You can present your idea and model to a few people and ask for suggestions to make your app better.
Create an Intuitive Design
This is one of the most essential steps in the development process. The UI/UX of a FinTech application must showcase simplicity, easily accessible features, transparency, and be aesthetically pleasing to attract a large number of people.
To create such an interface, you can check references from other applications and also incorporate your personal preferences into them.
Development Process
Discuss your ideas and vision with the development team, and define the features you want them to include in the FinTech application. First, make sure to develop a minimum viable product, and then test your idea with real-world users.
If the application developed in the first attempt turns out to be profitable, make sure to scale it as per the requirements.
Test the App
Once the development process of the FinTech application is completed, make sure to test it thoroughly to prevent future bugs. While testing, ensure that it works properly on both Android and iOS platforms.
If you find any bugs, be sure to resolve them before the application is launched in the market. This will ensure that customers do not face any challenges.
Launch the App
Launch the application on your preferred platforms and target market. Always take feedback from first-time users to understand any problems they face.
You can release your app on Google Play and the App Store.
Final Words
Based on 2023 statistics, there are approximately 26,300 fintech startups around the world. The global market for this industry is also expected to rise in the near future, as in 2024, more than 90% of people are relying on payment apps for making transactions.
DianApps is a leading iOS app development company that can help you turn your fintech startup idea into reality. We are developing apps for countries like Dubai, Australia, the USA, and more.
