How to Build a Finance App: A Complete Development Guide

The finance industry or fintech industry is growing at a faster pace. As per the Mordor Intelligence report ,it is expected to reach USD 312.92 billion by 2024. The growth rate of this industry is expected to be 14% by 2029.

Fintech, short for financial technology, is not just a buzzword but a game-changer, a revolution in the entire industry. With the recent fintech boom in the market, it has created a lucrative opportunity for investors, businesses, and startups alike. It is creating an impactful change in the entire market.

There are various successful startups that are billion-dollar companies today in the fintech industry. Some of them are Stripe, Paytm, Revolut, PayPal, Adyen, and many more. These companies identified opportunities and grabbed the market with their immersive solutions.

In this blog, we will discuss the finance app development process so that your business can also thrive in the market.

Steps to Follow to Create a Finance App

For developers and businesses, here is the complete guide to developing a responsive finance app.

1. Understanding the Tech Industry

The finance industry is the integration of technology into offerings in the financial services industry, enhancing and fulfilling customer experiences. It is a new way of doing business where financial services are provided to people by incorporating technology into their systems. Finance spans a wide range of technologies and services like banking, insurance, payments, cryptocurrency, investment, and lending. It is your choice which industry you are comfortable with and want to choose.

2. Application Planning

Application Planning includes conducting market research and identifying if your idea validates in the market. This step comprises identifying the need for your product and assessing whether customers genuinely want it, as well as identifying your major competitors. Application planning ensures selecting a niche for which you are serving in the market. It is an essential process for every company because here every company gets an idea if their idea has the ability to execute in the market or not.

3. Select User Experience Design

In the competitive finance world, it is important to know your customer’s preference. For that, UX (user experience) is to be enhanced by UI (user interface). Your application should be good and interactive enough that it would be easily understood by your consumers. A good quality user interface helps to retain your customer and build brand loyalty in their minds. If you are able to build an application that is user-friendly then half of your work is done.

4. Choose the Right Tech Stack

Choosing the appropriate technology is helpful for the scalability, customer retention, and performance of your app. It includes selecting frontend, backend, and database technologies. Frontend (React.js, Angular, Vue.js) is responsible for the user-facing part of the app, backend (Node.js, Python, Ruby on Rails) is responsible for handling backend operations like payments, security, and privacy, and the database is responsible for storage structures and managing your app’s data.

5. Development Cycle

Development cycle is a crucial stage for any company because, in this stage, the whole idea is to be executed in the form of an application. To make this stage more helpful and exciting, companies use agile methodology, which means the whole project is divided into phases emphasizing continuous improvement in the application. This methodology provides companies with a sense of flexibility and adaptability in their project. It includes all the steps from selecting your niche to conducting market research to choosing the right tech.

6. Safety and Security

Security is paramount in the development of fintech apps, as they contain important and sensitive data which, if leaked or breached, can cause a huge violation to the company. Your application should be made in such a way that it properly regulates user data effectively.

7. Prototype and Testing

Most companies test their product in the market to validate the application design and functionality. It includes gathering feedback from the users about the interface and viability of the product. In this stage, the necessary feedback is taken, and then the final application, including all the changes, is designed for the final launch.

8. Launching Your Fintech App

After successful feedback, we draw out the changes in the application and make the app ready for launch in the market. This phase includes all marketing campaigns like advertising, social media marketing, banner ads, and content marketing to raise awareness about the application. Lastly, we gather feedback about the application launched and check its validation in the market.

Successful Companies in Finance 

Square

Square provides payment and point of sale (POS) options, enabling businesses to accept card payments through a simple portable device.

Success Factors:

• Solving a pain point
• User-friendly
• Diversified ecosystem

The success stories of companies like Robinhood, PayPal, and Square highlight to us the importance of understanding customer pain points and delivering the best solutions in the market. Thus, businesses must continuously adapt to changes in the environment by leveraging technology and making continuous innovations in their applications.

Final Thoughts

In summary, the fintech industry is continuously evolving at a faster pace driven by innovation and technology. For the successful design of your app, you can partner with Trigma. We will offer you customized solutions that serve your needs and budget. Serving the tech market for the last 15 years, we will offer you the best solutions ensuring your investment is optimized, and  able to serve the user-friendly app.