What to Consider Starting a Fintech Application
I assume that if you are reading this article, you already know what fintech is and realize its huge potential (If you doubt the relevance of your knowledge, go and read here). So, without further ado: here you have some advice you should consider starting a fintech application or implementing a fintech feature into your project.
Investigate the Market (and not only a local one)
A fintech application should serve the users and make their lives more convenient by addressing their relevant needs. Yes, like any other application. Otherwise, it will not be demanded/profitable/useful.
Why do I repeat these obvious truths? Because often, blinded, by ambition and motivation, we forget to ask the world whether it needs what we want to give it. And market investigation/analysis is the most straightforward way to kindly ask and receive the relevant answer.
Don’t be afraid to spend your time and resources on analysis of the market. Nobody wants to create a product and then realize that people don’t really demand it. And even if you want to target only the local market at the moment, analyze the global one as well. Otherwise, you will face problems if you will try to scale up in the future.
Security, security, and security.
Have I mentioned security?
FinTech software deals with money, and the very first thing people want when the deal gets to their money is security (duh). Fintech applications become more intuitive and easy to use with every day, which is awesome but also not that much.
If you can send someone money or perform other banking operations with just a few clicks it means that the security of your assets is as easy to violate. Therefore, the issues of identity verification and fraud become more complicated to address.
There are several things you need to specify regarding the development of your fintech application. Sooo, take a deep breath and try to follow through:
1) The code must be protected with encryption
2) The balance between UX and security should be maintained (with the slight preponderance of the latter one of course)
3) Network connections on the backend should be secured
4) The multi-factored authentication should be applied
5) The customer data should be protected and encrypted
6) An application itself should be protected from users (a technically savvy user or too curious and too reckless user can deal a lot of damage to a project otherwise)
7) An application should be tested several hundred times and then several hundred times again.
Also, consider implementing Blockchain into a project as its decentralized nature and encryption policies may come handy.
Finally, never ever try to save money on security. It will backfire seriously.
Make It Special
Like, really special (let’s assume that the functionality of an application is already special enough in order to be demanded). Make people want your exact application because it
1) is the benchmark of the highest security standards
2) provides a unique, beautiful, and highly customizable user experience
We already specified how to accomplish the first one. As for the second one, people should enjoy using your application. Strive for beautiful minimalism, avoid redundant details in your design, make it look strict and cozy at the same time. It also will be a huge plus if users will be able to customize the application. Even such minor features as an ability to choose what types of verification and color palette to use will make a big difference.
Support Team Assembles!
Users have questions and experience difficulties. All the time. Your application, regardless of how user-friendly it will be, will not be an exception to this rule. Because of people. Therefore, if you want to devoid your clients of unnecessary frustrations and anger… Or to say more accurately, if you want to prove that you are a reliable service provider, you have to assemble a support team.
The support team should be professional. It should know everything it needs to know about an application as well as the finance field for obvious reasons. Ideally, a team should be available 24/7. However, if there is not a necessity for the round-the-clock support, make sure that users are well-aware of the hours when the support team is available.
In addition, the support team should not have an unlimited access to information as it may lead to security breaches. There are several ways to address this issue. One of the most reliable is to hire and train supervisors choosing from the people who have proved to be reliable and compliant and provide them with a necessary access required to solve all spectrum of possible issues.
Overall, does not launch an application without support. It should not be numerous at first, but it should be. Yes, fintech is a huge responsibility, which, however, provides unprecedented opportunities.
Have fun and remember, you reap what you sow.