Factors Determining the Success of Your Fintech App

Creating a fintech or banking app is a serious task, as there’s no margin for error. Apart from being packed with features, it should also be safe and stable. The user experience of your app should be top-notch. Otherwise, users will find it difficult to trust your service and might look for alternatives.

In this post, we’ll discuss the factors you should take care of while leading a banking or fintech mobile app development project:

Personalization

Your app should provide enough customization features to its users. When a bank or financial service improves the UI/UX of its app, they see a significant increase in usage and customer interaction. It also opens doors to several customer experience opportunities. So, you should give users the liberty to personalize their online banking experience by offering them custom features and customization options. You can also ask your customer what features and improvements they would like to see in your banking app. Based on the feedback, you can add new features and eliminate issues.

Offline and Online Features

To improve your app’s functionality and customer experience, you should create a perfect blend of online and offline features. Every banking app allows users to check their balance and make simple transactions. There’s nothing special about it. You should add features that allow customers to use your service online and offline. In order to stand out in the fintech market, you should add features that no other banking or fintech app offers. For instance, adding a useful offline feature can give you an advantage over your competitors. You can explore different app development solutions for integrating online and offline functionality into your banking or fintech app.

Cross-Platform Compatibility

Your user base will consist of customers who use an iOS or Android smartphone as their daily driver. Hence, your business app should work well on both platforms and provide customers with the same functionality and experience. There might also be a certain section of your target audience who use uncommon operating systems like BlackBerry OS. You can leave such customers out or create an app for such platforms while considering hardware requirements. If you don’t have the budget to create native apps for every platform, you can opt for cross-platform app development solutions. Also, keep the size of your app low and make sure your app meets the hardware specifications of most devices.

Customer Support

Fintech businesses fail when they cannot prove themselves trustworthy and reliable. Users often get confused while using banking apps and often run into an issue where they need urgent assistance. Therefore, providing top-notch customer support is extremely crucial. A slight delay will negatively affect the trustworthiness of your banking or fintech service, no matter how many features or perks you offer. If your app is going to face downtime due to maintenance-related purposes, it’s important to inform your customers a few days prior.

Quality Assurance (QA)

Running a fintech app development project without having a QA team is suicidal. No matter how skilled your mobile app development team might be, it’s important to carefully assess their work. This is why companies hire QA engineers. They test the programs’ functionality and check if any bugs or issues might affect customer experience. In a banking app, even a single bug can ruin customer experience and trust. Hence, constantly maintaining and testing such apps and their features to fix every bug and vulnerability is essential.

Functionality and Features

Every fintech or banking app allows you to perform and manage transactions, check balance, add beneficiaries, and check statements. You can’t expect your app to stand out with just the above-mentioned features and functionalities. It’s important to analyze the demands and needs of your target audience and provide innovative and useful features accordingly. For example, you can add a feature where customers can directly book airline tickets through your fintech or banking app.

Innovation

Apart from adding innovative features to your banking app, you should also modernize your app’s interface. You can add different security features and animations to enhance user experience. While we recommend adding innovative elements and features to your app’s UI, you should avoid complicating it. Your app should be easy to navigate and use.

Security

Banking and fintech services deal with highly sensitive customer data and can’t afford a security breach. Using the most advanced and rigorous security technologies and protocols is an uncompromisable necessity. Customers only trust the fintech service with the most secure app and online banking system. This is why your workforce should also consist of cybersecurity analysts, experts, and penetration testers who constantly assess your app’s security and will regularly integrate security patches to eliminate system vulnerabilities.

By considering these factors and having the right approach, you will be able to build the perfect app for your fintech service. However, suppose you lack the budget to hire the best developers, testers, UI/UX designers, and cybersecurity experts. In that case, we recommend outsourcing your mobile app development project to a reliable fintech software development company.