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5 Major Requirements for Fintech App Development

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Businesses are expected to take into account a set of important requirements for fintech app development. This is because handling other people’s finances is a tasky responsible that needs to be taken very seriously. Bear in mind that losing or mistreating someone’s finances can lead to devastating consequences which includes going jail. To create a fintech app that will meet the present day market requirements, you must make sure you consider the following factors in your fintech application development process.

1. Security measures

Security is certainly the number one concern when it comes to fintech app development. Features such as two-factor authentication, OTP login, fingerprint security or face recognition might significantly improve the safety of your users. To avoid exposing vulnerabilities and ensure the safety of every data, rigorous testing and timely system updates are necessities.

2. API Management

Another major requirement for fintech app development is API management. You must have to understand that comprehensive API management is a vital part of a successful fintech app development. It helps to connect different applications or portals to one other, thus expanding the feature settings of your app.

For example, you can link your app to an external payment method like PayPal, Payoneer etc, thereby providing an additional payment option to your clients. Also reading Choosing Right Platform For Hyperlocal Social Media Marketing will be a good choice.

To achieve this feat, make sure to collaborate with companies that comply with current security standards and ensure data protection. When you ignore this, their vulnerability may end up hurting your app resulting in collateral damages.

Enhancing API safety becomes less of a challenge with these tools. However, there are still significant threats to be aware of, but taking the right precautions provides peace of mind.

3. Simplicity and Usability

The third major requirement for fintech app development is its being easy to use. Fintech is a complex subject, which is why people seek out easy to use apps to handle their finances and learn about investments. In the event that you develop a too complex fintech app that requires a deep understanding of finances, you will immediately lose a large portion of your potential clients.

This is why making your app as easy one to use and offering a short and fun learning curve is a crucial step in fintech app development. Target a simple interface, straightforward navigation, and inclusivity, (unless of course your application is targeted towards financial gurus and complexity is justified and expected.)

4. Customer Support

Bear in mind that some customers will have questions, and concerns that need to be addressed, and handled as quickly as possible, no matter how simple your app is. Therefore, reliable and responsive customer support should be included in your fintech app development.

Ideally, you can create a chatbot that would automatically answer simple queries and walk the users through the on-boarding steps. Additionally, you can hire a customer support team that knows the product well enough to tackle arising difficult and unique inquiries.

5. Legal Compliances

Another major requirement for developing a fintech app is its legal compliancy. Establishing the legal compliances for your app is very essential factor to a smooth fintech app development process.

Bearing in mind that handling and dealing with large sum of finances that belongs to others requires adhering to a plethora of standards, laws and regulations. For instance, you have to comply with Payment Card Industry Data Security Standard (PCI-DSS) when handling cardholder information. There are also data privacy laws that any business that collects user data has to comply with such as CCPA, GDPR, PIA, etc.

Top Major 5 Fintech Apps:

What software solutions are at the top of the market currently? Here in this segment of my post, we shall be exploring the top 5 best current fintech apps, their features, and unique value propositions, this will help you to realize your own project. This will also ensure that it will meet the market standards and compete with the best apps out there.

1. MoneyLion (USA)

MoneyLion currently has over 2.7 million users on Android and iOS. And its unique features are:

• No minimum account balance requirements;
• Budget planning and tracking;
• Price Match gets you reimbursed for purchased items if you discover them at a lower price.
• Instacash allows users to borrow a portion of their stable income and repay it within two weeks without extra fees.

2. Nubank (Brazil)

The largest online bank in Latin America with 40 million users on Android and iOS. Below are its features:

• Easy to open an account online;
• No minimum requirements or monthly fees;
• Users can earn interest on any checking and/or saving accounts.
• A free credit card that any interested existing customer can receive.

3. Revolut (UK)

This is one of the largest neobanks in the UK with 18 million users on Android and iOS. Its unique features include:

• Works with 130+ currencies and provides cheaper international transfers;
• Offers exchanges and payments with cryptocurrencies;
• Spending tracking and budget planning.
• Disposable virtual cards that can be quickly generated to make a payment and automatically removed or changed to avoid fraud.

4. N26 (Germany)

N26 fintech app has well over 7 million users on Android and iOS. And its unique features are:

• No ATM or monthly service fees;
• Low currency exchange fees;
• No minimum income requirements.
• The Premium tier comes with insurance coverage and partner offers.

5. Digibank (Singapore)

Digibank is a Singaporean fintech app with over 5.9 million users in Asia on Android and iOS. Its unique features include:

• Attractive interest rate that goes up to 4%;
• Expense tracking and budget planning;
• Commission-free oversea transfers.
• The bank provides industry-leading security options such as soft tokens for each transaction.

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