How to Create a Quality Fintech Project for Mobile Devices?

Fintech is a field of economics that uses new technologies for a number of different processes related to money. Fintech mobile app development can include a variety of projects such as online banking, digital payments, mobile wallets, investments, credit, insurance, and more.

Companies are creating and applying innovative technologies such as artificial intelligence, blockchain, big data, and machine learning to make it more efficient, convenient, accessible, and secure. For example, using artificial intelligence can help automate credit scoring and loan decisions, and blockchain can provide security and transparency in the transfer of funds.

Such companies are considered competitors to traditional institutions because they provide an alternative to traditional ways. However, many institutions have also begun to adopt technology to improve and remain competitive.

What are the types of fintech mobile apps?

There are many different types of fintech projects. Here are a few of them:

• Online banking: allows you to open an account, conduct bank account transactions, transfer money, pay bills, and more.
• For payments: provide the ability to make digital payments using a mobile device. It can be money transfers between people, payments, as well as cash payments without a bank account.
• Investment: allows you to invest money in stocks, bonds, funds and other instruments. Can provide various tools for investment analysis, portfolio management, and market tracking.
• Management: helps you track your expenses, create budgets, analyze your income and expenses, and get advice to improve your situation.
• For loans: Allows you to get loans, make loan decisions, and manage loan payments.
• Insurance management: allows you to buy and manage insurance policies, receive notifications about insurance events, and submit insurance applications.

These are just a few examples of fintech mobile apps; there are many other projects that can be related to finance.

Examples of the most successful fintech projects

Before developing your own fintech mobile app it’s important to know what projects are leading in the field and what they offer. Here are a few of the most popular and successful platforms today:

• PayPal: allows you to send and receive money, pay for purchases, and make other transactions through your mobile device.
• Robinhood: a free marketplace for buying and selling stocks, bonds, and other instruments.
• Cash App: you can send and receive money, get a paycheck, invest, and more.
• Mint: manage your finances, help you track your spending, create budgets and get payment notifications.
• Acorns: automatically invests "spare" money in a portfolio of investments created based on his investment profile.
• Chime: an online bank that provides free bank accounts, free transfers, and other.
• Credit Karma: credit and credit history management, allows you to track your credit rating, receive notifications of changes, and get advice on how to improve your credit history.
• Venmo: send and receive money, you can split bills and do other transactions through your mobile device.

These are just a few examples. You can learn about them more to analyze your own possibilities and define what’s going to work better for your own app.

Necessary fintech mobile app features

Below are some of the necessary features that should be included in fintech mobile apps to provide convenience and security:

• Registration and identity verification: a registration and identity verification process that allows you to create an account and verify your identity to ensure security.
• Digital payments: allows you to send and receive money, pay bills, and make other transactions through your mobile device.
• Management: allows you to track expenses, create budgets, and receive payment notifications.
• Investments: should allow you to invest in various assets and instruments, provide them with up-to-date information about markets and portfolios and allow you to manage your investments through your mobile device.
• Cards and accounts: ability to manage your cards and bank accounts, including viewing balances, transfers, deposits, etc.
• Security: security of data and transactions, including data encryption and multifactor authentication.
• Usability: it should have an intuitive interface that makes it easy to use.
• Customer support: the ability to contact support if there are any problems or questions.

Process of creating a fintech mobile app

Creating such a project requires proper analysis and the right approach at every stage. The process of fintech mobile app development includes several steps:

• Idea: define the concept and functionality you want to create. This may include defining the problem you are solving, and defining the audience and features.
• Concept and design development: create a concept and design that fits your idea and requirements. This step includes creating UI and UX layouts.
• Technical planning: define the technology and stack that will be used for development and create a technical plan that defines the development steps and deadlines for each phase.
• Development: start development according to the technical plan. This stage includes the creation of the server and client parts, code writing, testing, and debugging.
• Integration and testing: integrate the various components and test them to make sure the app works properly and meets the requirements.
• Launch: put the finished project on Google Play and App Store and advertise it with marketing campaigns.
• Support: provide support to make sure that it continues to work properly and meets needs. This phase includes fixing bugs, updating, and adding new features if needed.

How to monetize a fintech mobile app?

There are several ways to monetize your app. We have listed some of them below:

• Subscriptions: you can offer payment for access to premium features, such as managing multiple accounts or broader functionality. You can set different subscription levels, depending on what features will be available.
• Advertising: you can also be shown ads, which can be a major source of income. However, don't overdo it, as excessive advertising can lead to a loss of customers.
• Commissions: If you provide payment functionality, you can charge merchants or payment systems for processing transactions. For example, many platforms charge commissions for transferring money.
• Selling data: If you collect data, you can sell it to other companies. However, you must follow privacy and data protection laws.
• Partnerships: you can enter into partnership agreements with other companies who will pay you to promote your app.
• Pay-per-use: if your app provides a loan or credit option, you can earn revenue from interest.

Choosing a particular method of monetization depends on the type of app, its functionality, and its target audience. You need to choose the monetization method that will be the most acceptable and will not damage the reputation of your app.

Apps