Nowadays, it seems like every business has an app to further engage with customers and promote their services or products. With the vast majority of consumers actively using smartphones on a daily basis, it’s not hard for companies to think of at least one way in which an app could be beneficial. In the world of fintech, many businesses rely heavily on apps or even design their entire operation around them. Whether you want to build the best financial app or simply have a means for connecting with users, it’s important to know how to properly build an app.
Here are 5 steps for building mobile apps for fintech.
1. Clarify your goals before starting
Too many companies rush into the process of building an app without having clear goals. This leads to a lot of wasted time, energy, and money. Even if an app is developed, it will most likely be unfocused and ineffective. Furthermore, half-baked ideas are more easily overthrown by outside input and opinions. Before starting the app-building process, companies need to establish their primary goals for the app along with the best methods for achieving them. It’s perfectly fine to revise these objectives as you proceed, but it’s detrimental to start without something for which to aim.
2. Think of your app as an investment
There’s a major misconception that building an app is a “one-and-done” project that only takes a single surge of effort and investment. In reality, having a fintech app is an investment just like any other aspect of your business. It requires regular troubleshooting, tweaking, and constant updating to take care of any bugs. Additionally, you’ll want to make changes and improvements as your business grows. All of this requires consistent investments in both time and money.
3. Consider all pricing options
When building a fintech app, you’ll come across several different pricing options. While it’s tempting to go with the most affordable option, you don’t want to end up sacrificing quality. The cheapest offers will usually require more oversight and involvement on your part. The money you save might not be worth the quality lost on the final product. It’s better to remain open about all pricing options. Pay close attention to what’s being offered, what kind of experience the developers have, and what work they’ve done in the past. Don’t be afraid to ask to speak with former clients to get an idea for the developers’ workflow.
4. Start with a prototype
There’s nothing worse than sending out a fintech application without sufficient testing. Users expect near-perfect functioning when using apps and won’t hesitate to let others know of their experience. You’d hate to see months or even years of hard work wasted due to a surge of poor reviews from the very beginning. Many consumers will only download apps with high ratings on app stores. To avoid this problem, it’s critical to start with a prototype of your app. This gives you time to test the app, see what can be improved, and make any necessary changes before the official launch date. You could use a group of testers to use the prototype app and provide feedback. This will give you insight that members on the team might have overlooked.
5. Launch when everything is in order
Building your first fintech app is an incredibly exciting process. Your team gets to watch the app come together from scratch, input their own ideas, and see how it impacts the business overall. It’s important to not let this excitement rush the release of the app. No matter what happens, you should never release an app before it’s 100% ready. Even if you have to push back the official launch date once or twice, that’s better than releasing a fintech app that flops immediately. A delayed-release will be forgiven when the app performs excellently and delivers on all customer expectations.
