How to Create an Android fintech app from scratch in 2023

The banking and financial industry has emerged as one of the biggest subscribers of the mobile app revolution. The way fintech apps are shaping the growth stories of banks and financial institutions worldwide is inspiring for many other industries. 

As an aspiring app developer, do you want to take a pie of this success story by developing a unique fintech app? Whether you are a developer from an iOS or Android App Development company, the path will not be easy as fintech is complex, demanding in respect of user experience, legally complicated, and resource and time-consuming. Despite these challenges, how to create a fintech app from scratch in 2023. Let’s explain. 

App is not enough. Evaluate it 

Do you want to develop a simple but valuable fintech app that continues to engage audiences and generate business conversion? Well, in that case shaping the app after a good app idea will be crucial for your app project. Let’s explain some questions around which you need to evaluate your app idea.  

  • Is the proposed app going to offer any crucial value proposition that is unique and less common for the users? 
  • How is the app standing apart from other fintech apps in competition? 
  • In what ways are you going to earn revenue from the fintech app? 
  • What development and design challenges are there for the fintech app, and how will you address them? 
  • Consider the app project’s budget, development infrastructure, and developer resources. 

Keep an eye on regulations and compliance. 

As the financial industry is subjected to strict regulations and compliance protocols, you need to ensure you are fully versed on these requirements. There are both international regulations as well as country and regional rules that you need to adhere to. 

Some of the key regulations fintech apps need to adhere to include General Data Protection Regulation (GDPR), Payment Card Industry Data Security Standard (PCI DSS), anti-money laundering (AML) regulations, and many others. 

Choose from the most popular Fintech niches. 

Since the fintech industry is pretty expansive and involves many financial requirements ranging from banking, investment, insurance, loan and credit products, stock market and trading, foreign currency, and many others, choosing the right fintech niche is exceptionally significant. Below we provide a briefing on the popular fintech app niches from across the spectrum. 

  • Wallet apps: The mobile wallet app allowing people to receive and send money and make purchases is the most popular fintech app category with a mass appeal. 
  • Mobile Banking: The mobile version of internet banking apps offers banking customers more ease and scope of customization for banking interactions. 
  • Insurance apps: Through insurance apps, people can compare insurance products for both general and life insurance and apply for the right insurance policies they need. 
  • Investment & stocks:  The stock market trading apps that allow people to invest in systematic market investment and secure investment products are also popular. 
  • Financial planning: This popular fintech app allows people to plan their economic activities, including budgeting and investment planning. 
  • Expense tracking: This type of app allows you to keep notes of expenses and generate expense reports so that you can regulate expenditures and create more scopes for savings. 
  • Loan and credit apps: Through these apps, people can apply for loans and credits from different financial institutions and compare interest rates and eligibility criteria. 

Make audience research 

When you have chosen the fintech niche for the app project, it is time to know the target users who will find your app useful. The target audience can be characterized by demographic characteristics, social and financial status, lifestyle, financial needs, and preferences. 

The easiest method to research the target audience is to know the users of similar fintech apps in the competition. Apart from that, you can hire market research agencies, carry out social media surveys and take the help of the analytics engine of your existing business website.   

Choose the elementary and advanced fintech features 

You now need to choose the elementary and advanced features for your fintech app product based on your target audience and the app niche. Let’s have a look at some of these features. 

  • Transaction records and reports: You must allow users to search and monitor their transactions and get periodic news. 
  • AI chatbot support: These days, many fintech apps offer personalized customer support through intelligent chatbots capable of driving the engaging conversation in natural language. 
  • QR code: Fintech apps allowing transactions generally offer QR codes for customers to process and receive payments. 
  • Data visualizations & dashboards: Investment apps mainly use data visualizations and dashboards to offer insight-rich financial reports to customers and decision-makers. 
  • Customer onboarding automation: Many fintech apps make things easier for new customers and offer an autocomplete function for form-filling and processing documents and customer details. 

Using the right tech stack  

Since all your focus rests upon delivering an engaging user experience and glitch-free performance to stand apart from the humongous competition in the fintech industry, using the right technology stack is crucial. 

Opt for cross-platform development frameworks like React Native or Flutter is always beneficial for making your presence across multiple platforms because of the easy modular development with component-based architecture and ease of delivering a native user experience. When you want to incorporate cutting-edge technologies like Artificial Intelligence (AI) and Machine Learning (ML) into your app, you can find these modern frameworks with inbuilt plugins and packages to make your job easier. 

Takeaway Notes 

To build a successful fintech app for Android users, you do not need to go overboard with advanced technologies all at once. Instead, focus on the core value propositions and corresponding features and how, with an engaging user experience, you can make a good impact. Once this is achieved, you can further plan subsequent value additions and updates based on user feedback.

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