Business & Finance

How Do You Develop a Financial App?

How Do You Develop a Financial App?

It’s been so long since I have visited a bank or stood in a long queue to deposit a cheque or withdraw some cash – all thanks to the emerging modern technology. Every industry, including the banking and financial sector, seems to be at our fingertips.  

There is no denying that over these years, banking and financial institutions seem to have undergone a phenomenal transformation, again due to the emerging advanced and upgraded technologies to exceed the expectations of their end-users/clients and customers. 

A Small Peek Into the Banking Sector

Handling cash, credit and other financial transactions is not a child’s play. Thank god we have banks who take care of all these kinds of stuff for us. In fact, even as a child, I remember that our personal piggy banks were the most secure places for us to store extra cash. As we grew up, we started depending on these institutions that act as a place to keep your money safe and offer various accounts, certificates of deposit, and other forms of a sign as proof of storage, perhaps. With the purpose of lending money or loans, these deposits are made. 

These years, banks have been a significant economic factor to push or developing countries worldwide. And maybe that’s the reason why several businesses and organizations are intimidated by the concept of investing in banking and financial institutions. 

History says the concept of banking came into existence when empires needed a way to pay for foreign goods and services with something they could exchange without much hassle. Do you remember the barter system? Exactly! The coins received were required to be kept safe as old homes did not have steel safe back then. As a result, banking institutions were being formalized.  

Time to Witness a Miracle in the Banking Sector – Banking Software Development

Call this excellent or tough luck, but it has been years where banks have remained reluctant to update their systems irrespective of the reason. As a result, a siloed system has been used to address transactions, savings, investments, and loan accounts. Of course, in today’s digital age, this concept doesn’t fit in. It means banks and other traditional service providers need to react with a variety of digitization and advancement activities such as robotic process automation, Banking software development, augmented reality, blockchain, API platforms, hybrid cloud, fintech software, artificial intelligence, instant payments, and intelligent machines. 

online banking penetration in great britain 2007 - 2018

According to the trending stats, the figures are pretty overwhelming. Over the decade, individuals using online and mobile banking have tripled like never before, personal funds management, mobile banking, crypto trading and investing, and what not! 

Time to Discover the Banking Market in Detail

After COVID – 19, the growing demand for remote bank or fintech software services might indicate that small banks will release more and more apps in the future. In fact, a prediction of an almost $2-billion milestone for this market by 2026, quite exciting, isn’t it!  

The Most Successful Mobile Apps

  1. Chase Mobile: Being probably the biggest bank in the US, JPMorgan has the most outstanding fan base snared on their application: 38 million clients. Chase Mobile offers filtering paper receipts and naturally connecting them to suitable transactions. 
  2. Chime: Another fastest-growing fintech company featuring mobile consumer banking is Chime. Started in 2014, now they seem to have reached around 1 million users in 2018. What is so interesting about this one that as a customer, you are allowed to build your own credit score; of course, you need a credit card for this. Well, it might not be the actual credit care but more like a prepaid debit card.    
  3. Wells Fargo: With 5,295,688 reviews on Google Play and App Store, Wells Fargo does make it up to one of the leading mobile apps in the banking realm. Have you checked their highly personalized cashback rewards program? If no, it’s time to take a look!  

Are You the Next One Considering Banking Software Development?

If that’s the case, then by now, you must have started wondering about your banking software idea and, most important of all, how to bring that idea into reality. Also, it would help if you found a reliable financial software developer. 

Of course, the name software development itself seems so complicated; no wonder how the field would be. Well, I won’t be biased here; yes, software development is pretty complex, but hiring a reputable and reliable team of developers who excel at offering banking and financial software development services can make things pretty easy for you.   

Ideal banking software enables you to simplify your daily routine and automate the process, especially monotonous ones and takes ample time. Software that permits you to assemble the arranging and announcing the framework for effective monetary administration expands the proficiency of their client administrations, robotizes intricate and confounded financial exchanges, versatile mobile applications, ATMs, POS-terminals, and more. 

Related: Top 5 Challenges in Developing FinTech Apps

Further below, I have created a small roadmap to banking software development for your organization. 

How to Develop a Financial App? A Step-by-Step Guide

1. What Is Your Purpose?

It doesn’t matter which software you are planning to develop, but it is crucial to know the purpose behind your upcoming financial application development idea. At least, learn the basics, starting from why you are doing this and what the ultimate objective behind your banking software project is. It doesn’t matter whether you are conducting a big project or a small one; just make sure you have a purpose behind what you do. Remembering that, what precisely you need? Possibly you need to build up a versatile financial mobile application, or perhaps you need to make your administrations all the more effectively accessible to the end customers, or maybe you need speculation banking CRM, center financial programming, and so on?

So what exactly is your purpose? 

2. Research 

Another interesting aspect to consider in your banking software development project is to conduct an adequate amount of research. Try killing two birds with an arrow, conducting research, and analyzing the feasibility of your banking software development project. 

First of all, what needs to be done is research the type of software you plan to develop. Try looking for its peculiarities, current trends, and its niche. I am pretty sure that you will be to find examples of the best ones from your surroundings. Take a close look at them and make some critical pointers of the characteristics you would like to have in your product. Also, do not forget to learn from their mistakes.

Research is one such phase where you need to collect as much helpful information as possible not to face any mistakes in the later stages. 

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3. Increase Value by Offering Next-Generation Customer Support

Serving a digital customer is not easy but is a doable job only if the financial and banking institutions move beyond those boring FAQs towards chatbots and some interactive-looking videos. 

With advanced technologies such as artificial intelligence and machine learning, you can definitely come up to deliver next-generation customer support. 

It has been assumed that secured chatbots will become a core component of several digital banking propositions. Well, this technology will not be acknowledged within the banking industry but even outside as well. 

Time to even get past the chatbots, voice banking may be one of the most exciting growth areas for an improved customer experience. For example, PayPal, Capital One, Moven, and others combine IoT technology for improved transitional capabilities and customer services. 

4. Technology Stack – A Tough Choice to Make

The next step in line to take in your banking software development project is to select the right technology stack. No matter whether you are a techie or not but this is a crucial step to consider. Of course, you can always seek help from a reliable team of financial software developers in town who can assist you with subjects like programming languages, database systems, frameworks, etc. 

Whatever stack you choose just to ensure that the reason and utilization of your product and who the end-client is. For example, if you plan to develop a web banking app, all you need is Javascript, PHP, MySQL, Ruby in your tech stack. However, if it’s an iOS-based application, it might require a different set of technologies. 

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Conclusion

Of course, this is not it! Conducting a baking software development project is a lengthy system, and if you are doing it for the first time, it can be pretty daunting as well. So before building up the, you need to guarantee that everything is foreordained to make your task effective and stay away from any potential slip-ups. 

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