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What Are The Key Steps In Fintech Solution Development?

Today, online payments have become the norm, as users can use online banking systems from any internet-connected device to complete transactions. The growth of fintech solution development is the key behind the widespread increasing efficiency, effectiveness, and user-friendliness of such financial solutions.

It is the most digital era yet where global transactions are just a few taps away, communication is a breeze, and networking is readily accessible. Financial transactions run most kinds of business activities today. So, what goes into fintech development? What are the key steps involved? Find the answers to these questions in this guide.

Key Steps in Fintech Solution Development

The most important steps involved in fintech application development are as follows:

Research

A more complex and advanced fintech software will require more time and effort commitment to research. Interestingly, the research stage deserves the top priority in the entire process. The key information that needs to be gathered includes:

Targeted region
Scope of work
Targeted user

Once the information is gathered, the team can develop a customized plan for development.

As a part of the research process, it is important to determine the most appropriate niche or area of operation. This can involve finding answers to the following questions:

What does the planned application do?
Do you need a mobile banking app, trading software, a money transfer application, or some other software?
What is the sub-sector in fintech that you need to focus on?
What market will your financial software target?

Build a List of Must-Have Features

Once you have conducted the research, it is important to create a list of must-have fintech features. There is no need to overload your application with functionalities. The objective should be to add features that make the app more user-friendly, faster, safer, and cost-efficient to develop.

The included features must be essential for your app to work effectively. Besides, you should have features that are expected of fintech software in your niche. This especially includes:

Two-factor authentication
Cross-platform compatibility
Chatbot customer service
OTP login

Conceptualize a Minimum Viable Product

The next step is to ensure your target audience is interested in your fintech software before initiating full-scale development. So, this is a prototype and has minimal functionality. The most important benefit of minimum viable product development is that it helps to test the software during the early stages of design and development. This will provide all the data required to eliminate unwanted features while focusing on what the clients or users want.

Address Compliance

Whether your fintech app will be used in specific geographies or globally, it is important to ensure it adheres to the laws of the jurisdiction. Different regions use different financial security and safety mechanisms. They include:

Digital signature certificates
Anti-Money Laundering
PCI DSS
Know your customer (KYC)

If your fintech software will be used in European country, it must comply with the General Data Protection Regulation (GDPR).

Consider APIs & Integrations

Even when it comes to custom software development, it is important to ensure your application supports third-party APIs. Keep in mind that most users expect fintech software to have features such as transactions, transaction or bill tracking, budgeting, integrations, and chat support among others.

Keep in mind that user experience is what all financial services applications should be built around. Your clients want your fintech software to work with the SaaS applications they are already using. So, you should ensure integration is not only possible; it must also be secure and seamless.

Design the User-Interface (UI)

As mentioned above, user experience is arguably the most important element in any software development process. User interface (UI) is an important part of this element. Every UI element and feature must deliver value.

Target all users if you want to optimize revenue. This includes both your clients and the end users.
Create UI for different user types to boost your customer base.
Even when you are currently focused on B2C services, it is recommended to develop your app with the potential of creating B2B UI in the future.

Once these fintech solution development steps have been addressed, you can move ahead with launching the beta version. This should be followed with continual feedback collection and provision of support and regular updates. When it comes to fintech app development, ROONYX is your one-stop-platform for all of your needs.