FinTech, or financial technology, has revolutionized how we use financial products. We no longer have to visit our bank to check our account, call our stockbroker to buy new stocks, or visit Western Union to send money to our loved ones. It’s all at our fingertips on a smartphone.
Many new FinTech apps are launching every day to take advantage of a lucrative market or to offer users essential services. Whether you want to develop a FinTech app for your financial institution or take advantage of a great idea, your software must have the right characteristics.
1. Highly Secure
Although it’s essential for any app to be secure, for FinTech, security is critical because such technology usually manages financial data, names, addresses, and other sensitive information.
Security is undoubtedly a concern for the Android platform. With over 2.5 billion global active users and an open-source nature, Android attracts all types of threat actors. For example, Android users have lost millions of dollars over the last few years due to app exploits and malware like Trojans, spyware, rootkits, etc.
For these reasons and more, you need to partner with an experienced Android app developer that works with you from start to finish and can develop software that preserves your users’ security and privacy.
2. Excellent Interface
The best FinTech apps have a clean, attractive, and easy-to-navigate interface that helps users quickly complete their tasks. Bloated designs that offer too much information on one page are usually not the best for FinTech technology.
3. Well Optimized
When a regular app crashes or freezes, the experience can be annoying for the user. For example, a live sporting event slowing to a crawl can irritate someone who paid to watch the event on their laptop.
But a FinTech app crashing is more than annoying — it’s scary. It’s incredibly unsettling for a user if they’re conducting a financial transaction like paying a bill or buying cryptocurrency for their device to malfunction.
That’s why many users only give FinTech apps one chance. If the app crashes during a sensitive transaction, they typically recover their assets and uninstall the app in favor of another.
4. Market Need
Like any app, successful FinTech software satisfies a market need. When developing FinTech for Android, research your market to check whether you can fulfill a demand. An experienced app development company can also help you determine the feasibility of your app. They’ll also work with you to create a roadmap with clearly outlined goals and milestones. Market research is essential, so partnering with experienced and friendly experts is a big bonus.
5. Clear Goals
Good FinTech apps usually have clear goals and work within their scope to serve users. For example, it would be unusual fora property purchasing app to also allow users to buy cryptocurrency. However, good FinTech apps can offer additional services withintheir industry. An app that helps users buy properties and also offers market insights is an example of this.
These are five signs of a top FinTech app. Partner with the best Android developers to capitalize on the booming financial technology market.