Step 1: Conduct research
Even if you already got some startup ideas for your future fintech product, you better look through the Net. To ensure your product’s uniqueness or at least to be confident that your app will be in high demand you should find all the information on the latest fintech novelties. Keeping the market on your radar will help to both develop and maintain your application. Conduct a survey if possible. Ask your potential users what they would like to see in the app and what services they need.
Step 2: Gather a team
Building a fintech app is a very specific task, which requires significant skill. You are going to need a specialized web-developing team with some experience to represent and a handful of successful startups in the background. Choosing the crew for your fintech startup highly depends on their possibilities to apply the set of technologies you want your application to possess. Thereby choosing a set of techs for your project is crucial, because it will affect your choice of a team.
Step 3: Select a tech stack
We could divide a tech stack for a fintech app into several categories. The first one is programming languages. To have a successful application you ought to find developers familiar with PHP, JavaScript, Python, C++, Ruby, etc. The choice of the programming language will affect the process of development and choice of instruments. Another important thing is a stack of frameworks and libraries to work with. They will very much define the code’s structure and architecture of your entire piece of software. You may need to exploit React, React Native, and Node.Js, of course. Finally, the database – your digital information storage. The most relevant ones for application development are MySQL and MongoDB.
Step 4: Define the minimum viable product
Minimum Viable product or simply MVP is not just a skeleton for your project – it is also an approach. MVP helps to begin your application’s work earlier. It will help to both raise the money for your project from the project itself and to better understand the market’s demands and users’ needs.
Step 5: Think of APIs and integrations
API stands for application programming interface. This feature is responsible for the way how your software interacts with other applications and services. Why are they so important? You may have seen that lots of modern applications let you register via for instance Facebook or Gmail. The data transfer needed for that goes directly through APIs. Basically, any interaction with any web service is dependent on APIs. Interoperability and integrations with different kinds of web services will make your product more popular, helping to gain users faster.
Step 6: Focus on security
Develop protective measures for the users to keep their data safe and for yourself to operate that data without being afraid of web fraud. Having antimalware software integrated into your fintech app is vital for its success. Numerous dangers are waiting for you and your users out there: credentials harvesting, MITM attacks, app cloning, and app piracy, mobile malware, financial fraud. Before launching your application you have to guarantee data security for good. Else your startup may be nor start neither up.
Step 7: Design the interface
Once you have all the tech stack, a set of APIs, and your data safe you may care about the usability of your app. Convenience is not everything and interface isn’t the most important thing overall. However, the interface is the very first thing your users are going to see, while getting acquainted with your app, so try to impress them with comfort, simplicity, and versatility.
Step 8: Launch the beta version
Launch the early version of your app. You could make it for a limited audience. Sure, you will be finding bugs all the time, but during the beta, your developers are going to catch the majority of those that couldn’t be found during the QA.
Step 9: Support the application
Now it’s time to look after your startup app. Keep fixing bugs, updating the app, and adding new features. Continue optimizing your code and stay in touch with your users. Customer support service is also very important.