As more and more financial data becomes digital, the more FinTech software development becomes relevant and demanded. And this happens for a reason: the commercial market sector has always kept the leading positions, and this trend is only going to get more apparent.
Now, FinTech is an exceedingly broad and comprehensive industry. There is no such thing as “FinTech app”. Instead, there are several categories to this market segment we are about to consider:
- Investment;
- Payment;
- Insurance;
- Banking.
Without further ado, let’s discover the core features of these app categories and find out how you can benefit from user-data these apps can gather.
Investment Software: Let Them Manage Their Assets Conveniently
This solutions aim to provide a handy management tool for handling personal user assets, buying and selling financial instruments without breaking a sweat. Investment software purpose is to give the user enough financial analytics data, so he or she can manage and optimize the investments without additional data sources and tools.
Here are the core features you should consider when planning your FinTech software development:
- Trading management. Order processing and robust operation handling are a must if you want to win the user trust;
- Investment portfolio data aggregation. Gather financial metrics data for users, so they can analyze and improve their investment performance;
- Reporting system. People love global figures when it comes to money. Our experts at Gravum believe that implementation of the reporting system is vital to investment app success.
Whether you are an entrepreneur or an outsourced FinTech software developer, take into account these points to ensure the stable growth of your product.
Lending FinTech Solutions Development: Become a Part of The Lending Revolution
Financial companies go online to offer loans nowadays. This breaks the conventional chain of bank loan approvals and drastically changes the lending concept. Let’s figure out how to jump into the online lending market segment and not fail from the start.
As far as FinTech software development and outsourcing is concerned, you should concentrate on the fundamental points of conventional lending and transfer them to the digital environment. Here are the most crucial loan software aspects you need to implement:
- User account management. Secure and convenient personal accounts are integral to quality user experience;
- Form management module. Lending process implies countless different forms and checklists. Making this functionality powerful and easy to use always pays off. High user retention and loyalty are worth it;
- Document folder. Loans come with loads of documents that you require from users. Make sure you let them store their documents and attachments securely.
Payment FinTech Solutions Development
Payment apps are the market’s largest Digital Commerce segment with a total transaction value of $4,137,523 million in 2019. And this doesn’t come as a surprise to our business analysts at Gravum: digital payments have gone mobile, and mobile is huge.
The payment software industry is enormous. The payment app giants like PayPal provide worldwide coverage and numerous payment methods, which make the overall experience of the end-user convenient. There are several features every outsourced FinTech software developer should keep in mind:
- Secure user account. Just like the lending app, payment software must provide a robust way to ensure the user data safety;
- Payment experience optimization. Make your user payments instant, save purchase-related data, provide high-performance processing;
- Fraud protection. You can substantially increase your app security by applying additional filters on suspicious transactions and billing mismatch.
Insurance FinTech Software Development
Insurance apps are a flexible alternative to conventional insurance companies. They have a tremendous edge over the traditional approach: insurance apps can use cutting-edge global data sources like IoT. This allows personalized and dynamic offers and recommendations.
You should implement the following critical functionality to make your software usable and secure:
- Documents management. Just like the lending app, insurance product should have a storage for all user-related docs;
Data processing automation. People can’t wait forever for their piece of insurance services. This is why automated data generation is vital; - Commission payment module. You need to come up with a sophisticated payment management module to make the payments swift, convenient, and secure;
- Chat functionality. There will be loads of questions from your customers. Instead of overflowing your email, create or implement the ready-made chat module, so your employees can handle the customer queries in a timely manner.
Banking Software Development
Digital banking is a modern way of doing business online. Now, you might think that having an offline banking business is a must for making a mobile banking app. Well, have a look at Atom Bank. This company is the app-only bank.
Atom Bank case validates the idea of the banking app development from the ground up. With that said, let’s discover the crucial banking app features you need to keep in the head:
- Chat functionality. Bank customers need 24/7 support. Make sure you provide them with it via your messaging functionality;
- Notifications. Users can receive dozens of transactions every day. Keep them updated with your notification system;
- Reporting system. How much I spent in the previous month? What was y revenue in the past year? Your app must have the answers to these customer questions.
The Bottom Line
As you can see, the current market offers numerous FinTech software development and outsourcing opportunities. Picking the right one for you is a matter of your preferences and expertise field.
If you need an experienced outsourced FinTech software developer in your team, reach out to our FinTech specialists at Gravum. We outsource FinTech software development, and we make it a full-cycle solution.
Start your FinTech software development with Gravum, kickstart your business with our quality services and true dedication.
