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How to Create an Efficient and Highly Secure FinTech App? See Top 5+ Added FAQs

Hey, are you a preeminent banking or financial service provider operating in the national or international market for years? If yes, do you even have any idea that your customers are not happy with your services? Yes, they always keep mulling over how to and when to switch their banking partner as soon as possible. Do you know why? Because you still can’t provide them with the expected level of service that your competitors are already offering for years. “Hey, can you stop puzzling now and come to the point directly?” you might want to say this. Right? 

So, without further ado, we must inform you that your consumers are still waiting for you to launch a feature-rich FinTech Application that will come in handy to reduce their physical visits to your financial institutions. Now you might be wondering, “But, why do they want to do that?” Right? Well, it’s for the simple reason that everyone is on the go nowadays, and no one has humongous time to come to your facility to: Apply for a credit card, Request a new debit card, Process conventional money transfers, or even pick up their chequebook. “Then, what do I need to do to make them content and satisfied?” you might want to shoot this at us, no? Well, it will help if you partner with the Best FinTech App Development Company in India who knows how to create an efficient and highly secure FinTech app for your organization. 

“But, how will it help my financial organization in particular?” you might want to know, right? Therefore, we must tell you if you build an excellent FinTech App focused on serving your existing and prospective consumers, you will notice that:

1. Your online traffic is increasing 

2. Your visitor and customer engagement are increasing 

3. Your product and service sales online is increasing 

4. Your overall client retention and acquisition are increasing

5. And most importantly, your bottom line is heading to the zenith

Ok? Got it? Then, now that you are well-familiar with the numerous advantages of conferring with the Best FinTech App Development Company in India who knows how to create an efficient and highly secure FinTech app for your organization, it’s time to shift to:

What is a FinTech App?

“Well,” before you learn what FinTech App is, it would be beneficial if you “grasp” what does the term FinTech means first. FinTech stands for Financial Technology that focuses on improving and automating the delivery and usage of financial services using a slew of state-of-the-art technologies. Ok? 

The “main” purpose of utilizing FinTech these days is to help companies, business owners, and consumers manage their financial tasks in a better and more convenient way than possible otherwise. And to do that, one of the easiest ways you can adopt right away is the development and distribution of handy applications, like the FinTech App. Thus, you can interpret “that” the applications or computer programs that play a “major” role in enabling banking or other financial services, known as FinTech App.

Now can you tell us if you are still looking for more clarity? If yes, we must explain that FinTech App refers to the cutting-edge web or mobile applications that make it a breeze to perform most financial tasks and services digitally in “order” to complete them efficiently and quickly. Ok? Got it? 

Now, please be mindful that: If you want to get a highly reliable financial application that can make you earn considerably, give a call to the finest FinTech App Development Company in India, i.e., well-acquainted with how to create an efficient and highly secure FinTech app for your incorporation. 

With that over, let’s move to the next section in this post, i.e.,

Can you give us a few examples of top-notch FinTech Apps?

Yes, why not. It is:

1. MoneyLion

2. Robinhood, and

3. Chime

If you want to create a FinTech app like these, please have a word with the most client-oriented FinTech App Development Company in India, “who” has expertise in “how to create an efficient and highly secure FinTech app” for US agencies. 

What are some standard features that a FinTech App must have?

1. Simplicity 

A FinTech App that looks simple and runs smoothly has higher chances to gain ground among your target audience than the one that looks “extremely” complex to navigate. But do you know the reason? “Well,” the simpler the app, the more it will encourage your users to use it down the road. However, suppose you find it challenging to develop a simple FinTech app now. In that condition, you can speak to a top-grade FinTech App Development Company in India who perceives how to create an efficient and highly secure FinTech application, i.e., maximum usable and functional for your target audience.

2. Personalization 

Enabling your FinTech App to offer a personalized experience to your existing and non-existing consumers is vitally important as it helps “big time” in client retention, client acquisition, and profit generation. But the question is, how to achieve that, right? 

For that, you can take advantage of the artificial intelligence technology as they aid in analyzing your user’s pattern and offers them essential inputs about new updates, policies, recommendations, and most importantly, the benefits your financial institution provides. However, if you find it “difficult” to do single-handedly, kindly contact the topmost FinTech App Development Company in India, “who” has learned how to create an efficient and highly secure FinTech app for US financial institutions. 

3. Push Notifications 

If you want to remain in touch with your clientele in the long term, let us tell you that push notifications ticks all the right boxes for you. But, how? “Well,” such notifications ensure that your users remain regularly updated about your new policies or discounts, ultimately helping in building a great customer relationship. And we think that is one of the most instrumental focus areas when it comes to how to create an efficient and highly secure FinTech app for your entity.” 

4. High-level security 

Now at this “point in time,” we barely think you need an explanation for why your FinTech App must be highly secure, right? Because you know well that your FinTech app will be dealing with an enormous amount of your user’s financial information, and should any data breach or security error occur, they could lose a lot of money in the twinkle of an eye. Ok? 

Therefore, you must “make sure” that your FinTech App contains various multi-layered features to guarantee the high-level security of your users’ banking information before it gets released on Apple App Store or Google Play Store. In case you want to know some examples of some security features, we would recommend implementing biometrics and data encryption in your financial technology app. 

Up until now, we hope you got a rough idea of how your FinTech app should run or operate when you are highly concerned about how to create an efficient and highly secure FinTech app for your agency, no? Now, let’s move to:

What are the different types of FinTech Applications available out there?

1. Digital Banking

2. Digital Payments

3. Digital Lending

4. Digital Investment

5. Consumer Finance

If you want to make any of these apps for your business now, look no further to the top-ranking FinTech App Development Company in India who has several years of experience in how to create an efficient and highly secure FinTech app for your brand.” 

What are some standard technologies that contribute to FinTech App Development?

1. Artificial Intelligence

2. Blockchain Technology

3. Big Data

4. Microservices

What is the cost of building a FinTech App?

To determine the actual cost of FinTech App Development, you must factor in several factors now, such as:

1. Size 

2. Features 

3. Complexity 

4. Integration 

5. Development time 

6. And many more!

Not just that, the hourly rate of creating a financial technology app also varies from one location to another. For example, let’s glance at the approx hourly rate in some prominent regions across the globe, i.e., 

1. Eastern Europe – $35-40

2. Western Europe – $50-100

3. Asia-Pacific – $25-40

4. The USA – $120-150

So, if we are not wrong, you have perceived well why it is advantageous to reach out to the highly acclaimed FinTech App Development Company in India when you ponder how to create an efficient and highly secure FinTech app for your establishment. 

Hence, with that complete, let’s come to:

Why your financial business needs a FinTech App?

Well, you might know this or not, but the truth is the banking, and financial industry has been exploiting various technologies for a very long time to meet their client’s needs more conveniently than ever before. And among them, FinTech is one of the sought-after technology globally that guarantees high-level security and convenience to conduct financial transactions from the comfort of the customer’s couch.

Besides that, a leading market research and intelligence company in the USA predicted that the FinTech industry would grow up to $158014.3 Million by the end of 2023. What else? As per this survey, 60% of credit unions and 49% of banks in the USA believe that FinTech partnerships are “pretty” essential for them. Thus, it clarifies how financial technology is taking over the finance and banking industry and why you must tap this growth opportunity to take your business to the highest point possible. Ok? 

It is why you should not delay getting into conversation with the highly praised FinTech App Development Company in India when searching for the easiest way to “how to create an efficient and highly secure FinTech app” for your incorporation. 

Finally, now the time has come to dig deeper into the most integral details that you have been waiting for, i.e., 

How to Create an Efficient and Highly Secure FinTech App? Look at A 10 Steps Guide Now

Step 1: Conduct Research and Create A Plan

The first thing you must do when you are hunting for how to create an efficient and highly secure FinTech app is to know your competition, the condition of the industry, app development trends, who your target users are, and their needs and preferences. It will help you develop a distinct business model or value proposition for which you need to plan things and acquire relevant data through: 

A. The complete study on your desired market

B. The “full” inspection of your competitor’s offering

C. The comprehensive identification of critical concerns

D. The idea generation to resolve significant problems

E. The selection of the best possible treatments

F. The collection of the operating systems that your program will support

Step 2: Build and Run a Prototype

The second thing you must focus on when you strive for “how to create an efficient and highly secure FinTech app” is to construct a prototype of your app first. And let us tell you, doing this is pretty essential for your project as it is the most suitable way to bring your FinTech concept to life while depicting its: logic, structure, images, content, and overall arrangement of its design elements before final development. What’s more? Fixing bugs or errors in your design during prototyping is ten times less expensive than making changes during “actual development.” 

Step 3: Design the UI and UX

Now before you do this, we must remind you that creating a tailored experience for your loyal and potential clients is significantly essential at this stage as it makes your app more suitable and desirable for them. And to accomplish that goal, you must pay high heed to:

A. Make their account more “useful” and helpful 

B. Attain ease of use for them, and

C. Ensure your entire app is completely safe and transparent

And all this must get done according to the best practices used for banking app UI/UX design. However, imagine you find it an uphill struggle to design the UI or UX of your app perfectly. In that case, it is wise to tie up with a top-tier FinTech App Development Company in India, i.e., well-versed with “how to create an efficient and highly secure FinTech app.” 

Step 4: Select A Technology Stack

While you are “snowed under” fabricating your FinTech app, it is necessary that you “remain” sure about the technology you will use in its manufacturing. Do you know why? Well, it’s because each project is unique, and so are their requirements which means no one size is “going” to fit all when it comes to fulfilling technology requirements for your web or mobile app development. And once you have chosen the right technology for your FinTech app development, be it Artificial Intelligence, Blockchain Technology, or Big Data, you can rest assured about your:

A. Project expense reduction

B. App development time mitigation, and 

C. Faster time to market your virtual product

The best part? You can achieve all this quickly and collectively if you hire a well-known FinTech App Development Company in India with tremendous experience in “how to create an efficient and highly secure FinTech app” for your industry. 

Step 5: Create the App’s Code

When “doing” this, please make sure your code is adaptable and portable across all your potential devices and operating systems. The benefit? It will allow your software developers to change the code quickly should any “type” of data breach occurs down the line. Again, you have two options here:

A. If you have enough time and capital to carry out your banking software development, get it done in-house. 

B. If you want to get started as immediately as possible, outsource this task to a well-established FinTech App Development Company in India that is an expert at “how to create an efficient and highly secure FinTech app for your industry.” 

Step 6: Have A Solid API Security Strategy

As you know, APIs are Application Programming Interfaces that “get” used by cellphone apps to interact with back-end data using an automatic API token rotation. And this is what helps “greatly” in ensuring API security. Aside from this, please make sure that your API tokens get rotated regularly when your app is in use. 

However, if you find doing this a hard row to hoe, be informed that a reputed FinTech App Development Company in India is at your disposal who has got a sense of how to create an efficient and highly secure FinTech app for your field. 

Step 7: Identify and Authenticate

Since you know “well” how instrumental the security concern is for FinTech applications, you must ensure that your API restricts all potential loopholes in your app and leverage the 2FA mechanism for extra security.

Now, if you think you have successfully wrapped your mind around how to create an efficient and highly secure FinTech app for your agency, you don’t need to team up with a third-party FinTech App Development Company. But if you don’t, it is not a “smart decision” to overlook them. 

Step 8: Release and Keep

Finally, you have reached the most breathtaking step where you need to ensure your app functions well, displays well, and operates well before you launch it on the respective platforms. And to do that, either you can use popular app testing software in-house, like:

A. Appium 

B. Robotium 

C. Espresso 

D. XCUI Test, or 

E. Test IO

Or, you can collaborate with a FinTech App Development Company in India is who has deep knowledge about how to create an efficient and highly secure FinTech app “along with” testing. 

Step 9: Promote Your App and Request Feedback

In the prefinal stage, the only thing you need to do is promote your app, no matter whether you have submitted it to Google Play Store, Apple App Store, or Microsoft Store. And while doing this, please don’t forget to ask for feedback from your users or customers. 

However, assume that you want to make the most of your efforts. In that situation, you can consult with a FinTech App Development Company in India that holds considerable knowledge about “how to create an efficient and highly secure FinTech app” with some effective promotion and feedback techniques. 

Step 10: Improve and Update

Lastly, keep in mind to keep improving and updating your FinTech app based on your user’s complaints and feedback down the path so one day your brand can accomplish the best possible reputation in your industry.

And suppose you need assistance with the upkeep or maintenance of your FinTech app. In that situation, please bear in mind that a client-centric FinTech App Development Company in India is at your hand who knows all the instructions regarding how to create an efficient and highly secure FinTech app along with its proper management. 

On a closing note!

Hopefully, you would be thinking now, “Hey, it is a fantastic content piece, and I will “definitely” consider partnering with an Indian FinTech App Development Company who understands how to create an efficient and highly secure FinTech app.” So, if you do, please don’t forget to connect to the most advanced FinTech App Development Firm in India the next time you dream about creating an excellent Fintech application for your brand.

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