You know how blockchain works, right! If you are invested in cryptocurrencies like BitCoin or NFTs, you would know that an ordinary person with no in-depth knowledge of such blockchain categories would likely fail their investment or trades in them. That is why fintech applications have made the process more straightforward for people to try.
Furthermore, the pandemic crisis encouraged people to learn and invest in cryptocurrencies no matter how complex the process would be. Fintech applications, in such times, have accelerated the process. On average, fintech companies during this time experienced a massive surge in digital payments, wealth management, digital assets exchanges, etc.
Previously, fintech applications were just about technology-infused to deal with financial transactions more flawlessly. But as the hype about blockchain and cryptocurrencies are on-trend, Advanced blockchain and fintech experts have understood the concern and need of the hour and developed blockchain-infused fintech applications accessible by all.
Keeping that in mind, let’s see how that advanced blockchain and fintech experts develop the handy fintech application step-by-step process.
Step 1: Identify your fintech business niche
Every advanced blockchain and fintech expert do not necessarily develop fintech application with the same features and purpose. Like any other mobile application development, the fintech app also has many different categories. You have multiple development fields of building your fintech application, such as:
- P2P payment solutions
- Blockchain apps
- Crypto exchange
- Crowdfunding solutions
- Digital wallets
- Investment and trading, etc.
Step 2: Comply with the necessary legal matters of your fintech app.
Fintech apps are strictly subjected to compliance with legal policies involving financial affairs. It protects the customers from financial fraud and security of personal financial information. Hence, if you build a fintech app, upgrade and update it as and when necessary to comply with the essential changes in the legal, economic category. Standard legal policies related to fintech developments are KYC (Know Your Customer), GDPRs (General Data Protection Regulation), consumer privacy acts, digital signature certificates, etc.
Step 3: Research the fintech development market correctly.
You might be interested in developing your fintech application by noticing the hype and profitability of the fintech market. It would be best not to be involved in fintech development prospects unless you do proper research. You require accurate financial analysis and business analysis to identify your target customers, the competition in the market, and essential plus unique attributes of your fintech app to make it stand out in the crowd.
Step 4: Infuse the right technology stack into your fintech app
Advanced blockchain and fintech experts say many technology stack options when building a fintech app. Like any other mobile app, you can apply a native app development stack (different fintech apps for Android and iOS devices), a progressive web application approach, or a cross-platform development stack (only one fintech app for Android and iOS device). The choice of your technology stack will help you determine the cost and time needed to build your fintech application successfully.
Step 5: Evaluate the costs to develop your fintech app.
Building a fintech app from scratch will need substantial funding. You will need advanced blockchain and fintech experts to qualify your fintech app, development team. There are significant costs involved with influencing factors like the number of fintech app developers, their salary, expertise, location, etc. So, if you will make your fintech app a successful app in the blockchain and fintech industry, you need a substantial budget to carry the expenses.
Step 6: Develop a user-friendly fintech app
While building a fintech app, apply a user-friendly user interface and user experience. You might want to add essential attributes like API integration, AI chatbots, QR codes, etc.
Before you make your fintech app public, you should check its effectiveness by creating a minimum viable product. If the feedback is positive, proceed to develop your full-scale fintech app.