fintech application

Building a financial technology app

July 07, 2023

The latest trend in banking history is the development of a mobile technology application. Simplify your customers' lives. It also helps in providing up-to-date services to its users. The financial technology app also known as the Fintech app is a great evolution in the banking industry which helps in meeting the expectations of the consumers. DXB APPS is a UAE-based company that helps in mobile app development. It provides a detailed- guide on how to build a financial app technology.

Steps to build a financial technology app (Fintech):

1. Design

Designing a financial technology app should be done with great precision. It should not be something very complex that the users are unable to understand. It should be simple and user-friendly. The company should take the time to understand the needs of its targeted users. Then they should incorporate them into the app. The design should be sophisticated with a sleek look. The users should be able to understand their financial situation at a glance. The application should be easy for them to navigate. It should not include excessive graphic designs which make it look cluttered rather it should be intuitive.

2. Privacy

The second most important thing to keep in mind is privacy. Think about it- why should a customer even open a financial technology app account which will have all their financial information if it is not even safe. Great care should be taken to ensure privacy. The project participants should understand how to protect the personal information of the customers. A security policy should be developed in order to protect sensitive data. How to control and monitor- access should be defined so that misuse is prevented. Permissions and roles for users should be set up, the functionality of the app should be restricted to what is needed and there should be input validation. 

3. Security

Privacy and security go hand in hand with any kind of app development. Sensitive data should be protected by encryption. Extra authentication steps should be added. If the app is not properly secured then it will be subjected to attacks. This will make the companies lose the confidence of the people as there is a transaction of their money through this app. Tests should be run to check for weaknesses in both the live and automated environments. Security should be checked for all steps however, it is more crucial for Fintech apps.

4. Onboarding

To ensure privacy and security the application needs to collect a lot of information during the onboarding process.  The customer should be given a quick and easy resolution in case of a technical problem. Proper onboarding is very essential to avoid fraud. For this, two-factor authentication, security questions, and biometrics should be enabled. Tracking progress increases the likelihood that the user will proceed with the onboarding process. The process should not be too complex which will cause unnecessary expenses.

5. Blockchain technology

The rise in the use of cryptocurrency and blockchain technology has caught the attention of many including financial institutions. Financial institutions are looking for technology that will help them in enhancing information validation, tackling the challenges of digital transactions (such as avoiding duplicates), and so on. Blockchain technology ensures that there is a Unique ID to assign chronological order and also promotes the use of encryption for the transactions. Each block of the blockchain transaction can contain multiple or just a single transaction. This technology should only be used when the application meets all the security requirements. This technology is, however, great for financial apps as a decentralized and anonymous ledger is provided by it.

6. Legalities

One of the important things to keep in mind while building a financial technology app is legalities. Legal compliance and careful planning is needed for the development of such an app. Most financial apps can provide only basic functions such as making payments, management of bank accounts, and so on. The financial technology app should be complying with the local laws as well. This will help in understanding the risks, restrictions, and licenses. Measures regarding anti-money laundering and cross-border transactions are also important for the development of the app.

These were the steps that a company should follow while building a financial technology app. In case of further guidance feel free to contact DXB APPS. They will provide all the essential information required to develop a financial technology app.

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