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    Developing FinTech software is not an end in itself. The goal of every FinTech company that wants to rank its software or solution as a success in the marketplace must use various parameters to do so. There are times when FinTech companies are lost on what they want to achieve. The whole idea behind creating a FinTech app that we call success is anchored on users’ happiness and satisfaction. Therefore, what should be the goal of every FinTech company?
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  • Solving A Specific Problem (Gap-Bridging)
The goal of every FinTech company is that it is out to solve a specific financial problem. There are a plethora of problems ranging from payments to payrolls, down to financial savings and management. Therefore, the goal of every FinTech is to solve a specific problem. For instance, before Flutterwave came into the payment arena, sending money into Nigeria was challenging and worrying for global customers. Incoming payments took months to process. Even transferring payments to local Nigerian banks could take at least a week! Therefore the company set out to become an international and local payment gateway for merchants, so James in Lagos can receive payments from Frank in London, vice versa.
  • Easy-To-Use By All
Even if your FinTech app is out to heal the whole world and end world poverty, once it’s difficult to use by all, its aims and objectives will not be achieved. Once your app is too complex for the user, its interface is poor and unattractive, it might discourage users and fail to reach its potential. Therefore, an easy-to-use app must have the following features: It’s User Experience (UX) and User Interface (UI) designs must be traversable by even the less tech-savvy; its loading speed must be swift; it must have a personalization functionality; have the abilities to multi-tier functions; accurate data analytics and so on.
  • Geometric Rise In Adoption
Another goal every FinTech must achieve beyond building a sophisticated app is quick to rise in the adoption of the app. One of the variables to note when measuring the success of your app is the rise of users. Once you notice that daily transactions on your app are declining or stagnating, it is high time you asked critical questions within and outside your company.
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  • Financial Education
The ideal market goal of every app is to increase financial literacy among users. Whether as a savings, financial management or trading app, using analytics or other information models, financial education should be a hallmark of a successful app. For instance, with a bespoke analytics plug-in, users can effortlessly access customized reports of their financial transactions, so that they are kept in connection with the state of their finances. Given how competitive the present market is, most of the well-known apps are making use of this feature, while more are adopting it every day. 
  • Financial Empowerment 
Another critical factor in analyzing FinTech goals is that beyond using an app, the users’ are empowered financially. Giving free tokens and other reward programs and campaigns are a fabulous way of bringing users back to using the concerned FinTech app. There are already many FinTech apps that feel likewise, employing the use of consistent reward campaigns, of which, Robinhood is the best instance. With referral and usage rewards, FinTech application development presents some tremendous opportunities for users to earn a few freebies for using the app. This is an ‘unmissable’ feature.
  • Cost-Effective
Another strategy FinTech companies must consider is to make their apps cost-effective. One of the things that discourage users from using certain apps is the high charge or high cost of usage. One of the most effective ways to ensure that your app is as cost-effective is by amplifying the values it offers. Furthermore, making your app’s megabyte inexpensive is a way of attracting users. Featured image source: Opportunity Desk
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This article was first published on 29th March 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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