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  Have you ever experienced a FinTech app that made your customer experience a nightmare? There is a proliferation of FinTech apps in Nigeria with so many very unproductive. For app developers, too, building a FinTech app from the scratch can be a nightmare. The FinTech industry in Nigeria is a booming one and both FinTech founders and end-users will experience sporadic and improved growth in the coming years, thus developing an app that meets the needs of customers and creating a worthwhile experience cannot be overestimated.  According to a report by Status and Forecast 2018-2025 the global FinTech size is expected to grow by 124.3 billion USD. This demonstrates that in the future, there will be numerous investment opportunities for businesses interested in FinTech. This article will discuss a seven-step process of building a FinTech app that is user-friendly and effective and can fetch ROI.
Read more about FinTech
Defining A FinTech App. FinTech app means a mobile software application developed by developers and programmers to execute electronic financial transactions of any kind such as payments, savings, lending, Fiat and crypto trading, budgeting, management, and so on. In this article, I outline 7 steps to build a FinTech app that enables you drive ROI.
  1. User Authentication And Data Encryption
If your organization wants to develop its FinTech app, ensure that the mobile app developers create an app that easily verifies the user identity, and manages the user base. To make this possible, developers should ideally use Google Firebase, which is one of the most effective and most popularly used platforms for crash reporting, two-factor authentication, data management and data encryption. Firebase allows the developers to team up the application with other Google services that offer a rich User Interface (UI).
  1. Credit Score Checking
The next step for your developers is to employ various APIs to procure the user’s credit score data. According to popular debate, Experian is the most used by businesses by providing APIs that help in fetching credit scores. Furthermore, American Credit System also helps in generating credit reports and FICO scores. Here’s a list of data that’s available by using these APIs:
  • Criminal searches
  • SSA89
  • Motor vehicle records
  • Eviction searches
  • 4506T IRS tax transcripts
  • Pre-employment credit reports
  • Decision-only credit reports
  • Social security number verifications
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  1. Most Secure Hosting
The FinTech app that your business creates must be encrypted to a cloud-based system. To make this possible, your mobile app developers should use Google’s Cloud Firestore. This platform can seamlessly incorporate itself with other products of Firebase. By employing this system, your business can offer an amazing ordinary user experience (UX). Moreover, Google’s cloud Firestore is a very powerful and scalable platform when it comes to streamlining the AI-based FinTech app development process.
  1. Set Up Payment Gateway
Building a payment gateway is the most important as this is where all financials will be processed by your company and end-users. According to popular opinion, it is recommended that your developers integrate payment apps using Stripe, the most commonly used development process. This is because Stripe allows developers to make a system that can effortlessly process payments globally. It also authorizes the use of various payment service providers without the need to integrate them all. When Stripe is combined with Plaid, it frees the business owners from observing the PCI certification.
  1. Banking Account Entry And Payment Capabilities
When you want to connect your FinTech app with customers’ bank accounts, the favourite thing to do is have an API that stimulates this process to be easy. To make this work, using plaid in your finance apps is advisable and very essential, as it facilitates customers’ banking data sharing. Plaid is strong and allows storing users’ sensitive data, financial data and financial transactions.
  1. Enforce Chatbots
Chatbots is the trend on how your business can easily access customers’ queries. Implementing a chatbot solution can be the perfect choice for your FinTech solution, especially the chatbots that use Natural Language Processing (NLP) and Machine Learning (ML) to automate customer service. Moreover, chatbots can also be used to make customer interaction easier.
  1. Stick To Compliance
The final step is not to avoid compliance rather avoid companies that make iOS and Android mobile apps difficult to build. Your company should build FinTech APIs that make the data flow smooth and the application secure. However, if companies are creating complex solutions that can be prone to data theft, avoid hiring such companies. Furthermore, before the FinTech software development company can start the procedure, you need to confirm that they’re creating software that’s compliant with the latest FinTech security standards and protocols. Featured Image Source: DevTeam.Space
Got a suggestion? Contact us: editor@connectnigeria.com
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This article was first published on 25th February 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.

Comments (6)

6 thoughts on “How To Build A Productive FinTech App In 7 Strategic Steps.”

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    Creating an outstanding FinTech App is not easy work! 🔥
    Yes, a trusted partner is a clue. If someone is searching for an experienced team specializing in FinTech development, they should contact https://10clouds.com 🧐 They are listed very high on Clutch, see: https://clutch.co/developers/financial-services
    You can discuss your project with them on a free call !! 😍 

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