Stages to Consider While Developing an App for Fintech in New Jersey

05 August, 2022

Stages to Consider While Developing an App for Fintech in New Jersey

FinTech apps are among the most challenging apps to develop because of all the regulations and security features required. However, creating a FinTech app is much easier with the proper process. Below we explain the different stages you need to follow to create a successful FinTech app.

Choose a FinTech Niche

The first stage you need to consider when developing an app for a financial institution is its niche. It means you have to figure out what kind of FinTech app you want to create and what its primary goal should be. 

You must decide which financial area the app should focus on. Only after establishing the FinTech niche can you understand what the user needs from your app. Furthermore, it also helps you make your app unique so that it can offer something new to the customers.

Ensure Necessary Compliances

FinTech is a highly regulated field, and there are a lot of legalities that you need to consider. For instance, every advanced FinTech app would require protection systems like KYC or Know Your Customer and AML or Anti Money Laundering.

Implementing these systems helps your track compliances. Apart from this, you can also ensure other compliance for your FinTech apps, such as PIA, CCPA, LGPD, and GDPR. These compliances ensure that your customers' financial data are safe and secure.

It is also worth noting that the choice of privacy of FinTech apps depends on the region in which it is used. While the US does not have any specific FinTech regulations, several other places, such as Europe, have particular FinTech regulations.

Define The Concept And Feature Set

Up next, you need to define the concept of your FinTech app and list its essential features. The ideal features to consider when developing an app in New Jersey for financial institution varies depending on its size and type.

To do this, you must analyze the FinTech app's requirements and its target audience. Some of the features you should consider for your FinTech app include

  • Savings/budget tracking
  • Push notifications
  • Secure logins
  • AI chatbots
  • QR Code scanning 
  • Cashbacks and other deals

Create/Hire a Development Team

The next stage to sonder when developing a FinTech app in New Jersey is to create or hire a development team. While the former may seem less expensive and more flexible, that is not always the case. 

You need a development partner like NewAgeSMB with proven expertise in FinTech to create a sustainable and secure FinTech app. Furthermore, the team you choose must include different experts, including web developers, UI designers, quality assurance specialists, project managers, business analysts, etc.

Choose a Cloud Service Platform

Using a cloud service platform can significantly benefit your FinTech app. App developers often use PaaS platforms, including AWS Elastic Beanstalk, to boost the app development process. One advantage of this is that it makes integrating APIs significantly easier. Furthermore, a PaaS provider can manage different aspects of your app, such as operating systems, cloud infrastructure, networking, etc.  

Keep An Eye On UI/UX Design

UI/UX design is a crucial part of every app, and your FinTech app is no exception. A good UI/UX design enables users to interact with your app without causing unnecessary confusion. You must ensure that your FinTech app is easy to use and navigate. 

To do this, make sure the UI/UX of your app is straightforward. You should also avoid implementing any unnecessary features that the user hardly needs. Furthermore, you should also ensure that the app colors are not too bright or dull.

Develop An MVP

An MVP or Minimum Viable Product is the best way to test your FinTech app and review its real-life issues. The MVP allows you to gather early feedback on the FinTech app and determine any improvement scope.

 

Refine and Support Your FinTech App

The final step in developing a successful FinTech app is to ensure after-deployment support. Security is a significant aspect of FinTech apps as they are often prone to attacks. 

Conclusion

Developing a FinTech app can often be complex and challenging. Following the stages listed above can help you navigate the many problems you may face while and after developing a FinTech app.

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