Here is a list of things to consider while planning and launching your FinTech Product, Service or Platform
1. Define your niche market
As hinted earlier, fintech is a big sphere to explore. Striving to rule the complete finance world at once can be tricky and nearly impossible. So, it is advisable to pick a particular niche among the different subcategories of the market, which are as follows:
Payment and international money transfer, Mobile banking, Personal finance management, Insuretech, Trading and lending, Crowdfunding, and Data analysis and financial decision making.
Once the niche market is decided, do market research to determine the specific audience your product/service will target, i.e, based on age, gender, occupation, and country. This will help you to launch your top fintech startup locally first and then, enter the global market with better success ratios.
2. Learn about compliances
When it comes to the banking and fintech industry, they are highly regulated. So, it is must for one to be familiar with all the specifications and characteristics of this highly complex sphere, which includes legal regulations, limitations, laws, and requirements.
3. Find your startup USP
Due to the increasing set of opportunities and profits, the fintech market is becoming competitive day by day. In such a scenario, it has become even more important for anyone coming up with a new finance app development idea to be sure that his idea beats the existing ones. Aka, the idea they formulate is not something generic; it offers a functionality that is better than ever existed before. Something that could become their brand’s USP.
Now, while doing customer surveys and going through different reports would help, it is a profitable decision to invest your effort in competitive analysis. This approach will help you with finding the common success factor among all the top players, their business and revenue model, the pain points they fail to see, and thus, refine your idea.
4. Raise fundings
While you might have some savings with you, there are various fundraising ways like bootstrapping, crowdfunding, venture capital, and angel investment that are prevalent in the market. So, look forward to these methods for raising enough money to make your fintech app ideas financially-backed.
5. Hire the right fintech developers
Believe it or not, even the finest idea can’t survive the market without the right team of financial app developers. So, do not keep your app idea confined to you and look around giving it a shape on your own. Rather, look ahead to hiring a reputed fintech software development company.
A team of professionals who have an expertise in app development and have prior experience in your niche subdomain can help you with choosing the right technology stack, revamping your business strategies, coping up with the hidden barriers, and scaling up your fintech app idea. And that without making a hole in your pocket.
6. Get familiar with business and technical challenges
Like that in the case of any other startup, there are various challenges associated with establishing a fintech business, especially those associated with the transformative nature of digital technologies. For instance:
Cybersecurity, Integration of AI and Blockchain, and Big data usage
So, it is advisable to gather comprehensive information about these challenges as well as connect with the financial app development companies that aid in mitigating them efficiently and effectively.
7. Launch an MVP
Last but not least, do not feel tempted to develop a full-fledged fintech mobile application. Rather, look ahead to testing water with a Minimal Viable Product (MVP) first.
An MVP not only gives you the privilege to enter the market at a cheaper and faster rate, but also helps to raise fundings.
Frequently Asked Questions
Q. What technologies are disrupting the fintech industry?
Blockchain, Robotic Process Automation (RPA), Augmented Reality (AR), Prescriptive Security, Artificial Intelligence (AI), and Quantum Computing are some of the technologies revolutionizing the fintech space.
Q. What are the best programming languages to build a fintech app?
Python, C++, Java, C#, C, and Ruby are some of the best programming languages to consider for finance app development.
Q. How do fintech apps make money?
A few of the fintech app monetization strategies that Entrepreneurs are focusing upon are in-app advertising and referrals, business collaborations, subscriptions, and introducing API as a product.
Q. How to validate fintech application ideas?
One of the easiest yet effective ways to validate your fintech app ideas is to launch MVP version. This app version, with the least possible features and functionalities, will help you to test the competition in the market as well as raise fundings, in addition to preparing the audience for the future.
The Fintech market is mushrooming at a staggering rate. Various fintech app business ideas are entering the market. However, not all startups are enjoying the same set of opportunities and benefits of developing financial apps. The pressure to deliver the finest combination of expertise, creativity, trust, and technology is making their journey tougher than expected.
However, by following the aforementioned steps, you can cut down hassles in your path and get into the list of top fintech startups 2022 in no time. So, keep implementing them.