Published on October 30th, 2018 | by Sunit Nandi0
The Challenges and Advantages Leading to Develop a Financial App
Finance is a sector that is riddled with frequent ups and down largely with respect to the capital markets OR as we call them the Bear Market. We have instances pertaining to the total financial meltdown that occurred 10 years back which resulted in many companies packing themselves off to practice asceticism. The newest definition that has captured the imagination of this domain is “Financial Technology” OR Fintech. The word was seldom given importance when it came to finance since it was loosely based on upholding the backend data systems in place. But the definition from then till now has changed drastically and that is where financial app developers come into the play.
Financial App Developers are some of the key players that have revolutionized this sector completely. This complete makeover has given this sector a valuation at such a level that it is freakishly unimaginable and was an alienated concept before. We would be looking at some of the points that have caused a sudden surge in this sector and what can you expect from this.
The Cause Of The Financial Surge
The development of financial applications is the major factor in Fintech that has made this sector so impactful in comparison with the last decade. As per the statistics that have come out from a renowned firm called Statista, there has been an increased surge in terms of the app related payments. There has been about $60 billion worth of online payments pertaining to applications and that will increase exponentially in the coming years.
Challenges While Developing The Financial Applications
The road for financial app developers has been quiet perilous since the procedure became automated and some of these challenges are as follows:
- Data Security: Perhaps the major challenge that the financial app developers need to face while creating a new application. Security factors in as a top priority when it comes to developing banking based applications that would be safe for the company and the consumers alike. Recent surveys indicated that many banking based applications failed to secure them properly which led to major issues. That is something which should be avoided at all costs.
- Regulation challenges: The financial sector very much functions based on the prescribed rules and regulations that have been laid down by the upper echelon or the designated Government. This is in reference to the General Data Protection Regulation OR the GDPR rules that have been set apart since many of the applications do not comply with these regulations.
- List of Features: Financial Developers need to make a clear and concise application that matches the requirements given by the client and the users. Therefore a list of features which inclines with the goals of the Company and the needs of the users is the means to putting the best foot forward. Banks also want to increase their profit margin significantly and that is what matters to them.
- User Experience: What you see is what you get!!! Another point which is equally important among the rest is the User experience provided by the application. If the client doe not find the application pleasing to the eye, and also it gets very cumbersome to access all the features, then the financial app developers need to stay in track and make it simple and elegant.
Advantages Of Financial Apps
- It plays an important role in retaining the customers which should have been gained previously.
- You can increasingly promote your app through frequent notifications and digital marketing which will make your task increasingly easy to accomplish.
- You can keep track of the number of users that have downloaded the app and other important metrics which will prove useful in making the next version even better than the one before based on the feedback.
- You can build up customer support to help the users and clients get a walkthrough based on the complete functionality and other features.