Professional Documents
Culture Documents
This is a huge market that is growing by leaps and bounds and is now quickly branching
out into cloud-based PaaS, SaaS, and BaaS offerings.
If you are still wondering whether the market for FinTech mobile apps is rewarding
enough to build one, then you can put your doubts to rest. Take a look at the following:
A 2019 report states that the adoption of finance apps has increased by 354%
over the past 5 years. Read “Mobile finance apps | Trends & benchmarks” to
learn more about this.
This report also states that such apps saw a significant rise in the number of
user-sessions.
Most smartphone users use a FinTech mobile app. This report states that “63%
of smartphone users have at least one financial app” and shows that two-thirds of
American smartphone users use such an app.
These figures reflect how personal finances such as banking services, mobile
payments, financial advice, money management such as budgets and overdraft
applications, etc., are increasingly being managed via user-friendly mobile applications.
Even financial institutions such as traditional banks are increasingly adopting any new
financial technology that can help improve their customer service. Many of these
innovations are coming from fintech companies that are quickly reshaping the financial
services ecosystem.
Examples include Stripe, Paypal, Venmo, Revolut, Chime, Acorns, Robo, Robinhood,
and blockchain Fintechs such as Coinbase, Bitcoin, Ethereum, and Litecoin.
Given the threat that the traditional financial industry faces if it fails to keep up with the
latest developments, it is unsurprising that it is one of the biggest investors in fintech
solutions such as mobile banking apps, artificial intelligence-driven stock market trading
solutions, machine learning chatbots, international payment services, and other digital
payments technologies.
Trusted by
Get started Now
Mint is available via a web browser such as Chrome, Android, and iOS. It offers the
following features:
The app enables end-users to easily track bills and account balances.
It shows you the payments due along with due dates. You can avoid late fees
and penalties since Mint gives you reminders.
The app informs users about their credit score and how to improve it.
You can sync the Mint mobile app with its web app easily.
Agile is the right methodology for such projects. It supports iterative development, which
makes it suitable here, as I have explained in “Waterfall vs Agile: Which methodology is
right for your project”.
2. Define the scope of the MVP and the overall app
You ought to methodically define the features to include in the MVP as well as the
overall app. Take the following steps for this:
Define your market with the help of market research, moreover, research your
business idea meticulously.
With the help of discovery sessions, identify which features you should offer.
Prioritize these features using tools like “Pain and gain map”, prioritization matrix,
etc.
Offer a web, an Android, an iOS app, and possibly a Microsoft Windows app or a
hybrid app.
Include the features that Mint has as well as any other of the latest mobile and
web technologies.
Develop native Android and iOS apps since they deliver the best user
experience.
Use 3rd party APIs for non-core features like push notifications.
Use a mobile device lab on the cloud to enhance your test automation.
I have elaborated on the importance of this approach in “What is the best development
approach to guarantee the success of your app?”.
You should design and develop your app keeping the “app internationalization”
guidelines in mind, which will help you to support more languages in the future. Follow
best practices like keeping the code separate from the content, and learn more about
these best practices in “The ultimate guide to mobile app internationalization”.
You can easily integrate APIs when using a PaaS platform, moreover, you can
add services like databases.
Prominent PaaS platforms offer matured DevOps tools, moreover, they have
auto-scaling solutions.
Read our guide “10 top PaaS providers for 2020” for more insights.
Amplify manages the cloud infrastructure, persistent storage, etc., therefore, you
don’t need to build and manage the mobile backend.
Integrating APIs is easier with Amplify, moreover, you can easily implement
features like user management and push notifications.
You will be able to scale your mobile app easily when you use an MBaaS
platform like Amplify.
I have explained the advantages of MBaaS platforms in “How to choose the best Mobile
Backend as a Service (MBaaS)?”.
UI designers;
Testers;
DevOps engineers.
Developing a FinTech app can be complex since the financial services industry is
heavily regulated. You should onboard field expert development teams. Such teams
work cohesively, as I had explained in “Freelance app development team vs. field
expert software development teams”.
The PM acts as the “Scrum master” and forms cross-functional teams, and these
are small teams where developers and testers work together.
The team conducts “Daily stand-up meetings” to track the project status, and it
demonstrates the app in a “Sprint review meeting”.
Scrum teams also conduct lessons-learned exercises, which are called “Sprint
retrospective meetings”.
You should use a modern PM tool like Trello to manage the project.
Either way, you should design and build APIs to facilitate streamlined and consistent
access to the backend from the front-end. I recommend that you build RESTful APIs,
which involves the following:
Utilize the managed cloud services you have already bought to host the API
backend.
Use an effective tool like Postman to develop and test the API.
Secure your APIs using techniques like authentication, data encryption, etc.
Use robust database solutions like PostgreSQL, MongoDB, etc. for developing
the APIs.
Our guide “How to build RESTful API for your mobile app?” can help you to design and
develop RESTful APIs.
Injection;
Broken authentication;
Sensitive data exposure;
Security misconfiguration;
Insecure deserialization;
The “Open Web Application Security Project (OWASP) top 10 application security risks
– 2017” report can help you to mitigate these risks.
Secure the APIs you design and develop by the following means:
Trusted by
Get started Now
Read “Messaging services and Copilot” to learn how to implement it in your app. Check
out the Twilio pricing plans before you buy it.
10. Sign-up for a mobile device lab on the cloud for testing
You need to make your mobile app work with all devices, therefore, you need to test it
against a wide range of mobile devices. This requires a mobile device lab on the cloud,
therefore, I recommend that you sign up with Experitest.
Its mobile device & browser lab on the cloud, which has over 2,000 device-
browser combinations;
Its SeeTest Reporter, which provides excellent test reports and analytics.
Carefully consider the type and requirements of your web application. Many
companies have found Progressive Web Apps PWA are a bridge between mobile
web applications and native apps to be faster and more suitable than
conventional web apps.
Design an effective user interface (UI) that takes into mind all the web pages you
plan designs you will publish by following this tutorial guidance in “User interface
design guidelines: 10 rules of thumb”.
Use js to code the web app since this open-source runtime environment is
suitable for developing performant and scalable web apps.
Tools such as Github, Ajax, CSS, ASP.Net, PHP, Python, JavaScript, cloud
software development services, etc., are designed to help make the process
easier and more efficient. Use them!
You can use Eclipse, the popular IDE for coding, however, you should also
use Nodeclipse, a Node.js plugin for Eclipse.
Test your app, and deploy it on Elastic Beanstalk. This is a reliable web server
environment that offers great server-side scalability. You can read “Deploying
Node.js applications to AWS Elastic Beanstalk” for guidance.
Code the Android app using Java, and use Android Studio as the IDE.
Use Espresso and the Experitest mobile device lab to test the app.
Use Swift, the powerful language championed by Apple to code the iOS app.
Xcode is the preferred IDE for developing apps for Apple platforms, and you
should use it.
Integrate the APIs you have developed for your app, moreover, integrate the
Twilio API.
Test the app using XCTest and the Experitest mobile device lab. Be sure your
application server delivers ample speeds during these tests.
Read “Submit your apps to the App Store”, and use the instructions therein to
publish the app to the Apple App Store.
Why not take a moment to fill out our project specification form to let us know your
project requirements and one of our account managers will get in touch to answer any
questions and show you what our expert developers can do.