Fintech App Launch Guide
Fintech apps are extremely popular right now and can offer a lucrative revenue stream. However, you need to break through the noise successfully. Further, setting up a fintech app will call for tech knowledge, which can put a pin on your fantastic idea. Fortunately, setting up a fintech business and launching an app follows the same principles as any app, which means relying on external support for success. To help point you in the right direction, we’ve put together a short guide for successfully launching your fintech app.
Your fintech business will start with a basic idea, which is the same as any other venture. When growing your vision, you need to check that it has real-world application and provides a solution to a problem. To do this, you will need to carry out market research and discover existing pain points. Typically, you will be looking to make a financial process more accessible.
After you’ve developed your idea, you need to decide whether it will hold merit. To do this, you can Google search your audience’s pain points and discover any existing competition. This helps you assess the landscape and flesh out your idea further. Further, you can use the iOS and Android stores to search for fintech apps for existing products. Doing this lets you create a viable payment structure for your product.
Choose a Category
Fintech apps typically fit into one of the following categories:
- Allows individuals or organizations to collect funds for various projects.
- Online banks without a brick-and-mortar location.
- International money transfers. Fintech apps that help reduce fees surrounding international money transfers.
- Trading apps. The stock market is trendy right now, and these apps make it accessible.
- Lending apps. Borrowing from the bank is lengthy, which is where lending apps come to the rescue.
You need to choose a category before developing your app because it will make compliance and building processes easier. For example, if you’re allowing online payments on your app, your app needs to follow the NACHA account validation rule, as explained by Yodlee, which helps reduce fraud and governs the ACH network. To make sure your app follows the NACHA account validation rule, you’re best off partnering with a company like Yodlee, which provides a range of financial solutions and has access to over 20K US institutions.
Read More: 10 Best Naruto PPSSPP Games In 2022
Complying With Regulations
As well as following financial regulations, you need to follow all other business rules. Domestic business rules will be easy to follow, but if you’re operating in Europe, you’ll need to follow their rules as well. For example, GDPR is necessary and helps businesses protect user data. Regulations change all the time, which is why you should carry out regular protocol assessments.
When you’ve got an idea, search online stores and Google to find existing solutions before growing your app to fill a gap in the market. Then, you need to allocate a category and start fleshing out processes. The final step is building the app and making sure your business is compliant.
Mustafa Al Mahmud is the founder and owner of Gizmo Concept, a leading technology news and review site. With over 10 years of experience in the tech industry, Mustafa started Gizmo Concept in 2017 to provide honest, in-depth analysis and insights on the latest gadgets, apps, and tech trends. A self-proclaimed “tech geek,” Mustafa first developed a passion for technology as a computer science student at the Hi-Tech Institute of Engineering & Technology. After graduation, he worked at several top tech firms leading product development teams and honing his skills as both an engineer and innovator. However, he always dreamed of having his own platform to share his perspectives on the tech world. With the launch of Gizmo Concept, Mustafa has built an engaged community of tech enthusiasts who look to the site for trusted, informed takes on everything from smartphones to smart homes. Under his leadership, Gizmo Concept has become a top destination for tech reviews, news, and expert commentary. Outside of running Gizmo Concept, Mustafa is an avid traveler who enjoys experiencing new cultures and tech scenes worldwide. He also serves as a tech advisor and angel investor for several startups. Mustafa holds a B.S. in Computer Science from HIET.