10 Mistakes to Avoid When Building FinTech Application

Fintech, as we all know, refers to the integration of technological advancements into the financial sector for enhanced outcomes. Most importantly, it automates the business operations and involved processes by employing specialized software and algorithms in the smartphone-dominated world.

A recent PwC survey of financial services companies worldwide shows that among companies that wanted to collaborate with other sectors for growth, 47% were likely to collaborate with a fintech firm.

Sectors with which Financial Services Companies are Planning to Collaborate 2019

Sectors with which Financial Services Companies are Planning to Collaborate 2019

When Fintech app development is on the surge, there is every chance that a bug in the application may disrupt the fintech software, which can further result in a loss of several million dollars.

Read More: Key FinTech Statistics 2020

Common Mistakes to Avoid while Developing Fintech Applications

Common Mistakes to Avoid while Developing Fintech Applications

Common Mistakes to Avoid while Developing Fintech Applications

Before implementing a project, fintech app developers must consider the below points that discuss the common mistakes that every Fintech Mobile App Development Company must avoid.

1. Not Mapping Target Audiences

The targeted audiences interact and experience the Fintech app according to their needs and demands. You don’t want to bring out all-in-one fintech software that manages all financial problems or challenges.

If you are an emerging Fintech Software Development Company, the first step to your successful venture is to map your target audience with your defined goals. Make sure you do not add any extra features and functionalities that will discourage them from downloading your app.

2. Poor and Sluggish UX Practices

Being a UX Development Company, we know users rate their experiences based on how user-friendly the Fintech App Developers has made it for them. The goal of your fintech app UX practices should be simple enough to handle their finances.

Build a great UX to strike a balance between the fintech app structure and the user requirements. A UX Design Company like us; will always allow users to have just the right configuration for a seamless experience.

3. Not Following Security Approaches

Fintech app developers must incorporate strict protocols when it comes to security features. There must be high-end encrypted codes that protect sensitive pieces of information. Meticulous planning is mandatory when using facial recognition or other biometric identification methods to ensure Fintech Software grants access to the authorized person.

Read More: 5 Common FinTech Industry Myths & Misconceptions

4. In-built Data Cleansing Model

Fintech software companies must carefully scrutinize what type of data is essential for providing accurate results. Improper structuring, irrelevant, duplication of stored data may slow down the Fintech application. It is crucial to cleanse the data using proven algorithms as it doesn’t create complications in the future for scaling the app.

5. Failing with Precise Accessibility

As said earlier, maintaining a standard and structured database guarantees high-end accuracy. Fintech App Development should have the tools to fetch and interact through servers with ease. The Fintech developer must incorporate these functions at the very beginning stage and not release them as updates. Uncertainties disappear when accessibility becomes a key factor throughout a particular process, which exponentially impacts the UX.

6. Congesting Elements and Components

Many Fintech software companies tend to overload the start-up screen features, resulting in utter confusion after the initial login. Your fintech app developers must carefully frame the elements keeping in mind that there are various platforms to access the fintech applications. Centralize visual appeal with minimal components in handling different financial functions. Thanks to the Fintech app developer’s intelligent coding system in giving such a unique UX experience on different screen sizes.

Read More: FinTech Trends to Watch in 2020-2021

7. Setting Unrealistic Performance Goals

Trying to develop a fintech app at the cost of readability and maintainability is not a wise choice.

You may have to write network-specific and system-specific codes for better performance. When it comes to a time-constraint environment, it is essential to note that a well written coded language could fetch results in seconds. The set goals should suit the operating setup to reduce the fintech developers’ nightmares in fixing security bugs.

8. Incompatible Development and Deployment

Fintech developers usually use a cautious approach when it comes to Windows and Linux platforms. Imagine a scenario where one of the fintech software companies have worked out a successful model suited to work in Windows 32-bit compiler and move into deployment without considering other platforms; the Fintech app is bound to crash here. So, it is much better to discover incompatible development and deployment problems as early as possible.

9. Not Focusing on Runtime Monitoring

A most common mistake is that the fintech app does notice the failures in fetching the results, but fintech app developers fail to devise an active monitoring system to alert when something goes wrong. Even the crash report supported by evidence proves to be useful in saving you a million dollars.

10. Insufficient and Unsatisfactory Testing

It would help if you were always on guard when it comes to Quality Assessment (QA). The testing phase in the context of software development is worth mentioning several times. Failed deployments cost you a lot.

So, it is necessary to complete all the tests, including random tests, performance tests, and finally, the security test. All of them are mostly automated tests that deliver a quality product that is ready for deployment.

Read More: How to Find the Right Fintech App Development Company?

Commence Developing Your New FinTech App Today!

With all the above discussions related to fintech app development and fintech software development services, are you ready to start a successful fintech app journey? At Techtic Solutions, our expert fintech mobile app developers will design and deliver a financial application for a targeted audience. A unique fintech app with all the recommended features and security enhances the competitive advantage and gives end-users a guaranteed satisfaction.

10 Mistakes to Avoid When Building a FinTech Application

10 Mistakes to Avoid When Building a FinTech Application

Wrapping Up

It is crucial to acknowledge the mistakes discussed to avoid them in fintech applications. Even with all the latest technologies, including the fintech app, some bugs emerge in the testing phase or even when the product is ‘ready to deploy’.

Read More: Fintech App Development: Step by Step Guide to Build a Fintech Application

The dream to develop a perfect financial app for any audience is just a click away. If you are an emerging market player, our Fintech Application Development team of experts will foster your financial goals into reality.

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Benjamin - A FinTech The Advisor Bot

Benjamin – The Advisor Bot

Benjamin is the financial advisor industry’s premier cloud A.I. assistant which seamlessly integrates the software tools and data used by advisors and their teams to better service their clients.

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Chintan Bhatt - Manager Business Development Chintan Bhatt

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