How To Develop A FinTech App: A Complete Guide

The best way out of this situation is to provide the investor with an investment and financial mobile application. Designed to process transactions of all types of financial instruments and all types of transactions online.

The tasks, regardless of the complexity, will be solved as quickly as possible. And not at the expense of quality. The applications developed work perfectly and users do not notice any difficulties. It’s regardless of the platform for which the applications were developed by the best fintech app development company.

The financial segment of applications has become the third most popular after games. And it’s about online shopping. Experts inform about it. At the end of last year, 43% of all installations were applications of traditional banks. Market participants and analysts note that the introduction of a self-isolation regime has contributed to the growth in the use of mobile banking this year.

They need to find out his needs and preferences. Modern Android application development cannot do without prioritizing functionality. It is necessary to draw up a formalized description of all requirements. But developing apps for Android is often hampered by the fact that manufacturers. They are rather reluctant to update the operating system.

The main reason for the popularity of traditional banking applications is the non-cash form of remuneration. And there is a payment of financial payments. The growth in the number of installs in the segment is mostly organic.

Customer retention remains at a high level. It’s with the iOS platform and the segments of financial applications and microcredit. It becomes the leaders in this case. For Android users, this figure is almost three times lower with

Up to 60% of microlending app installs last year were inorganic. And there is install fraud in the country exceeding 30% in 43% of cases. The main focus of the fraudsters market last year shifted to the post-installation period. The reason for this behavior was the active development of real-time tracking and fraud prevention systems. Bots remain the main tools of criminals.

More than 70% at the beginning of 2019 and more than 50% at the end of the year. It’s as well as click-flooding and fake transactions in applications. The lowest level of such fraud was found in the financial services sector (4% of the total number of installations). And the highest was found in the software of traditional banks (33%).

Expert classifies fintech applications in several categories of software. Digital bank applications without physical branches. There are traditional banking applications, financial services applications, microlending. And there are investment management applications. According to the company, over the past year, users have installed 1.1 thousand different fintech applications. It was done 260 million times.

The same trend is reflected in the daily activity of online users. Judging by our metrics and research, the market as a whole is experiencing a decline in activity in applications for corporate banking. This year, online lending services will be especially in demand among clients. Applications for obtaining, changing conditions and targeted lending.

According to the global forecasts of experts, the popularity of non-cash payment applications in the financial and banking applications market will grow this year. And user activity will decrease. In addition, experts expect an increase in the number of installs of microcredit applications.

Both are among the population and among small businesses in countries with low unemployment rates. As well as an increase in interest in investment projects. It’s due to the general market volatility of the market. And there is the active use of mobile applications of banks in connection with the closure of offices.