Banking and finance have long been industries rooted in tradition. Consumers expect a variety of services from their financial institutions, including making deposits and applying for loans. Going back to the very roots of banking, these have mostly been tasks that have taken place within a bank branch location, with the assistance of a bank employee.
However, consumers now increasingly demand mobility and 24/7 accessibility. They are willing to use self-service tools. 71 percent of consumers now use digital banking channels at least once per week.
A fintech company needs to meet consumers’ expectations by providing them with options for connecting with their financial institutions. Web applications are almost a given for any fintech company. Consumers expect web apps that are simple yet provide them with the services they need.
Beyond an improved user experience, let’s look at some of the other reasons fintech companies need web apps.
Benefits of Web Apps for Fintech Companies
In addition to consumer demand, web applications are everywhere in the marketplace. If you are a fintech company and you do not have a web app, chances are your competitors do.
Without a desktop and/or mobile app experience, your company will not be able to retain customers. Web apps have become so prevalent that customers will move to a company that provides this experience.
From a consumer’s perspective, they expect a seamless web app experience and an app that caters to their needs.
Consumers don’t want to be “sold” on every product or service their bank has to offer. Instead, financial institutions should focus on targeting consumers. Consumers should be given the right information to help them make informed decisions.
Web applications can provide a powerful personalized experience. From alerts to tailored views, fin-tech companies can rely on web apps to better connect with their customers.
Individuals and entrepreneurs have more needs from their financial institutions. They require mobile payments, ACH or bill payments, financial management, and other financial insights. Web applications can bring all of these into a single view.
Security and Authentication
Few things are more sensitive than financial data. Consumers want the accessibility of accessing financial information but also need to trust that their data is secure. Two-factor authentication and other security measures can give consumers confidence that their information is protected by their fin-tech company.
Trends and Analysis
Consumers expect a “360 view” of their financial activity. It is more than transaction history and instead provides insights into their financial habits. Web applications can provide a dashboard experience to help users track and analyze their finances.
From the perspective of fintech companies, web apps can provide key information on their customers’ habits. By tracking movements and activity, they can build on the personalization and use data to guide future initiatives.
Getting Started with Web App Development
The planning phase of web app development is crucial to overall roll-out and adoption. By identifying your project goals, you can streamline the process of web app development.
To even begin, you need to understand the needs of your consumers. These needs could vary based on factors such as age, income level, and occupation. Through surveys or other marketing efforts, you can narrow your target audience.
This step is critical so you can determine what web app features to focus on first. Additional functionality can be built in as needed. Your initial roll-out should be driven by what your customers need the most and be the foundation for your app’s overall look and feel.
You should research the apps of your fintech competitors. If you cannot retain your customers, your competitors are where they will be headed. Look at the functionality offered, as well as app reviews and ratings.
A review process will help you gain relevant information. You can use this to determine the end-user experience expectations.
Key Issues and Solutions
Some of the challenges of fin-tech web app development include what happens behind the scenes. Security will be at the forefront, as well as integrating different functionality that may exist across different platforms in the back-end.
Other factors will include ease of use for the most common transactions. If a web app is slow or clunky, consumers will be less likely to adopt it.
Functionality and Operating System Selection
Based on your research, you need to prioritize the features offered.
This should go beyond the minimum requirements of your users and staying on-par with competitors. Think long-term with trends in the fin-tech industry. Your app should be built with future development in mind.
Your chosen platform will also impact the overall project. Will you have a web app, iOS, Android, or all of the above? This will drive programming languages and developer selection.
Features and UI/UX Design
No one likes an ugly app. The design should be based around simplicity and the ability to perform actions quickly. If you are developing across multiple platforms, such as web and mobile, the experience should be seamless for the end-users.
The app’s overall functionality should be relevant in its behavior. Think about things like notifications and alerts. Consumers want the app to work for them and not be annoyed. Features incorporated into the design should be well-integrated and highly valued.
Creating the Right Web App for Your Fin-Tech Company
Deciding that your fin-tech company needs a web application is the first step. It can build a better relationship with your customers and provide a much-needed financial resource.