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10 Mistakes To Avoid When Developing a FinTech App

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developing a fintech app

With so many new developments going around in terms of technology, business streams have now become varied and multiple. One stream of business is now divided into several job offering options and more. One such relatively new aspect of the financial industry is named “FinTech” or Financial Technology. If you are developing a FinTech App, this is the right place for you. Here is the 10 mistakes listed below that should be avoided at all cost in app development. FinTech is that part of the financial industry that deals with the application of technology that steers improvements in financial activities.

If used in the right manner, FinTech can help in opening options for newer applications as well as the services for customers. It also leads to better and competitive financial technologies being built up. But as it is a new technology for the industry, there are still amendments going on. Developers who are building applications around this technology are facing a lot of issues due to multiple reasons. Keeping in mind that the software domains like mobile application development and end-user web applications are extensively used by the customers, a small error or bug will not only annoy the users, it can also lead to severe financial loss. So here are the mistakes you have to avoid.

10 Mistakes to be Avoided when Developing a FinTech App

1. Insufficient Testing

For any application, testing is a very important and crucial phase. Similarly, if you are developing a FinTech App, it is very important for you to test the application at every stage and a sufficient number of times. Thorough testing will not only help you in double-checking the tendency of the application, but will also help you in fixing the bugs at every stage. This is a very good habit that experienced application developers have. Another thing that you, as a developer, need to keep in mind, it is not sufficient to check the application manually, you need to start inculcating the habit of spot-checking the results to eliminate the problem. 

Also, you need to keep using automated testing, which includes failure tests, success tests, and a lot of other things. The usefulness and importance of FinTech applications make it of utmost importance for developers to test the application a sufficient number of times before launching. When it comes to FinTech, it is not always the coding that changes things, the data plays an important role here. 

2. Data Filtration is Not Practiced

FinTech being a part of the financial sector, opens up the doors to a lot of unsensitized data. The data in FinTech applications are pulled from several sources, with variable formats and undefined quality or quantity. The financial sector is so deeply rooted in the market that it can pose a lot of unidentified and undefined bugs for the person who is developing a FinTech app. You can be looking at data from legacy files that are pulled up from the mainframe, from a specific database, stock exchange, or simply the Twitter firehose. 

Since data is so extensively networked with each other, it is very important for the developer to filter, clean, and then use the data that they pull up for the application. While strictly following or practicing data filtration, you can evade a lot of bugs, at some places, you can simply change the unfiltered data by the default values. 

3. Fixing the UI

One of the prevailing problems, not just while developing a FinTech app but several others, are User Interface (UI). One of the main reasons why developers face this problem is that they don’t decide on the design in the beginning. Once you have determined the services, the very next thing that needs to be done is deciding the design of the application. In order to get an intuitive design of your application, this is a very important step to be followed. A clean design of any application shows the clear intention of the developer and the brand it is developed for. 

If your FinTech Application is poorly designed and structured, it will fall short of customers, and might attract bad reviews as well. You might not be able to design and place everything in the application, but having a lucrative user interface is a must for every application. 

4. Failing to Maintain Consistency

An application is a brand speaking to its customers. When it comes to developing a FinTech app, there are lots and lots of things that have to be considered to keep it in proportion. Failing to maintain consistency is one of the major factors that has caused developer nightmares. There should always be a fixed color scheme, lucrative graphics, and typography as well. If these are missing and your application is all over the place, it will send a direct message to the customer that the application and services are inconsistent. 

Whatever font, color, or scheme you choose for your application, it completely depends on you. However, ensure that it is followed throughout the application without a miss.

5. Keeping it Simple

You might have heard that simple is the best way to ensure your customers are always there with you. Haven’t you? There are many developers out there in the market who haven’t heard about this either. When it comes to developing a FinTech app, the simpler it is, the better.

Being a finance-related application, no customer wants to keep guessing things. Therefore, being a developer, it is your responsibility to develop an application that gives a clear picture to the customers. Along with that are able to easily access the various sections of the entire application. If you fill your app with complex fonts and too many landing pages, there are chances that your customers would not have a good time. 

6. Stay Away from Congestion

There are several applications where developers congest too many things on a single page. This is a big no-no while you are developing a FinTech app. As a result, the user may just skip the important part because of too many things written on the page. 

Putting too many elements on the same page would only lead to visual overload and a bad user experience. Another thing to keep in mind at this point is that your application should not have disproportionate ratios between texts and graphics. Doing so will show how amateur your application is. 

7. Not Using the Round Shapes Often

Many developers have the habit of putting a lot of shapes and pointed shapes in their application. Call it a psychological aspect, but people fail to process sharp-edged images or angles. On the other hand, sharp-edged corners of any element on the screen appears to be brighter than it should be. This leads to mental fatigue (according to leading psychologists). Therefore, it is always good to have round-shaped images in your application.

This might look simple, but several developers make this mistake, and fail to include round-edged elements. Round shaped elements directly capture the attention of the user and bring it to the content written inside. 

8. Security Approaches

Almost all FinTech applications deal with very sensitive data. It involves transferring and storing funds and financial data that can be at risk if the security of the application is not good enough. With so many hackers already trying to break in through several doors, it is better to keep your application protected. 

To do that, you can provide the users with biometric identification like fingerprints, facial recognition, and much more. This has become important, because simply putting up a password is not enough anymore. Therefore, your application should backed with high-end encryption.

9. Easy Accessibility

Not many developers consider this to be an important element of their work while creating an application. But if you are developing a FinTech app, easy accessibility is a crucial and important aspect. Accessibility is one of those features that can result in a great user experience, which directly translates to more customers. This is why it is of utmost importance to integrate good quality features in your application.

10. Mapping the Target Audience

Comparatively, this is a mistake that not all developers make, but when it comes to FinTech applications, this is a mistake that can’t be tolerated. Before starting to make your application, it is very important to analyze and map your target audience. All the application users interact and use FinTech apps according to their needs and demands. A developer should put this point high on your list and get it done without a miss. 

Conclusion

Summing up all the 10 points, we get to understand that a successful and traction-gaining FinTech application should created after concluding your research, should have good UX/UI, should be secure and easy to understand. It is best to trust the leaders when it comes to avoiding these mistakes. So trust Supersourcing to guide you to the best FinTech development app you can make. So that the next time you take up a project, these 10 mistakes are not there on the list.

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Mayank Pratap
Mayank Pratap
Mayank Pratap Singh Top writer at Entrepreneur.com, the startup, Hackernoon, StartupGrind | Helped 500+ founders to build awesome Web & App products, Hire Remote Engineers | 30+ funded, 6 selected in Y-Combinator | More than 50 founders from MIT DeltaV & Harvard innovation lab has used Supersourcing

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