Good news! Supersourcing has recently closed a massive seed fund to help us serve you better.

Building The Right Team For Your FinTech App

Share on facebook
Share on twitter
Share on linkedin
FinTech App

Society is evolving rapidly, and new ideas and technology are continuously being developed. This unstoppable transformation has touched every aspect of our lives. Over the past century, the planet has seen the advent of hundreds of thousands of new inventions. While some of them initially met with a lot of backlash, others who have proved to be supportive have taken a strong stance in our daily lives.

Financial Technology, or FinTech App, has introduced a new and innovative experience in the financial world. The growth of FinTech startups began less than 15 years ago, as a means of developing and questioning the current financial infrastructure.

These technologies offered a new vision of everyday activities, and soon evolved from a range of peer-to-peer (P2P) money transactions, investment, e-banking, leasing, insurance, and much more.

But why have FinTech solutions become so popular? One of the main reasons is that they made things simpler. They partly or entirely reduced the need to use physical resources, and thereby, provided their customers with more time and freedom—fewer operations, less documentation, less tension. In addition, it is convenient for customers to select when and how to handle financial transactions, and it is clear that FinTech has dominated the industry.

Investments in FinTech have increased from just over $900 million, to almost $18 billion in the last 10 years. It is believed that this number will continue to rise. However, there are a few things to remember in order to build a genuinely amazing submission.

What is FinTech?

FinTech is a broad word that refers to any technology that has to do with money. Its solutions provide everything – from finance and cryptocurrency networks to budgeting applications. 

FinTech (financial technology) is one of the world’s fastest-growing markets, as financial services and financial processing firms embrace technology to provide greater simplicity and security.

According to Singularity University, 46 per cent of customers use only digital banking platforms for their day-to-day needs, indicating the demand for smartphone apps in the financial sector is steadily increasing. 

FinTech is already growing, and with new technology including cryptocurrency, artificial intelligence, cloud computing, and chatbots, it’s only going to get bigger. The most critical move toward digitization for every financial organization today is to create a mobile application that reflects the institution’s offerings and improves the consumer experience.

FinTech App Main Characteristics 

Listed below are some of the most important features of FinTech:

  • Simplicity is Key

The most important characteristic of every good FinTech app is its accessibility. Apps must be simple to use and dependable. Users can control their budgets and save money due to the convenience of these applications. 

Good FinTech applications offer advanced services that empower consumers by helping them keep track of their finances. These apps are built to be basic analytical tools that capture and arrange financial data, view purchases, and enable users to build financial plans. 

  • Individualization 

Consumer-oriented FinTech applications are available. App developers must work hard to get to know their customers and personalize the app experience with each one. 

Artificial intelligence may provide a customer with personalized resources that are not normally accessible in banks and other financial organizations. 

  • Protection is Paramount

Users must have faith in the reliability of their personal details while utilizing FinTech applications. Since FinTech apps are primarily concerned with money, consumers must have confidence in the protection of their information. 

Apps must therefore remain aware of the data security risks at all times. Two-factor authentication, and account lockout after unsuccessful login attempts are two effective approaches to guarantee confidentiality. 

  • Integration 

The ability to interact with other applications, such as those for bill paying and financial resource management, is one of the most crucial functions that an app must provide in order to be effective. A person or business can need a variety of services. 

The software must be willing to connect with other applications, unless it is designed to include one of those resources. Developers would fail to build and retain coding that helps the software to be compatible with other applications.

Tips To Build a Successful Team

However, before you begin working with the FinTech app development team, keep the following points in mind.

  • Determine the App’s Niche

Choosing the best niche for your FinTech app is the most important phase in the process. To thrive in this large sector, you must deeply study the competition to decide what your niche might be. 

Following your niche range, you must assess your target demographic depending on a number of criteria. For instance, a community of people, their age, region, occupation, and so on. Certain FinTech subdomains, such as p2p payment, financing, savings & investing, insurance, money transfer, equity, blockchain-based, among several others, may be used to reach a specific audience. 

  • Find The Competitive Advantage 

If you’ve decided on a market for your FinTech app, you’ll need to figure out what would set your app apart from the competition. You will achieve this by looking at your rivals’ apps, identifying bugs, and then coming up with innovative ways to solve certain problems on your own. Solving market challenges and delivering answers would set the FinTech app apart from the competition and offer you a strategic edge. 

  • Recruit the Right Team

FinTech is a class in itself, because it is unlike any other technology. To build a viable FinTech application, you’ll need financial, technical, and market skills. One of the most critical facets of creating a professional app is getting the best people on the team. 

Be sure you have the right people on the team. Hiring a well-versed FinTech software creation firm with different fields of expertise, which is the most important aspect for the next financial technology app, would help you attract the right pool of talent. 

  • Select the Appropriate Data Stack 

Choosing the best technologies to use in your FinTech software will even decide whether or not it succeeds. Machine learning and artificial intelligence (AI) are two examples of technologies that provide a strong return on investment for several applications. 

As a business, you must deeply research the app market, and assess the ever-changing technologies. Then, you must choose the appropriate technologies to support your FinTech app concept and fuel it. Choosing custom apps, for example, will help the FinTech app stick out from the crowd. 

  • Build an MVP 

The word “minimum viable product” (MVP) relates to the shortest, but a completely available, edition of your FinTech mobile app. MVP helps to reduce the initial production expense of your FinTech product by integrating only enough functionality to satisfy initial demands, while allowing for potential upgrades. 

  • Calculate the Price 

Creating a user-friendly app is never cheap. What do you need when you’ve completed all of your pre-production work, and have an ideal FinTech app design, a creative staff, and a working MVP? Money for the creation of a full-fledged FinTech app. 

You must determine the total cost of your FinTech app creation depending on the proposal, the functionality you need, and other important considerations. Rather than compromising by recruiting a newbie, spend wisely by hiring a team of professionals who will meet your needs. 

  • Continue to Develop and Update 

FinTech is an increasingly competitive sector that is not easy to enter. This technology can be supplemented with new features and developments on a daily basis. But, to remain ahead of the market, be ready for improvement. In addition to that, keep developing and refreshing your FinTech app with the new updates.

Types of FinTech Apps

FinTech applications are classified according to the category of finance they interact with: 

  • Payments through the Internet. 
  • Banking through the Internet. 
  • Lending through the Internet. 
  • Consumer Finance.

Importance Of A Right FinTech Team 

If you play a solo game, no matter how clever your mind or plan, you will still lose to a team. According to a report, 60 per cent of Financial services struggle due to insufficiently formed teams! This statistic proves that a fruitful startup is the product of a group of dedicated individuals working hard toward a shared purpose. To build a team for your FinTech App, no matter how great the concept is, is the first move toward success.

Conclusion

FinTech applications are becoming highly common in the financial field. According to a survey, the FinTech app use in the United States is projected to rise by 60% in 2020. But finding the right team for your FinTech app can be a tough task. Supersourcing is the one-stop solution to all the needs. Broken goods, never-ending date delays, stolen inventions, and so on are all common occurrences. Traditional outsourcing has had challenges at any phase of the road, from choosing a supplier, to not having the product produced just as you want it. 

Supersourcing is a next-generation network that lets enterprises identify the right software firms to partner with. Through vetting organizations based on different criteria and promoting project management with the selected agency, we’ve created an entirely new way to do outsourcing.

Leave a Reply

Your email address will not be published. Required fields are marked *

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

More From Supersourcing