Fintech Software Development Service

Step 1. Comply with requirements

Financial services that do not comply with government regulations are doomed to fail. The first step in building a banking application or financial service is to understand local compliance requirements. Get a free consultation from experts at our FinTech development company to understand the restrictions, conditions, risks, and licenses that exist in the financial industry.

To find out more on the topic of financial software development services, read the following articles:

• Getting to Know PSD2: What Compliance Means for Your Business
• PCI DSS Compliance and Your Business
• AML Compliance: Definition, Program Requirements, and the Checklist

Step 2. Conduct a pre-discovery phase of fintech software development

The pre-discovery phase of financial software development involves teams setting a firm foundation for the work to come. All project stakeholders must clearly understand the targeted outcomes and the approach required to achieve them.

An app solves a problem. That’s why you need a thorough understanding of the problem space before you start. Before making any concrete plans, research teams should clearly understand:

• The legislative environment
• The current service deficit and user complaints
• Metrics and measurements related to the service you plan to build

It’s crucial to understand why work has been initiated and the urgency of change. Pre-discovery is very important in order to plan and budget for a strong multidisciplinary team provided by your FinTech software company that can take your project from beginning to end.

When you are done with the pre-discovery phase of fintech software development, you should have created a simple problem statement that your team can understand. You should also have a statement on how to fix the problem. This will serve as a guiding principle if your project loses its direction.

Read more about stages of banking app development in our article on How Mobile Banking Apps are Developed.

With S-PRO financial software development services, you can count on the following features for your application:

• Intuitive interface

  An easy-to-use interface with fast sign-in is what most users expect from an app.

• Payment gateway

  The application should not complicate basic financial transactions: money transfers, electronic payments, and balance monitoring.

• Security

  The authentication process should be secure and intuitive.

• Personalized experience

  Users love when an app meets their needs. Allow users to filter the information they receive (like push notifications).

• User management

  Certain types of services benefit from multi-user support. For example, financial management apps are often used by multiple family members. Large companies want their employees to use a single account to simplify monitoring.

• Online chat

  FinTech companies can improve customer satisfaction with online chat, which is a convenient alternative to phone and email support.

• Bank account integration

  You will improve overall user satisfaction if you allow users to manage bank accounts in your app.

Сontact us to hire financial software developers for your project.