3 essential features to discuss with your fintech development partner

Since fintech is one of the most rapidly developing sectors, many software houses choose it as their specialization. An experienced fintech software development company is a treasure. But what’s essential is knowing what to expect from such cooperation. Our tips may help you with defining your goals.

In the finance sector, digital products have become a standard. Banks and financial institutions are heavily investing in modern apps knowing, that they’re the future of the industry. For most clients, particularly Millennials and Gen-Z, a seamless digital solution is the main criteria when choosing a financial service provider. Reliability and transparency matter, too. However, if the company doesn’t keep up with the digital trends, it may not manage to stay in the game for long.

That’s why more and more companies rooted in finance reach out for the support of fintech development partners. Some already have a digital solution that they want to expand and improve while others decide to develop a new one from scratch. In each case, it’s worth discussing some crucial aspects that may define the results of the product’s implementation.

The essential aspects of fintech apps – what may your user expect?

The software houses specialized in fintech have several tools at their disposal in order to understand your needs and goals. When going through briefing and consulting sessions, it’s worth touching on the following issues to make sure your fintech development partner is on the same page as you.

#1 The spectrum of functionalities 

Before heading to development, you should carefully research the needs of your users and adjust the functionalities to them. Don’t rely on trends only, and remember you can have too much of a good thing – the excessive number of functionalities can affect the app’s usability.

#2 UI & UX 

Functionalities matter, but they won’t retain the user unless followed by the great UX. Actually, low usability is one of the most common reasons for the users to leave for another app. A clean, usable interface is essential in banking apps since we use them to perform various operations and transactions. It’s worth considering the introduction of a customizable interface to make the user experience even better.

#3 Databases

More and more financial enterprises are switching to Blockchain due to the benefits related to safety. Contrarily to the traditional databases, Blockchain handles data in a decentralized manner. Since it’s stored in immutable blocks, it’s much harder to access it by unauthorized parties. The fintech software development company could help you with switching to a distributed ledger, whether it’s the public network or your private Blockchain.