The technological advancement has revolutionized how things are going around us- from the way we interact and communicate to the way we live our daily lives, from how businesses work to how people shop and bank nowadays. The then giant names in various industries disappeared into thin air and are now replaced by internet-based titans. The continuous development in technology has reshaped, disrupted, and altered the different industries around the world- the financial and banking industry is not an exemption to this.
Digital technology has greatly transformed the financial industry in the past few years. Digitization of financial and banking services has made financial activities and processing end-to-end transactions quicker and more efficient for both the end-users and the financial institutions. One of the key players that lead to this digital transformation is the flourishing industry of mobile apps. As people nowadays spend more time on their mobile devices, the financial industry also finds it relevant to provide services that are not only easy, accessible, and convenient but are also on-demand and conducted in real-time. These capabilities can be made possible with a financial mobile app.
With the continued success of many mobile apps, new companies and innovators are embracing the idea of jumping into the mobile app development arena to get a piece of the pie. But developing and running a financial app is not as easy as it sounds. Rather, it can be mind-blowing, exhausting, and complicated. From conceptualizing to planning, from developing to marketing, from launching to maintenance and everything in between, all these things need to be meticulously done if you want your financial app to be as successful as it can be. As they walk through the process of developing financial apps, developers normally encounter challenges along the way.
If you are planning to develop your financial app, it would be smart to be aware of these challenges. Below are some of the challenges developers usually face when planning, developing, and marketing new financial apps. Also included here are some of the effective ways to overcome such challenges.
What to Develop
For a start, you want to develop a financial app. The next thing you need to think about is what kind of financial app to develop. And this is where the challenge begins. The mobile app industry is now getting crowded as more and more apps are introduced in the market. Not only does this make the competition tougher, but it also makes it more challenging to figure out exactly what to develop.
You need to carefully think and decide on which direction to take and come up with an excellent idea that will stand out and get noticed despite the stiff competition. With almost everything already covered by other existing financial apps on the market today, developing a new financial app that is creative, innovative, awesome, and fresh puts the app developers under constant pressure.
Here are a few questions that can help you get ideas on what exactly to develop and which direction to take.
- What are the demands, needs, and desires of the users?
- What is the purpose of your new financial app?
- What functions or features you want to highlight?
- Is the idea you have in mind fresh, original, and unique? (Something that is not yet available on the market)
- Who is your target market?
- What is the market size?
- Where are you going to sell the app?
- What is the price of your app? (Think about both affordability and profitability)
Coming up with an idea is certainly not as simple as it seems to be. But answering these questions can help direct you to the right path.
- Data Security Concerns
With the increasing cases of security concerns among different banking and financial apps, data security becomes paramount and should be taken very seriously. App developers should put the essential financial and personal data of their users on top of their priorities. You need to make sure that the private and sensitive financial data of your users including their debit or credit card details, pin, CVV, banking id, and password are kept confidential and safe from the eyes of the hackers. Otherwise, users will not think twice about abandoning and uninstalling your app.
- Funding and Budgeting
Turning your idea into a real and marketable app will need a significant amount of money. Unless you are funded by a multi-dollar institution or you are working for a large business establishment, you will likely face challenges in meeting and managing your financial needs. Depending on the nature, scope, and features of the financial app, the cost of developing can range from $5,000 to $150,000.
Thankfully, there are several ways to overcome this challenge. You can try to find and get investors who are willing to fund your project. You may also try to get a loan, ask for financial help from your family or friends, or perhaps try crowdfunding via crowdfunding sites like AppBackr and Kickstarter.
- Device Screen Size and Operating System Compatibility
Another challenge financial app developers face is how they can ensure that their app runs fluidly across different devices with varying screen sizes and operating systems. One best way to solve this problem, though, is to opt for responsive designs that allow the app to adjust based on the format and size of the screen.
- Eye-Catchy Yet User-Friendly App
Making sure that the app looks interesting and catchy without compromising user experience is yet another challenging task financial app developers need to overcome. The financial app has to be eye-catchy, customer-centric, and user-friendly. Carrying out tasks, processing complex transactions, and getting around the app should not be difficult. To ensure continuous user satisfaction, you need to fix technical issues promptly and implement regular updates.
- Following Regulations and Policies
The financial and banking world is a highly regulated industry. As a developer, you need to ensure that the financial app you are developing adhere to the policies, regulations, and laws implemented in the area where you intend to make your app available.
Penetrating the Overcrowded, Highly Competitive Mobile Apps Industry
As earlier said, the mobile apps industry is getting more and more competitive and overcrowded. Of the over 2 million apps available today, probably hundreds, if not thousands, of them are your competitions. With all the existing financial apps trying their best to stand out from the crowd and with the users becoming more picky and meticulous, choosing the right app to develop gets more tricky.
For financial app developers, the challenge does not only end in coming up with great ideas and putting them into action. Penetrating the overcrowded and highly competitive mobile apps industry is a great challenge. For this, you need to clearly understand and define your target market as well as their wants and needs. You have to delve deeper and think out of the box so you can successfully figure out how you can keep your users engaged for longer periods of time and how you can build a loyal customer base.
ABOUT THE AUTHOR
Ankit Patel is a Marketing/Project Manager at XongoLab Technologies LLP which is offering top-notch mobile apps development services globally. As a hobby, he loves to write about new & upcoming technology, business, and marketing. His write-ups have been published on popular platforms like TechTarget, SmallBizDaily, JaxEnter, Social-Hire, TorqueMag, and more.