Challenges and Advantages to Build a Financial App

Anshul Sharma
Anshul Sharma, CEO & Business Head at Fluper Limited
Published on Oct 08, 2018 in App Development
Challenges and Advantages to Build a Financial App

Apps with fluid performance have now become the need of the hour. Every industry is transforming gradually with these mobile apps. However, do you know how challenging it is to develop a mobile app? No, right? Most of us don’t want to go that deep, but it is important to know that how the app, you are accessing, has been developed. Only a proficient mobile app development company can offer you an impeccable app.

However, even an efficient organization faces multiple challenges while developing a financial app. A lot of resources are required to build it, along with the sufficient time and money. So, what is the use of developing a financial app? Today, I am going to list some challenges, as well as the advantages of developing a financial application. Let’s begin with some challenges.

Challenges

The road ahead for the app developers is not as smooth as it seems to be. These are some concerns associated with Android or iOS app development.

Security Problems

This is one of the key problems for the mobile app developers globally while developing apps. Moreover, with the growing demand for banking, as well as financial applications, security has become the top priority of development companies.

No error is allowed because these banking apps consist of significantly important data of the users. Some of these include the internet banking id and password, pin or CVV number, details of debit or credit card, etc. Even the smallest hole in the door can allow the hackers to peep into your details and get the confidential data. As per a study carried out using 400 apps, it is revealed that they have multiple loopholes. In fact, some of these are of well-known banks, including Bank of America and HSBC. The mobile app developers always make sure that the users are accessing these apps just because of a trust factor. If they find it vulnerable, they would not use it.

Regulatory-based Issues

The financial organizations worldwide are exceptionally controlled because a majority of the strategies and laws are framed by the various individual government and other associations. As a result, it turns out to be more than basic for the mobile application developers to maintain the different laws while developing the applications.

For example, if you are building an application for an organization, having a business in the European continent, then you need to meet the necessities of General Data Protection Regulation (GDPR), which has been executed from first May 2018 onwards.

Nevertheless, according to a study, almost 55% of the applications don't conform to the GDPR requests. The GDPR advocates that organizations can't take the private information of the purchasers on their will; they have to get their assent first.

Challenges and Advantages to Build a Financial App

App Features

Another task for the mobile app developers is of selecting the proper platform with modern features. It is a necessity to ensure that your mobile app work optimally on different platforms, including Android, web, iOS and a huge range of devices.

However, the developers many times get puzzled that how many and what features should be included in the app. It is recommended to start with building an MVA (Minimum Viable Product) for every app. This is the way to segregate the top features, as well as functionaries from users’ and banks’ perspective.

It is important to add innovative features like a use of the e-wallets, real-time checking of the balances, transferring and receiving money instantly, upgrading the users’ details effortlessly, customer support integration, etc.

However, banks need those features that can enhance their productivity and customer base. Therefore, try to deliver a mobile app with amazing functionality where users can perform their transactions on a daily basis, apply for a loan whenever needed, and other services smoothly. The apps should run with no hiccups and can have digital payment with the help of available options.

Attractive User-Experience (UX)

Recently, Google conducted a survey, showing that 4 out of 10 cell phone users utilize their gadgets for monetary activities. Another report expresses that 63% of the mobile phone users have at least one mobile application associated with their financial activities.

The aim of giving these details here is simply to show that you need to take the user experience of the application genuinely. There is no point of compromising on it. The application should be as easy to use and client-driven as could be allowed.

The app should be so simple that users can easily carry out even the complicated transaction. Furthermore, obviously, you have to center around specialized issues. Customary updates and following the most recent adaptation of the OS of the stage is an unquestionable requirement to utilize.

Advantages

In the above section, we have understood the challenges that generally faced by the developers while building an app. Now, I would like to move further and mention some key benefits of these financial applications:

Benefits for Users

  • Real-Time Balance Information: Users can effortlessly know their account balance instantly.
  • Do Banking Activities Easily: Users are allowed to conduct multiple banking activities, such as transferring the money, opening a new account, etc.
  • Easy to Operate: All the financial apps are simple to operate and do not cost you much.
  • Foolproof Security: As the financial apps are encrypted, they are quite safe and secure. Users can keep their private and confidential information in these apps.

Benefits for Financial Institutions

  • Customer Retention: With the help of these apps, it is possible to retain the customers and convince them to use your financial institution.
  • Increasing User-Base: Apart from retaining the old customers, it is possible to attract new users to use your banking facilities.
  • Promotion of Business: These institutions can do their promotion using push notifications and make their presence across the world.

All Things to Be Considered

In this write-up, we have understood the importance of financial apps for our businesses. We have also learned that building these apps is not a cakewalk. There are a lot of things that need to be considered. Hope, this write-up would help you out. You can hire the best mobile app development company in order to get efficient apps.

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About the author
Anshul SharmaCEO & Business Head at Fluper Limited

Mr. Anshul Sharma is responsible for overall Executive Operations, Pre-Sales, Technical Functioning, and Structuring of Corporation. With extensive experience of 4+ Years in Sales and Marketing, he is a deserving and competent architect to forecast a...

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