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7 Step Process To Develop a FinTech App That Drives ROI

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@nimbleappgenieNimble Appgenie LLC

Nimble AppGenie has been reviewed as top iOS Development Company in London by Clutch.

To many, the thought of building a FinTech app from scratch is a nightmare. It is because building an app from scratch requires significant investment and effort. However, with a matured FinTech software development ecosystem in place, it gets quick and easy to build FinTech apps. Don’t misunderstand ‘quick and easy’ with simple, designing and developing FinTech apps is complex due to robust security requirements.

There are several functions that every FinTech app needs in order to work perfectly.

For example, the following are the functions almost every FinTech would need:

  1. User authentication and data encryption
  2. Most secure hosting
  3. Credit score data access
  4. Banking account access and payment capabilities
  5. Payment gateway
  6. Chat support

If you try to build all of these functions to implement them into your app, it would take you forever to build your Fintech app.

Also, it will add to the cost of your FinTech app development.

Fortunately, these features and functionalities are already built by many companies in the FinTech ecosystem, you just have to integrate the APIs (Application Programming Interfaces) provided by them into your FinTech app.

I’ll talk about these APIs while discussing the development process of a typical FinTech app.

1. User Authentication and Management – Use Firebase

You will need to authenticate the user identity and will also have to manage your user base over time.

Google Firebase is the best option for user authentication, management, and crash reporting. Firebase will allow you to integrate with a pool of other Google services that will provide your users with a rich app experience.

2. Obtain Secure Hosting – Use Cloud Firestore

Your FinTech app would require an encrypted cloud-based database solution. Google’s Cloud Firestore can seamlessly integrate with other different solutions from Firebase.

This will provide your users with an astonishing user experience. Cloud Firestore is highly scalable to simplify the FinTech development process.

3. Credit Score Checking

There are several APIs that can help you fetch the customer credit score data. FinTechs like Experian are helping businesses by providing APIs that facilitate credit sores sharing. Some country specific agencies like American Credit System can help you generate FICO scores and full credit reports.

Another agency, the Universal Credit Services (UCS) Services can provide you credit score data from 3 credit bureaus including Experian, Equifax, and TransUnion. UCS consolidates the credit data received from these credit bureaus to provide you with a single unified report.

4. Bank Information Access – Use Plaid

This is one of the crucial APIs for your FinTech app. It connects your FinTech app to users’ bank accounts, which facilitates customer’s banking data sharing.

Plaid is very agile and holds users’ financial data to help other FinTechs like you speed up the development.

5. Integrate Payment Gateway – Use Stripe

Stripe helps you process payments globally. It allows you to make use of several payment service providers without having to integrate all of them individually.

Stripe integrates with Plaid; hence, it frees you from having to comply with PCI certification.

6. Chatbot Implementation

Off-the-shelf chatbot solutions like Chatbot use NLP (Natural Language Processing) and machine learning technology to automate the customer service required for your FinTech business.

You can integrate chatbots for several customer interaction touchpoints like authentication or grievance resolution.

7. Don’t Forget the Compliances

The FinTech compliances are what make Fintech applications challenging to build. With all these APIs data flowing through the air, the application can be prone to hacking/theft.

Hence, before you develop your FinTech app, you need to make sure that your app is compliant with the latest FinTech norms and security protocols.

FinTech Development App Cost Estimate

The best way to build your FinTech app is to outsource the development to a FinTech app development company. FinTech development requires experienced developers that can manage the strict regulatory compliances, while keeping the user experiences at par.

However, the cost to develop a FinTech app depends on several factors including the features that you want to integrate, complexity of the app, and the geographical location of your development partner. Most of the IT projects are developed on the basis of hourly rates. Whereas the hourly rate for development varies as per the location of the development team.

The cost of FinTech app development typically ranges between $20,000 to $100,000.

Following are the hourly rates for different regions across the world:

  • 1. Eastern Europe: $32.29
  • 2. Western Europe: $67.20
  • 3. Asia: $25.83
  • 4. Africa: $28
  • 5. North America: $46.35
  • 6. Latin America: $45.71

Wrapping Up

Needless to mention that the FinTech development company you pick should have prior experience in developing FinTech solutions.

Last but not least, building an MVP before launching a full-fledged app is the best approach to mobile application development.

The MVP will allow you to test your app idea without having to invest heavily. Based on the customer feedback, you can then roll-out an amazing full-feature FinTech app.

 

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Source: https://hackernoon.com/7-step-process-to-develop-a-fintech-app-that-drives-roi-mt3537ff?source=rss

Fintech

PNC cuts nearly 600 apps for BBVA conversion

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PNC cut nearly 600 apps during its $11.5 billion acquisition of BBVA, which closed in June. That’s roughly one app for each BBVA branch. Chief Executive Officer Bill Demchak said PNC retained only two BBVA apps when all was said and done. The $553.5 billion PNC converted approximately 2.6 million customers, 9,000 employees and nearly […]

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Source: https://bankautomationnews.com/allposts/retail/pnc-cuts-nearly-600-apps-for-bbva-conversion/

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Fintech

State Street sees CRD tech acquisition pay off with 22% YOY revenue growth

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State Street saw 22% year-over-year growth in revenue from deployments of Charles River Development (CRD), a front-office software firm it acquired in 2018. The revenue growth was primarily related to professional services and its software-as-a-service (SaaS) offering, which together grew 18% YoY, Chief Financial Officer Eric Aboaf said during today’s third-quarter earnings call. The technology […]

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Source: https://bankautomationnews.com/allposts/business-banking/state-street-sees-crd-tech-acquisition-pay-off-with-22-yoy-revenue-growth/

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Fintech

More Than $1.1 Billion Raised by 14 Alums Q3 2021

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For the third Q3 in a row, Finovate alums have raised at least $1 billion in equity funding. This year’s third quarter is consistent with both the amounts raised ($1.1 billion) and the number of alums securing investment (14) from the same quarter last year.

Interestingly, August continues to be a strong month for alum funding during the third quarter; for a third consecutive year, August investment has exceeded that of both July and September for our Finovate alums.

Previous Quarterly Comparisons

  • Q3 2020: More than $1.2 billion raised by 14 alums
  • Q3 2019: More than $1 billion raised by 21 alums
  • Q3 2018: More than $400 million raised by 19 alums
  • Q3 2017: More than $1 billion raised by 31 alums
  • Q3 2016: More than $500 million raised by 30 alums

The third quarter of 2021 also saw one company, DriveWealth, become far and away the biggest recipient of investment dollars, topping the second biggest fundraiser by 3x. Three companies, M1 Finance, Alloy, and AuthenticID, secured triple-digit investments of at least $100 million.

The top ten equity investments, in a quarter with fourteen total alum fundraisings, represented the lion’s share of Q3’s investment total. Approximately 90% of the quarter’s total funding was represented by Q3’s top ten investments.

Top Ten Equity Investments for Q3 2021

  • DriveWealth: $450 million
  • M1 Finance: $150 million
  • Alloy: $100 million
  • AuthenticID: $100 million
  • Ocrolus: $80 million
  • Paystand: $50 million
  • Sezzle: $30 million
  • Dwolla: $21 million
  • Moneyhub: $18 million
  • Capitalise.com: $13.8 million

Here is our detailed alum funding report for Q3 2021.

July 2021: More than $469 million raised by seven alums

August 2021: More than $476 million raised by five alums

September 2021: More than $180 million raised by two alums

If you are a Finovate alum that raised money in the third quarter of 2021, and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.


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Source: https://finovate.com/more-than-1-1-billion-raised-by-14-alums-q3-2021/

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Fintech

Pagaya and SoFi Team Up to Broaden Access to Financial Services for Borrowers

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A newly announced collaboration between AI-powered credit and analysis technology company Pagaya and personal financial services innovator SoFi will help more eligible consumers find and secure financing. The partnership will enable SoFi members to leverage Pagaya’s AI network to access a wider range of financial solutions in what Pagaya said is the largest deployment of its technology in the fintech space to date.

“We are excited to leverage SoFi’s sophisticated tech platform, strong brand, and consumer appeal to originate loans through Pagaya’s AI network,” SoFi CEO Anthony Noto said, “extending its business to a broader audience, so more people can access credit and achieve their financial goals.”

Pagaya’s technology and infrastructure enables financial institutions, including lenders and fintechs, to offer their customers access to financial products beyond those available via traditional credit models. Using both AI and machine learning, Pagaya lowers risk for lenders and helps them make better credit decisions. The goal is to provide a better, more positive experience for borrowers, and higher conversion rates for loan providers, as well as improving the overall credit ecosystem.

“As Pagaya grows, it is imperative that we partner with companies that share our vision of providing increased efficiency through our AI network for lenders and access for its customers,” Pagaya CEO and co-founder Gal Krubiner said. “Working with a company such as SoFi, we are able to apply our artificial intelligence in a way to not only help SoFi extend capital to more people, but do so in a way to create less risk for our partner. This creates a symbiotic, win-win-win ecosystem across all parties.”

Founded in 2016 and maintaining offices in Tel Aviv, New York, and Los Angeles, Pagaya became a public company earlier this fall in a $9 billion SPAC merger with EJF Acquisition Corporation. Earlier this month, Pagaya appointed former JP Morgan CMO Leslie Gillin to the post of Chief Growth Officer. Gillin arrives at a time when the company is looking to expand into new markets including personal and auto loans, credit cards, point-of-sale financing, single-family residencies, and more.

SoFi is an alum of our developers conference FinDEVrNewYork in 2017, which the company participated in with financial data platform Quovo. In the years since, SoFi has grown into a digital financial services giant with more than $50 billion in funded loans, and more than two million members who have paid off a total of more than $22 billion in debt. Additionally, the company recently has launched solutions such as SoFi Money and SoFi Invest which offer cash management (including early payday) and brokerage services, in a major expansion beyond its roots as online loan financing and refinancing innovator.

SoFi is a publicly traded company on the NASDAQ under the ticker SOFI and has a market capitalization of more than $16 billion. SoFi is headquartered in San Francisco, California.


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Source: https://finovate.com/pagaya-and-sofi-team-up-to-broaden-access-to-financial-services-for-borrowers/

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