Are you thinking about how to build a fintech app? If your answer is positive, then read on. The Fintech app industry has been booming up for many years. And more and more entrepreneurs keep coming to space and offering different solutions.
For instance, we are now seeing payment apps, loan apps, banking apps, etc. If you wish to come to this space and build a fintech app, you are most welcome.
But the thing with most new entrepreneurs is that they don’t have any idea how to make a fintech app or have any idea of how fintech app development works. Unlike other apps, it has more complexity. For instance, you will need to deal with banking, regulations, and so on.
However, not to worry, here is a complete guide on how to create a fintech app:
How to build a fintech app?
Choose Your Platform
First of all, you are going to choose a platform for your app. For instance, you can develop an app for Android or iOS devices or both. But creating apps for both of the platforms would be a time-consuming job as well as it will be a costly method.
Alternatively, you can also go with cross-development ideas, which will allow you to serve the same app on multiple devices.
However, building apps yourself would be tricky for you if you are not a developer. And you must have a reasonable budget to hire developers who can build a fintech app.
Authenticate and Manage Users
The next thing you are going to do is authenticate and manage your users. You need to provide your users with secure authentication and manage them. They should have their profile with all the features that they might need. Also, for authenticating and managing users, you can use Firebase.
Get Secure Hosting
You will also need to get an encrypted cloud-hosted database solution as you will store vital information on the server. Also, it would be best if you got robust hosting that can offer your users a seamless experience.
Integrate Credit Score Checker
You will also need to integrate credit score checker API into your app. However, it is not necessary If you are not going to offer loans or anything. But if you do, then you can try out Experian, which provides a consumer-facing API that pulls credit scores and credit reports. Or you can go with ACS or American Credit systems that help you generate complete credit reports, FICO scores, and so on.
Access Bank Account
You may have to access your bank account on your fintech app. And for this very purpose, you can try using Plaid.
It connects your app to bank accounts. Also, it is the major API in the fintech industry, and it can make many things possible which are usually difficult to achieve.
Setup Payment Gateway
You will also need to set up a payment gateway on your fintech app. And for this, you can use Stripe, which is one of the global payment processors.
It combines with many payment service providers into one solution. So there is no need for you to store credit card details or comply with PCI certifications. Also, it gets easily integrated with Plaid.
So that was a quick guide on how to build a fintech app. I hope this guide has helped you understand what a fintech app requires and how you should build fintech app. Anyway, if there is anything you would like to ask, then comment below.