Fintech

How Custom Fintech App Development helps startup growth
Blog, Business, Technology

Scaling Beyond Limits: How Custom Apps Drive Startup Growth

March 6, 2025

We have been riding with technology for a few decades now. If you ask any age-old established industrial company about their take on the usage of tech for scaling, they now feel the need for something different—not quite satisfied with the usage of third-party software for internal management as well as customer-facing operations. Why? Because they now know how their customer thinks, how they choose the way they want to be serviced. What changed from the last decade to this one? Is it the way customers have begun putting their demands and choice of being catered to, or the way companies have started handling the “customer satisfaction” metric with the highest priority? Whatever the reason may be, the result stays the same. You cannot be relying on ready-made stuff if your vision is to scale and become something that stands out. Now, this stands true for almost all aspects of our lives, but for the sake of being a dedicated blog, let’s keep the focus on custom app development as the road to scaling. In this blog, we will explore the ‘scaling’ necessaries, focusing on the role of IT and technology to speed up the process. Why Scaling Demands Customization Let’s start with some stats first. In 2024, global mobile app downloads reached approximately 218 billion, reflecting a 7% increase from the previous year. This of course includes both white-labeled apps and custom apps being used by the whole world, including your business audience. Now, you know your potential customers need something they can have at their fingertips—something accessible through a mobile screen, AKA apps or web apps. Let’s get to your POV as a startup or company just starting their digital journey. You have noticed how your ‘potential customers’ want to have services right at their fingertips, with speed and security. You have built your ICP for marketing efforts and are searching for the right channel to deploy it. Your computer screen screams “USE APPS TO GAIN AND RETAIN CUSTOMERS,” but the next line varies in each article. Some say “white-labeled apps for quick deployment, at a low cost,” while others glorify “custom apps to give a customized feel.” I get it. This feels like a hard decision, but again, a decision you have to take if you are to scale your business. White-Labeled vs. Custom app development : Making the Right Choice When a company reaches the point of scaling, they already have a few wins on the field. They know their customers, understand how to manage revenue and expenses, and have had a few falls to know the next pit. This is necessary to begin with since this will help you decide the way you scale. Quick Comparison Factor White-Labeled Apps Custom Apps Cost Lower upfront cost Higher investment Branding Limited customization Fully customizable Scalability Fixed features Scales with business needs Uniqueness Shared with others Exclusive to your business Ask yourself these key questions: For some future reference, read this supper informative blog on the use of the right tech for your custom app.  Once you answer these, you will know what suits your business the most. But with the change in behavioral patterns of users, I can be sure of the increasing need for personalisation and customisation—in services, products, and soon enough, in the way they are being catered to. The rise of AI has led to a change in behavioral patterns, with 80% of consumers preferring brands that customize content, keeping the customer journey in mind. Also, 70% of companies in 2024 feel that AI-powered personalization can be the most impactful form of personalised marketing that will affect the market and clients. Custom Apps & ROI: The Numbers Speak Now you understand the buzz around custom apps and web apps. People yearn for customized care—it doesn’t matter what service you provide. Custom mobile apps give the brand a touch of difference. You can now build your own customer journey, visualize the way your target audience wants to be serviced, and build exactly that—bringing in the cheer, the uniqueness you keep pushing in your ad copies, directly at the fingertips of your users. Check out our blog on Fintech App Optimisation Techniques. ROI Scenarios in Fintech If you are in the Insurance industry, read this informative blog right here for how to make sure you are digitally present, in the best way possible.  A key trend in custom app development is the integration of AI and ML, enabling smarter software with predictive analytics and personalized user experiences. As AI adoption grows, most applications are expected to incorporate AI-driven features, enhancing decision-making, customer support, and operational efficiency. For a business that wants to scale, partnering with a custom application development company can yield 200-500% ROI within 2-3 years, provided it aligns with business goals and revenue models. The real value lies in long-term scalability, automation, and higher customer retention. Get Started with Custom App Development You may find a custom mobile app development or Fintech Company suitable for your business by reviewing a few who hold expertise in your domain. We at ProfitMatics , custom software development company, build custom fintech applications for various domains, including trading, wealth management, payments, e-commerce, loan advisory, regtech, and more. We understand your vision and build something only you can have. Success Stories: Custom Apps That Led to Massive Growth These examples showcase how fintech companies leverage custom applications to address specific market needs, streamline operations, and scale successfully. Ready to Scale? Let’s Talk Book a free meeting to explore how a custom app can scale your business. Our experts will assess your growth potential and provide actionable recommendations tailored to your expansion needs.

How to build MVP for Pre Seed Funding - A step by step guide for building MVP for Pre Seed Funding
Guides, Software, Technology

How to build MVP for Pre Seed Funding 

October 4, 2024

MVP or Minimum viable product can be any product with just enough features to be usable by early customers who can then provide feedback for future product development. While MVP can be across all industries and domains, in this blog we will focus on MVPs for Apps and how to build one for Pre Seed Funding. Don’t worry if you aren’t aware of these terms, this blog will make sure you take away a lot more than you came with! What exactly is MVP Application in the IT industry? A Minimum Viable Product (MVP) app is a basic version of a software application that includes only the core features and is used to test the viability of an idea. This is like the baby version of your dream app, with some of the important features, ready to be tested for the real world.  Why should you invest in a Minimum Viable Product? It validates your product idea MVPs help validate if there’s a market for the app and if people want it.  It helps gathering the most important proof- User Feedback MVPs help developers learn from early adopters and get insights on how to improve the app.  Gives you a reality check MVPs help entrepreneurs avoid wasting time and money on features that no one wants.  Lays foundation for full-scale development MVPs can be the foundation for developing a more polished and feature-rich app.  Check out our Fintech Apps with great Ui Ux and features to understand more about Market Demand around Fintech. What is MVP in Agile Development? Agile development is a method of development where we focus on delivering a product in small, functional increments. This works really well when it comes to software development which helps to focus on collaboration, iteration and adaptability. Here MVP is an early version of a product that has the minimum features needed to test the product’s concept and gather user feedback. A reminder There have been long debates on whether MVPs are necessary and prerequisite for Pre Seed Funding. The answer is no. Does having a MVP help your pitch for pre-seed funding? Yes, when the MVP is done well and enhances the overall pitch. But it’s not essential, and a large (and growing) number of startups are able to use the pre-seed funding they attract to build the MVP. It totally depends on your startup’s needs and funding situation. How to build an MVP App and raise Funding in 2024 Here comes the important part of the blog. Suppose you have a great idea for your Fintech App, and have researched the market need of your imagined product, which is going to rise in numbers as you grow. But while seeking Pre Seed funding, you come to know that since your idea is already for an app, having an MVP can lead to building a better pitch and build trust to your investors. You can refer to our blog Flutter or React Native for Fintech App Development to understand and choose better for your Fintech App Development. Talking numbers first, on an average, building MVP for Fintech App Idea may range between $50,000- $100,000 depending on various factors like the core idea, features, legalities and other important factors. Here’s a quick breakdown of the cost of building an MVP for your Startup’s pre seed funding. Features: Payment processing, user accounts, data security. Estimated Budget: $50,000 – $100,000 Development: $30,000 – $70,000 Design: $10,000 Compliance/Legal: $5,000 – $15,000 Testing: $5,000 We can help you build an MVP for your Fintech startup at a competitive market price and limited time. Our team of experienced developers and Ux/Ui designers are always up for innovative and exciting projects. We would be happy to become a part of your Fintech Dream! Book a meeting now and let’s figure out your way to funding with a perfect to pitch MVP. Things to keep in mind while building an MVP 1. Market Research 2. Target Market Analysis and building User Persona 3. Key features- How is your app different from the sea of apps already present 4. Finally, build MVP by partnering with experienced and expert app developers who understand the nuances of Fintech.  If you are starting your “Finding Investors” quest, we have got an exclusive list of Micro VCs and Pre Seed Investors, with their Emails, LinkedIn Profiles and Contact Info, just for you! Download the FREE SpreadSheet Now from the link below!

Neobanks and how they are built, business model of neobanks, revenue model of neobanks and India's neobank industry.
Blog, Guides, Technology

Why Neobanks are the Future and How to Build One

September 30, 2024

Talking about Fintech and not including Neo Banks? Can’t miss this one! Let’s jump straight into it.  What exactly are Neo Banks? And what’s the craze about them in the Fintech Industry? Neo Bank is the term used to describe a completely digital bank, that exists and offers services without any physical branches. Neo banks are also called Challenger Banks, the reason for this name will be discussed later in the blog.  What’s making neobanks a popular term, especially amongst the GenZs?  It’s the reason they were built on. Neo banks are a response to the changing needs of customers in the digital age. They are often cheaper than traditional banks and may offer more competitive interest rates.  Let’s understand this with some statistics around Neo Banks.  In just three years, the global customer base of neobanks has grown from 2 million to 15 million, and the number of neobanks has increased from around 70 to over 250. According to stats, the global neobank market is growing at a CAGR rate of over 47% and is expected to hit $722,60 billion by 2028.(SDK.finance) What’s so attractive about Neobanks? With the world shifting towards “digital-everything”, the emergence of Neobanks seemed the next step in the future of innovative and digitally equipped financial banking. Replacing the inherent need of having a physical bank to reach out to, NeoBanks are the one stop destination for all the banking needs, be it around savings accounts, current accounts, debit and credit cards, digital money transfers, payment solutions, or lending.  By leveraging technologies like artificial intelligence (AI), automation, and cloud computing -something that traditional banks lack, Neobanks are attracting a large part of the ‘modern’ customers who want their needs to be fulfilled ‘at one click’. This is the reason why they are often called ‘Challenger Banks’. As their name says, these digital banks ‘challenge’ the traditional banking system by targeting both personal and business consumers who are often overlooked by high-street banks. We will go deeper into the making of Neobanks later in the blog. Do Neo Banks need collaborations with physical banks?  This question often comes up when talking about Neobanks in India. Since Neobanks are not considered fully fledged banks and do not have banking licenses, they are not directly regulated by the RBI (Reserve Bank of India). The RBI prohibits them from acquiring a banking license.  Instead, Neo Banks rely on partners who offer financial services like instant payments, lending, or money transfers.  Who are the partners here?  Neobanks partner with licensed banks that are governed by the RBI. Some of these banks include :  State Bank of India (SBI) ICICI Bank Axis Bank Induslnd Bank  Kotak Mahindra Bank IDFC First Bank Yes Bank HDFC Bank RBL Bank Federal Bank How Do Neobanks Earn? This is the most interesting part of the blog if you are someone aspiring to build a neobank of your own or someone already in the Fintech industry, trying to grasp some interesting business models. We can help you build your own Fintech with custom features and robust security. Our team of Fintech experts and enthusiasts is excited to meet you! Getting back to the topic, let’s unbox this business model!  How are Neobanks built While there are two types of NeoBanks, Full Stack Neobank (independent bank with a banking license )and Front End Neobanks (the one we discussed above, which partner with traditional banks to operate), in this blog we will be discussing the Business Model of Front End Neobanks, since those are the ones popular and allowed in India.  Taking help from Niyo– India’s first fintech to pursue Neo Banking, we can understand the model underneath the working of Front End Neobanks. Let’s revise the cases where Front End Neobanks work best While being supported by the traditional banks from below, Neobanks foster strategic partnerships and a way for businesses to perform businesses without any hindrance, going fully digital. Centred around customers, Neobanks have a innovative USP while working under the regulations put by the regulatory bodies, providing a seamless experience, legally. To understand the regulations for building Fintech, read our dedicated blog here. India’s leading Neobanks There are several neo-banks available in India. Given below are the examples of some of the most popular of them in the country Summing up Building a Neobank in India is possible, given you follow all the rules and regulations by the regulating bodies. It is the next trend in Digital Finance, and a great opportunity to tap into, given the huge customer base in India(Gen Z Population loves digital experiences). If you want to build your own Neobank, we can help you.

Flutter or React for your Fintech App
Technology, Blog, Software

Flutter or React Native- Which is better for Fintech App Development

September 24, 2024

Bringing out the best requires choosing the best from the sea of options available. Choosing a development partner with proven expertise is crucial for ensuring your business outcomes align with your strategic goals. We are here to make it easy for you and your developers.  Read this blog to understand the differences between Flutter and React Native and what would be best for you Fintech.  What exactly is Flutter and React Native? You can skip this part if you are already a seasoned developer, but if you are someone beginning your Fintech Journey, this portion of the blog will make these big terms easy for you to understand.  Flutter- The partner for your Fintech App  Flutter is an open-source UI software development kit created by Google. It is often used for frontend development, though backend development is also possible. It can be used to develop cross platform applications from a single codebase for the Web, Fuchsia, Android, iOS, Linux, macOS, and Windows.  You can check out our blog on Best Ui/Ux practices for Fintech Apps for more context: Flutter ships applications with its own rendering engine which directly outputs pixel data to the screen. This is in contrast to many other UI frameworks that rely on the target platform to provide a rendering engine, such as native Android apps which rely on the device-level Android SDK or React Native which dynamically uses the target platform’s built-in UI stack. Flutter’s control of its rendering pipeline simplifies multi-platform support as identical UI code can be used for all target platforms. Here’s a quick overview of how Flutter is great to use: Benefits of Flutter  Also, Flutter 3.24 has been released and here’s a snippet of major changes: Significant GPU Rendering Improvements One of the major highlights of Flutter 3.24 is the enhancement in GPU (Graphics Processing Unit) rendering, which is critical for applications that require smooth animations and visually intensive graphics. Multi-View Embedding: A New Dimension of Flexibility The introduction of multi-view embedding in Flutter 3.24 is a game-changer for developers working on complex applications. It allows for the embedding of multiple Flutter instances within a single app, each managing different views or sections.  Dart 3.5 Integration: Elevating Development Efficiency The release of Dart 3.5 has introduced a suite of new features and optimizations that improve both the development experience and the performance of Flutter apps. Dart 3.5 has brought enhanced type inference, making it easier to write concise, maintainable code. Advanced DevTools for Enhanced Development Experience A slice of happiness for the Developers- this latest version comes with advanced DevTools that offer you more powerful debugging and profiling tools. It’s an enhanced experience in itself. There is more to add, but let’s stick to our main learning for this blog.  Now, Let’s move forward to React Native: Is this the same as React? NO. But its functionality is the same as React, right? WRONG. React Native was first released by Facebook as an open-source project in 2015. It is considered one of the top solutions used for mobile development. It is a free, open-source JavaScript framework for building apps.  What makes React Native stand out is usability for both Android and iOS mobile apps. Also, since React Native was built based on React – a JavaScript library, which was already hugely popular when the mobile framework was released, it comes with an easy learning curve since developers are already accustomed to using React. Instagram, Pinterest and Skype are built on React Native.  Here are some more benefits of using React Native: Which would be better for Fintech Applications? For Fintech app development, the decision of using Flutter or React Native often hinges on factors like performance, development speed, community support, and specific project requirements. Let’s discuss each of them here: Here’s an insight: Majority of Fintech Startups prefer using Flutter, for its obvious use cases and advantages. You can still choose between the two, but make sure your App’s features are not compromised by any of them. Performance: Flutter’s compiled native code often delivers superior performance compared to JavaScript-based frameworks like React Native. This is crucial for financial apps where speed and responsiveness are paramount. So for better performance delivery, Flutter is the better choice Cross-platform development: Flutter allows you to build apps for both iOS and Android from a single codebase, saving time and effort.   UI/UX: Flutter’s rich widget library and declarative programming style make it easier to create visually appealing and consistent user interfaces.   Hot reload: This feature of Flutter enables developers to see changes instantly, accelerating the development process.   Community and ecosystem: While the Flutter community is growing rapidly, it may not be as mature as React Native’s, especially in terms of third-party libraries and tools specifically tailored for Fintech. Learning curve: If your team is primarily familiar with JavaScript, React Native might have a shallower learning curve. Flutter uses the programming language Dart , which isn’t that hard to adapt to. Large community: React Native boasts a vast and active community, offering a wealth of resources, libraries, and support. But with Flutter’s success strides and new versions being released, we think this might become a debatable topic in a few years. Third-party ecosystem: React Native benefits from a mature ecosystem of libraries and tools, including many specifically designed for Fintech applications.   Bridging: React Native relies on a JavaScript bridge to communicate with native components, which can introduce potential performance overhead.   So, we have summed up the differences between Flutter and React Native, the use cases for each, the pros and cons depending on different scenarios, and what factors you need to keep in mind while choosing for your Fintech App. Let’s go a step further and see which one is better for different domains of Fintech: Yes, we got it simplified for you!  How can we be sure of this? We are experts in building Fintech Apps. Having built apps across all domains, we have the experience and expertise for choosing the right technology for each of them. You can

Regulatory Compliances for Developing Fintech App in India
Guides, Business, Technology

Regulatory Compliance Checklist for Fintech Apps

September 19, 2024

India’s trajectory of growth in the fintech market is nothing short of impressive. With a CAGR of over 20%, the sector is on a rapid ascent, propelled by high adoption rates and innovative service offerings.  In fact, India boasts as the second-largest and fastest-growing fintech ecosystem around the globe, with an adoption rate of 87%, reflecting the nation’s enthusiastic embrace of financial technology. In the ever-evolving world of fintech, regulatory compliance is crucial for maintaining credibility, trust, and a seamless operation.  Many startups and entrepreneurs in the Fintech space often find themselves navigating through various sources to understand the legalities and regulations required to stay compliant with the country’s laws. This blog serves as a comprehensive guide to help your Fintech app align with the Indian legal framework and regulatory standards. Let’s start with the most Important Regulatory Body of India, RBI.  RBI Guidelines Fintech companies in India are governed by the Reserve Bank of India (RBI).  Ensure your Fintech App complies with: Payment and Settlement Systems Act, 2007 Required for any payment services, including mobile wallets or UPI-based apps. NBFC Licensing Requirements If your fintech app deals with lending or digital credit, make sure you’re following the Non-Banking Financial Company (NBFC) rules. Prepaid Payment Instruments (PPI) Comply with guidelines if your app offers prepaid payment instruments, like wallets or vouchers. KYC (Know Your Customer) Compliance A thorough KYC process is mandatory for onboarding users, verifying identities, and preventing fraud. Data Privacy and Protection Laws Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 Ensure you have a robust framework for data protection, especially for handling sensitive customer data. Digital Personal Data Protection Act The India Digital Personal Data Protection Act 2023 (DPDPA) is a landmark legislation that aims to safeguard the privacy of individuals in the digital age. The Act came into effect on September 1, 2023, and it applies to all organizations that process personal data of individuals in India. Prevention of Money Laundering (PML) Act, 2002 Your app must include Anti-Money Laundering (AML) measures to comply with this act. Ensuring proper KYC verification and monitoring suspicious transactions will help you avoid legal issues and protect your users. Cybersecurity Guidelines CERT-In Guidelines All fintech apps must report cyber incidents to the Indian Computer Emergency Response Team (CERT-In). Implement strong security measures like two-factor authentication, encryption, and frequent vulnerability testing to protect user data. Digital Payment Security The RBI’s guidelines on digital payments require fintech apps to offer secure payment methods, protect user information, and ensure transparent transaction processing. Compliance with GST (Goods and Services Tax) If your fintech app involves the sale of digital services or goods, ensure you’re meeting India’s GST requirements by properly registering and charging taxes when applicable.  P2P Lending Compliance (If Applicable) Peer-to-peer lending platforms are regulated by the RBI. If your fintech app facilitates lending, ensure compliance with the NBFC-P2P guidelines, which govern the conduct of P2P lending businesses. Intellectual Property (IP) Protection Ensure that your fintech app complies with Indian intellectual property laws, including software patents, trademarks, and copyright protections, to avoid legal disputes over proprietary technologies or branding. Foreign Exchange Management Act (FEMA) If your fintech app involves cross-border payments or deals with foreign exchange, ensure compliance with FEMA regulations for safe and legal financial transactions. Consent and Disclosure Policies Your fintech app must include clear consent policies, especially for data collection, third-party sharing, and marketing communications. Transparent disclosure of terms and conditions is critical to building trust with your users and complying with legal requirements. NOTE: The information provided in this Blog is for general informational purposes only and does not constitute legal or financial advice. You can find more comprehensive details on each of these from these Government Portals: PRAVAAH portal RBI Retail Direct portal IRDAI National Single Window System (NSWS) IFSCA FinTech Regulatory Sandbox

how does Broker earn money
Technology, Software, Trading

How Do Stock Market Brokers Make Money Through Apps?

September 14, 2024

In a simpler language with great examples!  Remember those days when you had to be physically present, on a phone call with your Broker to converse Trades? So much has changed since then.  But one question that strikes in the minds of new traders and anyone who wants to learn about Fintech, is how do brokers earn money, in the current scenario, with an app.  Let’s understand the Business Model behind Brokers earning revenue through Trading Apps. Commissions on Trades The first one is of course commission.Whenever a user buys or sells a stock through the app, the broker takes a small percentage or flat fee as a commission. These commissions may vary based on the type of asset being traded (stocks, options, futures, etc.), and some brokers even offer different rates for frequent or high-volume traders. Here’s an example to understand this : A broker might charge $5 per trade or a percentage (e.g., 0.1%) of the total transaction value. What does this bring? Some brokerages charge commissions on stock and ETF trades, but these costs are currently on the decline. Look for : Otherwise, you could pay between $3 and $7 as a trading fee, depending on the online broker. Some brokers offer discounts for high-volume traders. Spread or Markup on Trades While commission is the most common way,  some brokers make money through the bid-ask spread. This means they sell an asset to the user at a slightly higher price than they purchased it for (ask price) or buy it back at a slightly lower price than the market price (bid price). The difference between these prices, known as the spread, is kept by the broker as profit. Let’s assume that a broker buys a stock for $100 but sells it to the user for $100.05. The 5-cent difference here, is broker’s revenue. Revenue Model used here: Interest on Margin Accounts (Borrowed Capital Model) If a Trader wants to borrow money to trade (margin trading), he can do so by borrowing from his broker on some interest charges. This kind of trading allows traders to leverage their positions and potentially earn higher returns, but the broker earns interest on the funds.  It’s a win- win situation for both of them. Discover a powerful Forex trading strategy that has helped achieve remarkable profits. This PDF contains strategies for every type of trade in easy and simple explanations. Click the link below to have access to the PDF Now! Subscription Fees for Premium Features Almost all stock trading apps available in the market offer premium services or features, such as advanced research tools, real-time data, or exclusive trading insights. Anyone too much into trading would be allured by these features. This marketing strategy brings extra revenue for Brokers.Example: – A broker might charge $15/month for access to the pro version of the app having in-depth stock analysis tools or faster trade execution. When does this model work and why? – This model works well for serious traders who need more sophisticated tools than what free accounts offer. – Recurring revenue from subscriptions provides consistent cash flow for the broker. We can help you build a Trading app of your vision with great features and high security. Book a 30 Min Meeting to discuss your idea. We promise it will be great for both of us! Order Flow Payments Another revenue stream for brokers is payment for order flow (PFOF). In this model, brokers route their clients’ orders to specific market makers or high-frequency trading firms, who then pay the broker for sending them trade orders. This doesn’t typically affect the client’s trade experience, but it helps the broker earn extra revenue. For example, a market maker might pay the broker a small fee (fractions of a cent) for each share traded through their platform. This works because, Account Management Fees Brokers with their own apps charge an account management fee, especially for clients who use their services for long-term portfolio management. This is typically a percentage of assets under management (AUM) or a flat annual fee. A broker might charge 1% of the total assets a user holds with them on an annual basis. The larger the AUM, the more fees the broker collects. In-App Advertising and Affiliate Partnerships Some brokers monetise their apps by incorporating advertising or affiliate partnerships. This might involve displaying relevant financial products or services to users, such as credit cards, insurance, or other investment platforms, and earning a commission for each referral. Here’s how it actually works: A broker might partner with a bank or financial institution and display ads for their savings accounts. Each time a user signs up, the broker earns a fee. Advertising partnerships can be particularly lucrative for brokers with a large user base. Affiliate marketing brings in additional revenue with minimal effort beyond app integration. Check out one of our Trading Apps with intuitive Ui/Ux and great features, built on the lines of trust, credibility and security. How Profitmatics Can Help You Build a Profitable Trading App If you are a broker, or aiming to become one, you can’t succeed without an app. A well-designed trading app is essential for staying competitive and maximising revenue streams. At Profitmatics, we specialise in building custom fintech apps tailored to the needs of brokers and traders. From seamless integration of revenue-generating features like commissions, and margin lending to premium tools for serious traders, our fintech solutions can help your brokerage grow its profitability. With our expert B2B fintech development services, we can : Design and build custom trading apps that attract more users.ANDEnsure your platform is secure, scalable, and user-friendly. Ready to take your brokerage to the next level? Contact Profitmatics today to discuss how we can help you build a successful trading app that generates significant revenue.

Untitled design 1
Technology, Guides, Software

10 Reasons Your Fintech App Isn’t Gaining Sales: A UI/UX Expert’s Perspective

September 11, 2024

In today’s fast-evolving fintech landscape, a well-designed app is crucial for success. But even if your app offers revolutionary features, it might struggle to gain traction and convert users into paying customers. Why? The answer often lies in User Interface (UI) and User Experience (UX) design. Here’s why your fintech app might be missing the mark from a UI/UX expert’s viewpoint: Complex Onboarding Process First impressions matter. If your app requires users to fill out lengthy forms, verify numerous details, or jump through hoops just to get started, they’re likely to leave before they even experience its value. Solution: Simplify the onboarding process. Use progressive sign-ups, social logins, or guest access options to reduce friction and allow users to engage with the app more quickly. Poor Navigation A fintech app often has various functions like account management, investments, payments, and market tracking. If the navigation is unintuitive, users will get frustrated searching for basic features. Solution: Organise content logically. Use intuitive symbols, simple language, and a consistent layout. Make use of UX patterns like bottom navigation bars and search functionality to help users locate features effortlessly. Lack of Personalisation Modern fintech users expect apps to provide a personalised experience. An app that doesn’t adapt to user preferences—whether that’s by suggesting relevant financial tools or tailoring content to individual needs—will fail to engage users. Solution: Leverage data to offer customised dashboards, personalised notifications, and relevant content suggestions. Let users adjust settings and save preferences for a more tailored experience. Slow Load Times Financial transactions require real-time data. If your app is sluggish, users will quickly lose patience, especially when they are trying to make fast investment decisions. Solution: Optimize app performance by using faster algorithms, caching frequently used data, and minimising large file sizes. A delay of even a few seconds can cost you users and, consequently, sales. We know how crucial speed and security are for fintech apps, but we also recognize the importance of a seamless UI/UX. Feel free to explore some of our fintech apps, which combine great design with powerful features and top-notch performance. Check out our Fintech Apps Now! Cluttered Interface Fintech apps, by nature, handle complex data and transactions. But packing too much information onto the screen creates confusion. If users are overwhelmed by a cluttered interface with too many charts, numbers, or buttons, they’re likely to abandon your app quickly. Solution: Implement a clean, minimalist design. Prioritise essential features and keep secondary options tucked away in collapsible menus. Use white space to improve readability. Unclear CTAs (Calls to Action) If your app doesn’t clearly communicate its next steps, users won’t know how to interact with it. Whether it’s subscribing to a premium service or completing a financial transaction, if the CTA isn’t clear, users will feel lost. Solution: Use prominent, actionable CTAs that guide the user naturally. Buttons should stand out through size, colour, or placement. Ensure that they clearly indicate the intended action, such as “Invest Now” or “Upgrade Your Plan.” Insufficient Security Cues In fintech, trust is paramount. If your app doesn’t communicate security measures effectively, users will hesitate to proceed with transactions or even sign up. Ignoring Mobile-First Design Mobile is often the primary platform for fintech apps, yet some developers still treat mobile design as an afterthought. If your app feels clunky or poorly optimised for smaller screens, it’s going to cost you users. Solution: Ensure your app is responsive and mobile-first. Prioritise touch-friendly buttons, gestures, and simplified layouts to make navigating the app on a mobile device intuitive and seamless. Inconsistent Design Language Consistency in design is key to a seamless experience. If your app uses different fonts, colors, or layouts from screen to screen, it creates disorientation and looks unprofessional. Solution: Stick to a unified design language. Use consistent font sizes, colors, icons, and layouts throughout the app. This will enhance the flow and improve user confidence in navigating the app. Failure to Guide Users Some fintech apps expect users to understand all the functionalities without providing sufficient guidance. This lack of onboarding tutorials or in-app assistance can alienate users who are unfamiliar with certain features. Solution: Integrate micro-interactions, tooltips, and guided tours. Help users navigate the app with ease and offer explanations when necessary. Regular updates with “what’s new” or tutorial sections can also assist in driving engagement. Conclusion: Your fintech app’s UI/UX can make or break its success. From the first screen to the final conversion, every step should be smooth, intuitive, and enjoyable for the user. By addressing the pain points above, you can increase user retention, enhance satisfaction, and ultimately drive more sales. If your fintech app is struggling with user engagement or conversion, we at Profitmatics can help optimise your app’s UI/UX for better results. Let’s chat and turn your app into a user-friendly, revenue-generating machine! Book a Meeting Now !

How to optimise Speed of your Fintech Application and Software
Blog, Software, Technology

Speed Up Your Fintech App: 5 Expert-Approved Techniques

September 2, 2024

If you are into Fintech App Development, we are pretty sure you must also face the challenges of balancing heavy loads of data and the demand for quick response time. The need for real-time processing for transactions, account updates, and notifications to meet user expectations for immediate action is crucial for Fintech Applications.  Add the issue of integrating live data feeds for up-to-date market information and financial metrics.  It fills the bucket, doesn’t it? Here are 5 strategies to ensure your Fintech app operates swiftly and efficiently, balancing multiple tasks seamlessly while delivering top-notch service.  These insights are from Expert Fintech Developers with additional experience in building Stock Trading Apps, so rest assured you will find it very helpful! 1. Load Balancing Some of the best load balancers, depending on the needs of the Fintech application, are F5 BIG-IP and Nginx Plus, AWS Elastic Load Balancing, Google Cloud Load Balancing, and Azure Load Balancer.  2. Caching Strategies Use in-memory caching to cache frequently accessed financial data and reduce latency. The best options are: 3. Database Optimisation One way to optimize database performance is by creating indexes on the commonly queried fields and partitioning the large datasets to improve query efficiency. This would in turn manage the big data that Fintech Solutions require and help streamline the whole process of management. Another way would be to use Read Replicas. Using database read replicas to handle read-heavy operations can help reduce the load on the primary database. 4. Microservices Architecture To make scaling of different functionalities easier, break down the app into microservices, each handling specific functionality like transactions, user management, portfolios, and real-time stock data.  5. Real-Time Monitoring and Analytics Real-time monitoring and analytics are essential for the success of Fintech apps, whether they are payment solutions, trading platforms, or finance monitoring tools.  At Profitmatics, our extensive experience in developing a diverse range of Fintech applications from the ground up has given us a deep understanding of the unique intricacies and requirements of each type. We ensure you receive cutting-edge technology that perfectly aligns with both your needs and technical specifications.  Check Out Our Fintech Apps Now! Here are some of the Expert Chosen Tools to make your Application work seamlessly: Since you have read till now and are giving your time and effort, here is one bonus point for making that Fintech App of yours work seamlessly.  Bonus: Content and Data Compression Also, use efficient data formats like JSON or Protobuf to minimize data payload sizes and speed up processing. These five (and one bonus) tips are articulated by our experts to make sure you arrive at the right tools in order to make your Fintech Solutions work better.  If you want to lose all hassle and build a fully efficient Fintech App with all the latest features, catering to the demands of the Fintech Industry, we are here to share our expertise! Connect with us to build something revolutionary in the already-trending Fintech Industry.