5 Things to Consider Before Building Fintech Products

The world has been evolving rapidly for quite some time now, pushing industries across the globe to accelerate the development of solutions for their customers and business partners. In the finance sector, Fintech products and services are taking center stage as cutting-edge technology drives the efficiency and innovation demanded by our digital society.

With the growing need for accessible and user-friendly financial solutions, no aspect of money management can afford to remain untouched by digital transformation. Here are things to consider before building fintech products.

Choose the Right Colors

Colors play a crucial role in financial products, especially Green and Red. While experimenting with colors might work in other industries, deviating from these norms in Finance can lead to negative outcomes.

For example, Green is commonly associated with positive actions like buying or gaining, while Red signifies negative actions such as selling or losing. This is why many FinTech companies choose Blue as their primary brand color, it stands out while complementing data visualizations effectively.

Selecting Your Product Features

When evaluating your fintech needs, prioritizing essential features that deliver maximum value to your customers and drive business growth is a smart approach. Developing a minimum viable product (MVP) is practical when working within budget and time constraints. However, including every possible feature may not be advantageous, as only a few will truly be utilized by your customers.

Features like an ATM card scanner or mobile check deposit may be more valuable in terms of functionality and user experience compared to features like budgeting tools that can easily be found elsewhere. To identify the most impactful features, focus on understanding customer needs by gathering user data, feedback, and staying informed about the trends shaping the finance industry.

Know Your Users, Test Your App

Thorough user testing and feedback sessions are crucial for gaining insights from a wide range of users, ensuring your FinTech app is easy for everyone to use. Recognizing unexpected user groups requires flexibility and a willingness to serve a broader audience than you initially planned, which ultimately boosts your app’s accessibility and attractiveness.

For example, if you design an investment app primarily targeting tech-savvy millennials, consider that older users with similar investment goals may also adopt your app but may not be as comfortable with mobile technology.

This makes it vital to focus on creating a simple, intuitive user experience and straightforward features, regardless of your audience’s familiarity with digital tools. Overlooking these diverse user groups could have a significant impact on your app’s success and overall performance.

Ensure Your FinTech App is Easy to Understand

A common challenge for financial websites and apps is overwhelming users with excessive, complex data. This often includes confusing navigation, intricate interfaces, large numbers, and unclear calls to action, this leaves users feeling frustrated and lacking context. To address this issue, focus on understanding users’ goals and helping them achieve them. Key steps include:

• Optimizing website design 
• Presenting information more effectively 
• Simplifying the user journey 

By tackling these areas, essential features become easily accessible, and complex financial data is transformed into user-friendly visuals like graphs or charts. This approach enhances data visualization, improving the overall user experience and making financial details easier to understand and use.

Personal Touch

Personalization is a key factor in winning over customers. Clients value the ability to customize software to meet their needs. Features like modifying the dashboard, creating templates, or adjusting the visual theme can enhance their experience. AI technology can further streamline this process. An AI-powered solution can analyze how customers use the app and identify ways to optimize it to better meet their specific needs.

Endnote

Your products play a vital role in driving your business’s growth and success. Today’s customers seek simpler, more accessible, and efficient financial technology solutions to eliminate the hassle and challenges of traditional banking and financial services.