But how do you start offering services digitally? There’s an entire guide to understanding fintech app development if you are looking to set up web apps for insurance, mobile banking, equity, loan app, financial education, stock trading, etc. This industry is rapidly growing and to sustain itself in the market, you will have to face numerous challenges.

Transformation to digital can bring challenges as it involves software solutions and that comes along with the question of security. With the fintech industry being competitive, it is crucial to understand the challenges and get solutions to overcome them.

Let us find out what the possible challenges faced by the fintech industry while product development.

Top Challenges Faced by Fintech Product Development Process

The companies without any fintech services are not sure of the services or they do not have adequate knowledge or help from any resources regarding any fintech project or product. There are a few pain points that companies adopt during the process of fintech application development.

Let’s check a few of them below.

1.   Fintech Regulatory Compliance

Fintech’s foremost challenge is to handle and manage the data of the users effectively. How will the banks, and other financial regulators manage the piles of data? Every day there are some rules and regulations probed by the government and the users and the fintech industries have to obey them.

In certain cases, only documents are gathered and there’s no end to it. Moreover, if the company is not aware of these regulations imposed by the government they may face issues. For legal compliance checks of all the users, it is better to develop an online application. Hire the best fintech app development company that has experience in developing similar apps and can ensure that your documents and data are secured under one platform.

2.   Security Issues

Data security is the biggest concern when it comes to users handling fintech applications for their daily transactions or online payments, or trading in general. Traditional banks had guards and lockers to secure anything, but keeping things virtual is not the same. Vulnerabilities can impact a lot of users when it comes to their personal data fraud.

What can be the potential solution to avoid such issues? Things get harder and a powerful and robust app that also provides security to the data can only be the solution to help you secure your fintech needs. And to get you real-time encrypted solutions, hire one of the top fintech app development companies to develop an app for your business.

3.   AI Integration

As we know, artificial intelligence has made an impact on each organization today. It has helped large companies to collect personal information about users, financial behaviour, and in-app activity. This data is very important to fintech industries for credit ratings and other banking services.

If you are in a fintech industry and think that it is too late to integrate the technologies you are mistaken. Implementing these will reshape the business and retain customers. For AI and big data to combine, you need to get the AI model right to teach through ML.

4.   Lack of Tech Expertise

There are multiple companies that are facing issues due to the use of outdated software or absolutely no knowledge of new updates. When it comes to using a mobile app for any industry, specifically when it comes to financial services or fintech products, having an updated application is more important. Of course, every user would want to use a seamless app but an old one is never a good choice.

Try to find out or analyze the new trends and features that other companies have in their mobile apps and integrate the same to retain the users. A lack of expertise can give a pullback to the business but with new features and technologies, you can bring back amazing experiences for your customers. Features like QR codes, automatic scanning for credit card numbers, and two-factor authentication along with fingerprint scans can help increase the number of users.

5.   Blockchain Integration

There are still companies that think blockchain has not worked efficiently the way it was meant to be and a few think that blockchain is the only future of data exchange.

Data exchange is the crux of any fintech service as the users enrol for finances and exchange multiple documents and data for investment, payments, trading, funds, etc. With blockchain software, one can track all the data of where the money is going and coming from. Developing and integrating a blockchain system is crucial, however, a blockchain integration developer is needed to hire for having no issues and complete security.

6.   User Experience

What does a user need? An easy-to-use application to manage all their finances and expenses without any threat to the security of their personal information. Looking for new software and tech solutions can make their daily life easy.

If you are planning to develop an app for your finance business, it is important to integrate all the latest technologies and features for the users to attract and for the old users to retain. Saying goodbye to the old traditional site and adapting to the new digital platform is hard but it is feasible to the users who like to use the internet for everything they need. Keep the application navigation simple and easy for them to use and checkout hassle-free.

7.   Designing Cloud Architecture

If you are looking or want to get the next-gen fintech solution, designing a cloud-based app is the key to success. SaaS-based models from the cloud platforms help in reducing the cost.

It also helps in data management and maintenance issues. Integrating the cloud architecture offers third-party IT service providers to rely on apps and use private cloud data for storing the data. Each location has its own cloud designed to manage the data and maintain it efficiently.

Conclusion

With all the above challenges in the fintech industry, there are ongoing government policies that will never stop. To keep them in mind and follow the guidelines, balancing with technologies is a crucial task.

If you are a startup it might not be easy to adapt to the technologies and develop an application leaving the traditional systems behind. Although the impact of using fintech mobile apps is increasing every day and people feel it is more convenient to use banking apps instead of standing in queues even if it is only to withdraw or transfer some amount to another account.

If you are also thinking of developing an app for your fintech business, you can reach out to the best fintech app development company. They can help you with the best solutions that fit your business needs and also the user’s needs.

The post The Key Challenges Faced In Fintech Product Development appeared first on Tech Web Space.

Common user interface across platforms

Most of the cross-platform frameworks do allow the developers to share codebase with different platforms. Flutter, however, is the only platform that allows the developers to share both the UI as well as the UI code.

Flutter is able to do so because it has its own high-performance rendering engine named Skia. Using Skia, the developers can launch a UI on a wide range of platforms. 

The Flutter app developers no longer have to adjust the UI according to different platforms. Having its own rendering process significantly reduces the app development time using Flutter.   

Another major advantage of Flutter is that it does not require any platform-specific UI components for UI rendering. This isn’t the case with other cross-platform frameworks, as they rely on platform-specific components for UI rendering. Other cross-platform frameworks need to map every animation into a platform-specific widget call, and this is a complicated process. 

The way Flutter renders UI eliminates inconsistencies in UI on different platforms. Flutter allows the developers to save time and effort as it is easy to share UI and business logic with Flutter.

Near-native performance and custom UI

With cross-platform app development technologies, a major issue is the lack of native performance. A lot of entrepreneurs are wary of building a cross-platform app due to this reason. Flutter addresses this issue as it delivers a near-native performance even with a custom UI. 

In fact, Flutter’s performance is even better in apps that have complex user interfaces. What’s the reason why Flutter performs better than its peers? Well, unlike most other cross-platform frameworks, Flutter does not use interpretation or intermediate code representations. Instead, the developers of Flutter have built Flutter directly into machine code. 

This way, the Flutter developers have effectively eliminated any bugs that are commonly associated with the interpretation process. Flutter allows the developers to fully compile an application ahead of time, effectively reducing the time-to-market of the application.

A major advantage of Flutter is that it allows the Flutter developers to customize anything and everything with the application. Some might argue that native app development platforms also allow the developers to customize the look and feel of the application. While this is true, the thing is that the effort required to customize an app on native platforms is much higher than what is required with Flutter.  

The high level of customization that Flutter offers is due to the wide range of widgets that Flutter provides to its developers. With basic coding knowledge, the Flutter developers can even customize the widgets to suit their specific needs. Flutter allows the developers to customize the widgets according to different screen sizes. However complex the UI may be, Flutter is designed to provide a smooth user experience. 

Single codebase and hot reloading

With native app development, businesses need to build two separate apps for Android and ios if they want to publish apps on both platforms. This is not the case with Flutter, as a single codebase is required to build apps that can run on multiple platforms like ios and Android. As Flutter developers need to write code only once, the development process gets accelerated. The single codebase feature of Flutter not only simplifies the process of Flutter app development it also helps bring efficiency into the process of Flutter app development. 

With a single codebase, the testing time is also reduced significantly as the testers need to test only a single code instead of testing separate ios and android codes. Hot reloading is another feature of Flutter that makes app development fast and easy. With other platforms, whenever the developers need to see the effect of the changes they make in the code, they need to compile the code and wait for a few seconds to see the results. It may seem that only a few seconds are wasted in the compiling process. Understand that the figure adds up, resulting in several hours wasted when the developers were waiting for the code to compile. 

Due to the hot reloading feature of Flutter, the developers and designers can simultaneously see the effect of the changes they make in the code immediately. The hot reloading feature thus increases the productivity of the developers and allows them to fix the bugs immediately. 

MVP development and scope beyond mobile

An MVP(most viable product) is one of the best ways to test the waters. Instead of developing a full-fledged app with all the features, MVP development focuses on building an app with only the essential features. This way, you as an entrepreneur can mitigate the risk associated with developing the app. You do not need to invest tons of money into building a full-fledged app and can see what the features that are in demand amongst your users are. 

MVP helps you to identify the essential features that you need to add to your app. MVP also helps you to test your business idea because, many times, the reality is different from what we think. An MVP is also a great way to showcase your app to investors. With Flutter, you do not need to build separate MVPs for iOS and Android. You can build a single MVP and get going with your project. 

Flutter is compatible with Firebase, meaning that the developers won’t need to separate the backends for building a simple MVP. 

Many people think that Flutter is only for mobile app development. This is far from the truth, and Flutter is also used for web applications now. Google has already shown a preview of its Flutter web product. Flutter web allows the developers to run web apps built using Flutter in a browser without the need of doing extensive modifications to the source code. By providing Flutter web, Google has started promoting Flutter as a full-fledged cross-platform application development tool.

An experienced Flutter developer can build a Flutter app that can run smoothly on Windows, Android, iOS, macOS, and even on embedded systems.

Flutter your way forward

Flutter is one of the most exciting app development technologies available in the market today. Robust support from Google, a vibrant and growing community, and attractive features like hot reloading make Flutter a stand-out performer in the cross-platform application development arena. We suggest you avail the services of a top Flutter app development company to leverage the benefits of Flutter for your business.

The post 4 Reasons Why Flutter Is Setting the Trend in Mobile App Development appeared first on Tech Web Space.