If you’ve decided to build a fintech app, we wish you good luck as they are some of the toughest to develop. The sector is so crowded and tightly regulated, and there’s not much room for error. If regulators don’t get you, it’s the competition, so you have to make sure that you have a good concept and avoid crucial mistakes during the development process. Fintech apps could bring lots of dividends if built correctly, however. Here are some of the mistakes people make when developing fintech apps.
1. Making Account Verification too Intrusive
Many people who use fintech apps do so because of convenience, so asking people to send a picture of their puppy dog and a drop of blood from their firstborn might deter a few prospective clients. You have to make the verification process as seamless as possible while still being rigorous.
Here, we suggest that you check out Envestnet | Yodlee’s customer identity verification. It can be easily integrated into your app and was made with the fintech industry in mind. Its customer verification API system will allow you to verify user information by connecting different accounts and reconciling them with the phone, email, or address of the person trying to open an account.
2. Overlooking Onboarding
You may be the type of person who skips instructions when first using an app but know that lots of people like them. Onboarding is especially important for a financial app that might be used by a wide range of people, some of whom may not be the most tech-savvy.
Your tutorials should be clean, detailed, and use audio and animations, if possible, as well. The better your instructions are, the more people will want to use your app and unlock all of its capabilities. You want to keep your churn rate as low as possible, especially at the beginning, and onboarding or lack thereof will have a direct impact on it, so don’t cut corners there.
3. Too Many Functionalities
One of the biggest mistakes people make is assuming that a financial app has to be complex. Just because finances are complex, doesn’t mean that your app should be or that you should try to do everything at once. Having too many features will eventually dilute your focus.
Instead of cramming thousands of mediocre features that no one wants, focus on two to three core ones. You also want to make your interface as simple as possible. It should be easy enough for a 7-year-old to navigate. Remember how broad a base fintech apps can reach and that some of the people you are targeting may have never used one before. Anything too complicated could confuse some of your customers, frustrate them, or make them apprehensive, so make simplicity a priority.
These are just some of the mistakes you should steer clear of if you want to build a successful fintech app. It takes time and a lot of planning, but if you have a proven concept and the right team, the sky’s the limit.