Having a great idea is not enough for starting your FinTech app development, you also need to clearly define the features and functionalities that you will integrate into your app. Also, you need to check the feasibility of your FinTech app. For this, it is vital to choose the right technology stack for your fintech application.
This tech stack will play a major role in deciding the future of your FinTech app. Also, it can help you to accomplish your business goals in minimal time. That is why you need to be cautious while selecting the tech stack for your FinTech app. Also, you can hire dedicated developers or you can outsource your app development work to remote developers.
In this blog, we will show you the things that you need to keep in mind while choosing your FinTech app’s technology stack.
Things to consider when choosing a FinTech app stack
Tech stack is quintessential because it’s what you use to develop your FinTech app. Thus, don’t underestimate the importance of research and analysis to select the right set of tools.
Choosing the wrong tech stack can cause you the loss of money, time, and resources for your project. A profound business analyst and a skilled developer is essential to avoid pitfalls when choosing your tech stack.
Here are a few important things that you need to consider while choosing a tech stack:
1. Define the scope of your project
The first step of FinTech application development is to define the scope of the project. The project scope includes the features, project goals, functionalities, development costs, deliverables, project deadlines, etc.
You need to ask yourself a few questions such as what you are expecting from the project? Who is your target audience? How will they use your app – on the web on or smartphone? Because making a web app is completely different from making a mobile app. Even the mobile apps are bifurcated in two parts – Android and iOS.
Define the scope of your project after keeping the above things in mind. Consider making an MVP first and then integrate additional features into your app after working on the customer feedback.
2. App architecture
Developing a FinTech app involves both the stakeholders’ requirements and consists of numerous elements. Here the App architecture comes into the picture. App architecture determines how all the components will organise and communicate with each other.
For choosing a suitable architecture, you need to understand their type first. There are two types of app architecture: First is microservice architecture and another is serverless architecture. In the microservice architecture, the app is developed as a group of small services over a specific technological platform. On the other hand, serverless architecture is free from any technical structure.
3. Programming languages
After choosing the best architecture for your FinTech app, you need to select a programming language. If you want to develop your FinTech app from the start, then you should think of using programming languages such as Java, Python, Go etc.
Developing your app with Python is good for you as it provides you with several benefits such as the extended library, capacity of making prototypes, great community support and higher scalability.
Another popular app development language is Java. Java is very popular among the FinTech sector so you can also think of using it for your app development.
Today, financial businesses are digitalising their offerings to reaching out to a large number of people. Due to this, FinTech businesses have to start storing a large amount of data so that they can use it for growing their business. For managing this data, a FinTech company needs to make a solid database that is capable of handling the request quickly and safely.
The ideal database for a Fintech app enables the users to access all the payment details at a single place. Also, users can get a clear and precise view of their transactions. Along with this, admins can schedule their payments and purchases in advance by using the database.
5. Speed of development
Development speed becomes essential while developing an app. If your development speed is low then you have to pay more costs. So to get over the top of your business, you should choose a programming language or app framework that offers ready-made solutions so that you do not have to spend much time on your FinTech app development.
For minimizing the time of your app development, you can consider using cross-platform technologies such as Flutter or Xamarin. Also, you can concentrate on making an MVP rather than building a full-fledged version of your app. Along with this, you can also use wireframes or agile practices.
6. Threat detection technologies
When you launch your Fintech app in the markets then it may face some malicious threat that can harm your business reputation. That is why you implement effective technologies for detecting threats such as cloud security algorithms, end to end encryption, usage of Firewall and antivirus, artificial intelligence, etc.
These threat prevention technologies will not only help you to prevent the harmful security threats of mobile financial solutions but also you are building trust among your clients.
7. Fraud prevention tools
Nowadays, fraudsters are coming with new ways to fooling customers and bypassing the fraud detection systems. That is why it becomes crucial for digital FinTech companies to make a secure payment solution that consists of the latest fraud detecting mechanisms such as artificial intelligence, biometric authentication, blockchain, tokenization, etc. After looking at fraud prevention tools let us see how they can prevent payment frauds.
AI tools can be used to monitor fraudulent transactions so that you can prevent them easily. Also, you can inform the payment processor to completely abort or block the transaction.
On the other hand, biometric authentication is a method that uses fingerprint, retina, and voice to prevent fraud. Also, the admin can save these biometrics to prevent financial frauds in future.
Blockchain is another prevention measure that can eliminate the frauds by implementing augmentation and real-time data sharing to all the concerned parties.
8. Use DevOps
Before we see how DevOps can help you with building your digital FinTech application, let us look at its meaning first. DevOps is made up of two words – Development and IT operations. It is useful to curtail the development cycle and it also provides seamless delivery with high quality of software.
Apart from this, DevOps increases the productivity of your business and software development teams. It helps you to save maintenance costs by eliminating unnecessary expenditures. Also, DevOps can increase the reusability of the system components.
9. Development budget
You also need to make a detailed budget before starting your app development. Ensure how much money you want to spend on developing an app for your FinTech business.
There are many free and open-source frameworks in the markets that can help you to achieve the same results as offered by the paid frameworks.
So if you choose a tech stack with which you are familiar then it becomes easy for you to save app development time and costs. Thus, by planning your development budget carefully, you can make a high-quality product.
So these are the various things that you should consider while choosing a tech stack for your next project. Consider all necessary factors such as cost, required time, features and the capability of the chosen tech stack. Consult a software development team if you need more help.
Choose your tech stack wisely as it can affect your FinTech app development. Feel free to reach us if in case of further assistance.
Nikunj Gundaniya, Product manager Digipay.guru, one of the leading fintech solution providers, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.