This document outlines the major challenges of developing a fintech mobile app. It discusses 5 key challenges: 1) Planning the idea and determining technical feasibility and user benefits. 2) Finalizing the appropriate technology stack. 3) Identifying the app complexity based on desired features. 4) Defining the right user experience design. 5) Ensuring data privacy and security standards are met. For each challenge, it provides questions that should be asked to properly address that challenge during the app development process.

1. Major Points of Challenges Experienced
During Fintech App Development Process

2. In 2020 alone, FinTech was the most demanding mobile app
category across the globe, with a 50% boost since 2018. It’s one of
the most engaging mobile app businesses to step-in right now.
Whether buy online or procure loans, all the key payment options
are digitally processed. Our reliance on e-payment methods,
mobile wallets and banking apps is slowly becoming a need. But
even with all advantages, FinTech Software Development is a
challenging job. It’s heavily surrounded by compliance, security and
other challenges.

3. Planning an idea that works as per the requirements is always the
foremost challenge. Fintech is a diverse domain, and comprise of
different sectors, as per feasibility and scope of innovation. Make
a list of questions that you’ll need to ask at this stage.
Questions to Ask
 What is the scope of FinTech App?
 Is the idea technically feasible?
 What core benefits will the users obtain from the App?
 What are the current alternatives to the solution and why are
they better?
1. Understanding Business Goals

4. The tech stack is all about the architecture on which the Fintech
app is built. This comprises the database, front-end, server, and
Operating System. The best technology stack is the one offering
the most technical advantages for implementing the solution and
includes the minimum amount of effort, to build the mobile app.
Questions to Ask
 Are other Fintech Apps using this tech stack?
 How much time and costs will be invested in?
 Are Fintech App Developers for the tech stack easily available?
 How long before the tech stack goes out of scope?
2. Finalizing Tech Stack

5. A mobile app can be designed to address 100 problems with
minimum impact or 1 issue with high impact. Finding all problems
you wish to address will determine how complicated the app will
become. Again, the complexities of the app faced by FinTech
Development Company must be balanced with available
resources to develop the mobile app.
Questions to Ask
 What are the top problems that the mobile app is addressing?
 How many features will the end-user get in the first release?
 Are the required features different from desired features?
 How will the cost of the project change with the number of
features?
3. Identifying App Development Complexities

6. User Experience (UX) refers to the ease-of-use, and interface
design. It’s all about how the look and feel of the app. UX can be
designed in a million ways, and selecting the most suitable one is
a challenge. Usually, it grows over time, but the standard and
framework have to be laid initially.
Questions to Ask
 What platforms will Mobile App integrate?
 What level of UX refinement is implemented?
 What are the key features of Fintech Apps?
 What front-end technologies will be used for it?
4. Defining Right UX

7. Fintech Apps or digital payment solution provider needs extra
caution with strict security standards because the data is very
important. The system that will handle the data must be robust to
keep the user data secure, and usable. In addition, it should meet
the privacy guidelines published in the region where the app is
active.
Questions to Ask
 Is the app secure to process financial data?
 Does it meet the security standards?
 Are the security protocols taken while building the app?
 What all things must be kept in mind while implementing
security?
 So, these are the most important and key challenges faced by the
FinTech app development company.
5. Ensuring Data Privacy and Security

8. Your Fintech app development project is backed by strong market
favorability. Fintech Apps are growing in number and with services
like loan origination systems the industry is heading towards the
trillion-dollar value. While challenges in deploying a Fintech App
are still present, you have a clearer idea of how to overcome the
challenges. The blog discusses the problems, and questions to ask
that are crucial to learning before stepping into the Fintech
Industry.
Wrapping Up:

9. Thanks!!