To stay competitive, modern fintech companies have turned to fintech app development services to execute digital strategies designed to delight their customers and accelerate business growth. But why work with external app developers rather than internal teams?
Maintaining internal teams of expert customer experience (CX) strategists, product managers, software developers, and designers is challenging and time-consuming. Taking away attention and resourcing from core, value-generating initiatives often slows innovation and hampers business agility.
By partnering with fintech app development experts, FSI companies can deliver innovative digital experiences that help finance startups and enterprises alike achieve their CX and digital transformation goals
Few industries have been transformed by the explosive growth in the use of mobile devices as much as the financial industry. After all, can you imagine going through your day-to-day life without using an app or mobile site to handle your most basic personal finance tasks?
Every day, billions of people use mobile banking apps – checking their bank balance, sending a friend the money they owe for dinner last night, or paying a monthly bill. And leading fintech companies are well aware of how important digital experiences have become to their customers. As a result, they’re investing millions every year to develop the next innovation in customer service, mobile features, and user-friendly applications.
There are undeniable advantages to investing in your CX strategy with mobile app development – but achieving a differentiated digital experience is incredibly challenging. You need to assemble the right team, devise the right strategy, and stay the course, even when product development and delivery timelines don't go as planned.
That’s a tall order to fulfill, especially for companies that are newly started or have little in-house expertise to handle modernizing legacy banking systems.
Choosing the right technical partner for this work is critical, as your company’s digital platform can make or break your growth.
Over the past decade, banking growth strategies leading the industry have become synonymous with digital and CX strategy. From startups to midsize companies to enterprise organizations, every finance business needs to deliver exceptional digital experiences to keep loyal customers and attract profitable partnerships.
Every time a customer experiences any friction – whether a slowly loading page, a transaction error, or a missing or poorly designed feature – the likelihood of them remaining a loyal customer or becoming a brand advocate plummets.
To deliver the services their customers need – and the user experience they want – fintech companies need to take an approach to application development that combines CX strategy with technical skill. However, the resources needed to hire, train, and retain technical experts can make it virtually impossible to achieve fast enough to keep pace with the competition.
These domains have become the hallmark of successful tech companies over the last decade. Despite the demand for these skills, experienced UX and CX designers, researchers, and strategists are not as common as you might imagine.
And, there’s even more competition for developers: over a third of companies are currently planning to hire more than 50 developers, and 53% are planning to increase their hiring budget for developers.
Integrating and modernizing complicated legacy systems and maintaining compliance with industry regulations requires technical expertise, but that doesn’t mean full-time hires are the only path to success for fintech companies.
Your business can implement a modern development process that is efficient and innovative, keeping you ahead of the competition and on top of industry trends. All it takes is the right fintech app development partner.
The financial services market in general – and the fintech industry in particular – has become more competitive than ever. Maintaining a competitive advantage requires more than one good app or feature, and market leaders are constantly looking for ways to bring digital products to market faster, without sacrificing quality or customer centricity.
Working with an experienced finance app development company means you have access to experts in continuous integration, mobile and web development, and intuitive user interface design. This allows you to build fintech apps that are designed with features, user-friendly interfaces, and performance that will increase customer engagement and satisfaction.
The importance of investing in your business’s digital experience continues to grow year after year. As customers become more technologically savvy and the fintech industry grows more competitive, finance companies need to be able to pivot quickly to stay successful.
Fintech startups today face a particularly difficult challenge. Although all startups need to grow and differentiate quickly, those in fintech need to develop digital apps faster and more effectively than industry giants with vast resources and even local businesses with established customer bases.
Fintech startups that take advantage of proven agile methodologies will be able to ideate, build, market, and launch finance apps faster than their competition. That requires working with expert software developers that can create scalable digital experiences across web, iOS, and Android apps.
But creating apps that support easy onboarding, contactless banking, and self-service options isn’t the only challenge – they also need to be developed to deliver enterprise-grade software availability and security that rivals what established companies have to offer.
Mobile development for enterprise financial organizations can be difficult to accelerate because of legacy infrastructure. Larger organizations may operate poorly integrated databases running on on-prem servers, all of which often need to be migrated to the cloud to deliver the on-demand mobile experiences customers expect.
Before commissioning a new app or mobile site, enterprise organizations need to map the digital experience they want to deliver to the product and architecture changes that need to be made. Then, they can work with a software development partner to devise a process-driven project plan to implement best practices for user experience (UX) design and microservices-based, cloud-native app development.
Choosing a fintech software development company that has the fintech experience, technical expertise, and strategic product approach you need to succeed isn’t easy, especially if your planned project is completely new to your organization. You need a team that has a proven record of delivering modern, intuitive digital banking experiences designed to exceed your customers’ expectations.
Here’s what to look for when considering app development services:
Fintech companies need attractive digital banking experiences designed with their customers in mind. Look for app development teams with experience across the product development spectrum, from improving the function and accessibility of existing digital banking apps all the way to building a digital banking platform from the ground up.
Working with a team that can develop mobile solutions that are user-friendly, scalable, and – above all – user-centric is essential for meeting your customers’ demands.
Case study: ila Bank by Bank ABC
Bank ABC recognized the demand for mobile banking in the Middle East, and the company turned to Mobiquity to develop its new digital banking solution for Bahrain called ila Bank. The goal was to create highly personalized banking solutions that aligned available digital services and features with customer needs. Our team’s strategists, UX designers, and engineers helped ila Bank plan and bring that vision to life, creating a flexible digital platform that could deliver seamless experiences today and easily integrate future capabilities.
Today’s banking companies need fintech app development services ready to integrate reliable mobile payment solutions. Customers increasingly rely on mobile payments to simplify their lives. Mobile payment experiences that are both user-friendly and reliable have become standard capabilities in mobile banking.
Not only do these solutions need to meet strict industry regulations, but they also need to integrate seamlessly with payment gateways, partner application programming interfaces (APIs), and authentication services. Look for a fintech app development team with security and integration expertise specific to your industry, use case, and application stack.
Case study: Kum & Go
Our client Kum & Go, a chain of convenience stores located in the Midwestern United States, recognized the importance of mobile payments to its customers. To enhance the purchasing experience of its customers purchasing fuel, Kum & Go enlisted Mobiquity’s help to develop a Mobile Fuel Pay solution as an extension to their existing app.
By working with us to create this option for their customers, they were ready to launch user-friendly contactless payments just before the arrival of the COVID-19 pandemic, which was well-received by its customers and led to the growth of its existing customer loyalty program.
Any app development team you work with should fully scope the work required at the start of any project. This approach ensures that the development process stays tied to a thorough business strategy and well-defined goals from start to finish. Every decision should be based on thorough research and product-market fit, ensuring the product that you receive in the end is tailored to your customers and brand strategy rather than just mimicking the latest fintech app ideas on the market.
Then, you’ll be able to deliver a seamless, omnichannel experience that drives customer engagement and loyalty every time users interact with your digital platform, whether they’re at home, on the go, or using a self-service kiosk or ATM.
Case study: Bank of the Philippine Islands (BPI)
BPI wanted to improve its CX to increase engagement and streamline the customers’ omnichannel experience across digital and in-person interactions. Ultimately, the company’s goal was to stay top of mind in customers’ daily lives, and Mobiquity was able to help them develop an agile development solution that reduced time to market and improved response times to user needs.
Learn more about the case study
Trying to hire fintech developers is challenging, time-consuming, and costly – especially if you get the decision wrong at a critical time in your development lifecycle. A professional team of fintech app developers should be ready to accelerate product development and customer satisfaction for your business. And the team you choose for your project should be able to provide ongoing maintenance, support, and product improvements that ensure you’re continuing to deliver excellent experiences to your customers.
Case study: Large credit union
When this major credit union needed a mobile app development company that could handle migrating legacy systems to a new environment, they turned to Mobiquity. Our product engineering team was ready to deliver the web app, iOs, and Android app development needed to deliver new digital experiences for their members.
The organization benefited from working with our team, who brought the technical expertise required to handle a highly complex migration from on-prem servers to a new digital platform and cloud environment, as well as onboarding delivery teams, integrating and training teams on new technologies, and ensuring consistent security throughout the process.
Many fintech software development companies focus on product creation or implementation alone – but successful fintech app creation doesn’t start with the first line of code. See how an experienced FSI app development team can take fintech companies from strategy to execution and delivery, keeping your business goals and customers in mind at every step.
The fintech development process should always start with devising a digital experience strategy, helping you create digital products that are designed with your customers’ needs in mind. CX strategists first map the customer journey, conducting research and ideation before creating prototypes to test and validate.
At the end of this stage, the product team delivers a product roadmap with well-defined key performance indicators (KPIs) and architecture strategy to ensure the project proceeds efficiently and delivers a digital product with the flexibility and scalability you need.
Partnering with the right finance app development company means you benefit from product managers that have the experience and skills to ensure developer teams and stakeholders continue to progress and shape the product roadmap.
The goal is to help you implement continuous development and delivery processes throughout this process. As a result, the digital product you and your app development team create is not only innovative but ready to iterate and improve so you can continuously deliver better experiences for your customers.
Based on the project plan, software engineers and developers then apply their technical expertise to develop innovative software features and digital services that improve the real-world value of your digital products. By using agile methodologies to develop and connect artificial intelligence (AI) models with your banking applications, the developed application or service should allow you to deliver personalized digital experiences for your customers.
Ensuring the successful delivery of digital products is just as important as the initial project plan. If you’re working with an expert app development team, they should have plans in place that ensure they deliver results on time and within budget. At the same time, their delivery management approach should confirm that features, services, and applications perform as expected in a production environment – so your customer experiences the full benefit of the mobile solutions designed just for them.
A fintech development company that delivers phenomenal digital experiences
Whether it's your company’s entry into digital banking or you need your existing digital products transformed, we’re here to help. The Mobiquity team is staffed with the digital strategy and fintech application development experts you need to create the digital experiences your customers are waiting for.
.jpg?width=640&height=424&name=pexels-lukas-574071%20(1).jpg "pexels-lukas-574071 (1)")
