5 Questions to Ask Before You Launch Financial App

5 Questions to Ask Before You Launch Financial App

Financial services industry has always been one of the earliest technology adapters. No wonder that one of the most promising directions of technology – mobile app development – has made the list of must-have activities in the world of finance. Financial services providers, such as banks, financial consultants, and insurance companies are interested in developing their custom mobile apps to have the ability to manage transactions, control account, purchase goods and services at their fingertips.

That said, if your financial business still doesn’t have the app (or even a couple of them), you probably lag behind your competitors. To keep it up, turn to a trustworthy software developer and start your first mobile project. But remember: a financial app is not a low-risk software, so make sure that you cover these 5 questions in your app development plan:

1. Native or cross-platform?

The choice between native and cross-platform is always a hot issue. With native development, you’ll have a better performance, friendlier user experience and higher rank in app stores. However, be ready to pay more, especially if you plan to launch the app for different platforms. As far as cross-platform development, it will cost you less time and money, and provide you with better audience coverage. On the other hand, you’ll sacrifice your performance and UX, which makes cross-platform development unlikely choice for a big business.

2. Is it user-friendly?

Since your customers tend to judge your business by its app, make sure that your app is targeted to your specific audience, has a relevant and effective design and meet the requirements of user interaction. In other words, mind UX and UI of your app and consult platform guidelines regarding them, as it will help you avoid app store rejections – 20 % of the apps are not published because of their poor UI.

3. Is it secure?

When developing a new financial app both developers and business owners should remember that they are taking on responsibilities for the app secureness since the end clients expect no risks and losses from the new app. How can you make your financial app secure? We gave this question to the Information security manager of Elinext app development department Darrell Ivory. Here is what came as a sum up:

• Take care of custom security features, as built-in ones can have some vulnerabilities depending on the complexity of your app.
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• Strengthen your login procedure by password checker and add more levels of authentication, such as sending a code to the telephone number of the user.
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• Think of the ways of data encryption, for, example check out the blockchain technologies.
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• Keep abreast of the new security trends, and roll out new updates according to them.

4. Is it fast?

Today people value their time so much that they would rather pay more than wait extra seconds when the app is loading. That is why it’s important to make an app as fast as possible: cache and resize the images, re-use data templates, add the offline mode, and test your app for performance each time significant updates are done.

5. Does it work as expected?

After your app is released, you’ll probably get sunk with customer reviews on app stores saying that they don’t work the way they should. Even more, over 20% of users abandon the app after one use. If you don’t want your app to be missed, provide the quality control. The app has to undergo multiple testing processes for security, performance, usability and more. Don’t think that testing should start after all the development is done – engage QA specialists as soon as development comes to its logical stage.

The bottom line is this: while the market for financial apps is growing, ever more IT companies and financial services providers feel the need to launch their own applications to attract more customers and increase brand loyalty as well as facilitate the interaction with the existing clients. However, financial app development requires a lot of research, business analysis, and technical acumen, so entrust this process to the experienced and reliable software development provider.