It seems as though the demand for fintech application development services has skyrocketed dramatically over the last few years. As of November 2021, nearly 11,000 fintech businesses were operating in the Americas and over 9000 in the EMEA region. If you are an investor, entrepreneur, or developer interested in fintech mobile app development services, you evaluate all of the opportunities this exciting industry has to offer.
What is FinTech?
Fintech or Financial Technology describes new applications and technology that improve and automate financial services and how they are delivered. Fintech isn’t just limited to the banking world. Sectors like education, retail, fundraising, and investment management use fintech applications to improve service delivery and convenience. A fintech mobile app development company can assist with building apps to improve payments, invoicing, banking, and more for various businesses.
Which Industries Use Fintech Application Development Services The Most?
Most industries need fintech app development services of some kind if they want to stay ahead of the game. Fintech isn’t just the domain of baking fintech app developers anymore! Examples include:
- Digital Lending Companies
- Mobile Banking
- Mobile Payments
- Cryptocurrency and Blockchain
- Trading and Investing
FinTech is growing so fast because it allows small companies to compete with large traditional banks for the first time. It’s no longer about being the biggest or the wealthiest kid on the block – it’s about being fast and able to address changing customer demands. You can also hire a fintech app development company to build apps for niches that fill gaps in the market that banks simply can’t.
Top Technologies Used in Fintech:
If you aspire to become a fintech developer or want to hire a team of fintech developers, you should familiarize yourself with the technologies driving the industry.
- Machine Learning and Artificial Intelligence: These technologies are used for credit scoring, fraud detection, regulatory compliance, and investing.
- Data Analytics: Financial Data is highly valued. Companies can use the large datasets generated to predict how customers will behave and shift through them using algorithms to detect fraud.
- Robotic Process Automation: Also known as RPA, robotics can take over manual, repetitive tasks to streamline workflows like compliance management, communication and customer service, and transaction management.
It’s also important that developers are familiar with cybersecurity best practices. Financial institutions are often the target of unscrupulous hackers, which is why every developer needs to know how to keep data safe and secure. Every fintech firm should perform the necessary cybersecurity and quality assurance checks to ensure that hackers can’t find their way into the system due to a weakness in their code or platform. Once it’s built, firms also need to ensure that they invest in the necessary updates, bug fixes, and maintenance that will keep the app safe in the long run. Cybersecurity for Fintech will also keep evolving.
Other Forms of FinTech:
FinTech broadly combines the terms “finance” and “technology,” but there are specialist fields within FinTech. InsureTech refers to the application of technology to the insurance business model, streamlining cumbersome insurance processes. This includes mobile app claims filing or policy management.
RegTech focuses on automating compliance processes, including managing transaction records and compliance documents.
Top Programming Languages Used for FinTech:
To work in Fintech, developers have to know specific programming languages, including:
- Java, for its helpful security and compliance capabilities;
- Python, which is very useful when working with AI and machine learning programs;
- Scala, which has concise and compact code and fills a lot of the gaps that exist in Java;
- C++, to assist with the migration of legacy banking systems;
- SQL, practical when working with vast amounts of data; and
- ReactJs, for front-end development.
Mobile apps can transform the way we live and work. Pretty soon, the things we hated about banking and finance – like waiting in queues and completing pages and pages of documentation – will be a thing of the past.
Investing in fintech application development services is a great business avenue to pursue as the demand for fast, mobile financial solutions continue to explode across the world.
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