The finance app industry has been experiencing exponential growth with global adoption rising from 16% in 2015 to 64% in 2019. Users love the fact that these apps can help to keep track of their finances and provide personalised financial advice so they can have maximum control over their money. If you are venturing into mobile application development in Singapore and wondering how to build an app that will be in high demand, here are six things you should consider.
The financial industry is highly regulated and engaging in finance mobile apps development in Singapore means your app must be legally compliant with terms set out by the Monetary Authority of Singapore (MAS). Because financial legislation can change from time to time, you must always keep abreast with any changing requirements and apply them to the app software or content to ensure perpetual compliance.
Security is perhaps the most important factor to consider when deciphering how to build an app that will be well received by users. Personal finance matters have always been a sensitive issue, which is why it is not surprising that users’ top concern lies in the confidentiality of their data.
As a financial app developer, your top priority should go into ensuring data security with reliable features that protect against cyber abuse. Adding security layers like biometrics authentication and real-time alerts are some basic features that may give users peace of mind.
It is never about how to build a mobile app but how to build one that gives users the best experience. Essentially, your app's user experience (UX) influences how your users perceive your products and services.
The same applies when developing a financial app. Especially with so many financial apps available in the marketplace, you have to clearly define what sets you apart from the rest, what is your niche, who are your target audience and what are their preferences. With this information, you can more effectively design an app that resonates with your audience.
It is good to have the human touch but when it comes to mobile application development in Singapore, leveraging Artificial Intelligence (AI) can take your app to the next level. With AI, you will have the option to personalise the user experience with chatbots that offer faster customer service and automated features that seamlessly categorise expenditure and conduct expenditure analytics without human intervention. Users can even personalise reminders to ensure they are right on time to manage their financial matters such as paying a bill or renewing their policies.
Companies that specialise in mobile apps development in Singapore often adopt three strategies to monetise their apps:
A financial app is a highly complex software, taking time to perform functionality and authentication tests can ensure that it is fully optimised to render an impeccable user experience. Importantly, assess the protection mechanisms and perform an analysis of the source code to spot any security vulnerabilities and debug the app before rolling it out to the public.
To sum it up, how to build a mobile app that wins the hearts of users requires dedicated planning and adoption of advanced technologies. Especially for financial apps that are subject to a high level of regulatory scrutiny and security threats, evaluating the six factors above may offer useful insights to developing a successful finance app.