Top 6 Fintech App Challenges and their Solutions from GKM IT

?Fintech is a clipped compound of ‘financial technology’. It refers to the firms using the latest technology to compete with traditional financial methods in the delivery of financial services.?

When creating a Fintech application, there are some key challenges that every business owner and developer must lookout to solve. At GKM IT, we have listed below the major challenges facing fintech applications and how to deal with them.

Some Market Insights on Fintech Industry

• 60% of consumers want to transact with financial institutions that provide a single platform, such as social media or mobile banking apps.
• 96% of global consumers are aware of at least one fintech service or company.
• One of the biggest fintech products is digital payment, which holds 25% of the fintech market.
• Peer-to-peer (P2P) (digital lending) was worth US$43.16 billion in 2018 and is expected to rise to US$567.3 billion in 2026 with a CAGR of 26.6%

Challenge #1 Identifying a gap in the market

A true entrepreneur is one who actually solves a problem with his/her business idea. This explains the first challenge in creating a Fintech application - what problem is the business solving?

Challenge #2 Picking the right stack

Having narrowed down on a particular business idea that solves a problem, the next step is to pick the right technology stack. By ‘right technology stack’ we mean the one that aligns with your business goals and operational capabilities.??

Challenge #3 Properly planning for different app complexities

The quote ‘Too many cooks spoils the broth’ stands true in development. Focusing on a few key problems is much more effective than tackling 50 issues at once. It allows developers to spend more time and effort polishing their app’s core features.

Challenge #4 Designing a good user experience

An excellent user experience (UX) is perhaps one of the most crucial factors for app success. According to research by Forrester, a well-executed UX can bring as much as 9,900% back in ROI. That’s huge.

Challenge #5 Complying with Governmental regulations

Compliance is often one of the trickiest challenges of any fintech app. The biggest reason is that laws vary in complexity from country to country. It is crucial for all developers to adhere to the Governmental regulations of the country where their app will be operational.?

Challenge #6 Leveraging AI and Big data

Artificial intelligence is already making a big impact on the future of fintech. This innovation enables apps to perform complex and tedious tasks, like picking a stock portfolio or finding the best lenders, automatically.

GKM IT’s Expertise in Fintech Application Development

If you are looking for the best Fintech App development company, GKM IT is your one-stop solution. Our team of developers specialize in creating secure and efficient Fintech applications and have dealt and solved all types of challenges faced in the same.?

Happy Development!

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