FinTech startups offer users and businesses endless ways to save their money. However, all solutions have common problems. Let’s dissect them and try to find solutions to improve your business.
Problems of protection and loss of trust
Security is perhaps the main concern when it comes to mobile banking, payment apps and FinTech software development in general. Traditional banks have guards, cameras, safes and entrances to secure assets.
Solution. Many technologies can be used to protect the FinTech target:
- Biometric verification
- Data encryption and obfuscation
- Real-time alerts
- Behavioral analysis
Integration of Big Data and Fake Intelligence
Big Data and artificial intelligence are some of the necessary technologies for any forex trading software. Big Data enables companies to manage and recognize the user, their name, family members and cultural situation for commercial management, methods and business.
Solution. The most sensible solution is to choose a Big Data and Artificial Intelligence specialist and have them look at your business to find out what is needed and discover the best production methods.
Integration of blockchain
Many FinTech applications are based on blockchain. Some believe that blockchain has not lived up to expectations, while others are convinced that it is the fate of all data changes on the Internet.
By integrating blockchain you can make your FinTech software super reliable, because with blockchain you can track any type of transaction and stop any change, so you can always know what is happening to your funds.
Solution. Integrating blockchain requires expertise, so you need an expert who knows how to combine them on your behalf in a secure way.
Make sure you are compliant and take care of your reputation to avoid any restrictions in managing your mobile services, as regulators are currently reluctant to let blockchain do the heavy lifting.
Government guidelines will thwart you if you use the most popular FinTech software (djangostars.com), which does not use blockchain and the ancillary technologies that do, although they must be tested.
Solutions. Make sure your software and physical methods are aligned and, if necessary, engage a reputable consultant to review all features in detail.
Need for mobile and technical expertise
Many governments have a strong presence in the financial world, and most full-fledged banks do not have decent mobile banking services or other user-friendly fintech services.
The foundations are being laid in the heat boxes, in the streets and in the shops. For example, Ukrainian mobile banking software Mobindustry Fintech, which app developers pDevelop :
- Paying on public transport with a QR code
- In-store payments with NFC chip
- Automatic scanning of the credit card number by the camera
- Two-factor fingerprint authentication
Solutions. Organize an additional agency or choose outsourced developers to build your FinTech end result app with mobile development best practices in mind. Another way to get a mobile specialist is to choose a specialist who will advise you to set up a development company or set up an existing company and get a policy.
Growth challenges and effective marketing to attract customers
It’s about getting a break, an audience and a strategy.
Solutions. To win over a fintech startup, you need to be sure that you are much better than your competitors. To achieve this, each of you must provide a lot of money, energy and individual resources to offer your users a complete assistance package or you must cooperate with conventional banks.
User recognition and user actions
User engagement and support are among the biggest challenges when developing a banking application.
Solutions. Make sure your UI / UX statements are secure and user-friendly.
frequently asked questions
Which of the following is a major challenge for FinTech?
Fintech companies process sensitive customer data. Many cyber security threats result in significant monetary losses in online transactions. They are totally unjustified to customers. Convenience technologies also open people’s online accounts to fraudsters bent on stealing their assets.
What do you think of FinTech startups?
Finance, evaluation, how to evaluate….
How to start a FinTech startup?
The conundrum is how to start an intellectual enterprise. ….
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