Design and Development of Fintech Apps in 2022

The industry of fintech considers financial manipulations such as payments, money transfers, loans, crowdfunding, asset management, cryptocurrencies and many others as one of the ways to communicate with customers and buyers. The best designers and developers in this sector create user interfaces and experiences that make it easier for people to interact with money, and therefore make life easier.

Today the main popular types of fintech apps involve development of insurance apps, lending apps, digital banking apps, payment processing & tax filing apps, apps for money management and even high frequency trading software development.

During the last decade, many technologies have been invented and applied in fintech development as well as numerous design strategies. Let’s learn more about both components of a successful fintech app today, in 2022.

Development

When creating a new fintech application, it is important to always keep the main thing in mind – we live in the digital age, when technologies are designed to simplify and speed up everyday operations.

To create a fintech application, you might need to follow the key steps in its development process:

• Creation of a secure platform;
• Introduction of innovations and artificial intelligence;
• Changing the dynamics of customer experience with the help of immersive technologies;
• Search for a new application and use of blockchain services;
• Secure notification system;
• Simple but secure registration process;
• Compliance with all fintech regulations.

People are used to the fact that they can access everything they need through their mobile devices. Therefore, in the second decade of this century, the stakes are raised because we quickly get used to what is easier. And this means that in 2022 the goal of fintech app development is to resolve a number of challenges in working with applications without losing the speed and ergonomics of the product:

• Digital identities;
• Data ownership;
• Cloud migration;
• Third-party components;
• Compliance with security protocols.

And finally we got to the programming languages that can handle the purposes on the highest level and that are preferable to be used while building fintech apps in 2022:

• Backend Development – Java, Python and C++;
• Web Development – React and Angular;
• Mobile App Development – Swift/Kotlin and Flutter;
• Databases – SQL and NoSQL.

Design

The fintech industry is focused on the needs of users, which means that companies and banks are looking for ways to maximize the efficiency of their services. We have already said above that in 2022 everything related to business transactions has to be easier to use and understand. And nowadays, fintech applications must also meet a number of user requirements regarding the appearance of applications. That is why design is as important in the process of creating applications as the development part.

The fintech application development process is reflected in two phases: UX design and UI design. We need the user experience design to determine how users will interact with the application. Whereas interface design determines what users will see, what colors, animations and buttons. But fintech is a complex industry that is why designers face various product design challenges.

Let’s look at the most common ones.

Challenge 1: Application Accessibility and Usability

In UX/UI design, this means adaptability for different people who interact with products in different ways, i.e. the ability of an interface to interact clearly with different users. Here is a checklist for improving the accessibility of a fintech product:

• In-depth onboarding;
• Comprehensive mode for an interface;
• User-friendly writing;
• Information pop-ups windows.

Challenge 2: App Safety

Fintech application development technologies provide a high level of user data security and those security methods include:

• Secure coding;
• Encrypted communication between application and server;
• Blockchain technology;

• Regular QA testing procedures;
• Frontier security features in the app.

Thanks to the fintech application design it’s possible to show users that these security methods were applied properly and that their data is safe. Informational pop-up windows are perfect for that task. Step by step they explain to the user, how financial information is collected and used. However, in addition to pop-ups, the design also includes branding and coloring of applications.

Challenge 3: Algorithm

Your app’s interface should guide users to make relevant decisions. It means that when using a budgeting application, for example, a feature that breaks down users’ spending habits to help them focus more on their goals is definitely needed.

As we’ve figured out the design challenges for fintech platform development, now we can get further to the design process. This process includes:

• Planning;
• UX Design itself;
• User interface design.

The main UX trends in fintech apps niche in 2022 are:

• Bright colours;
• Blurry, colorful backgrounds;
• Personalized interfaces;
• Unusual screen loading;
• Authentic images.

Thus, in 2022 we should expect even more active growth of fintech solutions. Given the importance of social distancing and growing security concerns, current and emerging technologies will include appropriate features to create a modern solution that will meet business goals.