How can a suitable fintech partner elevate your business in 2023?

What is fintech? Fintech is short for financial technology. Modern fintech software development services provide financial products and innovations to various clients to reach business goals. The fintech industry uses modern technology to compete with traditional financial institutions. The sector includes payments and transfers, financing, wealth management, financial planning applications, insurance, and more. In addition, FinTech improves data processing and enhances customer security with built-in anti-fraud algorithms.

ROI is the key: Monetization of fintech applications: 

 Eliftech development team helps not only to create an app but to make it profitable. Product owners should be thinking in advance about how to make money on applications. There are several options for this:

Paid subscription

You can offer a free trial and then ask for a fee if the user wants to keep using the app. Your income will directly depend on the number of users. Subscriptions are paid at a fixed rate, making it easier to predict revenue.

 Transaction fees

If the financial application has a virtual card or account, you can add a fee for transferring funds to other financial institutions. Transaction fees are the most profitable way to monetize, as financial applications allow users to transfer funds, convert currencies and pay for third-party services.


Ads are great if you want to generate consistent income from an app. Despite criticism from users, banners and short videos are used everywhere. To avoid dissatisfaction, you can place banners in the application, so they do not interfere. Advertisers will pay for placement and views.

Key functions of fintech applications to look for in 2023

A financial application should have features that make it different from any other. Let’s see what a developer needs to create a fintech application.

  • Linking a card is considered a mandatory feature of a fintech application. Therefore, you can integrate a payment gateway into the application and allow users to link a credit or debit card to their account.
  • Security is the most important aspect when building a financial application. Users’ money must be securely protected with a password or PIN, and transactions must be confirmed with a one-time SMS code or two-factor authentication. Implement a security protocol and ensure a simple and secure login process.
  • Basic financial transactions. Add the ability to make payments and credit and debit funds. To make it more convenient for customers, you can add the option of distributing user funds between several cards, accounts, and virtual wallets.
  • Notifications. With the help of push notifications, the user receives information about debiting or crediting funds, messages from banks, and technical support about news and special offers.

Additional features of fintech applications

Additional features and services in a fintech app engage users and enhance their experience, which can set you apart from the competition.

  1. Personalization and use of artificial intelligence algorithms. In 2023 users will come across such functions in banking applications. New elements appear on the main screen: the function of transferring money to a frequently used number, popular services, the ability to view up-to-date spending analytics, and much more. Personalization also includes using Big Data to predict customer behavior and create customized offers.
  2. Automation of financial processes can become your hallmark. It includes payment of utility bills, loan repayment, and planned transfers of funds. In addition, users can make regular payments automatically by setting a schedule, automating internal business tasks, and controlling the status of all cards and accounts.
  3. Blockchain solutions will help your application securely store and track data and manage user information, as well as eliminate the problem of personal data leakage.
  4. QR code payment is one of the fastest ways to make transactions. The client can pay for the purchase using the mobile banking application, a QR code, or just one button in the interface.
  6. Information panels. Make sure everything your user might need is available on the dashboard, but keep the screen manageable with the necessary features.
  7. Additional services. You can add non-standard financial services to the app, such as ordering food, buying tickets, or donating money to charity. An interesting option is the integration of microservices. Then, the application will be structured as a set of interconnected mini-applications, similar to Alipay.

How to create a fintech application in five steps?

Creating an application is not a matter of one day. It takes time and investment. Therefore, the first thing a startup should think about is an idea and a niche. But there are a few more stages that every development goes through. For example, you can create a mobile banking application in just five steps:

Step 1. Analyze the project. It is necessary to analyze the market and determine the type of future application and monetization model. Pay attention to the relevance and prospects of the project, then determine the budget and timing. 

Step 2. Create a design. The application must be user-friendly. Customers, as a rule, praise the simplicity and beautiful picture. Quality user interface and UX is the second most important step in fintech applications. Find references, define your preferences and design with the UI/UX team.

Step 3. Develop the application. Tell the developers how you see your project and what features you would like to include in the application. Describe what problems it solves for users and how they interact. Discuss all your ideas with the IT team and create your application. Create an MVP (minimum viable product) – a basic version of the application that includes its main components.

Step 4: Test the application. Be sure to check and test the fintech app. Testing allows you to verify that all application features work as intended and avoid bugs after release. 

Step 5 Launch the app and collect feedback. Launch the app and get feedback from the first users. Actual feedback will help identify flaws and suggest what features to add, remove, or change.

CTA: If you want to create a fintech application but think that you could use more “tech” proficiency to succeed, it is always wiser to seek the help of professionals: Elifftech can become your trusted tech partner.

Most Popular

To Top