FinTech apps are all about bringing financial services directly to the consumer simply and conveniently. With banking undergoing unprecedented digital transformation, FinTech is on track to radically transform how consumers interact and work with financial institutions.
The explosion of FinTech mobile apps is great news for app developers, and we have stats to back the growth of the sector. In 2021 alone, nearly 2.5 billion people (that’s one-third of the world population!) accessed financial digital services and as many as 94% of financial companies believe FinTech will drive future growth.
The growing popularity of FinTech creates an extremely competitive space for app developers. Therefore, launching a FinTech app requires clever strategization. Luckily, our experts have compiled all-star methods to help you release your FinTech app to the world.
So let’s dive into the details.
#1 The basics: Security for FinTech apps
What’s the biggest reason slowing down the adoption of FinTech mobile apps? Data security. It’s absolutely essential. While public opinion is slowly headed in the direction of favoring FinTech, the majority of users still trust traditional banks over digital platforms. Therefore making sure your app offers a robust data security system is key.
A highly secure app will not only avoid legal ramifications and damages to your company’s reputation but also provide a comparable service to a traditional financial institution.
So where do you start?
No matter what the use case of your solution is, research should be your first point of action. Understanding the compliance considerations and legal concerns and rolling these into the development phase of your app is key. Remember to leave some room for potential changes in your app’s functionality to match legal trends later on. This way your app will always stay relevant and up to date.
Here are some other tips to help you during this phase:
- Adopt features such as fingerprint scanning, multi-factor authentication, fraud detection and prevention tools. They will improve user experience and protect user data.
- Keep users informed of your data protection system. Keeping the lines of communication open will provide an added layer of transparency.
- Consider penetration testing (a testing method that focuses on breaching an IT system’s security) which will allow you to detect security deficiencies and create a better quality product.
The bottom line is clear: without an advanced security infrastructure, your FinTech app will go nowhere, fast.
#2 Identify your FinTech app’s unique value proposition
Now it’s time to understand your niche. In the FinTech space, there are several functional categories and your app will likely fall within one or multiple domains:
- Digital banking (such as Revolut NatWest)
- Money transfer and payments (such as PayPal, Wise)
- Cryptocurrency (such as Luno, Coinbase)
- Stock trading and Robo-advising (such as Vanguard, Ally Invest)
- Insurance (such as Cuvva, MyAviva)
- Budgeting and financial planning (such as PocketGuard, Simplifi)
- Lending and financing (such as Dave, MoneyLion)
Once you decide on your app’s key functionality, it’s important to check out your competition. This way you’ll be able to identify what’s already available in the market and how your app can offer an elevated user experience.
Whatever you land on, weave your value proposition throughout the app listing, onboarding process, and the app’s environment. Even going as far as alluding to your niche in the app’s name in a clever and memorable way can go a long way in converting potential customers (think Starling Bank)
#3 Release a Minimum Viable Product (MVP)
An MVP or minimum viable product (a basic model of your app showcasing only its core functionalities) is a phenomenal way to gauge your user’s interest in your new solution. At a minimum, your MVP should encompass the typical mobile app “user journey” which includes onboarding, education, engagement, and call-to-action (CTA). Your MVP’s niche, or what is setting it apart from the competition, should be clear to anyone unfamiliar with your app.
As the saying goes, first impressions are everything. The global mobile app market size amounted to 187.58 billion USD in 2021 and is projected to grow at a compound annual rate of 13.4% from 2022 to 2030, so it’s critical to ensure your app will garner market share with so much growth potential.
So how do you maximise learnings in these initial stages to safeguard future growth?
During their trial period, encourage users to explore the features and provide feedback by asking the right questions and take their feedback seriously. Use it to make improvements to your app before the official launch date. These can be desired features to roll into your product roadmap, UI improvements to improve usability or even incorporating innate virality into the app through referral schemes (a great example is Revolut’s very instagrammable bank cards).
Don’t forget that the MVP should be built promptly to give you a head start on the final version of your FinTech solution.
#4 Invest in paid UA to grow your FinTech app
Investing in foundational campaign strategies can help you start building your user base and increase brand awareness. Consider channels like Apple Search Ads, Google Facebook and TikTok, all of which can support your acquisition goals and capture your target audiences. Not only will you be able to boost your user base as you focus additional efforts on organic, brand and partnership activities, but it will also provide insights and essential learnings about your audience. If you wonder what features are the most compelling to your users, what creatives convert best and how you can improve your user segmentation and targeting, paid media campaigns will help you capture relevant data and drive future app growth. All these insights will inform you when you’re ready to scale your acquisition efforts and get ahead of the competition to seize market share.
Here are some great ad creative examples from Claro, a financial coaching app:
Using client testimonials in the above creative (left) can help increase the brand’s credibility and presents real-life use cases of the app that can be beneficial to users, making it much easier for them to make a quick decision to download. Additionally, a humorous graphic or a nod to viral memes can help to capture users’ attention, add personality and make (what can be at times) scary topics of finance more approachable.
#5 Optimize your app store listings
App Store Optimisation will help you boost the visibility of your FinTech app, acquire more organic users and increase the conversion from impression to install.
To do this effectively, your app description must include your strategic keywords and be optimised regularly. Pro tip? Put yourself in your users’ shoes when building your keyword bank and don’t forget to review your competitors’ listings. This will help you to identify potential keyword opportunities and ensure you’re not missing out on any relevant search terms they might be using.
When it comes to your app screenshots, ensure they explain your app’s features and its unique value proposition. Keep them on brand and aligned with the design of your app to provide a seamless and cohesive user experience from the start.
Your app store rating is a big factor that can impact your app store ranking so having a review management strategy is key. Integrating an app review plugin or a time-delayed prompt asking users to review the app when they enjoy it the most (A-HA moment) are great ways to capture more positive reviews.
Here’s an example of well-optimised Product Page on the iOS App Store for a shop now pay later app Klarna:
#6 Pay attention to where the FinTech app market is going
When bringing a FinTech app to the market, we have to mention social media. It’s a powerful tool that many modern brands heavily rely on to increase brand awareness, educate users, and build on their brand’s personality.
Partnering with the right social media influencers will allow you to capture quality users that fall within your target market and increase brand awareness. Also, consider posting organic content to your social media, such as Instagram, Facebook and TikTok (which was the most downloaded app of 2021) and boosting posts with paid advertising. This strategy is pretty much essential considering 93% of GenZ is regularly using social media and are likely to adopt FinTech apps for financial matters.
Creating a winning go-to-market strategy for your FinTech app
FinTech apps have immense growth potential because they provide valuable and convenient financial services to anyone owning a smartphone. In this competitive market, you’ll need a winning strategy to hit the ground running once your app is launched.
This strategy starts at the development stage by solidifying your security infrastructure, defining your niche, and creating a streamlined mobile app experience packed with customization features and in-app support. Gaining early user feedback will allow you to produce a product your customers will fall in love with and foster positive reviews. Last but not least, driving visibility of your FinTech app through App Store Optimisation, paid acquisition and social media will help you increase installs and build a strong bond with your users. Altogether, this multifaceted strategy will lead you to long-term success.
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If you want to find out more about how improving the mobile customer experience can impact your app marketing campaign or you have any app marketing questions feel free to reach out to the Yodel Mobile Growth Team. Additionally, you can sign up to our newsletter for exclusive industry updates and app marketing insights from the ASO Agency of the Year. Want to find out more about optimising your app? Make sure to subscribe to our Mastering Mobile Marketing video series. Follow us on LinkedIn, chat with us on Twitter @yodelmobile, and join our #AppMarketingUK LinkedIn group.
