Let us look into a few important rules that you should be well aware of when getting an e-wallet app developed. Following these rules or protocols if you are going to ensure the development of a reliable and functional FinTech application that is not just current but compliant to the laws and regulations as well.
1) The Very First Rule To Creating A FinTech App Is User-Friendliness
No matter the geographical location of the user, the E-Wallet app you are thinking about getting developed has to be easy to use and should be loaded with visually appealing graphics and design elements. Do not hesitate from exploring different design options when it comes to creating a customized fintech application for your business idea. Secondly, it is also very essential for you to include watertight security options that are very well embedded in the design itself. The interface should be unique and easily recognizable with absolutely no cracks and loopholes. The development team you hire should know what makes for a great user-experience and intuitive user-interface, and it is important to work closely with them to get a design that is both functional and super secure.
2) Talking About Functionality
Remember, a visually appealing application is definitely a great thing to have but above all what is going to enhance its worth is its functionality. The key here is to provide the users with everything that they require in an e-wallet app. For example, avoid displaying too many options and features in a single window. The dashboard of your fintech application should be easy to manage with clean design elements. Predictability features should be enabled by default to speed up the use of your app.
3) Diversity & Scalability
There are startup businesses, crowdfunding platforms, several banking procedures, online transfers, digital payments and much more that a fintech app is expected to be capable of catering to. In this time and age fintech applications need to be flexible in more ways than one. You have to ascertain beforehand whether your business goals are to serve only for a particular group of people with your application or to keep it diverse. If you want to cater to a wide variety of clients and types of users, it should be scalable and fluently adaptive to the various hardware and software paraphernalia used by your users. Your fintech app development process should be such that the final application can be easily scaled up and out to the changing needs and preferences of both your customers and evolving technology. Though, you must convey your thoughts to your e-wallet app development company beforehand so that they can build the technical architecture accordingly.
4) Relentless Support
Your customers or app users are always going to have questions regarding your application or e-wallet platform. Having a great customer support team is going to help you fix all the bugs and problems with your e-wallet application. This support system is going to become one of your strongest USPs if you are able to pull it off with enough sophistication. Gathering a support team can be simplified if you look for the following characteristic traits in them:
- Efficient Communication
- Customer Empathy / Compassion
- Ability To Manage Stress
- Company Knowledge
5) Location Specific Rules and Regulations
Now, let us get a bit location specific and find out what rules and formalities apply to the FinTech industry across the globe.
General Data Protection Regulation
The law on data protection implemented in the european union. At this very moment there are a few essential things about the GDPR that every FinTech business needs to know about.
- GDPR can affect your FinTech business whether you have physical operations in the European Union or not.
- All the processes, policies and security measures need to be documented and reviewed regularly.
- Working with any personal data is allowed for a specific purpose only.
- Your customers should be given the right to data portability which is the ability to switch between service providers and still retain one’s personal data.
- The European Union authorities need to be notified about all the breaches within 72 hours of occurring
Federal Trade Commission
The Federal Trade Commission (FTC) has started paying attention to the FinTech industry across the US. FTC is basically a bipartisan federal agency incharge of protecting customers against all kinds of deceptive practices. Conducting investigations on violations and collecting complaints about data threats and security issues along with looking into misleading advertisements are some of its responsibilities. With its latest target being the FinTech industry, it is expected of all the players in the market to be truthful and transparent in their business and honest in their conduct with their customers.
If you are thinking about launching your very own E-wallet business or application, there are a few questions that need to be answered first:-
- What are the important regulations that are going to control your company’s products and /or services in the market/region/ country you are looking to enter?
- Are you aware of any existing regulations and how well are you prepared to comply with them?
- What are the licenses that you are going to need in order to function in that country/region?
- Is it going to be profitable in the long run to partner with an already existing FinTech company?
- Is it possible to get into a collaboration with an existing FinTech company that has the required licenses?
- Are there any risks and conditions attached to this kind of collaboration?
Do you have any questions or concerns about E-wallet App development? Get in touch with Zapbuild today and find out how practical and profitable the FinTech scenario is going to be for you.
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