Posted by Joel Newman & Ashraf Hassan, Strategic Partnerships, Finance, Google Play
Millions of people around the globe have limited or no access to basic financial
services to enable them to manage their day-to-day finances. Mobile technology
can help bridge this gap by connecting historically underserved consumers with
high-quality tools to help them improve their financial health.
Often faced with an uncertain regulatory environment and/or a highly fragmented
financial marketplace, many developers struggle with building great app
experiences while also navigating this complex financial space. That's why we
recently worked with
CFSI, the authority on consumer financial health, to create
the FinTech App Development Compass, a six-step guide for building high quality
mobile apps to make financial services more accessible on Google Play.
Below, we're sharing six tips to consider when building a financial services
app. For more, read the complete
FinTech App Development Compass.
Tip 1: Know Your User
Understand who your consumer is and what difference your product can make in
their day-to-day life. What are their financial needs? How can your product
improve their financial health? How does your product fit within the context of
their financial lives?
Tip 2: Focus on Access
Responsibly expand access to your product. Consider how your product can fit
seamlessly into your users' routines. Consider your users' circumstances,
including that English may not be their first language and that they may be
using older devices with limited data plans.
Tip 3: Establish and Maintain Trust
Trust is at a premium in the financial space. Make sure you are developing
mutually beneficial financial solutions that deliver clear and consistent value.
Similarly, make sure you are using the latest security tools available from the
Android platform to secure your users' data.
Tip 4: Test and Iterate
Before releasing any product to the public, make sure it has been thoroughly
tested. From a financial perspective, be sure to measure the actual impact of
your product on users over time. From a technological perspective, be sure to
leverage Google Play alpha and beta channels for distributing apps before their
public release.
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