FinTech has been taking off in recent years, with more businesses than ever realising the benefits of implementing new financial offerings such as embedded finance platforms. Currently a £16 billion industry, it’s expected to grow to £167 billion by 2025.
One thing is for sure: the snowball effect FinTech is experiencing is showing no signs of slowing down, and organisations of all shapes and sizes need to be thinking about developing their own FinTech app to meet consumer demand and stay ahead of the curve.
By offering an accessible platform where businesses can embed convenient new financial products into their own offerings, Orenda sits at the forefront of this exciting evolution.
This article breaks down everything you need to know about how to build a FinTech app so that you can grow your business in the right direction.
Why build your own FinTech app?
If you want to know why you should consider building your own FinTech app, it’s important to first understand why so many other businesses are already doing it.
One survey on the strategic priorities of financial services organisations worldwide found:
- 80% want to improve the digital experience for users
- 49% want to enhance data analytics capabilities
- 38% want to reduce operational costs
The right FinTech app has the power to do just that. And, the wave of change in FinTech has seen growth in non-banks/brands looking to deliver financial service products to their client base, so that even traditionally non-financial entities now have the opportunity to streamline customer journeys, gain more insight into spending habits, and save money in the process.
API integrations or no-code?
Before you begin building your new app, you’ll need to decide between API integrations or a no-code route.
Traditionally, app-building has required API integrations. As APIs are made up of a set of code, so when choosing this route, you’ll need a team of technical experts to do this for you. This takes time and costs money, especially if you have to outsource for coding and payment expertise.
This is part of the reason why no-code app development has taken off.
With a no-code embedded finance platform, you can offer your customers a whole range of financial services to enhance their customer experience with significantly less ongoing costs and a much quicker time to market. All of this is made possible because no coding skills are required to create this type of solution.
As a result, no-code frees organisations up to focus on their customers instead of having to worry about all the technical details of APIs.
Drag ‘n’ Drop builder
If you opt for a no-code approach to building your FinTech app, you can begin focusing on the front-end aspects of your new platform.
At Orenda, we have a drag ‘n’ drop interface that allows you to quickly build a FinTech app with all the features you need, including branding and third-party products.
Orenda’s drag and drop builder is possible due to the technical experts in the team and innovative platform. You can find the full list of widgets in the library. With Orenda’s no-code approach to embedded finance, the complex API functions are already conveniently built-in. Each widget is self-contained into the platform which means you can launch your financial products in minutes by using Orenda’s pre-built templates.
Building a Configurable app
Most businesses exploring the opportunities of embedded finance want to make their customers’ journeys as seamless as possible. Part of this is ensuring that their journey is branded at every step of the way.
This means that If you’re opting for a no-code app builder, you’ll need to make sure that you can access configurable services so that your app aligns with your brand guidelines. Not only does this increase brand awareness, but customers come away happier, leading to improvements in retention.
Choosing the right financial offerings for your customer
Some of the questions to think about when choosing what financial services to offer your customers include:
What does it allow your customers to do? How can you add value for them by giving them this product? How will it help you grow your business? How does it fit into their overall customer journey? Does it align with your overall business goals?
At Orenda, we’ve partnered with fully licensed, best-of-breed financial service companies. As a customer, you’ll have access to our growing financial ecosystem so that you can handpick from a range of products that your business and customers can benefit from, including:
- Business and consumer accounts
- Physical and virtual cards
- Analytics dashboard
- Physical and virtual cards
- Payment networks
- Multi-currency/ FX
- KYC, KYB, and ID Validation
With a no-code build, you can add additional services with ease as your business continues to grow, so scalability needn’t be a concern.
Once you have your FinTech up and running, it needs to work seamlessly for your customers while keeping their data safe and secure.
If you’ve built your app with API integration, you’ll need to ensure that someone is responsible for monitoring, maintaining, and updating your app. However, with Orenda’s no-code route, you don’t need to deal with the headache of maintenance and security.
Instead, we have dedicated systems and teams that take care of all the regulations, compliance, service-level, and app monitoring. As a result, you’ll benefit from real-time detections and alerts, DDoS protection, multi-cloud security, and high-level encryption – so you can rest easy that your business and its customers are fully protected.
FinTech is a fast-growing industry that is here to stay – and it continues to blur the lines between financial and traditional non-financial entities. To meet customer demand in this age of seamless customer journeys and embedded FinTech, building a FinTech app is a necessity, not an afterthought.
If you’re considering how to build the perfect FinTech app for your organisation, a no-code embedded finance platform may well be the way to go. It provides you with the freedom to focus on your front end while ensuring that your FinTech app is both profitable and scalable. This means that not only will you have more time for innovation, but you’ll be able to explore new opportunities in a fraction of the time.