Everyone born after 1965 relies on phones/tablets to connect with their bank more than computers, ATMs, or physical branches. In 2019, 73 percent of all bank contacts were digital and the shift to fintech has sped up.
Given digital banking’s growth, developers must innovate to address the mobile market. As they do, they need to understand their target customers, follow agile development processes, and implement transparent security protocols to protect against fraud.
#1 – Understand your target customers.
In addition to knowing what problem you plan to solve for your target audience, fintech developers should know what they value, what their expectations are, and what user experience is needed. It’s common for various consumer segments to have overlapping results when it comes to what they value. For example, in a 2018 study, all age groups listed “Trust” as the number one attribute that they evaluate when considering a financial institution. However, only Baby Boomers listed “Simplicity” as the second most important attribute of an offering. All other segments landed on “Digital Self-Service” as number two.
Developers who understand who their target audience well will be best positioned to create products/services that not only meet their needs but exceed them.
#2 – Customers expect agility.
Since the Agile Manifesto hit the software development world, early/continuous improvement of customer-facing digital products has become the calling card of top tech companies. After Tim Cook took the helm, Apple increased its IOS update frequency by 51 percent. During the same timeframe, the value of Apple’s stock increased by roughly 240 percent. The combination of these two factors suggests that increased updates, rather than act as a sign of quality decline, are a tool that the company uses to continuously exceed customer expectations.
Fintech developers should have an online suite of tools and associated mobile SDKs that are specifically geared towards the agile development style that customers have come to anticipate.
#3 – Identity theft is on the rise, and customers demand security.
Identity theft is a booming industry, and financial information is particularly sensitive. That’s why three out of four consumers say that security/privacy is the most important factor when choosing a financial services account.
Top mobile SDKs are grounded in industry best practices and help deliver both security and transparency to the end user. Customers should know when their data is being accessed, where it is going, and how it’s being used. Involving customers in the permissioning process with Finicity Connect empowers them to be the gatekeepers of their own data. In turn, they are more likely to trust the financial institutions that they work with.
Consumers entrust their financial services providers with some of their most important data. Developers are well-positioned to deliver great value when they understand their customers’ needs and expectations, leverage agile development processes, and exercise the requisite care to safeguard customer information.
Finicity Connect SDK is now available for Android and iOS to make integrating Connect as easy as possible for developers. Check it out in our developer portal.