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What are Fintech Apps: How To Develop Them In The UAE?

Financial Technology apps better known as Fintech apps deal with financial or monetary transactions.  

The use of such apps has been increasing lately because of  the convenience and security these applications come with. 

Apart from the inherent utility benefits of fintech apps, the Covid-19 pandemic has been one of the main drivers of growth in this industry. 

The Middle East has been capitalizing on the opportunities in fintech app development 

According to an IBS Intelligence report, the UAE is home to almost 50% of the region’s fintech companies. 

According to the world bank, it is the easiest place to do business in MENA and the UAE is quickly becoming a Fintech hub

In this blog, you will draw valuable insights on how to develop a fintech app in the UAE 

1. Simple User-Interface 

If your users do not experience ease and simplicity in your fintech app, they will discard it. 

A complicated user-interface is a nail in the coffin for your fintech application. Since the app deals with financial information and users make monetary transactions through the app,the navigation should be as easy as possible. 

2. High Security 

Dealing with sensitive information and facilitating monetary exchanges will require excellent implementation of encryption and data security. 

Any loophole or breach will cost the users a lot of money and will lose trust in your application once and for all. 

3. Push-Notifications 

Users must be notified of every transaction made or any update about their finances. It is also useful for the banks and  associated financial institutions because they get to share offer details promptly. 

1. Digital Payments App

Best examples of this in the UAE market would be Google Pay and Apple Pay. 

Digital payments apps facilitate cashless transactions and allow users to transfer money from one digital wallet to the other. 

The wallets are attached to your bank account and this is arguably the most convenient method of digital payments. 

2. Digital Banking 

Applications built by banks for customers to access their bank accounts digitally and remotely fall under the category of digital banking apps. 

For such apps, the users are generally the existing customers of the bank and install the app for convenient access to their account.

Top digital banking apps in the UAE include 

Emirates NBD 

ADCB Mobile Banking 

• RAK Bank Mobile Banking 

3. Digital Lending Apps 

A new-age method of taking a loan. These apps connect lenders and borrowers on one platform. 

Instant loans can be sanctioned if the applicant is eligible and has uploaded the required documents.

Digital lending apps are changing the traditional lender-borrower relationship 

The loans can be small business loans or personal loans depending on the company policies behind the app. 

4. Digital Investment Apps 

These apps allow you to digitally invest in the stock market by providing a platform.

You can directly invest without the help of any financial broker or expert.

All you need to provide is authorized and authenticated information to  start investing through the app.

1. Understand Legal Compliances 

Fintech businesses are not prohibited in the UAE 

(unless the subject matter is prohibited under the laws of UAE like gambling or any other illegal activity) 

Although, the financial institutions are regulated and you will have to adhere to regulations depending on the law of the Emirate you are operating in

Payment Systems Regulations in the UAE came into effect on January 1st, 2017. 

2. Decide on the features of the app 

Based on the nature of the application and what value you are going to be providing, determine the right set of features.  

Some of the best features for better user retention are 

• Biometric sign-in 

• Easy registration and login 

• Account management 

• Clear labels and captions 

• App Tours 

3. Create/Hire a team 

Any application is only as good as the team behind it. 

You should create a team which understands the value you propose with the app so that you can work together to produce the best results.  Some professions you will need in your team are

• UI Designers 

• Web developers 

• Project Manager 

• Front-end an back-end developers 

4. Decide on UI/UX 

In fintech applications, the user-interface should be as simple as possible. As a matter of fact, a clean and effective UI can become a revenue driver for your business.  It will give you better ratings on app platforms and better word of mouth marketing. 

Some of the best practices of UX/UX include: 

• No overcrowding of features 

• Keep the design clean and minimal 

• Choose the right colors and elements 

To know more, you can also read our dedicated blog on the Best UI practices in app development  

5. Create a MVP 

MVP stands for Minimum Viable Product. You can test the application in the market and get feedback. This will give you a chance to edit your application and perfect your marketing strategies.  

In simple terms, tech stack is the combination of technologies used to build any application. 

Also known as solution stack, you would need to take care of frontend development, backend development and database solutions 

Although your app development team will  be the one looking into this, here is a heads-up for you. 

To succeed in the fintech industry, you need to leverage technology, create innovative marketing strategies and build trust with your customers. 

To achieve this, you need a team of professionals  who have a sound understanding of not only app development but also the UAE fintech market. 

At Coruscate, our approach is holistic. From offering expert services for app development to providing marketing support, we have it all. 

Developing apps with cutting-edge technology, we understand the requirements of a fintech application. 

Coruscate has handled projects all around the world. You can refer to our case studies here. 

Get in touch for a free demonstration. 

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