• Ensuring all-around security is a must for applications that deal with sensitive data. This means every Fintech solution is subject to introducing enhanced security measures like introducing secure authentication, developing dedicated encryption and data storage systems, and following KYC (Know Your Customer) principles. • Achieving regulatory compliance means developing and following a set of principles related to risk mitigation, data reliability, and user data processing. Clearly understanding your business goals, following the security best practices, and partnering with a reliable banking software development services provider are the key principles for creating a successful digital solution. Must-have features of digital banking apps Deciding on the features to add when you start a digital bank, it’s essential to understand the needs of your audience. Think of the ways to realise your ideas and evaluate the resources you can count on to implement the desired functionality. Consider starting with the product MVP and then gradually rolling out additional features. This approach will help you meet the time and budget constraints and evaluate your success on the go. Most mobile banking solutions are equipped with the following musthave features: • Login and authorization • Account management • Transaction management • Fund transfer • Digital payments including P2P • Notifications • Support With this basic functionality, your application can soon evolve into one of the custom banking solutions providing its users with: • Expense tracking functionality • Cashback system • Digital loan capabilities • Insurance options • Tips on investment management • Integration with digital wallet services and more. How to monetise your digital banking app So, how do you make money from developing a digital bank? As a rule, FinTech solution providers get some profit from: 1. Money on cards, which is getting some share from customer deposits; 2. Transactions, meaning that a part of the interchange fee is split between the card network (Visa, Master Card) and the bank card issuer. You may also consider offering a part of your banking functionality as a premium tier, adding some insurance options, increasing your product LTV by introducing BankID, and targeting your customers with PPC advertising. Providing your customers with real value and adjusting your solution as their needs change with the product change is a winning strategy you should take with you when developing a digital bank. “Taking into account their lifestyles and aspirations, Millenials and Gen Z representatives are considered to be the most active mobile banking users.” Finance Monthly. F i nanc i a l Innov a t i on & F i nTech 41
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