Hurdles in the Way of Developing a Fintech App

by Zazz October 20, 2021 Time to Read Blog: 5 minutes

Fintech is a concept that integrates finance and technology. Essentially, it refers to organizations leveraging technological solutions to create automated or high-performing financial processes.  Fintech mobile applications come in a variety of forms, ranging from insurance to Bitcoin, investing apps to mobile banking, wealth management apps to personal banking. 

Generally, people tend to associate fintech with enterprises that utilize cutting-edge technologies for their operations. However, as the use of fintech solutions grows, traditional finance businesses and banking sectors are adopting it too.

Mobile applications have become an integral element of the banking industry, with many organizations and financial institutions having their official mobile apps to meet their clients’ financial demands. Fintech applications have revolutionized the baking sector so that consumers can conveniently and efficiently execute transaction processes from anywhere and at any time. 

Despite how it may appear, fintech app development is no easy task. The development journey is riddled with obstacles that impede the development of an innovative, high-quality fintech app. Henceforth, vigilance is required to assess these problems to design a more effective roadmap for creating fintech apps in the financial industry. 

Here is a comprehensive list of the  potential roadblocks in creating user-friendly fintech apps for your consumers: 

The Key Challenges in Development of Fintech Mobile Apps 

  1. Maintaining Data Privacy and High Levels of Security

When it comes to mobile banking, payment apps, and FinTech in general, security is by far the most significant concern. 

Traditional banks protect their valuables with security guards, cameras, vaults, and massive bulletproof doors. However, when it comes to virtual security, matters become more challenging: the flaws are much more discrete and can make a greater impact on consumers. 

There is no tolerance for a data breach because financial apps are extremely sensitive and contain private information about consumers such as banking id and password, pin or CVV number, debit/credit card details, etc. Even a small vulnerability in the application will provide hackers with illegal access to personal information and money.

Fintech organizations must provide applications that consumers can completely trust. Even if there is a minor lapse and the customer feels at risk, they will not hesitate to uninstall and search for alternatives. 


Here are some technologies you can implement for secure fintech app design: 

  • Two-factor authentication
  • Biometric authentication
  • Data encryption and obfuscation
  • Real-time alerts 

In addition to these easy additions, here are the other protocols secure fintech apps follow: 

  • Constant updates 

Regularly update your software and third-party libraries, notify your users of the same, so they have the latest versions. 

  • Through Documentation 

Document every modification you make to your software so you can detect a breach promptly if one occurs.

  • Extensive Testing 

Test your application periodically for security and make sure to map your software, identify the most vulnerable parts, and test them thoroughly before rectification.

  1. Complying With The Stringent Government Regulations 

Many people were taking advantage of loopholes in the government’s digital banking rules and regulations. As a result, stronger procedures are now in place to safeguard customers from fraud. 

Even if you build a fintech app in the simplest way possible, you should research government regulations. Your app must adhere to all of the legalities imposed by the government. The technology employed, the business strategy, the software programmes, and everything else should be by government policies; otherwise, there may be serious consequences. 


Examine your software and internal processes for legal compliance, and if necessary, hire a legal adviser to walk you through the nuances. Ensure that your legal department is up to date on the latest government policies so that you can implement changes as soon as possible.

  1. Providing a Seamless and Interactive User Experience 

In recent times, there has been a significant increase in the use of financial apps to conduct online economic operations daily. Collecting user information is all about providing a positive and responsive user experience at whatever cost. 

When developing financial apps, it is critical to focus on meeting all of the expectations and financial requirements of the users. Furthermore, users must be able to understand the app’s user interface without difficulty. As a result, performing a complex transaction via a mobile phone becomes more relaxing. 


To provide a reliable and user-friendly application, keeping up to date with frequent market changes is essential. To facilitate this process, you can seek assistance from a mobile app design company specialising in ui ux development services

Ensure that your UI/UX choices are both secure and user-friendly. Conduct competition analysis, and don’t forget to look at FinTech apps from different countries: you might find a unique UI or UX solution.

  1. Acquiring Customers and Marketing Effectively

Assume you have the best fintech application that is up to date, well-designed, and meets all of the government’s requirements. The question now is, how will your app enter the market? How will it become established? You must understand your target demographic and have a solid strategy in place before releasing your app. 

For instance, the prominent demographic is millennials and Gen Z. They are tech-savvy and expect a highly personalized banking experience. So your app must be sophisticated with the latest technology and meet their financial needs with ease.

In this area, competition is quite relevant because there are many organizations developing applications similar to yours. So your app must be unique in some way, and your strategy must be exceptional for your app to reach your target demographic.


To scale your mobile fintech application, you must set yourself apart amidst the competition. And to do so, you must either invest a significant amount of money, time, and human resources to provide a comprehensive set of services to your users or collaborate with traditional banks.

  1. Integrating the Latest Technology 

As with enterprise application development for any industry, staying up to date with the latest technological advances is another major problem for FinTech app developers. It is necessary because the operation of a mobile application necessitates a powerful technology that can withstand any environment. For example, most mobile applications rely on cloud integration services, which are in high demand due to their ease of use and high level of security.

Similarly, a slew of other technologies have emerged and are poised to disrupt the app development industry. Among them are AI, IoT, big data, blockchain, and others, all of which are known for improving customer experience through the apps with which they are associated. 


Please consult an expert developer or development company to understand better which technologies you should select for seamless performance and excellent digital experience. They hold the skills and expertise required to implement and maintain these technologies. 

  1. Selecting the Right Platform 

Choosing the most suitable platform for the Fintech app that is equipped with all the latest features is quite challenging for developers. Furthermore, they must verify that your apps perform properly on various platforms such as iOS and Android on all devices. 

Additionally, developers often find it challenging to decide what they should include in the application with an array of features. They should not overload the application with features as that would be inconvenient for the user to navigate. Instead, the focus should be on introducing features that would increase productivity and increase the customer base. 


Regardless of the platform’s features, developers should strive to create applications that offer unprecedented functionality so users can easily execute their financial activities daily. Moreover, the application should be secure and run without any glitches. 

Final Thoughts 

Although traditional banking systems are still reluctant to adopt new technologies, eventually, fintech apps will become more popular in the financial industry as they are handy for individuals. Also, they assist banks and other organisations in working more efficiently.

In the FinTech industry, meanwhile, there are still obstacles to overcome. Regulations from the government make it difficult for FinTech companies to impact the financial industry significantly. To do so, they must strike a balance between new technology and compliance with the conventional system. 

It is critical to provide security continuously, scan your programme for vulnerabilities, and keep it up to date. However, keep users in mind and provide them with the greatest experience possible.

If you are considering developing a financial app, please schedule a consultation with us. We are a leading finance app development company, and we can use our experience to help you design your future FinTech app.

Also Read:

How are Fintech Industries Attracting The Investor’s Attention?

Amazing FinTech Startup Ideas For 2022

The Benefits of Fintech for your Company


Zazz has since been committed to facilitating services that go beyond excellence. We create apps to meet the needs of an evolving digital landscape. We are a leading mobile app development company . We design & develop web & mobile apps that drive today's businesses. Backed by research and development, Zazz uses technology, software, mobile, and customer service to create new revenue-generating opportunities. So contact Zazz to see your dream idea as the next big thing. We Offer Top Services iOS App Development , Android Application Development Services, React development , Flutter development , IoT Development , AR / VR development , Digital Marketing Services - SEO , SMO , PPC , Ecommerce App Development, cloud app development, front end development, education app development services, Mean Stack Web Development, Content Marketing, etc.

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