For a Fintech startup, you need to take care of multiple factors. For example, UX design plays a huge role. Taking care of your finances can be tedious. So, to make a FinTech platform exciting or engaging, you need to strategize it well. Not all kinds of design work. Well, have you seen a minimalistic Fintech platform?
Also, who does not want a beautiful website or app? The problem is the investment. Now that a good design is necessary, are you still contemplating whether to go for it? This curation on the benefits of good UX designs along with overall development for your brand by MarsDevs will assuage any doubts you have.
There are several other aspects to a great FinTech app. We need to focus on all of it to be able to stand out. So, in this blog, MarsDevs introduces you to the mistakes that can kill your Fintech startup.
Mistakes that can kill your Fintech startup!
Need help understanding the problem on a deep level. Many fintech startups originate with an excellent idea for the next product or service but need help understanding the core of the problem they're trying to solve. For example, moving money around the world is a complex process built on top of the technology we created in the 1980s.
The issue you might be solving is most likely about something other than giving people access to financial services or improving the payment process. Instead, you need to solve problems with legacy technologies or endless bureaucratic procedures designed to protect users from losing their life savings.
Before getting excited about an idea for a fintech company, you must research and ensure you have a deep understanding of the problem and the market.
Underestimating the importance of a multi-faceted team Another common mistake among fintech startups is needing the right team. Becoming a successful fintech company requires a team with a mix of technical and business expertise.
Then, having that team of experts in place, it's also essential to ensure that your team is cohesive and can work in tandem. The interlocking expertise of technical, business, and design know-how has brought some of the best products to life.
Letting regulation sneak up on you The fintech sector is very highly regulated, and for a good reason – you wouldn't want your customers to lose their money through a simple mishap. Many startups get so excited about executing their idea that they overlook compliance's importance or get blindsided by how much regulation varies from country to country.
Their original idea of launching a global fintech app is almost impossible in many scenarios. Even the decentralized world of cryptocurrencies is undergoing extensive scrutiny from lawmakers and regulators worldwide.
There's no need to let these complex regulations discourage you. Your competition has to deal with it too. Set aside the time or find a partner to conduct thorough research into the regulatory landscape of the market you want to build in – then start to develop your fintech product from there.
And there is a bright side: limitations can encourage creativity, not necessarily stifle your big ideas. Let them become your guideline for a specific market, country, or culture.
Did you forget that you need customers? Yes, getting so excited about your business plan is possible that you forget the most crucial element of software products: customers. When you start a startup, you often get immersed in the product development process and forget about the countless other steps to a successful launch.
So how are you supposed to build a customer base for a product that doesn't even exist? First, resist the temptation of taking the easy way out and giving your end-user cash on sign-up.
Instead, build a multi-step marketing plan with solid claims and a timeline. Once it's in place well before your launch date, you can use it to build up hype for your growing product. Learn how to utilize testing and QA to your advantage: beta releases, early access, and waiting lists.
All this can get you the early users you need to verify your product and get a small following excited about what you're building and sharing with the world.
Keep away from Unrealistic budgeting. Lastly, one of the most common mistakes fintech startups make is simply running out of money. It's vital not just to have a solid financial foundation but to hold onto it long enough to get the next product off the ground and bring in revenue.
Make sure you clearly understand your burn rate and plan your finances accordingly. You don't need complicated excel files at this stage. Just start with a simple calculation. If it doesn't add up and you are not showing any profitability signals, keep yourself from burning yourself out on your dream.
Avoiding these mistakes can put you on the right track to building a successful fintech startup. But this is just a start to the extraordinary challenges, opportunities, and lessons you can learn building a fintech product.
Create a custom app for your business with the best development team!
Guess who the best fit for you is in this field. Of course, the one that helped you understand the custom mobile app development process better. The answer should be MarsDevs.
MarsDevs is the one-stop development shop that can help you with almost every software development requirement. Being one of the best mobile app development companies, MarsDevs can chip in anytime you want. It doesn't matter if you wish to modify an existing app. MarsDevs makes the best out of it.
While we can discuss the limitless possibilities for hours, let us know each other better. Please share your project details so we can go through them. Also, let us know about your development requirements as we share our expertise. So what about a meet and greet virtually?