How To Build A Reliable Fintech SaaS Solution in 2024?

February 13, 2024
Fintech SaaS Solution

Last year, the global Fintech revenue was estimated at 79.38 billion U.S. dollars, which indicates a growing rise in the adoption of software technologies in the finance business industry. Fintech offers various advantages to both consumers and financial institutions, like personalized service, greater convenience and speed, easy access, and more. 

Fintech SaaS allows companies to work more efficiently, enhance UX for the targeted customer base, improve transparency & security, and more. Stripe, PayPal, and various other Fintech SaaS solutions have significantly revolutionized the financial business industry. 

Building innovative ideas with Fintech software development companies can help you lead and launch the next revolution in the business industry. An in-depth understanding of developing Fintech solutions can help you streamline the process and build your ideas hassle-free.

What is FinTech SaaS?

SaaS fintech is a financial, technological application that is usable as a cloud-based service, providing accessibility to users with a proper internet connection at any time and anywhere. These financial applications are hosted on remote servers, allowing users to leverage the pay-as-you-go basis.

The Fintech market is expected to grow at a CAGR (compound annual growth rate) of 26.3% from 2022 to 2030 and reach USD 942.7 billion. 

Types of SaaS Fintech Solutions

There are diverse kinds of Fintech SaaS products available in the market. Fintech applications provide users with convenience, security, and personalization. Financial companies can build relatively simple solutions like Payment Gateway or automate complex processes like trading and investments, wealth management, etc.

  • Internet Banking Apps

SaaS net banking applications eliminate the need to go to banks and access several facilities from the comfort of anywhere. Users can check account balances, transfer funds, generate statements, and more with clicks and scrolls. Moreover, several fintech companies and banks are running online, like Current, Chime, Ally Mobile, etc.

  • Investment & Trading Platforms

The financial services sector releases such apps to provide users with trading services like handling stocks, forex, and more. They allow users to create and manage investment trading, and famous examples are Webull, Cash App, etc. 

  • Consumer Finance Apps

Consumer finance apps aid users with money management capabilities and help to monitor expenses efficiently. SaaS companies can also integrate them with payment gateways to offer more standard features like risk management, data management, etc.

  • Insurance Applications

Insurance-based Fintech SaaS apps offer simple ways to choose and activate insurance policies or simply learn about them in detail. Such apps power the users with user & policy management, claims processing, analytics and reporting, and more.

  • Digital Wallets

Digital wallets allow users to pay online with optimum security directly between bank accounts and through personalized wallets. Paypal, Paytm, and GPay are some globally popular wallets, and the global mobile wallet payment is expected to increase to 53 percent by 2024. 

  • Loans & Credit Scoring

With digital financial services growing more secure and advanced, we are witnessing an era where consumers can apply for different kinds of loans through smartphones and laptops. Such apps also allow users to generate and track credit scores regularly, improving transparency and user engagement. The financial industry has released various digital lending platform like Chime, Dave, Brigit, etc.

  • Wealth Management Apps

B2B SaaS fintech applications can allow people to hold onto assets in one place and manage their entire portfolio via a unified dashboard. Investment firms also integrated such apps with financial data analysis capabilities for making well-informed decisions. 

Key Features of the Fintech SaaS Product

When building any SaaS fintech product, the right features can help you deliver immersive user experiences that drive brand values and engagement. The Fintech company must choose the right set of features by checking the audience requirements and industry compliances.

  • Intuitive User-Interface

The app must resolve the user’s problem with a simple-to-use interface. Complex interfaces can drive away users and lead to the quick uninstallation of the apps from the users’ devices. 

  • Optimum Security

Fintech apps directly handle user’s bank account data or money over the wallets. Hence, high security is a critical feature for any such app and involves encryption, hashing, authentication and authorization, 2FA, etc.  

  • Payment Gateways

SaaS fintech applications must provide users with hassle-free finance management and money transfer from one account/wallet to that of others. Hence, Payment Gateways are a standard feature of most fintech applications.

  • User Management

The application users must be able to handle single or several bank accounts and leverage single-user or multi-user support as per the latest demands.  For example, a spend management platform allows users to handle several bank accounts and leverage other financial services.

  • Personalized Experience

Fintech SaaS technology must offer seamless UX to the users with tailored solutions. The app must provide relevant functionalities and allow users to play with several factors like push notifications, add reminders, schedule payments & transfers, automate billing payment systems, etc. 

The table below offers features of different types of vertical SaaS fintech solutions.

Fintech Software Type Features
Internet Banking Apps
  • Bank Account Management
  • Advanced Security
  • Fraud Alerts
  • CORE Banking Features
  • QR Code Payments
  • Mobile Check Deposits ·
  • Peer-to-Peer Payments
  • Bill Payments
Trading and Investment platforms
  • Market Indices
  • Paper Trading
  • Stock Watch Lists
  • Short Squeezes
  • Stock Breakouts & Volume
  • Stock Market Futures.
Consumer Finance Apps
  • Account integration & Management
  • Chatbot
  • Customer Service
  • Expense Tracking
  • Bill Payments
Insurance Applications
  • Admin Panel
  • Policy Details
  • Quote & Filters
  • Filing Claims
  • Payment Gateway
  • Support
  • Document Uploading
  • Push Notifications 
Digital Wallets
  • Transaction History 
  • Transfer Money among the Bank Accounts
  • Bill Payment Option
  • Card Management
  • Contactless Payments
  • Authentication & Authorization
  • Rewards and Discounts
Loans & Credit Scoring
  • Real-time access to credit scores
  • Monitor spending
  • Integration with other financial software
  • Data analysis
  • Risk assessment
Wealth Management Apps
  • Asset allocation
  • Bank account integration
  • Analytics and reporting
  • Budget planner
  • Tax efficiency
  • Tracking expenses

7 Simple Steps to Building a SaaS Fintech Product

Step1- Research & Analyze

The first step is determining whether the enterprise SaaS business idea is feasible, viable, and holds public demand. Leading a project with zero demand will lead to an utter failure and loss of resources. Try to discover the key problem the app will resolve and who will use the SaaS fintech application. 

Once you identify the target audience, research the user’s needs and demands in-depth. Trust MVP development services if you are testing new ideas to check the project’s viability at a cost-effective budget.

The MVP approach allows you to release the idea quickly with a few features and gain user feedback that helps to shape the final product with relevant ease.

Step2- Choose the Right Technology Stack

The next step is to identify the best technology tools for building the Fintech SaaS product.

This involves researching the proper frontend & backend tools, the databases, and everything required for end-to-end design and development of the Fintech app.

Some of the standard tools used for building SaaS solutions are:

Frontend: Angular.Js, React, VueJS, Flutter, React Native

Backend: PHP, Python, NodeJS, Ruby

Database: MySQL, PostgreSQL, MongoDB, 

Server: AWS

Payment Gateways: PayPal, Stripe

Step3- Hire Reliable Partners 

You can hire an in-house team of experts or outsource the project for smooth development. Look for companies with multiple years of experience providing standard project warranties, NDAs, and modern project tracking tools for smooth collaboration. Choose the best software development company for building the SaaS product.

Step4- Design Immersive UI

The user interfaces are the first things the targeted customers land on. An intuitive interface highlighting key functionalities helps build credibility among the app users. The UI designs must be focused on seamlessly resolving the key problem. Additionally, it must be user-friendly and offer fast performance.

Step5- Code & Test

Once the Fintech SaaS solution designs are approved from your end, we start coding the application. The front end and the back end developer collaborate to deliver the solution in the estimated time.

Our developers go agile, which allows the testing team to check the delivered modules for errors and performance glitches. The code is first tested on the staging server and determined whether it is meeting the project parameters efficiently.

Step6- Launch & Maintenance 

We launch the application to the audience once the code passes the QA stage. SaaS MVP products require releasing new iterations based on the latest audience requirements. Hence, the fintech industry project goes on till it is shaped into the final product.

Wrapping Up

Fintech startups and established enterprises are no exception, as the world revolves around digitization. More and more financial services providers are adopting digitization and building apps with data analytics, payment processing, and investment management, risk management, and more.

At JS Panther, we can help you with seamless fintech software development services with standard regulatory compliances like EFTA, FCRA, etc.

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