With more people than ever before using their mobile phones to conduct financial transactions, it is perhaps no wonder why so many companies are now interested in building FinTech apps.

However, there are many hidden complexities and challenge on the path to financial app development. Here is a brief breakdown of the challenges you might face while building a financial app.

Data Security Concerns

Data privacy isn’t just a buzzword. It is absolutely imperative that you make data security and data privacy two of your major concerns. You are dealing with users’ most intimate financial data, after all, and there is zero tolerance for any type of data breach. In fact, one recent study found that nearly half of all consumers cite security concerns as the reason for not embracing mobile banking. In other words, if consumers do not have 100 percent confidence that your app is hacker-proof, they might not be willing to use it.

Regulatory Issues

Keep in mind that the financial services industry is one of the most highly regulated industries in the world. Therefore, you need to ensure that every aspect of the customer experience conforms to the applicable regulatory environment. The new regulation that is top of mind for everyone within the financial app development company is the General Data Protection Regulation, set to go into effect in late May 2018. The regulation, designed specifically for Europe, is going to impact every company in the world that does business with Europe.

IT Platform Issues

When building FinTech apps, one big challenge that arises repeatedly is the need to make sure that your app works across a broad range of devices (iPhone and Android devices) and platforms.

And, of course, you have to keep your eye on legacy IT issues. Every new update to your app – and there will be plenty of updates along the way – needs to be backwards compatible. Every new version of your app needs to work with previous versions of a mobile operating system. Say, for example, a financial app development company in Los Angeles wants to release several new features. It would first have to make sure that these new features will be compatible with all previous versions of the app.

Customer Experience Issues

Financial app development is about more than just creating an app that works – it’s about creating an app that people will actually want to use as part of their everyday banking experience. Forcing users to work through a complex series of steps to complete transactions will turn them away from your app. Therefore, customer experience needs to be an important consideration for the long term viability of your product.

There are several important challenges on the way to building FinTech apps. Security and regulatory issues are important to keep in mind, as are issues related to the overall customer experience. Working with a trusted FinTech app development company will help you navigate these challenges.