A financial technology application is a web, mobile, or desktop application that enables users to manage their finances. Financial tech apps often include interfaces for viewing account balances and transaction history, managing bank accounts, and making bill payments.
Financial technology apps often support the same core functionalities as banking apps, portfolio management apps, cryptocurrency trading apps, and personal finance tracking apps. Robinhood is one of many financial technology applications available today.
App using Stripe Connect as the engine for creating a new payment system. Stripe Connect will be a web app for freelancer community. Will display reports and dashboards not currently offered from Stripe. A bit similar to Venmo or Paypal, but with custom reporting and dashboard for users.
A payment processing app for student loans. Customers sign up on the app who have existing student loans and pay through a points system.
A financial technology app can grow by increasing customer loyalty and advocacy. Financial technology apps can also grow by leveraging their existing user base to increase overall adoption of the platform. Users of financial technology apps are often in a position to recommend the app to other potential users, such as friends and family members who are interested in learning about investing or retirement planning. A financial technology app can also increase its number of users by offering more types of services and features for free.
Financial Technology apps are subject to the same legal and regulatory risks as other financial products, but they also face new unique risks related to the security of their data. Financial apps that store sensitive financial information will need to take extra care to ensure robust encryption mechanisms and physical access controls for protecting their data from theft or tampering. It is recommended that you work with a security expert (such as a penetration tester) who can conduct a thorough review of your app’s technical and business logic.