Every day, in Africa and probably around the world, a new FinTech Startup is being born.
From requesting money from friends to sending money anonymously, accepting cross-border payments, facilitating Buy Now Pay Later, Cryptocurrency exchange, and many more, the list of FinTech services is endless.
Money is an essential part of our lives and this is the sole reason FinTech companies are thriving and will keep scaling.
According to Statista, there are over 26,300 FinTechs globally, as of November 2021 and that number will only increase in the coming years, so if you or your company is considering building a FinTech product, go for it!
Today, we are sharing 5 important steps to consider when building a FinTech Product. Over the past 5 years, we have worked with some of Africa’s top financial institutions in shipping innovative FinTech products and we have a few ideas to share with you.
1. Conduct extensive research: As exciting as it sounds to build a FinTech product, your ideas are only as valuable as the audience’s needs. Conducting research is the first and most important task. Who are you building for? Is this product solving actual problems? Is there a viable market for this market? What are the industry regulations around this product that you need to comply with? Who are the current top players in the field, locally and globally?Asking important questions before diving into building your product will provide so many valuable insights into areas you haven’t initially considered.
Ideally, your team should consist of:
- Project or product manager
- UI/UX designer
- Backend developer
- Frontend developer
- Quality assurance engineer
Depending on the specific product you are building, your team might look very different, for example, if you are building a cryptocurrency product, you may need to add a Blockchain specialist to your team.
3. Focus on building an MVP: The honest truth is, you won’t ship a completely perfect product and if you wait till your product is everything it will ever be, chances are you will be launching years after you commenced building. A popular quote by Reid Hoffman, the founder of LinkedIn says it better, “If you are not embarrassed by the first version of your product, you’ve launched too late.” This is especially true if this is the first product you are building. Focus on building an MVP; Minimum Viable Product – the first version of your product with just enough features to be usable by early customers who can then provide feedback for future product development.
4. Test, test, and test again: After the release of your MVP, the work is not done but just beginning. Test internally and test with a small group of beta users who can provide honest feedback on the product, feedback useful enough to send your team back to development. This typically happens by having a number of beta users use the product end to end without any input or assistance from your team, while you observe via a video call or in person. Ask critical questions during this process – are they using the product as intended? Are they finding it hard to figure out how certain features work? Conduct this user testing process as many times as you can and with as many people as possible.
5. Launch and iterate: The final step is to launch your product to the public and continue to iterate and improve. Frequent updates can still be made to the product after launch but it’s critical that a fully functional product is launched to the public and that the essential features are functioning as should. It’s also important that the product is delivered to the right audience, in the right location, and at the right time. It helps to have a team of customer support and technical support on standby to help with onboarding new users and helping with bug fixes as they come up.
Depending on what type of FinTech product you are building and whether you have an experienced in-house team, half the time, it’s more cost and time-efficient to outsource the development of your product to a team of professionals who have spent years developing successful FinTech products for organizations.
Our team is happy to work with you! Simply contact us today by sending an email to firstname.lastname@example.org to get started.
We hope you enjoyed reading this!
See you in our next blog post