Investing and trading used to be so complicated that trading stocks and generating passive income required a specialist degree. Investing, on the other hand, has become so simple thanks to technological improvements that even a teenager can do it.
With the rise of cryptocurrency, investing became even more popular, to the point that some of the most popular stock trading apps now also support cryptocurrency trading. Investors pick open-end funds for long-term portfolios because they diversify risk by investing in a variety of equities, gold, cryptocurrencies, and bonds. Because of mobile applications, ordinary people now have a profusion of financial alternatives.
What is an Investment App?
In general, an investing app is software that helps manage numerous investment-related operations. The investment app can be used to manage publicly traded financial information, receive professional recommendations, and manage assets. Apps for investing come in a range of shapes and sizes, depending on the type of financial problem they solve. Budget trackers, stock trading systems, and social networking apps for finance-focused communities abound on the market.
Furthermore, mobile investment apps can range from fantasy stock games (such as Invstr and Wealthbase) to actual robo-advisors (like Wealthfront and Betterment). In essence, an investment app can act as your personal financial advisor, coach, and helper through the internet. Of course, this does not imply that investing is any less risky, but the software is an excellent tool for making this activity easier to begin and manage.
The Key Characteristics of High-Quality Investing Apps
Investing applications typically include a variety of features, based on the specific focus product creators have chosen. Nonetheless, there are a few characteristics that every successful investment app should possess. We’ll reveal them right here.
To access a personal profile with a virtual private office, an investment app requires a login method. As a result, it’s critical to take your time with this stage. Make a personal account as simple and intuitive as possible to avoid turning off your customers from the start of their interaction with your software.
In a nutshell, here is where the balance for future investments is kept. The key rule is great security, as well as quick access for anyone who is authorized to administer the assets held there. An investment app should be able to connect to the bank and card networks for real-time updates, as well as securely store data on the phone.
Money Management Instruments:
People dislike having money solely for the sake of having it. They want to put their money into something productive. As a result, your mobile app should provide a variety of capabilities to meet these requirements. You can integrate gamification components, dynamically changing charts, credit management dashboards, tables comparing many investment options, and so on, depending on the exact appearance and your app development goals.
Users can interact with any app with ease when they have instant access to help. This function can be used by beginners to seek professional help. More experienced users can also profit from and solve the issues that arise when using an app while on the go. The existence of a chatbot improves the trustworthiness of your trading app in general.
Any investing app should include data protection as a standard feature. Consider implementing a robust IDPS to handle DDoS attacks, encryption methods, two-factor authentication, anti-spam, and phishing protection. The more security tools you add, the better the user experience will be.
Real-time alerts are a must-have tool when it comes to investing. They enable users to monitor performance and make required modifications in real time. Customers’ happiness with trading apps is frequently harmed by the lack of timely notifications.
Guidelines for Developing an Excellent Investment App
Developing an investing app necessitates a cautious approach and consideration of several aspects. As a general rule, finding a dependable vendor and establishing excellent communication and regular interaction with the development team are critical. Prepare to learn the ins and outs of building an investment app so you and your IT partner are on the same page.
These seven pointers can help you get started.
1. Adhere to the Development Basic Implementation Plan:
Making an investment app, like any other sort of software development, involves careful planning and execution. Ascertain that your IT partner is aware of and capable of developing a mobile app in this manner.
The following is the basic development roadmap for building investing apps:
- Picking a business model
- Building the core app
- Adding custom features
Naturally, not every investment app development follows this approach to the point — especially when it comes to personalized investing apps. Nonetheless, this plan can serve as a long-term foundation for achieving appropriate development outcomes. Using the Agile methodology, you can keep the development process moving forward while quickly resolving any issues that arise.
2. Put in a lot of effort to create a good algorithm:
The capability of robo-advisors or an algorithm that assists in managing your investments is used by the majority of successful investment applications. The benefit of this feature is self-evident: it’s pure magic for consumers to acquire easy-to-follow and effective investing strategy advice. Once in place, this mechanism encourages users to use your app more frequently.
3. To enter an app, request a minimum amount:
Due to the low cost of installation and testing, all of the top-performing trading apps are simple to get started with. Some believe $50 is all you need to get started investing, while platforms like SoFi Invest simply ask for $1. Regardless of your readiness to offer the lowest feasible price in order to attract as many customers as possible, choosing the proper amount to maximize your budget is critical.
4. Don’t make users’ registrations too difficult:
Using investment applications follows a standard method. As a result, while creating your own software, ensure that the installation plan follows these steps:
- Please sign up (include an opportunity to use social media accounts for that).
- Connect with your bank account (also, make it easy for users to fund it in your app).
- Choose an asset to invest in.
- Track the performance of your stocks (the notifications features is highly useful here)
- Invest in assets.
5. Ensure the highest level of security possible:
Many users are concerned about the safety of utilizing an investment app. Money is a sensitive subject, and your users are exceedingly cautious when sharing their personal financial information. As a result, when dealing with an app, you should pay special attention to data privacy and the overall security of the user experience. Ensure that your efforts are noticed and recognized by your users.
6. Accurately use APIs (Application Programming Interfaces):
Third-party APIs will definitely be required while designing investment apps. They can occur in a variety of ways:
- Adding a bank account
- Obtaining financial details
- Updating the market data feed
- The stock exchanges
- Conversion of currencies
It’s critical to employ only trusted solutions in this case, such as Plaid, Paybook, and Xignite.
7. Hire a Vendor for Outsourcing:
Hire the team on an outsourcing basis to get the most out of your collaboration with the software development firm on developing investment apps. This technique has several significant advantages for creating SaaS products:
- Setup time is minimal.
- Upgrades are ongoing.
- Scalability and ease of access
Contact Digital Crafters for Building an Investment App
We at Digital Crafters are glad to assist you if you’re looking for a skilled and successful software development partner. We have a long list of successful projects executed for businesses of all sizes and in a variety of industries. By recommending your investment app to us, you can be assured that we’ll give it our full attention and enhance its functionality with a diverse set of high-performing features and aspects.