There was a time when investing could give you a headache, as it required the help of a financial advisor, staying on the phone with them for hours, and waiting a long time until you got reports of the evaluation of investment strategies. But this happened before investing apps became a thing. Now, the financial sector has come a long way, and there are technologies that make the process a lot easier. For instance, when learning where to buy bitcoin, you’ll find out with a quick search on Google that you can easily download an app that allows you to invest anytime and anywhere.
According to Statista, the investment market is projected to reach US$5.27 trillion by 2027. This means that it will remain competitive and profitable at the same time, making it a prospective area for business. If you feel inspired to create your own investment app, we’re here to guide you through the process. But keep in mind that it is important to come up with a viable solution that addresses the gap in the market and meets the user’s needs. Without further ado, here are the steps you need to take to build a successful investment app.
Image source: Set goals for your investment app
You can’t start a project unless you have a clear vision of it, right? So, take the time to establish your goals, as this will help you plan the product, set a budget, and carefully craft your marketing strategy. To set clear goals, there are some things you need to consider. First, what type of services will your app offer? Think of the kind of investment you want to provide, whether real estate, stocks, or cryptocurrencies.
Also, decide what problem you want to solve by building the investment app. In order to do so, think of the pain points that users currently have: what are the issues they encounter on a daily basis in their investment journeys, and how can you help them?
Conduct market research
This step is closely linked to the first one. Before you come up with a plan for your investment app, it’s essential to take a look at competitors. Analyze their business model and the features their investment apps provide.
But don’t only pay attention to what they do well – learn from their mistakes, too. Taking a close look at both their strengths and weaknesses will help you seize potential opportunities and gain a competitive edge by differentiating your product from the ones that already exist in the market.
Outline your monetization strategy
There is no one-size-fits-all monetization strategy for investment apps, so you need to make a choice based on your own needs. Ultimately, the strategy you choose should align with your target audience, business model, and your app’s value.
Generally speaking, there are several monetization models you can consider, such as premium subscriptions, in-app advertising, transaction fees, or a mix of these methods. One thing to remember is that you shouldn’t neglect customer’s comfort for the sake of your revenue. After all, you don’t want them to end up feeling disappointed because they keep seeing ads within the app!
Decide what platform you will use
When developing an investment app, it’s also essential to choose a platform that works for you. You can select among Android apps, iOS investment apps, or cross-platform solutions. Make sure to take the time to compare these different options so you can make an informed decision that will bring you the most benefits.
For example, cross-platform solutions are more cost-effective in certain situations, as they can run on different operating systems. Obviously, besides your budget, you should also take into consideration your target audience, and the functionalities that you require for the app.
Write down the features of the app
The features you choose depend on what kind of investment app you want to build. For example, if you’re going to offer human advisor consultation, you will need to add a live chat feature. On the other hand, if you develop a robo-advisory app, AI tools are a requirement.
In general, investment apps have the following features:
- Registration;
- Login;
- Personal profile;
- Bank and payment integration;
- Stock search;
- Real-time analytics;
- Push notifications.
Consider beginning with MPV development, as this is an excellent way to get your idea out there and receive feedback from users. MVPs are particularly great if you have a limited budget or don’t know what functionality is best. Once you test its potential, you can add multiple features and build a full-fledged app dedicated to investing.
Hire the right team of professionals
Now that you have planned the fundamental aspects of the project, it’s time to hire a team of specialists that will help you bring your vision to life. You will need a project manager to help you create a roadmap for the project – and manage front and back-end app developers, UX designers who will ensure the app is appealing, and testers and QA engineers who will provide a seamless user experience on the platform.
Now, it might be costly to hire so many professionals, but as you probably know, success doesn’t come easy, and it requires investing some money if you want to get things right. However, once the app gets out there and succeeds, the ROI you will get will be worth the initial investment.
Be sure to comply with the regulations
When developing an investment app, regulatory compliance is also critical, although there may be other things to come to mind. It’s important to register as a broker-dealer and then follow the essential guidelines and regulations, like AML regulations and FINRA rules.
This step is essential because you want your app to operate within a legal framework – this way, you will be able to run your business smoothly without facing any significant issues.
Release the app
After all the hard work, it’s finally time to let the world know about your investment app. At this stage, you need a detailed marketing strategy that will help you promote the app, such as video content, or anything else that could work best for you.
Of course, your work isn’t done once you release the app! It’s essential to pay attention to the feedback users give and make the necessary adjustments to your investment app based on their opinions. Also, keep in mind that no matter how great your app is, it won’t matter in the end if it fails to safeguard users’ data. So, make sure to conduct regular security audits and implement security measures such as 2FA.
Wrapping it up
Nowadays, investment apps have become incredibly popular, so you can take advantage of this opportunity and build your own app. Although the market is competitive, if you come up with an innovative idea and put some thought into the development process, you will succeed in creating a smart solution that helps users meet their financial goals.
