The financial services industry is facing a wave of digital disruption that is reshaping the entire industry. Right now, FinTech startups are the fastest growing area of venture capital financing.
Global Fintech financing quadrupled, growing from just over $3 billion in 2013 to over $12 billion in 2014, compared to a 63% growth in overall venture-capital investments.
More importantly, finance today is an archaic industry that has a lot of problems, which need to be solved. And even in spite of that, the entire sector receives more of the average profits than any other sector of the economy.
Lack of trust or security fears are one of the main reasons why many startups fail to acquire users. The recent FED survey shows that over 50% of consumers cite security reasons as their main concern for not using mobile banking.
Even with high CAC, the good news is that customer lifetime value is typically high in finance. However, failing to build a long-lasting customer relationship can seriously undermine the efficiency of your business model.
Finance is historically a highly regulated market. You may need various licenses and approvals, depending on where you register your business. Because of the 2008 crisis, the requirements for offering banking services has gotten even more demanding.
Legacy IT maintenance is typically as much as 70% of the IT budget at financial services firms. Getting it right straight from the start is absolutely critical for your future cash-flow.
From the marketing point of view, financial services firms have highest customer acquisition cost, that can rise to hundreds of dollars. Building an efficient, scalable business model is critical if you want to build a company that can survive in the long-term.
Most customers today are using a personal approach when it comes to financial services. Thus, FinTech startups have no other choice than to build a state of the art customer support system that ensures it is personal and scalable at the same time.
Launching a successful FinTech startup requires state-of-the art technology, meeting the highest security standards. But even before that, there needs to be a clear of vision of solving a customer pain that’s so significant, customers will give their trust to an unknown startup.
Finding the right angle to attack the pain ultimately comes down to building a minimum viable product that allows you to test, validate and, if necessary, to pivot on your assumptions early and rapidly.
A great idea is only part of the story. What makes ideas successful is the perfect execution. From fully fleshed-out wireframes, customer personas to an elevator pitch, our product strategists will help you develop a product strategy that aligns perfectly with your business goals.
Instead of following some generic specs or business plans, we will help you identify the minimum feature set and, working hand-in-hand with real customers, we’ll progress towards finding a product market fit.
Our approach is designed to help minimize the risk of failure and develop a product that works in the market. Using our industry expertise and financial industry partners, we’ll help you take your idea from initial concept to a working app with users and a viable business model.
Building a disruptive finance technology starts with the right focus. We’ll help you define a minimum feature set, establish feasibility and lock down the product positioning.
Every idea is built on some educated guesses. We’ll help you develop a minimum feature set, designed to collect enough data feedback from real customers, so you don’t have to rely on guessing.
Design is about how the app works. The ultimate consequence of a great design is high user adoption. We believe in clean, simple, user-centric design that aligns with your business goals.
We’ll provide you with a full team of expert strategist, developers and designers to build an app that’s according to highest design and technology standards.
We have developed a series of workshops to help you prepare your company for a VC investment and take the right steps towards landing your first investment deal.
Once the official version hits the market, we’ll help you collect user data to improve the product, and can provide access to our full stack marketing team.
Their audacious vision is to help transform the most innovative and challenging ideas into reality, by becoming the leading technical co-founder for entrepreneurs.
Appster is the fastest growing App Development company. With offices in three continents, from San Francisco to Melbourne, we’re building the most innovative app technology company in the world. If you want to have a chat, get in touch!
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Are you truly committed to your idea? Is your idea unique and original, or is it another "me too" app? Use this tool to determine if your idea has potential, and if you are prepared to do what it takes to make your app succeed!