Why do you need market research for fintech mobile app development?
Mobile app development is not just about interface design and programming. Especially in the fintech world, where user experience and good knowledge of the potential audience are so important. To create the perfect digital product for the fintech industry, comprehensive market research is necessary: alternatives, competitors, or the habits, problems, and expectations of the target group. Why is market research so important in the software development process? Here are a handful of answers from Speednet experts.
What is market research in the software development process?
Market research before the mobile application development process is working on focus groups, interviews, and surveys with potential customers. It’s trendwatching, observation of industry standards and competitors, as well as UX/UI research, analytics of collected data, and designing the interface and MVP to realize the needs of the target audience. Market research is the first step before clicking the “Start coding” button.
The result of market research in the software development process is supposed to be reliable answers to the questions:
- Is there a real market demand for your application?
- Who is the user of your fintech app and what are their preferences?
- What future competitors and obstacles do you currently face in the process of software production and promotion?
- Does your mobile app stand out from your fintech competitors?
- What is your business model for a fintech mobile app?
- How do you build a marketing strategy for your mobile app, and prepare its positioning and communications?
Market research before developing a fintech mobile app – why is it worth it?
The answers obtained during market research are not just unnecessary theories for anyone. All this data will come in handy in practice both before you start work and during the production of the app:
Useful verification of a mobile app idea
With reliable research on a large target group, it is possible to know whether your mobile app idea will find any audience at all. If you don’t figure out in time whether your fintech solution is needed by anyone, you will burn through tens or maybe hundreds of thousands of dollars.
Competitor analysis = less chance of failure
An in-depth analysis of the competition may point you to existing and thriving mobile apps that have similar or even the same features as those in your MVP. It may turn out that you won’t win against Klarna or Revolut if you can’t find some USP (Unique Selling Proposition) in your idea – some functionality or capability that your fintech competitors don’t have.
More accurate pricing and less unexpected software production costs
Knowledge about the competitors and the application’s audience will make it easier for software house specialists to price the implementation of all fintech application functionality and testing.
Less expensive work for UX and UI designers
Designing and honing specific elements of an application’s interface or even entire functionalities and widgets can be much easier for UX/UI designers with a comprehensive knowledge of the audience and the drawbacks of similar solutions.
Relations with the product team even before work begins
Joint workshops and data analysis with the team of your chosen app developer or software house will build a positive relationship between you or, on the contrary, verify that you don’t have a common flow.
Good market research before = better and cheaper marketing after
After analyzing your audience and competitors, you will know better what marketing messages to prepare ads with and for whom exactly, and how to position your mobile app in the App Store and Google Play stores.
Market research with the product team from Speednet means…
…a much better final result of the developers’ work, and ultimately higher revenues from the mobile app and better functionalities. Full support and advice at all stages of an IT project, extensive experience in the fintech industry, good awareness and knowledge of the competition, or refined processes and pricing – these are the key benefits of working with our team. All this would not be possible without reliable market research.
If you are looking for a partner in fintech software development, you have come to the right place! Write to us and let’s talk about how we can help you with your business!