Reasons Why .Net Framework Is an Ideal Choice for Fintech App Development

“Financial institutions must be able to deliver an easy to navigate, seamless digital platform that goes far beyond a miniaturized online banking offering”

– Jim Marous

The COVID-19 pandemic has been a catalyst for change for many industries, and fintech is no exception. It has undergone a massive digital revolution. So much so that today’s customers expect an efficient and seamless experience for their finance and banking needs also through tech-driven solutions such as finance apps and websites.

Let’s look at some of the stats to understand how the fintech industry has transformed:

• In the past month, 73% of smartphone users have used an app to manage their finances.^[i]
• Search terms that include “bank near me” have increased by more than 60% in the last two years.^[ii]
• 89% of consumers use a finance app for different banking purposes.^[iii]

Finance apps have become a preferred option for people to manage their finances.

And since finance apps are high in demand and deliver substantial value to users, developing one is a good investment.

In this blog post, we discuss how to build an efficient finance app for your business.

Ready?

Let’s dive in!

Things to Consider When Choosing a Fintech App Stack

The tech stack you use lays the foundation for your Fintech app. Therefore, to ensure a strong foundation, you must research and analyze before you select the right set of tools.

Here are some important things to consider before choosing a tech stack:

Define the Scope of Your Project

The first step is to define the scope of your project. It includes the features, project goals, functionalities, development costs, deliverables, project deadlines, etc.

Ask yourself these questions to define the scope of your project:

• Who is your target audience?
• How will they use your app – on the web or on their smartphones?
• Which operating system do you want to build your app for?

Answering these questions will help you develop a minimal viable product first, which can then be integrated with additional features to extend its functionalities.

App Architecture

App architecture determines how all the components of the app will be displayed and communicate with each other.

Before you choose a suitable architecture for your app, you need to get familiar with the types of app architectures – microservice architecture and serverless architecture.

In the microservice architecture, the app is developed as a group of small services decoupled from the application. Each service can be written and tested in a different programming language.

Serverless architecture, on the other hand, allows developers to develop the app without having to manage the underlying infrastructure.

So, depending on your app requirements, you can accordingly choose the app architecture.

Development Speed

Every business owner wants to build software faster with reduced time to market. Thus, a good development pace is essential for getting things moving quickly.

Some of the ways to accelerate your app development speed:

• Invest in technologies that are easy to use but reliable
• Expand your team, if necessary
• Set clear requirements and roadmap
• Automate as much as you can
• Leverage the lean approach

Threat Detection

Once you launch your application, it’s time to ensure it is protected against any malicious activity that could compromise its functionality and architecture.

This is where threat detection comes into the picture.

Threat detection is the practice of examining the entirety of a security ecosystem to determine any threat or malicious activity.

And for detecting threats such as cloud security algorithms, end-to-end encryption, usage of Firewall and antivirus, artificial intelligence, etc, you need to implement effective technologies.

Integrating threat detection technologies in your app will help you prevent harmful security threats and build trust among your users.

.Net Framework: Why Its a Next-gen Technology for Fintech Applications

ASP.Net core is a powerful and top-notch web development framework. It is an open-source and modular framework that works efficiently not only on Windows OS but also on Mac OS.

Let’s understand why you should choose .NET for your fintech project.

High on Performance

The payment gateways offered by fintech apps need fast loading. And network intensity is a major challenge for many demographics.

ASP.NET core helps you build high-performance websites and apps with seamless navigation as well as offers a bug-free experience. With its ever-expanding capabilities and use of microservices such as Node.JS, Go and more, .NET helps build high-performance web applications.

The ASP.NET Core framework optimizes after code compilation to enhance performance, making it one of the most rapidly functioning frameworks.

API Integrations

API integrations are an important feature for finance app development as it allows you to extend the capability of your app and add additional features. ASP.Net Core has an MVC (Model-View-Controller) architecture, which is known for its efficiency.

.Net Core uses a base controller to render the abstract classes which reduce the coding efforts. It also helps developers test web apps better.

This helps reduce time to market and also ensures that the app works without any glitches or bugs.

Enhanced Security

Security is undoubtedly a top-most priority for a finance application because they include personal information and sensitive customer data such as passwords, bank details, and transaction details.

Such critical information puts banking applications at risk of cyberattacks.

CSRF (Cross-Site Request Forgery) is one of the most frequent types of cyber threats encountered by the banking industry. If the security of a website or an application is weak, hackers can send requests to modify user data and access their accounts.

Therefore, businesses need to ensure that their app offers airtight security to customers.

ASP.Net Core prevents CSRF attacks by requesting verification tokens which are:

• Used as a cookie.
• Hidden to combat security breaches.

This process ensures that the web application is secure and privacy stays intact.

Real-Time Push Notifications

The purpose of banking applications extends beyond transactions. It also allows easier communication between the user and the bank.

.NET Core uses a specific library to send real-time notifications to all users. So, with ASP.Net, it’s easier to build or integrate SignalR-based notifications in your web application to provide a direct communication and engagement channel that increases retention.

To Summarize

While there are several frameworks available to choose from, tech experts consider the .NET framework an ideal choice to build an effective finance app.

Its cross-platform capabilities, high community support, equipped tools, and easy deployment enable businesses to build a scalable and feature-rich fintech application that drives revenue.

Wish to Develop a Fintech Application? Contact Us!