Foonkie Monkey is an experienced, cost-friendly app development partner that will drive your FinTech startup forward by delivering a high-quality, secure, and innovative product.
Modern technologies are the agents behind the digital transformation of businesses and overall corporate dynamics across every relevant industry on the planet. Technology has penetrated virtually every industry we know, which has undoubtedly leveraged better profit margins and more efficient business practices. The financial sector is one of these industries that fully embraced technology and, in the last decade, has undergone substantial digital enhancements. This transformation has resulted in the birth of financial technology–or FinTech– and it has introduced us to a new era for financial transactions that responds to consumers’ needs for easier, more efficient, and secure banking interactions. Hence, the sky-high adoption rates FinTech has had these past few years. For your FinTech startup this is good news!
According to the Global FinTech Market Size, Status and Forecast 2018-2025 report, the global FinTech market size will grow to $124.3 billion by the end of 2025, that’s a Compound Annual Growth Rate (CAGR) of 23.84%. These numbers leave no doubt about the massive investment opportunities that financial technology represents for companies, especially FinTech startups. It’s a fact: now is the best time to build a FinTech app for your FinTech startup!
Why Foonkie Monkey?
Given the current FinTech market conditions, an extensive range of development companies has spawned to seek a piece of this attractive market. For FinTech startup owners that want to delve into the FinTech realm, seeking the right professional help is the crucial first step. Among the sea of development companies, startup owners must find the appropriate FinTech-focused development partner to execute the ideas and concepts dwelling on their minds. However, building a wholesome FinTech app that will adapt to your startup and scale your business is no easy feat. Which features does your app require? What safety measures does it need? Are there any regulations your app needs to meet? How much will it cost? Only a skilled app development partner will answer all these questions for you.
For this reason, it’s paramount to hire a highly qualified, talented, and, above all, experienced FinTech development company. Our team at Foonkie Monkey has over ten years of experience developing apps, and FinTech mobile products for startups are one of our specialties. Our portfolio, multiple awards, and top-notch products speak for us. You won’t find a more qualified development partner to drive your business forward. Still not sold? Here are a few reasons why working with Foonkie Monkey could make a difference for your FinTech startup.
We Prioritize Security Measures
Whether it be account information, social security numbers, credit card numbers, or passwords, your app developer must protect financial data within your app at all times. If your FinTech startup is going to excel in the mobile arena, security has to be the number one priority for your app development partner, no contest. Sadly, the expansion of FinTech solutions hasn’t always been met with growing concern for safety measures. An investigation of 30 FinTech apps found that 97% of them lack necessary security measures. Furthermore, the study reveals the apps have weak encryption, high data leakage, and insecure data storage measures, among other concerning vulnerabilities. This worrying statistic highlights the importance of developing a secure FinTech app. Not only will you protect your users’ information, but it will help your startup stand out and establish a reputation for being safe and reliable.
In the ranks of secure FinTech app developers, Foonkie Monkey stands tall and proud. We have considerable experience developing secure FinTech apps backed by challenging, innovative, and perdurable development projects. This experience has led us to understand the risks and concerns relevant to FinTech startup apps fully. We are prepared to employ high-level security measures to protect your customers’ data. These are some of the steps we use to keep our FinTech apps safe and running smoothly:
• Authentication and Authorization Protocols:
The first layer of protection for your app, user authentication, and authorization protocols refer to passwords, credentials, tokens, or other personal ways of identification. These procedures help identify who your users are and what information they can access once logged into the app. For this purpose, we often employ Identity Access Management Tools (Okta, Auth0, Azure Ad), token-based authentication, and multi-factor authentication.
• Secure Coding and Architecture:
We consistently enforce safe coding practices above all. These are the beams that hold the app’s integrity in place. We consistently implement the inclusion of input validation, data revision, and iterative testing. We keep an eye on granting external access, defining access rules, and all our coding goes through team revisions. The app’s architectural implementations are all planned, designed, and shared by our entire team of professionals.
We employ high-level encryption protocols to scramble the shared data within your app so that it becomes unreadable to any hacker that gets their hands on it. We encrypt the stored data within your app and our databases, thus preventing sensitive information from being breached.
If your app handles payments, we use tokens, or tokenization, to help replace the stored payment data with non-confidential data or tokens. This way, we convert payment information into a string of random digits with no value, which is only valid in a specific context. A token is useless if stolen.
We implement a DevSecOps methodology where security is code. We have predefined security policies coded from the beginning of the development process and are integrated and used consistently throughout your app’s lifecycle.
• Regulatory Compliance
The sensitive financial data relevant to FinTech apps makes it one of the most regulated industries. Depending on your target audience and your app’s purpose, we are required to implement specific regulatory controls to protect your users’ sensitive data. Depending on your country, we comply with mandatory regulations such as General Data Protection Regulation (GDPR) or PSD2 in the EU and the Anti-Money Laundering (AML) in the US, to name a few.
We consistently implement testing policies, not only at deployment but during the early stages of coding. We understand that testing your app’s security is pivotal to pinpoint soft spots and flaws before launching it. At Foonkie, we implement Quality Assurance (QA) techniques to identify and eliminate vulnerabilities early on, which saves costs and ensures the app’s integrity before launching it. We often work with automated testing tools such as Postman, Selenium, Cucumber, Serenity, Appium, and Azure DevOps.
As you can see, we are very passionate about incorporating the highest security measures to protect our clients and their users. If you want to get first-hand insight into our trajectory, check out how we stepped in for BSJI, one of our top FinTech clients. They needed a development team who knew their way in the FinTech industry and was devoted to fixing the latency and other transactional issues their users experienced when sending and receiving money. We developed a safe, efficient, intuitive, and user-friendly product using blockchain’s benefits. Our product gave their users a high-performance, robust solution for their transactional needs, boosting the company’s daily transactions to 900. See why having an experienced, efficient, and reliable development partner can make all the difference for your FinTech startup?
We Offer Cost-Friendly App Development
Most people believe that high-quality FinTech app development costs a fortune and that cost-friendly apps are bound to fail. This misconception has made entrepreneurs with fixed budgets wary of taking a step towards mobile development. However, this is not the case as several startups have, and still are, enjoying the benefits of having developed successful apps within their budget. Your startup can jump into the mobile pool too, and you have to know where to look.
At Foonkie Monkey, we have been developing cost-friendly apps for ten years and have done so successfully, with all our apps having high adoption rates and satisfying results for both our clients and their users. Our mobile development approach allows us to adapt to our client’s budget by employing work methodologies such as DevOps, outsourcing through nearshoring and offshoring, Minimal Viable Product (MVP) for startups, and charging hourly rates that guarantee the optimization of costs and times. Let’s dive a bit more into why these elements translate into lower prices to develop your product.
Globally, the cost of developing an in-house app averages between $150,000 and $450,000. Most startups usually don’t have those resources at hand to invest in developing an app. Luckily, you have options like outsourcing, bringing development costs down to anywhere between $10,000 and $120,000, depending on the product and the company you hire. At Foonkie Monkey, we offer outsourcing services at hourly rates that will surely adapt to your budgetary needs. We work with companies worldwide with our nearshoring and offshoring services that adapt to your schedule, conditions, and budget restrictions. With these outsourcing options, we offer you the possibility of working with cost-efficient, culturally compatible, talented, and efficient teams of professionals to bring your app to life.
Additionally, with our nearshore and offshore services, we do everything for you. You do not have to be on top of the development process, which allows you to focus on other aspects of growing your startup. You also have an experienced, highly professional team to work on your app whenever you need.
• MVP (Minimal Viable Product)
Building an MVP for startups is crucial due to its cost-efficient benefits. An MVP is the minimal form of your product, tested on the market to measure user acceptance, core functionalities and learn about its usefulness, acceptance, and financial considerations. We often use MVPs for FinTech startups to decrease development costs by following a build-measure-learn process. This process allows us to build and release your app fast and continually improve it as we study adoption and learn about your users’ needs. As a result, we can gather this information and use it to build your app’s future iterations to better satisfy and adapt to your users’ needs.
• Shared Responsibility
At Foonkie Monkey, our priority has always been delivering cost-efficient, robust, innovative products. We make sure to adjust to our client’s budgets and ensure they get the best out of their investment with our principle of Shared Responsibility. This principle is result-oriented, which means we are committed to delivering. If we don’t deploy within the established time frame, we will ensure your budget’s proper use by reducing costs to 50% until tasks and objectives get fulfilled.
DevOps is a cross-disciplinary methodology we work with to create a system-oriented approach to our app development processes. Our DevOps approach allows us to shift the IT paradigm of unidirectional work and develop a cost-efficient, fast, and wholesome development process for our clients. Our staff members merge their different skill sets to perform more efficiently and produce better mobile products. Additionally, we consistently employ cutting-edge automation tools to leverage our programming processes and deliver top-quality products.
Our Credentials and Portfolio Speak for Themselves
As with any business relationship, you need to research your potential partner’s credentials and experience. You can’t just jump into business with anybody and risk your hard-earned resources. It’s a smart idea always to seek business relationships with developers who have a proven track record and have visible experience in the FinTech sector. If the developer you choose has FinTech apps in their portfolio, noticeable expertise, and some recognition, they will probably deliver a brilliant FinTech app.
Foonkie Monkey has over ten years of experience developing software and mobile apps. FinTech applications are one of our specialties, and we have established business partnerships with several big and medium-sized financial enterprises. You can check the work we have done for Bancolombia, Davivienda, BSJI inc., the Interamerican Development Bank, and the Ministry of Finances of Colombia. Additionally, B2B portals like Good Firms, Clutch, and Mobile App Daily have recognized us for our outstanding client reviews and robust, innovative, and high-quality mobile products. Check out our portfolio and blog sections to get acquainted with our trajectory.
We Offer Ongoing Development, Releases, and Support
With us, the development process does not stop after we launch your FinTech app. After your app goes live, we accompany it to gather data, improve, and upgrade it as we begin to receive valuable user feedback. We offer ongoing app support in all the different areas of your app’s life; thus, you’re not only getting the most out of your investment, but we ensure your product will have a long, prosperous life. We also perform continuous enhancement of features, updates, timely releases, security checks, and support based on your users’ wants and reactions.
What We Can Do for Your FinTech Startup
FinTech apps are creating waves of innovation in the financial industry. They have set up the perfect opportunity for startups to reap the benefits of developing their FinTech app and start digitally growing their business. However, we understand that it can be a daunting enterprise to jump blindly into app development without knowing the ins and outs of how things work. That’s why we are here. At Foonkie Monkey, we understand the FinTech industry’s intricacies, and our extensive expertise in app development has led us to be the perfect partner for startups.
We know how to develop a FinTech app that will adjust to your pocket, but an entire team of professionals at your disposition, and deliver a product that your users will love. As your FinTech app development partner, we will use the latest technologies and practices to provide a product with high-security levels, clean code, user-oriented features, and crisp design and interfaces, all within a cost-friendly price range. We’re with you every step of the way because your success is our success.