App Integration for a Better Fintech App

5 months ago
App Integration for a Better Fintech App Image

Technology continues to revolutionize the financial sector. Consumer demand for smarter, more all-encompassing fintech products continues to drive innovation. 

App integration in fintech is key in adding new solutions to the existing financial infrastructure. App integration refers to the process of merging the resources or capabilities of independently designed applications.

It’s an exciting time to create new synergy and innovation in legacy financial ecosystems while protecting consumer data, enhancing collaboration, and streamlining workflows.

From data-sharing to artificial intelligence, the best in the finance, banking, and investment industry will adopt app integration advancements to deliver the most competitive fintech products.


Security remains a non-negotiable aspect as we explore new horizons in fintech innovation. App integration in fintech provides a means to protect consumer financial information.

The pandemic has fast-tracked the transition to digital financial solutions, making banking and financial transactions more convenient than ever before with fintech apps. Fintech apps are increasingly integrated, creating an exciting new synergy in the financial ecosystem.

But with convenience comes the need for uncompromising security. The increased reliance on fintech apps for sensitive transactions requires a robust security framework that safeguards user data and financial details. 

For example, peer-to-peer (P2P) payment apps like Venmo and Zelle are commonplace. Yet, P2P apps have fraud rates estimated at 3 to 4 times higher than traditional payment methods.

Integrated Protection: Multi-Factor Authentication

One of the best ways to mitigate security risks in fintech app integration is by incorporating multi-factor authentication (MFA). This layered approach to user verification goes beyond the traditional username and password. 

MFA introduces additional steps, such as email verification and fingerprint biometrics, to ensure that users are genuinely who they claim to be. Notably, a 2020 study highlighted that MFA can thwart cyber-attacks in nearly 100% of cases, underscoring its effectiveness.

Prioritizing Security Testing

When developing fintech app integrations, prioritizing security is crucial. In the fast-paced world of software development, early and frequent security testing is an essential aspect of the process. 

Although it may pose challenges, investing in identifying vulnerabilities and plugging potential leaks pays off immensely in the long run. In a landscape where fintech solutions evolve rapidly, preemptive security measures lay the foundation on which user trust and organizational credibility are built.

Privacy Regulations & Data Sharing in Fintech

Privacy regulations and data sharing in fintech.

Fintech companies are developing new ways to prevent financial crime using cutting-edge data integration techniques.

Fintech companies are at the forefront of driving change in the age of privacy-conscious data sharing. They collect and process sensitive financial data, so it is essential for them to protect this data and comply with privacy regulations.

Privacy laws can limit data sharing, which can restrict the ability of fintech companies to work together to prevent fraud. However, fintech companies are developing new ways to prevent financial crime using cutting-edge data integration techniques that protect how institutions share information while saving costs.

Homomorphic encryption, differential privacy, and API gateways can be used to improve data integration, collaborate on analytics, and prevent fraud, all while complying with strict privacy regulations.

Privacy-Preserving Data Encryption

Duality Technology, a frontrunner in the field of privacy-preserving technology, harnesses the power of homomorphic encryption to enable secure computations on encrypted data. This groundbreaking technique allows teams to query each other’s datasets seamlessly without revealing sensitive information. 

This form of encryption can improve data integration, collaborate on analytics, and prevent fraud, all while complying with strict privacy regulations. For example, a financial services company can use Duality Technology to share sensitive customer data with a third-party vendor for analytics without revealing the data to the vendor.

Data-Securing API Integration

LeapYear, another trailblazer in the fintech sphere, is revolutionizing app integration using differential privacy, an innovative technique that adds controlled noise to datasets to enhance security. LeapYear’s pioneering financial data market technology can be seamlessly integrated into various software products via its API gateway. 

This approach addresses the challenge of data siloing across financial domains, such as retail banking and hedge funds. Financial institutions can collaborate on research and analytics without compromising their competitive advantage. For example, a bank or two hedge funds could use the data to develop a new trading strategy or assess a particular investment’s risk.

Cost-Saving Synergies for the Financial Enterprise

By allowing organizations to process data in existing applications and data pipelines, fintech companies can protect their data without disrupting their existing workflows. This is important because any disruption to existing workflows can be costly and time-consuming.

Enveil, Privitar, Integris, OneTrust, and BigID are other noteworthy players in the field of data privacy and integration for fintech. Each company offers its own unique approach and technology to help fintech companies protect their data and comply with privacy regulations.

The best solution for a particular fintech company will depend on its specific context and requirements. For example, a fintech company that needs to share sensitive data with third-party vendors may want to consider using Enveil’s zero-reveal security solution. A fintech company that needs to de-identify customer data for analytics purposes may want to consider using Privitar’s enterprise data privacy solutions.

Developers can explore the various options available to find the most suitable solution for their specific needs.

Data Integration: Powering Seamless Customer Experiences in Fintech

Data integration for seamless customer experiences in fintech.

Data integration is playing a vital role in transforming how the fintech industry improves the customer experience.

In today’s digital world, consumers expect seamless financial experiences. Fintech companies are at the forefront of delivering these experiences by leveraging data integration to create unified and personalized products and services.

Data integration enables fintech companies to connect disparate data sources like bank accounts, credit cards, and investment portfolios. This allows them to gain a holistic view of each customer’s financial situation and provide more relevant and timely solutions.

Examples of Data Integration in Action for Consumers

Homeownership Lifecycle: Black Knight’s Seamless Ecosystem

One example of how data integration is improving customer experiences in fintech is in the homeownership lifecycle. Black Knight, a fintech leader in this space, has pioneered a seamless ecosystem that merges financial services across the entire homeownership journey. This ecosystem empowers homeowners to easily access crucial information, automate time-consuming tasks, and make faster and more informed financial decisions.

Shopping Rewards App: Drop & Plaid Integration

Another example is the shopping rewards app Drop. Drop uses Plaid’s data integration platform to connect users’ debit and credit cards to various brands. This allows users to automatically earn rewards from these brands without having to manage multiple rewards programs.

Holistic Financial Platform: NerdWallet’s Data-Driven Approach

NerdWallet is another fintech company using data integration to improve the customer experience. NerdWallet’s data-driven platform gives users a holistic view of their finances and empowers them to make informed decisions across various areas, such as investing, insurance, and mortgage lending.

Additional Ways Data Integration Improves Customer Experiences in Fintech

Personalized Financial Advice

Fintech companies can use data integration to provide customers with personalized financial advice based on their individual needs and goals. For example, a robo-advisor can use data on a customer’s income, expenses, and investment goals to develop a personalized investment plan.

Fraud Prevention

Fintech companies can use data integration to identify and prevent fraudulent transactions. For example, a bank can use data on a customer’s spending habits to identify unusual activity and block suspicious transactions.

Improved Customer Service

Fintech companies can use data integration to improve customer service by providing faster and more personalized support. For example, a customer service representative can use data on a customer’s past interactions with the company to quickly resolve their issue.

Artificial Intelligence

AI is playing a transformative role in the fintech industry, and its impact is expected to continue to grow in the years to come.

AI & Personalization

Fintech innovation is driving the adoption of artificial intelligence (AI) to improve predictive analytics and personalize user experiences. App integration in fintech produces more data about customer interactions, which developers can use to create more personalized products and services.

Consumers expect hyper-personalized experiences from digital services like Amazon Prime and Netflix, and this expectation also extends to fintech. Studies show that users are more willing to share information with tech companies that offer a more personalized experience. Therefore, fintech companies incorporating AI-driven personalization into their products are well-positioned for growth and transformation.

For example, Envestnet, a Chicago-based company, has partnered with several financial institutions to develop a multi-portal platform that allows advisors to deliver more personalized insights to their clients.

AI & Automation

App integration in fintech enables AI to better support the needs of both consumers and businesses. Data integration also supports the automation of certain financial services, which can lead to greater customer engagement and satisfaction without the need to hire additional employees.

For example, technology company Abaka has developed an AI chatbot that financial firms can integrate into their existing products or use alongside other Abaka products, such as the company’s personal financial management tool. This chatbot can reduce the need to train customer service teams and improve security by limiting human involvement in users’ finances.

Other trends include:

  • Fintech companies are using AI to develop new products and services, such as robo-advisors and fraud detection systems.
  • Fintech companies are using AI to improve the efficiency and accuracy of existing processes, such as loan underwriting and customer service.
  • Fintech companies are increasingly using AI in open banking and other initiatives that promote data sharing and collaboration.

Innovating Fintech Forward

At InspiringApps, we pride ourselves on being at the forefront of app integration and fintech innovations. We understand that technology is rapidly reshaping the financial sector and recognize the opportunities that exist to influence an evolving market. Our team is uniquely equipped to help you bring a cutting-edge fintech product to life. Let’s discuss your vision and how we can collaborate to make it a reality.

Build a product that will delight your users & help your business thrive

We partner with inspired companies to create digital products that delight our clients’ customers and improve business outcomes. We work with our clients to bring their ideas and dreams to fruition. And, our development process is guaranteed to get you to the finish line.
Recent Posts

Business & Strategy

How Company Culture Drives Innovation in App Development

In today’s fast-paced, high-demand digital world, clients expect app development agencies to deliver highly innovative and top-notch solutions—an impossible task without the right people working. Companies that prioritize creating creative workplace cultures are well suited to hire and keep talent that drives productivity, teamwork, and respect.  A company’s culture is critical to its success in the app development industry. This blog post explores how an innovative workplace culture within an app development agency can lead to better solutions and experiences for digital product owners. What is innovative company culture? An innovative company culture is a collaborative environment that encourages out-of-the-box thinking and fosters a spirit of exploration and experimentation. It’s a paradigm that values diversity and inclusion, understanding that unique perspectives are the bedrock of originality and innovation. A supportive company culture: Practices clear communication and mutual respect, creating a space where everyone feels heard and validated. Emphasizes creativity and intellectual curiosity, encouraging employees to challenge norms and create disruptive solutions. Trusts employees, cultivating a landscape where individuals feel safe to express ideas without fear of judgment or ridicule. Shies away from office politics, focusing on collective progress rather than individual agendas. More and more employees are seeking this innovative and empowering company culture. A recent study by Glassdoor found that 77% of job seekers consider company culture before applying for a job, and 56% of employees rank culture as more important than salary. These numbers indicate a shift in the job market, with employees prioritizing personal growth, creativity, and job satisfaction over financial remuneration. This shift changes how companies attract talent and significantly impacts team synergy and client satisfaction. How Company Culture Fuels Innovation Among App Development Employees Consider a high-performing app development team. Behind their success, you’ll often find a vibrant, supportive company culture providing the backbone for their achievements. This culture doesn’t just exist; it actively molds, empowers, and inspires the team in key ways. Employee Longevity & Retention A positive company culture: Fosters employee loyalty. Boosts morale. Reduces turnover rates. Leads to a more dedicated, efficient, and satisfied workforce. This culture is a noteworthy factor in retaining talent and attracting new, competent employees, thereby contributing significantly to an organization’s success and efficiency. At InspiringApps, we prioritize building a workplace culture that inspires creativity and empowers employees to innovate and contribute meaningfully. All these facets of the company culture allow our team to thrive and grow at the company, leading to long tenures. Nearly 40% of our team has worked together for six years or more.  A statement from an InspiringApps team member on our recent anonymous survey illustrates the power of culture to impact retention: “I have never worked with such a talented and supportive group of people. Management is incredibly honest, transparent, and ethical, and if anything, I never want to leave!” Collaboration, Teamwork & Respect Maintaining respect in the workplace and presuming the best of your teammates is essential for any successful company. Errors are usually a result of process problems, not people, and a good company acknowledges that to make room for understanding and learning rather than blame and defensiveness. This approach significantly reduces the negative impacts of office politics on team dynamics, fostering a more supportive and collaborative atmosphere. An environment where each member feels valued, heard, and judgment-free, truly fuels innovation. When people feel safe to think differently, take calculated risks, and push boundaries without fear of retribution, they can contribute to creating innovative products that resonate in the marketplace. InspiringApps values teamwork and collaboration, with employees contributing in good faith and focusing on producing the best work. The absence of politics and the encouragement of mutual respect create a positive atmosphere where everyone’s voice is valued. In another quote from our recent employee survey: “Management finds the best people to hire in every department. Mutual respect is genuine among all team members.” Impact of Positive Company Culture on Clients A vibrant and positive company culture benefits employees and profoundly impacts clients. When employees are motivated and respected and work collaboratively, it translates into their work and service quality. Clients receive exceptional quality products and services, building trust and strengthening relationships. The energy of a positive work environment permeates through every interaction, making clients feel valued and appreciated in a few specific ways. Client Benefits of a Positive, Supportive Culture Good communication with app partners brings clients a significant business advantage. Working with a flexible, positive, and problem-solving-oriented team ensures that client needs are accurately understood, prioritized, and effectively addressed, resulting in tailored solutions that align perfectly with their business goals. This transparent, open, and consistent communication minimizes misunderstandings, reduces project delays, and increases efficiency. It fosters a synergistic relationship in which clients are regularly updated and are part of the decision-making process, thereby nurturing trust and satisfaction. Ultimately, these elements contribute positively to the client’s bottom line, as the more accurately the solution addresses their needs, the greater the return on their investment.  InspiringApps’ style brings these benefits to the forefront. While bringing an outside expert perspective, our honest approach to problem-solving helps propel solutions forward. For example, our client, Fidelity National Financial, commended our collaborative approach: “We appreciate that the InspiringApps team is straightforward and honest. If there’s something we’re doing that doesn’t make sense, or that’s hard, we just have conversations about it. No games, no dancing around it—you just tell us, and we work through it together.” Client Benefits of a Collaborative Culture In many situations, clients who partner with app development companies boasting a robust collaborative culture enjoy amplified project success. Having access to a top-tier talent pool, they are privy to the best and most innovative ideas coming to the fore. This collective talent shares many perspectives, brainstorming ways to approach the project to optimally meet the client’s vision and goals. The collaborative culture ensures that the team is not merely ticking off a task list but engaged in a continuous process of ideation, refinement, and innovation.  At InspiringApps, our culture results in a bespoke solution that encapsulates the client’s unique needs and aspirations, far exceeding a standard, one-size-fits-all product. As a recent InspiringApps client, Good Nutrition Ideas, stated: “Working with the InspiringApps team of designers and developers was an excellent first app experience for us. They were already familiar with accessibility issues in apps and app development, and they continued to learn and deliver on this app directed at people with disabilities. We anticipate working with them again, which is the best recommendation there is!” Supportive Company Culture: A Win for Employees & Clients An innovative workplace culture within an app development agency is vital in creating better solutions and experiences for digital product owners. Creating a supportive work environment emphasizing teamwork, innovation, and respect leads to a highly motivated, engaged, and productive workforce. Moreover, these qualities lay the groundwork for creating a solid foundation for employees’ personal and professional growth, resulting in an overall positive experience both for employees and clients. At InspiringApps, we remain committed to fostering an exceptional workplace culture, driving employee engagement and productivity, and developing innovative solutions. We’re proud that, as a result, we’ve been Certified™ by Great Place to Work®  for three consecutive years. Discover how culture fuels everything we do by viewing our Inspired Employees Make InspiringApps series.

3 months ago

App Development

People, Process & Scalability

The goal of building an app is to eventually watch it grow in popularity. No business owner has ever said, “I’ll spend money on an app and hope it stays at the bottom of the download chart!”  Scalability is the end game for most apps, but it is more than just building the app and hoping someone downloads it in a crowded app store. Defining scalability—the balancing act between taking an application’s capacity to grow while maintaining its performance—should be top of mind for any organization developing or adapting applications. Dozens of factors complicate scaling. Development teams must consider future-proofing code, responding quickly to scope or requirement changes, and focusing on the people involved: end users, developers, and designers. People-first scaling demands thoughtful strategies on how best resources can efficiently meet customer needs while aiming for superior results. In this blog, our engineers and developers offer insights into the power of people and processes and how they work together to reach scalability goals. What is scalability? Scalability refers to the capability of expanding a system in a focused and strategic manner, allowing it to effectively handle increased traffic and accommodate growing demands. App scalability involves thorough documentation and the accumulation of knowledge right from the outset, ensuring a solid foundation for future growth. When done right, scalability enables you to spend more time solving business vs. technical problems—and saves money in both coding and maintenance. While there may be multiple approaches to achieving scalability, the key lies in carefully selecting one method and remaining consistent throughout the system’s development and evolution. By doing so, organizations can ensure the scalability of their systems and effectively adapt to changing needs and requirements. Considerations for Scalability Clarify Your Goals: Engineering teams need to set crystal-clear goals to achieve scalability. Understand different ways to achieve scalability, including a surge in traffic, orders, sales users, or speed. Map out a timeline and budget for your scaling endeavors, ideally before you begin the project. Build for the Future: Launching a minimum viable product (MVP) is a quick and cost-effective way to get started on a small virtual machine. However, it’s crucial to approach it with a forward-looking perspective. Engineers and developers may need help with the temptation to optimize too soon, so leaving room for future optimization and app growth is vital. Plan for Scope Changes: In a project, it’s not a question of whether the scope changes but when it does. Scaling brings changing requirements in terms of technology and features. It is crucial to acknowledge this from the beginning while building. The key is to ensure extensibility. People-First Scaling Developers and engineers should remember that their creations are not solely meant for fellow developers (although a widely used application will inevitably involve interactions with many developers along the way). It is equally important to consider other stakeholders who will interact with the application, such as designers, stakeholders, and end users. Here are some valuable insights on scaling with a people-first approach. Test Assumptions Don’t rely on untested assumptions about what users want from an app. Users generally desire fast, high-quality, cost-effective solutions, but achieving all three can be challenging. Instead of presuming, ask the right questions. For example, inquire about the importance of loading videos quickly or whether security or speed takes precedence. You can gain valuable insights to guide your decisions by asking these pertinent questions. Delay Decisions Delay decisions as long as possible. Small decisions made over time can compound into something unattainable. This is especially true with end users, particularly in the case of native mobile apps. Users have specific expectations regarding how these apps should operate compared to web apps. While many things may change and evolve, having good, clean code will facilitate these changes. Investing time in writing quality code is always worthwhile. Stay Focused To achieve scalability, developers should decouple components to enable independent functionality, making updates more manageable. When considering mobile scaling, there are three key aspects to focus on: Evaluating how to scale new features effectively. Implementing compartmentalization to enable independent work for future developers joining the project. Developing strategies to ensure updates are tolerable. Respect Your Team You’ll undoubtedly add new team members who bring a fresh perspective to a complex project. However, it’s essential to carefully evaluate recommendations and changes. How one new person does something could lead to developing a bad habit that becomes the norm. To scale an app with your people on top of your mind, it all comes down to respect. You’re all learning from one another, from the developer to the designer to the user who downloads. Focus on building a collaborative environment for everyone to be able to scale together. Establishing a Process To Scale Your App Maintaining and managing a project is crucial for building a solid code base. If you continuously onboard developers to work on an ever-expanding list of features, prioritizing your process becomes paramount. Avoid taking shortcuts and establish a robust foundation for long-term success. Here are a few tips for creating a process that will stick. Defining a Process When working with multiple developers, teams, and leaders, it is crucial to establish transparent processes. Leaders play a vital role in determining the essence of the application, while smaller teams focus on tackling specific feature sets. Frequently, these teams operate in parallel but independently, emphasizing the need for proper staffing and training to ensure consistency and seamless integration. However, avoiding overstaffing is essential, as involving too many individuals can hinder progress. Research suggests that there is a tipping point where additional resources slow down progress in the wrong direction. Documentation Matters To mitigate potential issues, anticipate future questions from your team, establish well-defined tickets, clearly define your workflow and responsibilities, and clarify specific acceptance criteria. Things To Watch Out For Rushed coding can lead to sloppy development and an app vulnerable when scaled. Refactoring or restructuring the code without altering its original functionality may be necessary to address these issues. However, refactoring can pose a significant challenge when it comes to scaling, as it requires keeping the base code of the project intact, even as scope and requirements change. Refactoring can add years of work to the project, especially at the platform level. Secret to Scaling: Value Your People & Process Successful scaling of an application is not solely dependent on technology but equally hinges on the people involved and the processes they follow. People-first scaling, focusing on the suitable composition of teams, well-defined roles, and proper training, is integral to achieving streamlined operations and meeting project goals. Equally important is establishing robust development processes, which guide the production of high-quality code and form the bedrock of a scalable application. Processes ensure an app remains resilient despite changing requirements. Scaling is about balancing the human element with the technical and ensuring that one complements the other.

5 months ago

Blog Categories
App Design
App Development
App Marketing
Business & Strategy
Client Projects
Culture & Innovation
Digital Products
InspiringApps News
Mobile Industry