Fintech – DiTech Media

10 things you should know before developing a mobile app

Yuriy Meitalov — Tue, 27 Apr 2021 10:33:30 +0000

The worst that could happen to a mobile application is a lack of users. Several mistakes can lead to such a scenario at every stage of development. The list of pitfalls to avoid during mobile software development is presented by Jurijs Meitalovs, head of IT at British fintech platform Bilderlings.

1. Goal setting

Sometimes management wants “like the competitors have”, forgetting that your users might need something different. Or the task might be defined based on the manager’s personal preferences – where they end up liking the product, but for the actual clients it is not appropriate. Therefore, the first step should always be user research – studying the specific needs of the clients. And only then you should write the technical specifications based on this study.

If the specifications are written without a research grounded on specific client needs, finding out the root of the problem later on will be extremely difficult. Then your application will be barely used, and you will have to guess what is at fault: the technology, your IT staff or your UX designers.

2. Excessive customisation

Chinese application WeChat is an app for everything. It is so overloaded that finding the right option takes ages. The other extreme is to create a separate application for each task from one service provider. For example, if I want to use online bank both as a legal entity and as a private individual, I do not expect to have to keep two different apps on every device. The right way to go here is to find a balance between the two extremes.

3. Functionality problems

There are two frequent problems – too many features or too few features of an app. Having too many features is also a bad idea. The mobile application should be able to do basic things. Integrating everything in an app will make navigation too complicated – a UI that works in a desktop browser can be terrible for someone using their smartphone. Therefore, you should know exactly what the client needs, and focus on that. This is where UX design comes in.

4. Implementation: native VS cross-platform

There are app development technologies that are in fact compatible with all systems, and those that are natively designed for each specific operating system. In the former case, a single code base should support both Android and iOS devices. In the latter, development and maintenance costs are nearly doubled. However, having the same code work across different platforms runs into the question of selecting the right cross-platform tool to use – a decision that will be guided by the tasks your service has to perform.

Many new frameworks and cross-platform developments can die out quickly. You should keep track of how a particular technology is growing and developing with the times.

5. Contracting or in-house development

Doing things by yourselves or outsourcing a project is a matter of resources. In-house development takes some careful allocation of resources. Then again, selecting an outside company is always a lottery – you never know how things will go. You might find a great contractor with some spectacular projects in their portfolio, but then have an unprofessional developer assigned to your development – turning your dream into a quagmire. A combination of factors is important: the professionalism and experience of your outsourcing company, the professionalism and experience of specific employees doing the work, and your own ability to monitor and guide the development progress.

6. Communication among teams

The ideal option is team-to-team relationship. Something to note here is the cost analysis and reconciliation of assessments on both sides. It is important that you assess your own technical readiness adequately – are you ready to do your part (the same API or some new functionality) to integrate the new software?

7. Security

We work with financial data, which makes security a priority from the start. Integration always begins with a software audit – we cannot rely on the good faith of the developers; professional penetration testers must verify their work first. Our applications must include certain technological solutions to protect them from malicious codes and data leakage. This is a must have – you are responsible for verifying the security of your product.

There are guidelines to help you with this, such as the OWASP MASVS, which is, in fact, a list of widespread vulnerabilities to avoid or eliminate in your development. Each vulnerability is easy to prevent as long as the developer is aware of it, but it’s too easy to overlook some of them as you go along. So always discuss everything at first, and always solicit an independent penetration test before the release day.

8. Store review

Once your app is ready, it must be uploaded to the store and submitted for review. Android’s Play Store does this automatically, while in the iOS App Store it is done manually – a specific person-reviewer downloads your app and checks its performance for compliance with iOS requirements. Any violations or dubious moments will require further development before the app is released. Each such cycle takes at least a full day. So always prepare everything in advance to avoid unnecessary delays.

9. Feedback

First, you should monitor the reviews that customers leave on the App Store and on Google Play. If you refuse to respond and make changes, your rating will worsen – dissatisfied clients mean scathing comments and spoiled first Impressions. Second, you may want to think of an alternative feedback channel: provide a phone number or support button in the app itself, preferably in plain view. If the client does not know where to go with the problem they are having, they will likely complain about it in the application reviews.

10. Activity monitoring

If you have 100,000 clients and just ten downloads, start looking for where the problem is. Perhaps your app has been downloaded a lot but is not really used. Clients just open it once and never come back. What could be the reason? User behaviour analytics can help you find the problem out. There are many services nowadays that collect analytics data for you. Find a way to analyse the data accurately and draw the right conclusions. This is something that needs to be considered at the start – so set the task and assign somebody to it early on.

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British fintech platform Bilderlings launches online onboarding for individuals

Bilderlings — Wed, 27 Jan 2021 14:11:46 +0000

British fintech platform Bilderlings has unveiled completely remote online onboarding for individuals. This means that users can register, submit documents and have a current account up and running within minutes.

What does onboarding mean?

Onboarding refers to the actions you take on your way to receiving a service. To open a Bilderlings account and make use of the fintech platform’s other advantages, you should sign up, submit the necessary documents, and access the system. The entire journey is now much simpler, faster and more convenient than ever before.

What advantages does online onboarding provide?

Immediate system access upon registration. This is a demo version of your current account – familiarise yourself with the interface before an account is opened.
In demo access mode, you can already start receiving internal payments.
The main advantage of online onboarding is the speed with which your account is opened. If there are no issues with your documents, we will automatically grant account access in just a few minutes.

What affects the time it takes to open an account?

Here are a few suggestions to speed up your account opening process:

1) It is better to take a photo than to scan a document. Scanned images unfortunately often happen to be in poor quality, which means we will have to ask you to resubmit the affected document.

2) Identical spelling of your name and surname in each document. Your personal data should be spelled out in Latin script and perfectly match the spelling indicated in your passport.

3) The address on your utility bill should correspond to the address of your place of residence, and the personal data in the invoice should match the spelling on your identity document (passport or ID card).

If all data have been provided without issue, you will be able to use the current account within minutes! If you have not been granted account access immediately, don’t worry – some information just needs to be double-checked. We will set up your account within 1-2 days.

What about online onboarding for legal entities?

This will also be available soon. Businesses do require more documents than individuals, so we want to take time and get our automatic onboarding implementation right. We hope to launch it in several months.

Bilderlings is a British fintech providing financial services since 2015. A current account with Bilderlings is available to individuals and legal entities. With a dedicated IBAN it enables GBP, EUR and USD transfers to 150+ countries, supporting SWIFT, SEPA, FPS and Chaps, currency exchange, Mastercard, and you will have a dedicated manager assigned to your account.

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To rent or to own? Where to buy fintech software? Make the right decisions with this checklist

Yuriy Meitalov — Tue, 01 Dec 2020 12:10:13 +0000

Jurijs Meitalovs, Dr.sc.Ing., head of IT at the British fintech platform, Bilderlings

So, you’ve got a cool idea, and need the software to drive it. What should you do: devote your labour to developing a bespoke solution, or rent a service? Either option comes with its advantages and its issues, so here’s a quick rundown.

Every fintech business is faced with this decision – either to produce a standalone software solution or to rent one from a service provider. To be more precise, there are three distinct options:

renting ready-made software (Software-as-a-Service, or SaaS solutions),
commissioning software development from a third party (outsourcing), or
allocating your own IT team to develop a solution.

The choice hinges on your specific needs, available alternatives, and how soon you have to launch.

Your business profile

If you’re creating something outside the box, making your own tools will be more convenient. Fintech companies find that working with an in-house product is both quicker and easier – with a continual cycle of necessary improvements and modifications that are cheaper and faster to produce for a dedicated team of colleagues. At the same time, the modern software landscape is rich in useful services and pre-packaged solutions that could simplify the early stages of development and integration of other systems (client onboarding services, AML checks, analytics etc.) down the line.

Getting everything right early on

Whether you choose to buy someone else’s product or hire software engineers who will take a year of development to reach marketability – the price tag could end up about the same. With a pre-made solution, you can launch immediately and spend the entire year selling and turning a profit (instead of software development and integration). But, if you work on a custom product, enhancing and expanding it will be much cheaper and easier in the long run.

Ready-made solutions: pros and cons

At first, this scenario seems ideal: with limited investment, you could launch your product tomorrow if you really wanted to. Just buy a platform and the relevant banking systems, hire an IT team to integrate the solution, and you are done. Eventually, however, you will hit the ceiling of any third-party platform’s capabilities and customisation options.

The platform you have bought could be unable to support features that eventually become indispensable. It might hit a technological limit, unable to develop your product further. You could end up having to pay too high a cost for essential customisations. As a result, your total spending could run much higher compared to in-house development.

SaaS: what are the risks?

First and foremost, your service provider could simply go out of business. This would disable your product outright.

Another major risk is data leaks. Any data stored offsite is data you can’t control and make 100% sure it remains in good hands. If a leak occurs on the supplier’s side, you still carry the reputational and financial risks.

Risks with standalone development

Nobody is insured against conceiving a product incorrectly.

Over time, most IT systems expire once a new feature becomes impossible to add and support. This often happens as the number of your clients grows – if your software can’t perform at scale, you will hit a wall.

***

All things considered, your choice depends on the primary resources you have at your disposal.

Time

Can you wait a year to launch? —> Develop your own

Need to launch ASAP? —> SaaS

Funding

Have enough investment to support a dedicated software solution? —> Develop your own

Limited seed investment? —> SaaS

Market

Are there multiple offers on the market that can support your idea? —> SaaS

Is your idea so unique that existing solutions aren’t entirely adequate yet? —> Develop your own

People

Have the energy, time and money for an in-house IT team? —> Develop your own

Can’t afford a sizeable IT department? —> SaaS

Important things to consider before you start:

* potential earnings from launching immediately with a rented service (i.e., the potential lost profits from taking a year to develop your solution);

* growth ambitions: as workloads scale up, rented solutions will require modifications and updates, which may cost more than starting off with a dedicated software product.

Whatever your circumstances, there is no ideal scenario. There are many factors to consider. Your greatest asset in this business is the ability to weigh multiple relevant factors and adjust to the situation at hand.

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How the licenses for the issue of electronic money are issued in the European Union

DMITRY KUVSHINOV — Fri, 14 Aug 2020 13:14:26 +0000

Recently, Bilderlings conducted a study examining the statistics on the issuance of EMI licenses in the EEA throughout the history of its existence. We chose 10 most interesting facts that can be useful for your business (if you yourself are engaged in financial technologies or use the payment services and want to keep abreast of things in the industry). All data is taken from the register of the European Banking Authority. The study was conducted in February, but for this article we updated the main figures.

EMI (Electronic Money Institution) is the most comprehensive license for electronic money transactions. Electronic wallets, payment services work under this license. The main types of services of companies working with an EMI license are opening a current account, money transfers and conversion.

1. The Very First

The first EMI license was issued in 2010 in Luxembourg. In total, there are currently 8 EMI licenses issued in Luxembourg.

2. Number of the Year

To date (May 2020) 387 EMI licenses have been registered, 18 of which already this year, including “quarantine months” (8 in the UK, 3 in Lithuania and 1 each in Malta, the Netherlands, Spain, Italy, Bulgaria, Norway and Poland).

3. The Most Experienced

The top 6 leaders in terms of the number of EMI issued are as follows:

Great Britain (177),
Lithuania (60),
Malta (17),
France (14),
Cyprus (13),
Ireland (12).

Please note that the UK accounts are almost half of all European EMIs, 16% of EMI companies are concentrated in Lithuania, and the remaining countries account for less than 5%.

4. “The EMIest”

The peak of the popularity of EMI licenses fell in 2018, when 205 licenses were issued, i.e., 10 times more than during the previous year.

5. The Most Progressive

The jurisdiction that issued the most number of licenses in one calendar year is the United Kingdom, which issued as many as 143 licenses in 2018.

6. Newcomers

Companies involved in the issue of electronic money started gaining popularity in 2017. This has inspired many countries to begin issuing EMI licenses in their jurisdictions. (Perhaps the “newcomers” will show greater zeal in arranging infrastructure for financial technologies to compete with other countries.)

Countries that started issuing EMI licenses after 2018 are Estonia, Finland, Germany, Greece, Ireland, Italy, the Netherlands, Slovakia, Slovenia, Spain, Sweden.

7. Steep Turns

Interest in the electronic money industry can be found by examining the dynamics of licensing in different countries.

Top jurisdictions that are most actively and dynamically increasing the number of EMI licenses under their regulation are England, Lithuania, Ireland.

In England, over the previous 5 years, only 1 EMI license was issued, and in 2018, as many as 143.
In Lithuania in 2016, only 2 EMI licenses were issued, already 14 of them in 2017, and 21 in 2018.
In Ireland, until 2018, there were no EMI licenses; in 2018, 2 were issued, and in 2019 already 10.

8. The Most Systematic

If some jurisdictions drew attention to EMI only after an explosive interest in 2018, many states systematically work with this type of license, issuing them almost every year – though little by little.

Malta – 9 years in a row
France – 7 years in a row
Lithuania – 7 years (over 10)
Luxembourg – 6 years (over 10)
Liechtenstein – 5 years (over 8 years)

9. Canceled

In total, according to the study, 4 EMI licenses were canceled – in the Czech Republic, Germany, Latvia and Malta. It is noteworthy that the licenses were canceled in all countries in 2019.

10. Zero-EMI

Countries where no EMI licenses have been registered yet:

Austria,
Iceland,
Norway,
Poland.*

* while the text was being prepared for publication, Poland managed to issue its first ever EMI license! We mentioned this in paragraph 2, but we want to emphasize that until April 2020, full EMI licenses had not been issued in Poland.

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