64% of the US adult population was using at least 1 FinTech app in 2020. The numbers have only increased since then and the trend is likely to continue.
“So even I will get a FinTech app developed to grab my slice of the growing market pie.” – Said a lot of FinTech startup aspirants.
“And I will be focusing on hiring a dedicated iOS developer.” – Said no one FinTech startup founder.
But as a matter of fact, iOS developers play a crucial role in FinTech app development. And that’s why looking for an iOS developer for your FinTech should be among your top priorities.
Not sure why or how an iOS developer can support your FinTech app development goals?
You are not alone.
And information is right at hand.
Here are 5 crucial roles that an iOS developer plays in FinTech app development.
iOS Developer’s Role in FinTech App Development
1. Helps capture the iOS-using FinTech market
Android is known to have a wider reach and lower user acquisition costs for FinTech apps. But there are 1.2 billion+ iPhone users in 2022. So you shouldn’t miss the opportunity to cater to their FinTech needs either.
Also, iOS users have an average annual income between USD 50,000 to USD 85,000 (compared to Android users’ average of USD 35,000 to USD 60,000). Targeting iOS users for your FinTech app, thus, is likely to translate into more revenues. This is primarily due to their financial upper hand over their Android counterparts.
Now you can definitely give Android a bit of precedence over iOS. But you cannot completely ignore the latter. By hiring an iOS developer for FinTech app development, you can make sure that you capture the widest possible market.
2. Offers an edge over cross-platform app development with native development
“Instead of hiring an iOS developer, why can’t I hire a React Native developer instead?”
That’s a very good question. Instead of hiring two native mobile app developers for Android and iOS FinTech app development, hiring a cross-platform mobile app developer does seem logical.
But there are some (a lot, actually!) benefits of native application development that are hard to match. Even with the best cross-platform technologies.
A good way to understand that is to check out the differences between Swift and React Native, for example, for a FinTech iOS app development.
| Swift | React Native | |
| Performance | Generally better | Good |
| Development Speed | Faster as it includes native app development | Comparatively slower |
| User Interface | Great as all the native elements can be used | Great as React Native also uses native iOS elements |
| Scope for Customization | Higher as it is possible to write code from scratch | Comparatively complicated |
| Apple Support | Apple offers corporate support to Swift and it also has a vibrant community so new features and updates are regular. | No official support from Apple. But it also has a growing community. |
Thus, it is clear that even though cross-platform application development is fine, native iOS development is better suited for FinTech apps that demand higher performance, better interfaces, and a lot of customization.
3. Ensures application security
No one wants to download an app that is likely to leak their confidential data. Even more so when it is a FinTech app.
Application security is one of the expectations that customers have today. And you too need to make sure your FinTech app meets and even exceeds security standards.
According to a survey by Beyond Identity,
This will ensure legal compliance. And it will also help build customer trust and bring more paying users.
This means that people’s expectations about FinTech (or any other!) app security rise when they have an Apple device. This makes security an even more important concern for you if you are getting an iOS app developed.
And an experienced iOS application developer will be best equipped to help you create a safe and secure FinTech app. They’d know not just app security best practices but also the major loopholes to avoid.
4. Facilitates quality assurance
While developing a FinTech mobile application, quality assurance should always be considered.
Why?
It is expensive to acquire active FinTech app users. The cost averages somewhere around $40. Having a bad UX that negatively impacts the user’s perception would only add insult to injury. And you’d have to dish out even more dollars to get paying customers for your FinTech app.
Thus, quality assurance should be a priority. It will help you find and eliminate bottlenecks and potential turn-offs before they affect your bottom lines.
And while a QA will find the bugs, you’d need an iOS app developer to fix the faults and finally create a smooth and seamless iOS FinTech app.
5. Guarantees app launch on the Apple App Store
App Stores have a long list of policies and guidelines that app developers need to follow before they can list their apps on the store.
And Apple is infamous for having a way stricter app store policy compared to Android. It is in the best interest of its customers, though. Also, FinTech apps are more under scrutiny given the delicate nature of the app and the information that they harbor.
Without an iOS app developer, who has worked on multiple iOS applications before, it will get tough for you to get your FinTech app live on the App Store.
Read the complete guidelines here.
Only someone who has tackled the policies before can guarantee an app launch on the App Store in one go.
Given the complexity and gravity of these roles discussed above, hiring an iOS developer for FinTech app development would be worth it.
But any iOS developer won’t be able to step up to the challenges of FinTech app development.
You need specialized developers with some FinTech experience. Now, finding such experts can get complicated if you set out on a search on your own. Also, limiting your search to local areas might mean that you’d have to compromise on the quality of the resource.
A simple solution would be to engage with talent-connect platforms, especially the ones that help you hire Indian talent.
Why India?
Well, it is 10x cheaper than the US for app development, according to Business Insider.
How?
The iOS developer salaries in India are way less compared to that in the US. And the exchange rate strength of the USD over INR offers an added advantage.
But the cost isn’t the only benefit of hiring Indian iOS developers via talent-connect platforms. Here are some more benefits that you get:
- Access to the top Indian talent.
- Pre-vetted talent so you don’t have to invest time or effort in recruitment.
- Quick turnaround time so you don’t have to wait for weeks before kickstarting your project. You’ll be assigned an iOS developer within a day or two of submitting the request.
- The position is filled remotely so you bear no employee overheads.
- You can request another developer if you face cultural clashes with the first assigned resource.
- You only need to pay the iOS developer’s salary every month.
- The engagement is on a month-on-month basis, so you don’t need to keep the iOS developer on-roll after your requirements have been fulfilled.
So don’t wait anymore. Start your FinTech app development journey and hire an iOS developer today.