December 16, 2022

Fintech App Development With DronaHQ

Fintech is a combination of finance and technology. It refers to any business initiative that uses technology solutions to build, automate, or improve financial services and processes. The fintech industry has been growing rapidly over the last decade, with new services and applications emerging every year. 

Read on as we discuss the potential of low-code app development in the Fintech industry for accelerating business opportunities, the different types of fintech, its key features, and how you can build one for yourself.

Why should you use low-code in Fintech apps?

There is a huge difference between the way financial services were distributed a decade ago and how it is now. A major chunk of this transformation is rightfully owed to technology.

Even if banks today are in a more technologically sound position, they still need to tweak the underlying solutions and back office systems beneath their frontend or the customer facing front to keep up with the ever-evolving market and high-tech demands. This is where low-code comes in as a facilitator of easy innovation.

Financial service organizations have more than a 50% low-code adoption rate. Low-code platforms include comprehensive components allowing users to design custom front ends for web portals, mobile apps, web apps, embeddable forms, etc. and also access innovative cloud services like ML, AI, blockchain, voice and face recognition.

Use cases of a low code solution can range from creating online portals for customers, automation tools for checklists for compliance, optimizing administrative tools, developing process improvement apps, or extending core systems via integrations. Users can use the pre-built user-interface templates in low-code platforms to manage and streamline various financial functions ranging from customer service-related issues to productivity enhancements to the modernization of legacy systems.

Here are some compelling reasons for businesses to consider low-code in fintech apps-

Data integration in a fintech firm

Financial service companies face a huge challenge in storing and integrating data with a huge amount of information coming in every day. Much of this data is maintained and managed in a legacy system forming data silos. The confined nature of data impacts the free flow of information hindering real-time access and bringing disadvantages to the company. Low-code platforms can help streamline data integration by connecting to existing databases through APIs and third-party apps, allowing you to view and operate all your data from a centralized location.

Fraud detection and compliance

Integration of data enables fintech firms to access it instantly and in a more meaningful fashion, thus allowing them to identify irregularities as soon as they appear. Tools that enabled real-time visibility, AI, and MI enable teams to identify potential risks and financial threats. 

Leverage data/customer insights

Some financial service companies still operate in multiple data silos, creating roadblocks in understanding customer needs and requirements. With the help of a low-code platform, you can integrate data across transactional systems, CRM, and digital marketing automation, enabling professionals to view and analyze customer behavior patterns to gather meaningful insights.

Optimizing business applications

Most financial services companies have technology that still is rooted in rigid legacy systems. Low-code solutions can help optimize and enhance these systems through integrations that can seamlessly extend existing infrastructure for easier innovation and flexibility. 


1. Low-code platforms enable data collection configuration, data quality checks, and cleansing with the simple use of mouse functions.

2. Low-code enables fintech organizations to adopt a self-service approach to data analytics and visualization.

3. Low-code platforms deliver good governance around configurations, allow admins to control access levels across database, APIs, apps, screens and control the deployment of the application from one environment to another creating the right mix of rigidity and flexibility in financial organizations.

4. Low-code platforms help financial institutions enhance and strengthen their stability against failures compared to traditional coding methods. By speeding up the software delivery significantly, they allow organizations to innovate and design their own fintech products.

5. Low-code facilitates speedy upgrades and bug fixes as well as ease of adding new components to existing applications. It is more cost-efficient as compared to traditional methods of outsourcing to an IT team.

What are the types of Fintech apps?

Fintech apps vary from project to project. From using machine learning algorithms and data science technologies to modern solutions like low-code, fintech apps can be built and used for various tasks such as fraud monitoring, billing, license management, etc. 

Let’s learn about the different types of fintech apps built.

Insurance Apps

The apps for the insurance industry are typically for speeding up the claim processes, policy administration, and reducing fraudulent activities. Insurance apps help customers with payment processing, filing claims, quotes, policies, and searching policies as per different parameters. Some categories you can develop insurance apps for are:

1. Premium Calculators

2. Home Inspection Checklist Apps

3. Car Inspection Checklist Apps

Investment Apps

A Bankrate survey reveals that 63% of all smartphone users have at least one financial app, 17% of which are investing apps. This means there is a huge market for investment applications to tap in. Even though there are already successful players on the market, creative approaches to application development can help businesses steal the spotlight. Investment apps’ important categories are:

1. New Customer Registrations

2. Digital Journeys and onboarding

3. Portfolio management

Banking Apps

Banking apps should consider two main strategies- a customer-centric approach and mobile app innovation. According to a report from Citi, companies that do not invest in mobile app capabilities may fall behind those who prioritize the enhancements and features that align with digital customer experience. Therefore implementing innovative banking ideas is now a compulsion for banking institutions to engage and retain customers and practice digital transformation. Some key considerations of banking apps are:

1. CASA Onboarding Journeys

2. Employee Incentive Calculators

3. Automated Notification Systems (Customers as well as Employees)

Regtech Apps

Regtech is the management of regulatory processes within the financial industry with the use of technology. It is designed for financial companies to meet compliance with the law set by regulatory bodies. Its main functions include monitoring, reporting, and compliance. Regtech apps are typically used to monitor transactions that take place online in real-time to identify issues or irregularities in the digital payment space. The key categories of Regtech apps include:

1. Analytics Dashboard

2. Task Scheduling

Lending Apps

Lending apps allow users to borrow money from banks hassle-free without physically visiting banks or loan brokers. With a low-code solution, you can build a tool to automate loan approvals by pulling in applicant information into an easy-to-use tool that simplifies loan approval management.  Some key features of lending apps include:

1. Loan calculator

2. Loan management

3. Credit limit approvals

Consumer Finance

Consumer finance apps are designed to help users plan and manage their expenses, save money, and forecast future account balances to keep a check on their account balances. They don’t usually offer payment processing services. These types of apps should include features like goal setting, fraud monitoring, billing, license management, etc. Some key features banking apps may include:

1. Automated reminders

2. Dashboard

Fraud detection

Monitoring and fraud detection are  key functions for any financial services company dealing with the processing and exchange of transactions. Low-code platforms like DronaHQ allows users to build a fraud monitoring application to empower operations and customer support teams to look up a customer, view transactions in a table, and verify or freeze accounts based on suspicious activity.

Challenges in FinTech product development processes

Like any other tech process, the fintech product development process is not free of challenges. Here are some common challenges you may encounter in product development-


A data breach can drastically impact your company’s reputation, like leaks in bank account details. Some common cyber security sources include writing insecure code, poor use or data encryption, not testing the app, and scalability issues.

Use of AI integration

Since big data for AI integration is gathered from numerous sources, it gets difficult to sort them, making the app development process challenging for developers. The only way out is to hire big data analysts and AI developers, which can get really expensive.

User retention issues

A poor product can lead to customer retention issues. Even if marketing campaigns can make people download an application, poor performance can make them discard them immediately. For a seamless user experience, you should provide them with an intuitive interface that is smooth and responsive across devices.

Essential requirements of Fintech app development 

The fintech sphere is full of sensitive and complex activities. Here are some of the crucial features that you should consider adding to fintech apps-


Security should be given utmost priority while developing fintech apps. Security issues can negatively impact your app reputation and lower your ratings.  Some of the crucial security features of a fintech app should include SSO, two-factor authentication, registration via the phone number, and biometric security.


APIs are widely used in the fintech industry to issue commands to third-party service providers. APIs can help you connect to disparate systems and improve overall cost effectiveness, simplifying the payment and checkout process and user experiences. 

Notification and alerts 

Notifications are an important factor in delivering a pleasant user experience. With notifications alerts, users can stay informed about special offers, new features of the app, and other important information. Notifications help in increasing conversion rates, retaining users, and tracking actionable insights. Low-code platforms like DronaHQ allows users to send notifications and alerts seamlessly to customers.


The fintech sphere deals with a lot of sensitive and confidential data. There will be times when they need assistance with their queries or issues. Providing 24X7 customer support is necessary to give you a competitive edge over others. 

Why build your Fintech app with low-code

Low-code is a modern tech solution that has revolutionized the fintech industry with its unprecedented speed and ease of use. Financial institutions can now create digital products in days rather than months.

Low-code development platforms allow users to build applications using a graphical interface offering drag-and-drop functionality, visual logic building, and ready connectors. 

Gartner defines a low-code application as offering “rapid application development and deployment using low-code and no-code techniques such as declarative, model-driven application design and development together with the simplified one-button deployment of applications.”

Here is how low-code platforms can help you build powerful fintech applications at accelerated speeds and reduced cost-

Know your customer (KYC)

With low-code, users can build applications to help your team verify the user and business identity. You can build an internal tool for processing KYC compliance rapidly to ensure customers are actually who they claim to be and keep your business KYC compliant. 

Fraud monitoring and prevention

The key function of any financial services company is fraud detection and monitoring in financial transactions. Low-code platforms allow users to build a fraud monitoring application to empower operations and customer support teams to look up the details of a customer, view transactions in a table, and verify or freeze accounts based on suspicious fraudulent activities. 

Staying compliant with local regulations

low-code platforms empower teams to build applications that can be deployed in your infrastructure. Teams are equipped with the ability and power to respond and comply with new regulations in real-time.

Managing sensitive operations

Security is the most vital factor in financial operations. The best low-code platforms have built-in permissions and security options for managing sensitive information and workflows. These platforms do not store user data and can be used behind your VPN/VPC.

Choose DronaHQ for your Fintech app development 

DronaHQ offers the fastest and most reliable solution for developing fintech apps. Don’t build from scratch. Use our 100+ pre-built responsive and powerful out-of-the-box components to build powerful fintech apps that are highly flexible and scalable. Some of the critical features of DronaHQ include –

High Security

DronaHQ is SOC-II and ISO 27001 certified, ensuring users that our application is always updated with the latest security patches. All DronaHQ plans include SSL encryption to keep your data safe. You can control who can access your apps, database, and APIs by only allowing authorized people to use the app. 

Customize anywhere with JavaScript 

DronaHQ allows users to add a custom Javascript to fetch data and use it for your app operations. You can also import JS libraries and use its reference to run complex JS operations and directly bind data to your controls.

Build apps that integrate

Integrate with any APIs, data sources, and third-party apps. Visualize multiple data sources in the same view.

Web + mobile output

Responsive across all devices, including mobile, tablets, and web devices (android and iOS)

Developer support 

Exclusive developer support to help co-build applications in addition to helpful tutorials and documentation.


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