Imagine a startup that struggles to get to market, but faces endless delays. In the end, their idea that could change the world never sees the light of day. This is the reality for many companies. For reference, 45% of startups fail because they launch too late. In today’s competitive environment, especially in fintech, time is as much about survival as it is about money. The sooner you get your product to market, the sooner perhaps you’ll be in a leadership position to start generating revenue. But how do you speed up the development process without losing quality? The answer lies in expert digital product design and development services.
Let’s take a look at how professional designers,developers and modern technologies such as blockchain, artificial intelligence (AI) and Web 3.0 can help fintech companies accelerate product development and get ahead of the competition.
Why ‘time to market’ matters in fintech
The importance of speed cannot be overemphasized. The fintech industry is evolving at a rapid pace by ageing industry requirements, changing customer needs and the rapid development of technologies: blockchain, artificial intelligence (AI) and machine learning. These aspects create an environment where delays can lead to loss of market position or investor confidence. Launching a product on time in the market provides a tangible competitive advantage that distinguishes successful startups from unsuccessful ones.
Key challenges slowing down the development process:
- Compliance difficulties: Ensuring compliance with laws takes time.
- Changing user requirements: The product must be flexible and adaptable.
- High competition: Competitors are constantly rolling out new features and updates, improving functionality and security.
How expert design helps solve these problems
Professional design teams focus on creating a minimum viable product (MVP) that must meet regulatory requirements such as GDPR in Europe or CCPA in California, while also engaging users and giving the product opportunities for further development. By optimizing the user experience and considering scalability in the initial stages of this, this is usually enough to avoid issues that can delay the launch.
Case study
Experts from Kindgeek shared their experience of working on a fintech project. They collaborated with a company to create an innovative platform with the standard function of making transactions between users. The complexity of the project was the speed of launching the product in the niche of rapidly growing digital payments and mobile financial services. The development team, including specialists in blockchain technology, artificial intelligence (AI), and user interface (UI/UX), focused on creating a user-friendly and intuitive interface and used ready-made frameworks.
But like many startups, this one also faced a scalability and security challenge due to the demands of more users and server accesses. The Kindgeek team used blockchain technology to create transparency and security of transactions and with the help of AI, optimized the processes. The result was a significantly improved user experience. Bottom line: thanks to the work done, the project was able to weather the challenges of growth relatively painlessly — scaling quickly and gaining user trust by providing a fast and secure transaction platform. In numbers, this approach reduced the development time of a fintech product by 40%, enabling the startup to capture an albeit narrow, 10% target market in just 3 months. Impressive?
The role of design in accelerating development
What is expert product design? It is more than just a look and feel; it’s a strategic approach to creating user-centred digital solutions. It involves minimizing technical bottlenecks and ensuring ease of integration with existing systems.
Key elements of effective design:
- User research: Understanding the pain points and preferences of the target audience.
- Prototyping: Rapid iterations to improve the product.
- Scalability: Creating products that easily scale as the business grows.
Benefits of designers and developers working together
Medium writes convincingly about the synergy of collaboration between designers and developers. By involving all participants in the process at the early stages of IT project development, many misunderstandings can be avoided, the number of revisions can be reduced, and the product can be released much faster.
| Traditional approach | Expert Design Approach |
| Sequential development and testing process — this leads to incompatibility of concepts and code. | Parallel work of designers and developers — this speeds up the adaptation of design to technical requirements. |
| Limited user feedback — making changes is expensive and difficult. | An iterative process with user feedback allows for timely course corrections. |
| High percentage of errors in late stages of development — problems with usability and performance are discovered after the completion of the main development phase. | Early identification of potential problems — the latter are resolved before active development begins. |
One of the digital wallet providers, DFNS, used an expert design approach, the goal of which was to integrate blockchain technology into the design — to ensure transparency and security of transactions. During the early testing stages, an important security flaw in the iframe wallets was discovered that could allow attackers to access user funds. Teamwork between designers and developers identified and fixed the defect — this saved the company several months of rework and redesign.
Leveraging technology to accelerate development
Innovative fintech technologies provide a competitive advantage. Expert services in the design and development of digital products involve both collaboration and the introduction of technology that simplifies complex processes. We are talking about the following:
- Blockchain: Automating the transaction verification process, which speeds up data processing.
- AI: Optimizing customer interactions through chatbots and predictive analytics.
- Web 3.0: Decentralized solutions to increase process transparency.
The role of expert design and development partners comes down to integrating these technologies into the product. In practice, designers and developers implement blockchain in parallel for secure data exchange and develop interfaces using AR/VR to create unique customer experiences. The synergy of the collaboration is converted into the speed and quality of the IT product launch.
Conclusion
Time is critical in fintech. By utilizing an expert services approach of expert digital product design and development services and advanced technology, you can remove the major obstacles to development — regulatory requirements, changing user needs high competition, as well as scalability and security. With an expert approach, you can accelerate your development processes to gain a competitive advantage. The experience of companies like KindGeek demonstrates that designers and developers working together speeds up processes and reduces risk.
Ready to bring your fintech product to market faster and more efficiently? Turn to the experts who can help you accelerate your IT product development and ensure success!
