Entrepreneur’s Guide to Building a Fintech App Like Robinhood

With more than 30,000 fintech startups globally, you must have noticed the high popularity of fintech apps, especially those related to investments.

Well, finance apps have been around for some years now, but as the modern generation stepped into the digital world, the adoption rate of these apps became highly increasing. And, looking at the adoption and success rate of fintech apps like Robinhood, more entrepreneurs are planning to build a fintech app like Robinhood.

Although building a stock trading app like Robinhood is complex, it is rewarding in the long run. You just have to keep your basics right. When your basics are right, your build is right. And, when your build is right, your app becomes sustainable.

This guide is for all those entrepreneurs who are planning to build an app like Robinhood and transform the fintech industry. You will get a clear road map of the process involved in developing a fintech app. But first, let us talk about RobinHood and its features and functions.

About the Robinhood App and its Key Features

Launched in 2013, Robinhood stands out as unique in the fintech industry. It has revolutionized how people invest in the market. The app aims to centralize finance by offering commission-free trades, which was one of the key challenges for investors.

When Robinhood overtook the brokerage model, it became a sensation among the users. Today, the app stands strong, with 10 million+ downloads on the Play Store and a #10 ranking in fintech apps on the App Store.

Let us look at the key features of the Robinhood app to understand what it offers to its users.

Key Features of the Robinhood App

• Commision-Free Trading: The app allows users to buy and sell stocks, ETFs, and currencies without paying any kind of brokerage commission.
• User-Friendly Interface: Another key feature of the Robinhood app is its intuitive design, which ensures that even novice investors can navigate the platform without any issues.
• Real-Time Market Data: Robinhood not only ensures trading but also ensures that users stay ahead of the trend through real-time market data. This allows users to make informed investment decisions instead of just blindly playing trading as a game.
• Cryptocurrency Trading: One of the key features of Robinhood is that it lets users trade in cryptocurrencies. It offers various options like Bitcoin, Ethereum, and Dogecoin.
• Security features: Not only is the platform easy to use for trading, but it also ensures the best security features like two-factor authentication, encryption, and secure login protocols. The user’s data is safe from any unauthorized access.
• Educational Resources: Robinhood offers a range of educational resources to keep users engaged. Users can learn about investing, read knowledge-gaining articles to build their financial knowledge easily and stay engaged.
• Cash Management Services: With the cash management services in the app, like savings accounts and debit cards, users can earn interest and manage their funds effectively.
• Fractional Shares: Another key feature of Robinhood is allowing users to purchase high-priced stocks in fractions, removing the barrier to diversifying their portfolios.

These were the great features of the Robinhood app that are highly anticipated by the users and set the app apart to revolutionize the fintech industry. It will help you a lot in building your trading app and conveying your idea to app developers for startups. Let us now lay down a complete road map for building an app like Robinhood for you.

Building a Fintech App Like Robinhood (Roadmap)

As a developer, building a fintech app similar to Robinhood involves some challenging tasks. But if you target one step at a time, you can overcome the hardships involved and move towards building a successful and sustainable fintech business.

Thorough Market Research And Clear Planning

The first step to building your fintech app is thorough market research. While you perform the market research, identify your target audience, specifying what they need. Plan the analysis based on demographics, user behavior, and ongoing market trends.

Also, analyze competitors in the fintech app market in terms of their strengths and weaknesses. Finally, focus on defining your unique value proposition in terms of pricing, innovative features, and additional services.

Lay Down The Key Features Of Your Fintech App.

If you have read the key features of the Robinhood app in our above section, plan the key features of your fintech app. It can offer commission-free trading for stocks, real-time market data and stock prices, and a very user-friendly UI interface.

Also, focus on what advanced features you need in your fintech app, including educational resources, cash management services, and fractional pricing, just like in the Robinhood app. You can also explore intelligent advanced features like leveraging AI for fraud detection in your fintech app.

Note that while you define the key features, identify how you are going to apply these features in terms of user experience and design.

Choosing Your Technology Stack

This section might sound technical, but there are some basic technical considerations that entrepreneurs must know to build a successful mobile app startup. To make it easier for you, focus on the front-end, back-end technologies, and third-party integrations.

Front-end technologies can be popular frameworks like React Native and Flutter. In the backend, you can see popular technologies like Node.js or Django. Finally, for the third-party integrations, identify things like what payment processing gateways you are going to use in your fintech app.

Ensuring Regulatory Compliance And Security Features

Ok, so this section is very important since you are planning to build a fintech app. Regulatory compliance involves complying with the financial regulations of specific regions you are going to target for your app. For example, in the USA, fintech apps have to comply with SEC regulations.

Moving ahead, ensure that you implement robust cybersecurity solutions to keep your app secure. Applying encryption and two-factor authentication and performing regular security audits can help you maintain the highest standards of security because, in a fintech app, funds are involved.

Preparing For The Development Process

In this section, there are certain things to ensure since it consists of the actual new product development process. It involves certain sub-steps in the process:

1. Wireframing and Prototyping

Outline the structure of your app and the user flow in a very formal way. With this, your fintech app development partner will create a prototype of your app. You can also opt for building an MVP in case you want to test the viability of your idea in the market.

2. Development Phases

• Front-end development: This is where the looks and feel of the app are defined and built
• Back-end development: A flawless and smooth backend process to handle transactions and other user activities
• Integrations: Other third-party integrations, if any
• Testing of the app: Here, your app will be tested by dedicated testers to ensure that there are no bugs in the app. A well-tested app is always more reliable for its users.

Launch and Marketing Strategy

Another important phase in building a fintech app like Robinhood is the launch and marketing phase. Here you have to plan a well-rounded strategy comprising the below:

• Pre-Launch Preparations: Here, initiate user- feedback on the beta version of your app and change it according to their requirements. Having an effective go-to-market strategy can help you a lot here.
• Marketing and user acquisition strategy: Lay down a strong user acquisition strategy to attract and retain users. The digital marketing concept works great here. Also, hiring influencers and partnering with PR agencies can be beneficial.
• Post-Launch Support and Updates: A mobile app development process is not just a one-time investment. You have to keep ensuring that your app stays up-to-date even after the launch.

By following the detailed process, you can build a solid fintech app like Robinhood. During the complete process, ensure that you stay in touch with your mobile app development partner.

Partner With Us To Transform Your Vision Into The Next Fintech Success Story

Creating a successful fintech app like Robinhood comes with a lot of complex processes. A lot of steps fall on your side; however, the real technical part and app-building part requires some assistance. And that is where a specialized fintech app development company can make a significant difference.

Why Choose Fintech App Development Services?

• Dedicated expertise in building fintech solutions
• Agile development approach right from start to finish
• Custom solutions designed specifically for your unique business requirements
• Integration of the most modern technologies in your app
• Highly complying with the relevant financial regulations of the specific region you want to target
• Ongoing maintenance and support for your fintech app
• All of that at cost-effective pricing