Front end and UX always become a challenge and key success factor when building new tech products. In the FinTech space, it plays an even more important role considering high CAC costs and the average CLV metrics. Therefore, companies have to invest over 60% of their engineering budgets to build apps and experiences pursuing their target acquisition and retention goals.
The importance of front end & UX
A well-designed front end is essential for any FinTech company. It’s the face of your product, and it’s what customers see and interact with. Good front-end design can help attracting new customers and keep those you already have.
Looking at the most successful FinTech companies in the US and Europe, you can notice that the key value proposition lies within the experiences they provide. It has always been a key differentiator between legacy institutions and modern FinTechs but its importance and complexity were often underestimated. Front end experiences still remain the biggest success factor for many of the fintechs and a blocker for others who didn’t manage to get it right.
A good front end solution must not only look nice and deliver your brand message but also interact with the clients, be clear, intuitive and responsive. Furthermore, UX is directly connected to other pieces of your product such as back end APIs, business and compliance processes, marketing tactics, etc.
At Velmie, we understand the importance of front-end design and that’s why built modular front-end technology that makes it easy to create custom experiences for your product. Our white-label banking apps for iOS and Android are fully customizable, and the back office solution comes with extensive tools to manage engagement and conversations with your customers.
Costs of building FinTech apps
Building a great front end experience for your FinTech product can be costly and time-consuming. Companies often have to spend a significant amount of effort to build and run various UX tests until they come to the target. That’s where Velmie comes in.
With the modular white-label front end our customers can compile different components to get their unique products and experiences delivered to the audience. This approach allows to significantly reduce the go-to-market time from around 1 year to just 1-2 months, leading to CAPEX savings as well. On average, FinTech startups pay USD 0,5 million to build their MVP applications, with the white-label tech the app investments can be just a fraction of the above costs.
With over 30+ modules and components such as cards, crypto, Fx, QR payments, invoices, portfolio management and others, the front end tech can be a fit for the majority of FinTech products.
The advantages of white-label apps
When you’re looking to launch a new FinTech product, you need a technology partner that can help you speed things up. Finding and retaining experienced app designers and developers with relevant background in the FinTech space may be a bit of a challenge for early-stage companies.
At Velmie we not only provide a toolkit but also do end-to-end delivery, bringing hassle-free service to companies that don’t have in-house tech expertise. Founders can stay focused on their business, customers, and partners while we deliver perfectly crafted apps and experiences with our unique tech.
What’s more, our API middleware technology provides fast connectivity to partner banks, so you can get your product into the market faster than ever before.