Rapid Prototyping Framework for Digital Innovation

Rapid prototyping is the process of creating relatively simple initial prototypes in a short matter of time. It does not involve too much research; instead, it’s focused on speed. Why is it great for FinTechs? Find it out in this article!

Table of Contents

• What Is Rapid Prototyping?
• The Rapid Prototyping Process
• Why Are Rapid Prototyping Services an Excellent Choice for FinTech?
• The Takeaway

What Is Rapid Prototyping?

Rapid prototyping is a technique which has its roots in manufacturing. The term was coined for the practice of building quick (often, but not always functional) prototypes of parts using CAD tools and printing them in 3D. But, what is rapid prototyping in software development?

As the practice name suggests, this is all about quickly creating prototypes. Rapid prototypes are created with little research as part of UX design or app development. They are built to test particular functions or design solutions and gather feedback from stakeholders. Afterwards, new prototypes are created, and the process is repeated.

Interestingly enough, although rapid prototyping is mostly associated with Rapid Application Development (RAD), it’s not limited to this approach; you can even apply it to agile technology.

The Rapid Prototyping Process

The rapid prototyping process is relatively simple and can be broken down into three steps:

• Building—creating the prototype.
• Feedback—gathering reviews from a group of target users/stakeholders to learn what works in the prototype and what does not.
• Improvement—making updates to the prototype based on the feedback.

The cycle is repeated until the feedback is satisfactory.

Why Are Rapid Prototyping Services an Excellent Choice for FinTech?

Due to the slightly delayed Revolution 4.0 in finance, there is a major demand for new software components right now, especially among fintechs who are known to offer innovative solutions. You need new apps on a regular basis (whether for internal digital process automation or to meet your clients’ demands), and updates to your already existing software. At the same time, such solutions have to be adjusted to the specifics of the target users and the organisation implementing them. Rapid prototyping is the best way to fulfil both of these goals. How?

• It’s fast—you’ll usually have your app ready much quicker than with standard methods.
• It meets users’ needs—despite the speed, rapid prototyping ensures that the final product is in line with the expectations of both stakeholders and target users.
• You won’t invest in a failure—with rapid prototyping, you won’t spend your money on a carefully, thoroughly designed prototype which later proves to fail to meet the users’ needs completely; if the design isn’t working at its principle, you’ll know it after the first cycle, which will enable you to change the course of design or even abandon it completely without spending too much time and money.
• It enables you to test each feature—with rapid prototyping, you test every feature and design separately, not the whole product. This lets you build a much better app overall.

The Takeaway

Rapid prototyping is an excellent strategy for developing digital products in finance—whether you’re a fintech or a traditional bank, we strongly recommend it. If you need help with rapid prototyping or any other development services, check out our software development services and software components for FinTech!

You might also read: Elevating FinTech Capabilities with the Power of Kubernetes

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