Fintech apps have transformed global businesses by storm. Today, people use different types of fintech apps for various financial activities. Due to this rapid penetration, the global fintech market is projected to reach $332.5 Billion by 2028 which was $112.5 Billion in the year 2021.
The reason behind the massive growth of fintech apps is that it empowers users to access financial services easily and safely through mobile devices.
Therefore, fintech apps have become a highly promising mobile app development concept for startups and businesses. If you are also planning to invest in fintech app development, here in this blog, we would tell you how to develop a fintech app.
So let’s get started
The fintech app is a mobile application specifically built for the finance and banking industries. This app provides a variety of financial services and facilities such as mobile banking, P2P payment, cryptocurrency exchange, personal financial management, stocks & trading, and more.
So fintech app development covers a wide range of financial and banking solutions. In order to build a fintech app, you would need to hire either a developer or the best fintech app development company.
As we said, fintech is an extremely broad term, it covers multiple types of financial services. Based on this, fintech apps are categorized. Here are the most popular types of fintech apps which are significantly used in the market.
Fintech apps serve a broad domain. They are used for various financial purposes like investment, saving, trading, fund transfer, fundraising, loans, and so on. However, these features are built according to the type of fintech applications. Hence, when you start your fintech app development process, make sure your fintech app includes all the essential features which are listed below.
Fintech encompasses various innovative technologies like blockchain, AI&ML, cryptocurrency, cloud, big data, and more. And since there are always new updates and innovations coming in these technologies, new fintech app development trends provide enhanced scope for businesses to improve their existing fintech solutions. At present, below are the latest fintech app development trends which are gaining faster traction.
Developing a fintech app is the same as the normal mobile app development process. But it involves the integration of some specific APIs and advanced technologies to enable custom features and functionalities. Below, we have listed the simple steps of developing a full-fledged fintech application.
As we already discussed, fintech is an extremely wide domain, so you have to choose your niche. You need to define for which specific area in the fintech sector you want to build your app. For this, you have to conduct in-depth market research and choose the concerned field as per your business goal. Once you get all the essential information, list down your main requirements which are essentially needed in your fintech application.
After selecting your niche in fintech, the next step involves finding a dedicated fintech app development company that can assist you to build the fintech app as per your business model. The company holds professional expertise in creating fintech solutions as per the current market standards and user requirements. They have a dedicated team of developers and designers who use all the technologies and frameworks to turn your fintech app concept into a fully-functional mobile application.
This is one of the most important factors that determine the quality and effectiveness of the app. Creating a user-first UI/UX, therefore, is crucial in the fintech app development process. You need to make a responsive user interface that performs seamlessly across all smartphones and mobile devices. Plus, your app should have the ability to engage users with seamless features and eye-catching design elements. A good UI/UX design enables your fintech app to perform well and assist in user retention. Hence, focus on creating a user-first UI/UX.
At present, two methods are most popular in mobile app development-native and cross-platform. In native app development, developers write code separately for Android and iOS. Whereas, in cross-platform, developers can deploy the same app on both Android and iOS from a single codebase. So, here you have to select which process you want to follow in your fintech app development. If the user experience is your top priority then go with Native. And if you are limited in budget and want to native-like apps then cross-platform is a better option.
At this stage, you can start developing your fintech app with your developer of a fintech app development company. During this process, make sure your developers or the company follows the latest practices and ensure your fintech app with all important data regulations laws and compliances like GDPR. Once your app is validated by pre-defined QA & testing parameters you can launch your app in the app stores.
On average, the cost of developing a fintech app may go between $30,000-$50,000 for a basic application. However, there is no certain estimation for the fintech app development cost. It is because this totally depends on various factors like the type of fintech app, the number of API integrations, the complexity of the app, and the implementation of advanced technologies like AI, blockchain, and others. Hence, the best way to know the exact cost of a fintech app is to get a quote from fintech app development companies.
Fintech apps are becoming a highly profitable business concept in today’s market. With the rapid adoption of financial technologies across different sectors, the demand for more functional fintech apps is rising astonishingly. For businesses, it is certainly a great opportunity to build a fintech app to take a competitive advantage and help consumers. But to make sure your fintech app achieves success you should work with an expert fintech app development company.