How Much Does It Cost to Develop a Fintech App?

Financial business is growing and advancing with innovative technologies at a rapid pace. Bitcoins and cryptocurrencies are now standard terms used in the finance industry. Fintech purely means the progression of the finance industry through advanced technology to empower day-to-day financial operations. However, developing a fintech app is not an easy job. Businesses require to be dynamic with an aptitude in both finance and technology domains.

You can build an endless list of useful applications if you utilize proficient financial software development services. However, due to a lack of expertise in conceptualization, precise design, and development, many financial business owners fail to comprehend fintech app development costs.

These financial business owners are even confused with what functionalities they should include in the application and what features they should avoid?

This blog will help you explore the fintech app development pricing with needed features, technology stack, and app development processes that impact the overall costs.

Features and Functionalities to Consider Before Building Fintech App

You can develop a fintech app with all categories of functional capacities and consumer-centric desires. Let’s explore what all fintech app features we can blend and how it impacts the overall cost of fintech app development.

1. Account Management

Fundamentally, when you have your financial application working effectively, you can check all the transactions, account details, credit score, and investment history along with your cash balances.

Significantly, you can execute all these tasks with ease, safety and security. The developers can work on advancing these features, such as the Transfer of money through the mobile number, email address, Captcha, and securing the account functionality access by multi-factor authentication.

2. Updates, Notifications, and Alerts

The applications with notifications and alerts serve as a reminder to the user concerning expenses and investments. Updating consumers about their account balance, payments, transaction statistics, credit score details, incentives, rewards, and bill due dates keep them well-organized.

3. Data Analytics and Visualization

Data analytics enable users to access and track the history of their monetary transactions. The app also provides meaningful reports and acts as a vital tool that facilitates consumers to trace current and plan future investments.

Not only that, with your fintech app, you can get access to detailed charts and visualizations of any form of finance-related insights you need for a specific period of time.

4. Creative UI/UX

It is significant to have a spontaneous UI/UX to deliver the utmost understanding when utilizing the app. The strategy is to gather more information, feedback and enable data analytics to develop new useful features to sustain the app usage.

5. Voice-Activated Chatbot and Voice Assistants

Financial institution chatbots have the likelihood to advance customer services. Automation, swiftness, and continuous availability are vital aspects of app-enabled Chatbot tools used for customer assistance.

On the other hand, one of the swiftly deployed functionalities in the technology world is voice assistance. It provides optimal accessibility to people who possess a smart virtual assistant enabled in their offices or homes.

People are opting for virtual assistants mainly for their enhanced experience, which is why your Fintech application should back voice-based searches, features, and processes.

6. Security with Multiple Authentications

Multiple authentications are progressively accepted and utilized to prove identity-based on the premise that it is tough for unauthorized people to enable and access more than two factors.

These authentication factors comprise of:

  • Knowledge factors — PIN, password, phrases, and authentication questions
  • Possession factors -Bank cards and remote tokens
  • Inherence factors — Biometric such as voice recognition and fingerprints
  • Advanced factors — Facial recognition and heartbeat sensors

The blend of these above factors leads to a nearly impassable defense in contradiction of identity theft in financial institutes and banks.

7. Gamification

One of the success factors for the triumph of Google Pay is the scratch card that lights a spark of optimism amongst users for winning rewards. People like bonuses, cash-backs, exciting deals, and lucrative discounts. And this makes them loyal to the app.

8. Simple Usage, Navigation & Helpful Content

Irrespective of their reasons for not participating, your content or digital marketing approach added to your fintech app should be wide-ranging, covering millennials and introducing them to the new world of finance. With easy usage, navigation, and helpful content, your app could transform the mindset towards Fintech.

9. App Tours

This scenario will assist new users in entering the advanced space of finance, and your application will drive them in their journey.

Fintech App Development Processes

1. First, define your app precisely

2. Build a team or hire a technical partner

If you move forward with outsourcing, consider the company’s portfolio, the expertise of its staff members, go through its reviews of the earlier clients so that you can make the correct decision for your fintech application development.

3. Select the technology stack

4. Develop a sleek and user-friendly design

5. Build MVP

Your customers will better point out the flaws of the application. Their feedback will finally decide what else is required to be added to your application after a series of tests.

Needed Technology Stack for Finance Apps Development

Here are some of the most used coding languages, the newest technologies, and the latest software tools you may choose for your fintech application development.

  • Coding Languages: Objective-C, Swift, Java, Kotlin- as per your project
  • SDK: iOS SDK, Android SDK
  • Frontend Web App: Node.JS, HTML5
  • One of the Best Frameworks: React Native
  • Storage: Google Cloud and Android Cloud

How much does it cost to develop a Fintech App?

However, please don’t be anxious, as our strategy and fintech application development team have measured average pricing by explicit research and earlier project experiences.

It would cost you around $7,000 to $9,000 with devoted professionals creating your fintech application with a time frame of around 8,00 to 9,00 hours.

Popular Products in the Fintech App Industry

  • Regtech: It is a fintech tool that boosts the speed of compliance and eases the release of requirements associated with onboarding financial customers.
  • Circle Pay: It is a mobile transfer app that enables businesses to request or send funds globally.
  • Facebook Pay: It is a digital wallet app, which you can utilize on Facebook, WhatsApp, Messenger, and Instagram.
  • D Ameritrade: It is a popular stock trading app used for online stock trading, enabling investments and better retirement planning.

Wrapping Up

Do not be confused about crafting a digital financial solution if it makes sense, resolves issues, and keeps back your user’s extra time, efforts, and investments.

Move forward and decide whether you require a native application (work only on Android or iOS devices) or a cross-platform (fit for all platforms).

Every financial enterprise has its own set of needs and requirements to meet with the assistance of fintech apps. However, all of these financial and banking enterprises have one unique objective — to please their consumer base. And building valuable apps is the most hands-on approach to doing it.

We at Techtic are one of the leading Fintech App Development Companies with expertise to help businesses globally. Don’t think much and initiate your successful journey towards releasing a comprehensive Fintech product on the App Store with us. So, let’s get in touch today and commence with your fintech app development procedure.

Originally published at https://www.techtic.com on August 18, 2021.

Techtic Solutions Inc. headquartered in New York, USA is a leading mobile apps development and web development company to SMEs and enterprises worldwide.

Techtic Solutions Inc. headquartered in New York, USA is a leading mobile apps development and web development company to SMEs and enterprises worldwide.