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
As per the exceptional financial market challenges, your business requires you to craft apps that meet your all-inclusive operational and customer demands. Your software application should be competent and resourceful with innovative features to fulfill stakeholder’s expectations.
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
This feature assists users to safely and securely deal with their financial accounts. The app should play a significant role in validating, verifying, and managing money transfers with regular updates for the users.
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
When you develop a Fintech application, it is essential to notify each user and customer about their financial or transactional updates to keep them informed.
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
Fintech companies will never compromise on features related to analyzing data and offer valuable insights for better decision-making and offering advice to their clients.
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
You might be thinking that for enabling modest mobile payments, you should require an effective user interface. The answer is Yes, you need it. As it is not merely a transaction, in actuality, you are facilitating the seamless user experience that your development team has built to make your user-base come back and be loyal to the application.
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
Chatbots with voice, text, and tapping activation helps users enable better communication and interactions with various stakeholders.
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
There are strong reasons for blending the security factors in Fintech apps. There can be dangerous hackers utilizing dummy mobile banking apps or wrongly using public Wi-Fi to access your app. Furthermore, the out-of-date defense with a numeric pin code opens more chances to security vulnerabilities.
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.
Gamification is a motivating concept that encompasses reward systems that turns your app experience exciting and entertaining. Successful gamification ideas not only assist in customer holding but for gaining them as well.
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
A thought-provoking statistic you should know at this point is that 3 out of 5 millennials are hesitant to invest using advanced technology. And that is precisely why your target should be millennials.
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
As an integral part of streamlining fintech procedures, your application must take your new users on tour with a detailed explanation of the app features, practicalities, and competencies of the app. It should be swift, crispy, and brief.
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
The finance mobile app development comprises the following methods and stages:
1. First, define your app precisely
You should know the objective of your app and how it can assist your customers. Your team should put in deep market research to understand what is in demand, comprehend stakeholder’s and user’s expectations, estimate the technology risks, calculate the overall investments and profitability the app solution could return. Then, utilize all the accessible data and analytics to design a primary version of your fintech application.
2. Build a team or hire a technical partner
Find essential resources to develop your fintech app. You can create your team by hiring or opt for the outsourcing business model. A fintech app development company will assist you in selecting the explicit technology stack, tools, and solutions for your project.
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
There are several languages to build your fintech app. The service provider or your hired team of developers will be of assistance to select the precise one. It is essential here to understand your customer base and which operating systems they utilize to enable your app better.
4. Develop a sleek and user-friendly design
The app should be simple to use and attract your customer base. Make sure that a dashboard provides all the obligatory features, and it is not tough to find vital information through the application.
5. Build MVP
A minimum viable product (MVP) is needed for fintech app development as it will assist you in running multiple tests before launching the application. Then, request your customer base to utilize it and provide their fair opinion to you.
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
Once you have a ready features list, you should pick the precise technology stack for your fintech app development. Your technology partner can better assist you at this stage.
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?
So, the overall cost of fintech app development depends on a blend of factors, which includes attractive design, selected features, picked platform, and type of development teams.
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
Fintech apps were less prevalent in the search when compared to today. However, the rising search trend of the Fintech application seems to be boosting currently in 2021 and beyond. Here are some popular fintech tools, mobile payment apps, wallet apps, and stock trading applications.
- 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.
It wouldn’t be incorrect to say that Fintech applications are game-changers. The existence of your fintech brand’s app on a user’s smartphone should make their life calmer and simpler.
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.