How Much Does it Cost to Build Fintech App in 2022
- Fintech Software Development

How Much Does it Cost to Build Fintech App in 2024?

Technology plays an essential role in the success of a business. Therefore, every sector has its own app. Even the finance and banking sector always have an app. If you are in the financial industry, it is time to build a fintech app. According to the research, this app generates revenues amounting to billions of dollars annually, and these figures are expected to double by 2030.

Financial technology has combined the latest technology development with apps or financial services, which is why it has dramatically helped businesses, especially start-ups, to disrupt the once dominated industry and therefore offer better financial services to individuals and companies. This is why the demand for fintech app development is high in the market.

But when it comes to developing a fintech app, it requires several aspects and technologies. A non-technical person cannot build a fintech app; thus, you need to find a reliable name. With years of expertise, a mobile app development company will do this job with ease. So, find out a trusted and genuine name that has years of expertise in developing such applications.

What is Fintech 

What is Fintech 

Fintech apps are now the heart of finance, banking, investment, insurance, and credit companies. Over the past few years, fitness app development has become the best way for a financial organization to test instance success. 

You know that the craze for fintech applications is excellent. Usually, fintech apps let banking and finance companies deliver all financial services digitally. It helps the companies provide money remittance services, trading, internet banking, and exchange of virtual currencies such as cryptocurrencies, bitcoins, instant billing, and many more financial assistances.

This is the reason that the companies are investing money in fintech app development. If you want to build a fintech app, it is necessary to get in touch with a reliable and trusted name. It will assist you in making an app that meets your business requirement.

Types of Fintech App

Types of Fintech App

Undoubtedly, the demand for Fintech app development is becoming high in society. However, there are several types of this app. Some are mentioned below:

#1. Wealth Management and Investment Apps

With the advent of data analysis tools and algorithms that come with this application, individuals and companies can maintain their assets from one point and keep track of what is going up or down with analytics. With the help of investment solutions, you can manage your financial portfolios and invest in any company worldwide with the app’s management dashboard.

Undoubtedly, the demand for Fintech app development is becoming high in society. However, there are several types of this app. Some are mentioned below:

#2. Wealth Management and Investment Apps

With the advent of data analysis tools and algorithms that come with this application, individuals and companies can maintain their assets from one point and keep track of what is going up or down with analytics. With the help of investment solutions, you can manage your financial portfolios and invest in any company worldwide with the app’s management dashboard.

But when it comes to developing an app, you should seek the help of a reliable android app development company that has years of expertise in this field. Having years of expertise in the field of mobile app development, they will help you in making great solutions for your business. 

#3. Digital Payment Apps

Nowadays, users prefer to use e-wallets rather than cash or credit cards. With the advent of digital payment applications and digital banking, you are able to send money to others through UPI numbers, phone numbers, email Ids, etc. Even unique QR code has become a trending way to send money to others. 

From grocery stores to retail store, you can see a QR code everywhere that make the payment process easy and smooth. However, you should seek the help of a  react native app development company that has years of expertise in this field. They are familiar with upcoming challenges and their solutions, so they will provide the best solutions to you. 

#4. Lending and Loan Applications

The popularity of the fintech mobile app is high in the market; this is the reason that people can apply for a phone through their smartphone easily. Nowadays, mobile app development companies usually focus on new data points to better comprehend the risk associated with the loan procedure or the app security and expand the credits to the non-affordable worldwide.

Plus, clients can request financial reports many times a year without revealing their scores. It works as a backbone of lending money in a much more transparent manner. In order to avail of one of the best custom mobile app development services.

#5. Trading Apps

This is another type of fintech application that comes under the fintech domain. With the help of online trading, companies and individuals can invest in the market & different organizations, monitor the risk, buy shares, and share tips on how to invest.

This is the reason that businesses are interested in building fintech apps. With years of expertise in this field, they create an app that is equipped with great features. If you want to develop such an app, it is time to contact a trusted and reliable name in the city. 

#6. Cryptocurrency Applications

Cryptocurrencies have been in the news and are becoming the next-generation currencies that run on blockchain technologies as a decentralized system. Cryptocurrency applications are always a part of financial apps are always a part of financial applications. 

Numerous companies have come up with applications, such as Unocoin, WazirX, etc., that can assist manage cryptocurrencies, converting from one to the other, and trading through cryptos. However, developing an app is not an easy task on your own, so you need to find a reliable name in the city. 

Significant Advantages of Fintech App

In the world of technology, fintech apps play an essential role because they have great features. Here, we mentioned some fantastic features; some are discussed below:

  • Cost Effectiveness

Outsourcing is a cost-effective option for mobile app development as it can enable you to save expenses, including equipment and hardware costs, payroll, and administration costs while developing customized apps. 

However, it may be costly for startups as they have limited resources, so outsourcing fintech technology remains beneficial for them. Fintech app development outsourcing can assist startups in reducing the cost by up to 40 per cent while getting a tailored and white-label app. 

Therefore, you need to choose a reliable fintech app development company that will determine the right technology to build a feature-rich application for your business, and you can boost your business.

Hence, find a reliable name to build a fintech app for your business. A reliable company makes sure that you get one of the best services that meet your demand.

  • Higher Efficiency 

Operational efficiency is imperative to remain competitive in this challenging time. So, you can count on a react native app development company for risk management,  higher operational efficiency, flexibility, and other aspects.

A mobile app development company has more expertise and a team of dedicated developers to manage any size of the project. In simple words, you can get significant advantages such as time to market and desired features with the best development process.

When it comes to building a fintech app, an agency can help with agile methodology. They can also offer on-demand resources, including UI specialists and professionals that you don’t need to explore elsewhere. With the help of this, you can enable your business procedure to accomplish efficiently. 

  • Improved Experience 

A fintech application can add value to your business and transforms traditional procedure into a more customer-friendly process. FB facilitates its users to transfer money through a messenger application because it has up to 50 different regulatory licenses in the US. 

All these facilities can improve the user experience significantly, and more people are attracted to your organization. As a result, you can avail a loyal customer base. However, you should seek the help of a fintech app development company.

So, find a reliable name committed to providing you with one of the best flutter development services. With years of expertise, they will develop an app that has great features. This will help a business to grow up.

  • Filling Gap 

You know that many people don’t have access to their bank data. It means they don’t have an account or any source of borrowing money. Therefore, they don’t have any resources to save money. Even developed countries are always facing this issue in developing countries. 

However, fintech technology can provide banking and financial services to individuals who have no access to a bank and make a positive difference in society. It means they can use their smartphones to access banking services through a fintech app. 

With the help of this app, users can easily send money to another one through an app. However, developing an application is not an easy task because it requires several aspects. So, contact a fintech app development company that has years of expertise in this field. 

  • Innovative Approach 

Nowadays, the young generation prefers e-wallets, and the BFSI sector can opt for fintech app development to get the advantage of this trend. These applications enable customers to scan the barcode of every product using QR technology, whereas some work on NFC technology. Hence, businesses decide to build fintech apps. 

However, it does take several days. Therefore, you should contact an agency for custom iPhone app development. They can always integrate emerging technologies, including AI, AR, and IoT, into the app to improve user experience and bring automation into the procedure.

The use of embedded technologies in the costumes application can take your business to the next level. Thus, find out an honourable name in the city that meets your requirement. 

  • Financial Inclusion 

Another great advantage of the fintech revolution is it promotes financial inclusion. While transforming the customer experience, finance and startup companies can deliver excellent financial services. On the other hand, financial inclusion can enhance the customer’s access to banking services and the same money. 

Apart from this, fintech technology always offers a loan platform to customers that can be a strong alternative to services offered by the bank. However, the cost of fintech applications is higher than traditional ones. But it is an excellent investment for fintech companies.

A flawless and featureless fintech app can provide a high ROI in the short term, which is why companies keep increasing their investment in it. So, get in touch with a fintech app development company that will give you the best solutions.

  • Competitive Edge

A feature-packed future-ready fintech application can certainly give your business an edge over competitors. You can grow your business by attracting and retaining more people through a seamlessly-performing application. 

This is the primary reason why banks and big financial institutions have always opted for fintech apps for their customers. To find out a reliable name that will help you make an app that meets your business requirement. 

Features Fintech App Must Have

Features Fintech App Must Have

Fintech is a great application that helps a user make a payment easily. Therefore, the fintech app development trend is riding. Companies are showing interest in such applications. But when it comes to developing an app, it is necessary to add the required features. Below we mentioned some great advantages:

1. Integrating Different Dependencies and APIs

Integration in fintech applications means cross-platform synchronization and combining capabilities with multiple systems. Undoubtedly, many businesses and individuals require applications to cater to numerous financial functionalities under one roof.

Developing an application that can render various tasks, such as financial resources, online payment, management, crypto transactions, etc., will require different integrations through APIs and dependencies.

This is why you need to add this feature to your app. However, the fintech app development process is not easy to process. So, seek the help of experts and opt for one of the best services that suit your business.

2. Biometric Security 

Undoubtedly, users don’t like that someone touches their phone. When deciding to develop a fintech app, a biometric security feature is required. With the help of this feature, users can freely leave their app. 

In order to ensure the security of your phone, it is necessary to have this feature. However, developing such an application is not an easy task on your own. Therefore, it is necessary to seek the help of an agency for custom iPhone app development.

3. Cross-Platform Capabilities 

The cross-platform feature should make users’ life easier. This is why you need to integrate the capabilities of your application with other third-party apps to facilitate seamless payment and other transactions. 

Third-party integrations, like the integration with Google Authenticator, could always be used to secure the application’s future. Hence, your fintech app should support transactions demanded by users. In order to add this feature to your app, you should find out a fintech app development company that helps you get this feature conveniently implemented. 

4. Data Visualization

Over the years, users have had superficial access to information about their income, expenses, and transactions. But with a fintech app, this should change, and the user gets detailed charts and visualizations of any form of finance-related information they need for a specific period of time. 

This is the reason that your fintech app should have this feature. However, it is tough to build a fintech app with ease. This is the reason that you need to seek the help of dedicated developers who will make this process smooth and easy.

Fintech App Development Cost

The overall cost of fintech app development depends on several factors such as features, geographical location, technology, and many more aspects. According to a report, the cost of a normal app may be between $10,000 to $20,000, a medium app may cost $25,000 to $30,000, and a premium may be up to $50 000.

The fintech app development cost always depends on the company’s reputation and geographic location. It means each company takes different charges from different clients. Here, we mentioned a table of fintech app development that will help to determine the cost of app development.

Countries Cost of Fintess App Development Per Hour
USE $180 to $220 Per Hour
Europe $150 to $200 Per Hour
India $40 to $80 Per Hour

Don’t forget that it is an idea, not a reality. Therefore, you should talk with experts who will tell you the exact cost of building a fintech app. So, find a reliable name and easily get one of the best solutions for your business. 

Tips to Find Out a Reliable Fintech App Development Company

Once you know the feature, advantages, and costs of the fintech app development, it is time to develop the app. But as we mentioned, this is not an easy task on your own. Therefore, you need to find an app development company that easily builds an app that works according to your requirement. 

However, finding out a reliable name is not an easy task because of lots of options in the market. Therefore, you should keep some important things in your mind. These will assist you in making a decision with ease. In order to find out a trusted name, read out the below-mentioned points:

  • Know Your Requirement 

In order to build a fintech app, it is necessary to know your requirement. If you know which kind of application and features you want in the app, it is easy to find out a reliable name in the city. This is why you need to find your requirement.

Of course, having a plan and strategy, it is really easy to decide which kind of app suits your business. Therefore, when deciding to find a mobile app development company, make a plan, strategy, and checklist which mentions the required features and technology. This will make your task more convenient. 

  • Experience of the Developers

When it comes to developing an app, experience also matters. It is tough for newbies to develop an app for a business that looks like professionals. So, you need to consider the experience of the dedicated developers. 

Having good years of experience and knowledge about android app development, they will easily craft an application that looks like native apps. Thus, you need to check the expertise of the selected company. 

fintech app cta

  • Consider the Technology 

When deciding to hire a reliable name in the city for custom iPhone app development, you need to consider the technology. We all are aware that technology gets changes from time to time. This is the reason that you need to use the latest trend.

This will provide an excellent user experience to the customers. Hence, the selected app development company must be aware of new technologies and trends. These will help them in building a fintech app.

  • On-Time Delivery

This is another crucial consideration you should keep in your mind. Of course, there are several companies that claim to provide you one of the best services. But timing always matters. Therefore, you must ensure that the selected fintech app development company offers your project on time. 

It may affect your app’s success, so find a reliable fintech app development company that will give you the best solution on time.

  • Cost always matters 

Generally, mobile app development costs depend on several factors, such as features, technology, and other aspects. As we discussed, the cost to build a fintech app may be high. Therefore, you need to collect all the information about it.

So, before choosing an android app development company, you need to decide which kind of features and what technology you want in your app. It makes sure you find a reliable company that will build an app as per your demand within your budget.

Conclusion 

There is no doubt that fintech app development can provide cost-effective and efficient solutions for customers and enterprises. In simple words, you can ease up complex business operations via a fintech app.

Using this app, startups can guard the funding and offer funding options. Another interesting fact about fintech is that AI, IoT, and other technologies can be integrated into this app. However, fintech app development is not an easy process. So, find a reliable app development company that builds advanced and feature-rich solutions to your requirements and expectations.