Prelude
Finance is a no brainer and security over it is a non-negotiable.
The Fintech Industry is taking multiple shifts and quadrupling its user-base across the globe. Financial management is just a tap away and Fintech a crucial innovation that has been sky-rocketing on both tech and economic terms.
The trend of transitioning chores to digital platforms does not spare Fintech services. There is a massive penetration in terms of investment that has been kicking in the Fintech industry off late. Well, of course with 87% of the fintech adoption rate. There is a high probability that soon due to generalized or personal finance 7 out of 10 people will start using a fintech app on a daily basis.
Entrepreneurs and businesses are racing to have their own fintech apps developed, given the increased user base. But, there is a lot that one needs to catch up on. Like Monetization, features, platform and of course technology. Because Fintech as the term suggests is an amalgamation of ‘Finance + Technology.’
If you are on the hotfoot to get a Fintech App Developed, you are in the right place. We will equip you with a step wise guide which is all you need to get your own Fintech App.
What is a Fintech App?
Technology at the core aims to ease up and tone down the effort intensive tasks on a daily basis. It is certainly not an overstatement that people in general are hooked on instant access and rapid online services through smart phones and smart applications.
Well, do you remember how many times a day you use a mobile app to pay bills? Did you ever realize that you are accustomed to paying your electric bill online every other month? Or the last time when you paid at a restaurant online? The application that you and millions of people out there use every day is a Fintech App.
Just imagine the user base has reached up to 87% and there are 67% of Fintech Apps in the market. Which means you have about 20% of market space left to pitch in your app and you do not have much time by your side.
Fintech App is basically an application which is bedrock on technology as a hub to make financial transactions or any of the fiscal services. Fintech mobile apps is a platform that allows users to make payments online, transfer or receive money, or even invest in stocks.
So, now that you know what a Fintech App is, we will now go through the comprehensive guide for the fintech app development process.
Step by Step Guide to get a Fintech App Developed
To have your fintech software development actually be a cut above the rest, you need to follow a process that starts at the core. However, with the process there are a number of tech advances which we will let you win on after the step guide.
So, let’s begin with the process of building a fintech mobile app/ Fintech web app.
Step – 1 : Outline your Niche
- An application is curated to fetch and reach out to the users in a particular niche.
- You need to develop a clear understanding of your target audience in order to get an app developed.
- Fintech Apps can be of various types. You can have a;
- Mobile banking app,
- Lending app,
- Trading app,
- Insurance apps,
- Crypto currency app, which is booming.
- If you don’t have a niche outlined for your fintech app, you can’t get ahead with the fintech app development process.
Step – 2 : Connect with a Fintech App Developer
- Once you are clear with the niche. It’s now time to connect with a Fintech App Development Company and provide them with the details for your app.
- Discuss the details of your app, like what type of fintech app you are looking to get developed.
- How will your app solve the key issues of the users? Also, What unique attributes will your app host?
- Further, you should discuss any other ancillary features that you would want on your app.
Step – 3 : Choose a Platform & Tech Stack
- A fintech app should be plausible to almost all the genres of the users. It is the user convenience and user base that makes any app a hit or miss.
- When it comes to finances there is no segregation of users in terms of iOS or Android. Your app should cater to all the users. Now, this means cross-platform or multi-platform is something you need to convey to the app developer.
- Technology cannot be ignored when it comes to application.
- It is inevitable for your app to have a robust, modern and capable tech stack.
- Considering the global fintech market and number of apps already up and running. Your fintech app to cut the chase and one that makes your target audience hardpressed to use.
Step – 4 : Pick Tech Advances & UX
- No app that makes the processes complex and time consuming entices the users to stick on. The most rapid way to lose the user base is handing over the apps that makes it difficult for the users to navigate through the dashboard.
- And, we’re sure you would not want that right? User experience (UX) is something that holds the prime significance for the users while it may not appear to be amongst the primary suite of tasks for the developers.
- Less is more is one of the UX laws which helps you make it easy for the users to navigate seamlessly and pick the right services on the application.
- Make sure your developer considers user convenience when developing your app, from the menu bar to online investment processes.
Step – 5 : Create an MVP & Run Test
- It’s imperative to ensure the functionality of your fintech app before putting it out for your audience.
- So, this is how the MVP process comes to show. Now this helps you to run a test of the app, collect feedback and gather the market insights and approach on the app.
- MVP is an important step as it lets you in on market insights for your fintech applications and further alter or redesign the app considering the trends and user approach.
- Well, after that all you gotta do is PITCH IN your FIntech App.
Step – 6 : Pitch out your App in Fintech Market
- Voila. No more steps. Your app is all ready to pitch in the Fintech market space and capture users.
- More so, you are ready to make profits by catering your users right just through modern and feasible fintech services.
Tech Trends that will Re-define Fintech in 2023
The robustness of the Fintech Apps are owing to the techstack it is based on. For your app to cater the users in the best way possible.
You need to tech-advance your fintech app in all the ways possible so that it can rightly serve its purpose.
Tech fallouts are the major reasons why some fintech apps do not cut the chase. And, we do not want you to fall off the race. So here we are to equip you with the trends you need to pick up.
| AI in Fintech | Blockchain | Open-Banking & Neo Banking | Reg-Tech |
|---|---|---|---|
| Smart apps are the key to survive in this competitive age. Your app should host smart features that take away effort inclusion from your users end.Automation is the secret sauce for fintech apps to swim against the rest of the apps in the market space. | Security is not a possible preference when it comes to Fintech. Besides that, features like DeFI, Tokenization or cross-country payments are leveraged by Blockchain Technology.Transactions attract the most to cyber vulnerabilities like threat and bogus transfers. | Market trends like open banking makes it obvious for you fintech app owners to adapt it as it allows the third party to access the consumer data through API. On the other hand, Neo-Banking is something that augments the Fintech applications as it hosts the entire suite of banking services online. | Regularized banking processes are a must and non non-negotiable. And, the same goes for the Fintech Apps. Your Fintech app needs to be regularized and lawfully sound to have a thick customer base. Users look for law abiding and secured platforms when it comes to financial aspects. |
| Key-Pick: Make sure your app hosts Robotic Processes that helps yours users to complete the fiscal tasks in no time. | Key-Pick: Fintech is the most security intensive app and Blockchain tech is the only save for the security aspect. | Key-Pick: Trends like these will catapult the reliance, usage and user base of your apps. These trends make the services cost effective for your users | Key-Pick: It amplifies the trust of your users on your app. Additionally, this |
Well, now that you know the nitty gritty of the Fintech App Development Process. Let’s give you an overview on the cost of getting such a stellar app developed.
How much does it Cost to Develop a full-stack Fintech App?
Fintech mobile app development cost depends on the number of factors that go down into the app development process. The best we can do is quote an estimate and take into account the factors that influence the fintech app development cost.
There are a plethora of factors that affect the overall cost to develop a stellar and a full-stack fintech app. So let’s quickly explore that to have an overview about the costs.
There are a plethora of factors that affect the overall fintech app development cost. So let’s quickly explore that to have an overview about the costs.
| Type of the Fintech App: Types of fintech apps certainly influences the costs for the fintech app development. There are many types of fintech apps available like Investment, Insurance, Banking, regtech or even Personal Finance Apps. And, the development costs vary accordingly. |
| Tech-Stack & Platforms: Another factor that heavily influences the development cost of a fintech app is the tech-stack chosen and the platform picked for the app. Even attributes like hybrid apps or native apps affect the costs. Or tech trends like gamification,voice integration, AI/ML affects the cost. |
| UI/UX: Aspects like dashboard, design, use-interface and any customization attributes opted by you ancillary to the basic development features will add up to the fintech app development cost. |
These were the major attributes but there are many more factors like the Fintech mobile app development team you choose. Apart from that, to get an accurate and exact cost. All you need to do is connect with a prominent app development company who has hands-on experience and rolls out the most competitive app
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To Round Up
Fintech as an application and genre is evolving by leaps and bounds. With it being one of the most used applications with 7 out of 10 users actively using it on a daily basis. There is a lot that these applications coupled with tech continuously bring up for the users. Apart from the effective transactional convenience and instant payments there are a plethora of cost effective features that one can leverage on a daily basis. But, the only condition precedent is you need to hire the best jack of the trades which is a well-known and experimentally sound Fintech App Development company.
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