Financial instructions like banks have been around for a long time. However, since the first industrial revolution, the banking industry has constantl
Financial instructions like banks have been around for a long time. However, since the first industrial revolution, the banking industry has constantly evolved. However, it wasn’t until the introduction of modern technology that we got “fintech.”
Fast forward to today, this industry is worth billions. And it is expected that by year 2026, fintech market will be worth $37 Billion.
Moreover, people love it. With the ease, convenience, and safety it offers, fintech apps have billions of dollars. As per stats, more than 60% of world population have used fintech app at least once in year 2019.
Furthermore, North America and USA to be particular is the second largest fintech market following the number one which is Western Europe.
This market has helped many companies generate millions of dollars in revenue. For instance, in just 2022, total number of global fintech funding deals reached 1,482. And revolut a fintech startup generated $1.7 billion in funding alone.
Therefore, as one might guess, there are various businesses as well as startups that want to develop their own fintech application. So, if you want to learn how to develop a future-ready fintech app, this blog is for you.
Here, we shall be discussing everything related to fintech app development including types, cost, development process, and so on.
Therefore, with this being said, let’s get right into it:
Fintech App Development: Future of Finance & Banking
Fintech app development is the future of banking and the financial world.
So, what is fintech?
The term “fintech” stands for financial technologies. And as the name suggests this is the technology aspect of the financial world.
While just a few years ago, you had to visit the bank for each and everything, fintech changed that. Financial technologies initially started with online banking which allowed people to access banking services on the internet.
However, as time progressed, fintech apps can into view. Today, all you need to do is download these mobile apps to your smartphone and you never need to visit a bank again. Not even for opening an account.
Amazing right?
Well, there are a lot of amazing things about fintech app development. However, one thing that must be cleared out is that there is no particular app called a “fintech app”. Rather this is an umbrella term that denotes a category.
As such, there are different types of fintech apps. And to better understand the concept we shall be discussing just that in the section below. Therefore, with this being said, let’s look at the different types of fintech apps.
Types of Fintech Apps
Well, fintech applications have been around for some time and acquired billions of downloads. So, let’s explore the different types of fintech apps that you can develop. These are, as mentioned below:
Loan Lending App Development
Loan lending apps are one of the most popular types of fintech apps and also a popular solution in the market.
While the name is quite self-explanatory, let us explain it for you: Loan lending apps allow people to avail soft loan over their mobile phones in a short time period.
In fact, the market for loan lending app development will reach $1 Trillion in 2025.
Cryptocurrency Trading App Development
Well, AI and Blockchain technologies are two of the most popular technologies. And based on the latter one, is this app based?
We are talking about cryptocurrency trading app development. These fintech apps allow users to buy and sell cryptocurrencies.
These apps are quite popular. Therefore, this is something you should consider developing.
eWallet App Development
This is probably the most popular type of fintech app.
As the name suggests, these virtual wallets allow mobile phone users to transfer money, accept payment, recharge, buy tickets, save credit cards, etc all within the application.
Some of the popular eWallet apps include Apple Pay, Samsung Pay, Paytm, Venmo, PayPal, and so on. If you want to build a fintech app this is something that you should consider.
Mobile Banking App Development
Well, mobile banking applications are fintech software that can be downloaded into mobile. This allows the users to access banking-related services like checking balances, transferring money, applying for financial products, and so on.
Bank of America’s mobile banking apps have millions of users and helped the bank generate millions of dollars.
These are the different types of fintech apps. Now, let’s look at the development process to create apps.
Steps To Build A Fintech App
So, how do you build a fintech application? It’s easy, you have to follow a development process. In this blog section, we shall go through the entire step-by-step process.
Therefore, with this said, let’s get right into it, starting with”
- Idea
The first thing you need to do is come up with an idea. This is the base for fintech app development.
It is recommended to work with more than one idea. With this, you will have a backup plan.
- Research It
With an idea at hand, it’s time to research it. Here, you can look for competitors, their strategies, their audience base, and so on.
Information collected here is valuable as it works as fuel for the development process.
- Validation
Validation is something that makes sure you are working with the right idea. Here, you need to make sure that there is actually a need for the services you are delivering, that it can be developed into an app, and so on.
With all said and done, it’s time to get a development partner.
- Hire Developers
This is the time you hire fintech app developers.
There are various ways to hire developers. A few of these are as mentioned below:
- Hire Freelancers
- Outsource to App Development Firm
- Assemble in House Team
- IT Staff Augmentation
Once you have a development platform, it’s time to choose one.
- Choose Platform
You can either go with android app development or iOS app development. Both of these are native platforms.
However, if you are looking for hybrid options, react native app development services are a good option.
- Build Tech
Before we start the development part, you need to create a tech stack.
Tech stack refers to the technologies used for app development. This include framework, databases, libraries, and so on.
Moving on, let’s look at the development process.
- Development Process
This is where financial app development takes place. Fintech app developers create an aesthetically pleasing front end and then deal with the back end part where all the source code resides.
This is the longest and most intense process, which is why we recommend you maintain good communication with the development side. This will help you steer development in the right direction.
- Testing
Testing is done before the app is sent for deployment. The reason is that it is important to make sure the app is bug-free and up to market standards.
- Deployment
With this out of the way, it’s time to deploy the app.
Fintech App Development Cost
Fintech app development cost can range from $15,000 to $250,000. The reason is that there are a number of factors that affect the total development cost.
Some of these factors are:
- Complexity
- Tech stack
- Platform
- Features
- Size
- Location
If you want to learn more about it, contact a development firm.
Conclusion
This is all you need to know about creating a market-leading fintech mobile application. Therefore, if you want to develop one or learn more about fintech app development, you need to reach out to a fintech app development company.
COMMENTS