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Digitalization has transformed the way we live, work and communicate. In this run, it is hard to ignore Fintech. This technology has completely transformed how people manage their money, from traditional banks to contemporary apps. With just a few clicks, it is now feasible to send and receive money, pay bills, and invest.
Financial services are now available to people who may not have had access to them before thanks to the development of fintech apps. In order to increase their financial freedom, people have been able to save more money and make wiser investments.
The fintech market is likely to grow to US$ 191,840.2 million in 2025 at a CAGR of 10.2 percent and US$ 325,311.8 million in the year 2030 at a CAGR of 11.1 percent.
Fintech software development services have emerged as a significant trend in the financial sector, facilitating better access to financial services. From budgeting to investing, it has made it possible for individuals to handle their money more quickly and safely.
Growing Popularity of Fintech Apps
Several new and innovative opportunities have appeared in the financial sector as a result of increased adoption and the perks of Fintech App Development. These possibilities comprise electronic wallets, online trading, budgeting software, online insurance, and online banking.
These services have given customers access to previously unavailable financial services, allowing them to have more control over their assets and finances.
Advanced AI and machine learning technologies have made it possible for people to make financial decisions that are more smart and well-informed.
Let’s hop into details to build a fintech app detailed guide.
Step by Step Guide for Fintech Application Development
The fintech sector has experienced a rise in growth as a result of the increased demand for convenience and mobile banking, and more businesses are utilising this trend to develop cutting-edge apps.
Users have access to simple tools through these apps to manage payments, track investments, and track their money. Fintech apps come in a wide variety today, from mobile wallets to budgeting tools, and this trend will only increase.
In addition, these apps are made to be user-friendly, so anyone may use them regardless of financial expertise.For you to design one of the greatest fintech app development solutions that satisfies the requirements to reach goals, we have provided the complete step-by-step approach in this article.
Select Project Methodology
Hiring a seasoned project manager, a skilled architect, and business analysts with knowledge in the fintech sector is crucial if you want to make sure that your fintech app succeeds.
From concept to finished product launch, these experts will be able to help you every step of the way. They will support you in making the best choices, guarantee that all stakeholders are on the same page, and maintain the project’s progress.
MVP Product
MVP is a foundation of a successful fintech app; this includes adding a limited number of features that can be integrated to test the app’s marketability.
To build such an app product, the first thing to consider is user expectation and experience in mind. Once the MVP is released user testing is necessary to understand how far users are liking or willing to see changes in the app.
Here, you can follow a tip to cover ONLY the necessary elements in the app and do not get deviated with excessive features.
Monetize Your Fintech App
The next step after deciding to build a financial app is to choose a monetization strategy.
Yes, this is a little time-consuming effort, as there are many monetization models available, such as subscription-based, pay-per-use, pay-per-download, advertising, and in-app purchases. And you need to pick them very carefully so it will not cause disengage your users.
Indeed, each model has its pros and cons, and considering each you need to find out the best available solution for your app.
Just for an example:
- Pay-per-use business models offer quick profit flow but necessitate regular app usage to generate revenue.
- While advertising models necessitate a large user base and the proper ad placement, pay-per-download models are frequently utilised for apps with high entry costs.
- Although they offer a second source of income, in-app purchases could take longer to build.
The core mantra here is- don’t pick the model with a random approach, rather invest some time in understanding each of its features, and decide further the best suitable method for your fintech app solution.
Design & Create APIs
A financial app needs APIs in order to offer seamless and consistent access to the backend from the front end.
Remember- to ensure that all the required information can be accessed without any hiccups or security concerns, thorough planning is required.
These APIs might need to be constructed from scratch or based on open-source frameworks, depending on the resources available. In addition, it’s crucial to make sure the APIs are well-tested, well-documented, and simple to integrate into the front end for a successful implementation.
This will build appropriate APIs for the fintech app and provide a solid foundation for future development.
Data Encryption
Ahh, security!
You can never miss out on security measures to ensure your app is fully protected. You can include APIs of fintech apps, authentication tokens, digital signatures, data encryption practices, throttling, quotas, and gateways.
Cryptographic algorithms can be used to verify the authenticity of the data, and authentication tokens can be used to grant access to the APIs. The data that is exchanged between the front end and the APIs can be secured using data encryption techniques. The number of requests that can be made to the APIs can be restricted using throttles and quotas, and the requests can be filtered using gateways.
Utilize Development Tools
Leveraging the right tools is essential for successful fintech mobile app development. You need a set of tools that will enable you to create a fintech app that will run smoothly on any device.
For instance, Github is utilized for version control, Ajax for asynchronous loading, CSS for styling, ASP.Net for web-based applications, PHP for server-side scripting, Python for back-end development, JavaScript for front-end development, and cloud software development services for scalability.
Code, Test, & Deploy
Testing is an integral part of any development process. This process ensures that the fintech apps are free of errors and work flawlessly. There are several stages involved in the testing process, and developers should ensure writing unit and integration tests for such apps to help validate if APIs are operating as expected.
This can also be achieved during the automated testing and deployment of the API using constant integration and continuous delivery (CI/CD) pipelines; this ensures the API is deployed in a safe and secure manner.
Developers must strive to make their fintech app stand out from the crowd by leveraging unique features and capabilities that set it apart from other fintech apps.
Develop exceptional FinTech software that exceeds your expectations.
Core Fintech App Development Features
Enable Security
Security is the prime factor to be considered in the apps that deal with financial transactions. Here, different technologies should be integrated to practice encryption in the app. Some of the most common elements are blockchain, biometrics, and two-factor authentication, which ensure the security and safety of fintech applications.
And this does not stop here!
Further, developers must adhere to penetration testing and other required vulnerability assessments to identify any potential security flaws in the application.
This helps in building an app solution that combat data breach and other cyber attacks.
Payment Gateway Integration
You should remember that customers use apps for their convenience, and if your app fails to give it to the customers, they will not be willing to use it.
Henceforth, a financial app should provide payment capability.
The integration of pre-existing payment services like PayPal, Stripe, or Zelle will enable developers to use this capability. As an alternative, developers can incorporate payment functionality directly into their fintech app by utilising bank APIs.
Dashboards
To get the accurate information to access the platform, the dashboard comes into play. When you implement a in your fintech app, then you must ensure it is easy-to-understand and easy-to-access. This will help the customers to work effortlessly with the dashboard and access and get the required information. These dashboards can be developed using an engaging interface which doesn’t give a cluttered view.
Meanwhile, keep in mind that the dashboards are routinely updated with the most recent security updates and are securely coupled with the backend services.
Voice Integration
Hello Alexa!
This is a common voice note heard in our households and offices, which reveal the popularity of voice assistants.
This same trend can be implemented in fintech apps, resulting in benefits for customers in abundance.
By connecting with voice assistants, fintech apps can provide users the ability to speak instructions to check their account information and make purchases.
No prize for guessing, but customers may find this to be more convenient and user-friendly, and it may also help to increase accessibility for people with impairments.
Cost to Build a Fintech Application
We very well understand, when considering an app, the costs are never far from your thoughts.
There is no cost bracket that can suggest a specific numerical figure for your Fintech app. It can cost anywhere between $10,000 and $100,000 or maybe beyond, depending upon the complexity and the features to be included in the mobile app.
Thus, it is highly recommended to keep in mind different factors that may impact largely on your cost.
However, to acquire a ballpark figure for your next fintech app project, you must get in touch with your app development partner and discuss the concept to get an exact estimation of the app development cost.
Wrapping Up
The FinTech market has been significantly fueled in recent years by factors such as the rising use of digital payments, the influx of investments in blockchain technology, and the maturing of eCommerce.
The COVID-19 pandemic’s effects have also played a significant role in propelling the market forward, as an increasing number of organisations and people have elected to use digital payment methods to cut down on contact and adhere to social segregation policies. It is anticipated that the FinTech market will continue to expand significantly as long as the epidemic persists.
At Hidden Brains– a mobile app development company, we understand the importance of creating secure and reliable fintech applications. Our experienced team of fintech app developers are well-versed in the latest technologies and industry best practices.
We leverage cutting-edge tools and methods to build dependable, scalable fintech apps that adhere to the strictest security requirements. A range of industries, including banking and payment services, insurance, investments, and more, can benefit from the specialized solutions that our team can build.
To ensure that our customers have a positive experience, we work tirelessly to provide the greatest customer service and support.
