Fintech App Development in 2024: A 6-Step Guide

Did you know the fintech market will reach $305 billion by 2025, growing 20% a year? That’s a big chance for fintech app development, making apps to help people use financial services easily. But how to develop a Fintech App?

To develop a fintech app, start by choosing a niche and ensuring legal compliance. Prioritize key features and budget carefully. Build a skilled team, focusing on intuitive UI/UX design. Launch with an MVP to test and gather feedback.  Then continuously improve and update your app for success and compliance.

Throughout this guide, we’ll show you all about making fintech apps in more detail. We will also reveal what is fintech, how to build the fintech app, reasons to use the fintech app, and many more. So, keep reading!

Fintech Industry Overview

Fintech, short for financial technology, reshapes how we handle money. It covers everything from mobile banking to investment apps. Fintech web development makes financial services more accessible and efficient for everyone.

What Is Fintech?

Fintech is where technology meets finance to make your banking and finance tasks easier and faster.

You get cheaper and more straightforward ways to handle money through mobile payment apps, lending platforms, and even cryptocurrency. For both businesses and everyday people, fintech means less hassle when managing money.

About Fintech Market

The fintech market is growing fast, thanks to new tech and people wanting better ways to deal with their finances. It’s all about companies creating software to offer financial services in a new way.

This growth isn’t slowing down either, with more investments pouring in from all over the globe. These companies focus on developing fintech websites and apps designed to change the way we think about banking and financial advice. 

Moreover, this push toward innovation shows no signs of stopping. Fintech works continuously to make financial services app development more accessible to you.

What is a Fintech APP?

A fintech app is an app that uses technology to provide financial services. It can help you bank, invest, make payments, and manage your money easily and quickly. These apps offer new options that traditional banks might not have.

Fintech apps are changing the way we deal with money, making financial tasks simpler and more accessible. These apps are not just convenient. They’re also designed with your security in mind.

Type of Fintech App

Different kinds of fintech app design and development you might come across. These apps make dealing with money simpler, whether you’re paying bills, saving, or investing. Let’s explore the types of fintech apps:

Payment Apps

Payment apps let you send and get money quickly. Think about paying your part of the dinner bill or settling up for a service without using cash.

These apps focus on keeping your money safe while making sure sending money is as easy as possible. The fintech development app estimate depends on how secure it is and what payment methods it accepts.

Investment Apps

If you’re interested in making your money grow, investment apps are your gateway to buying stocks or funds. They make investing easy to understand, even for beginners.

The price to build one of these apps changes based on features like live stock prices or tips on where to invest.

Banking Apps

Banking apps mean you don’t have to visit a bank to do basic things like check your balance or transfer money.

When making these apps, the goal is to ensure you can manage your money smoothly without worrying about security. Developing a banking app for both iPhone and Android users is key to making sure everyone can use it.

Lending Apps

Lending apps connect people who need a loan with those willing to lend money. They quickly check if you’re good for a loan and offer various terms. Making a lending app means making sure it follows all the rules, which can affect how much it costs to build.

Insurance Apps

Insurance apps make dealing with insurance policies easier, from claiming to changing your details. Building these apps means including lots of different services, which can change how much it costs to develop a fintech app.

Financial Management Apps

These apps help you keep an eye on your spending, make a budget, and save money. Making an app that works on both iPhones and Androids is popular because it lets more people use it. This choice can influence how much you spend on development and how long it takes.

Blockchain and Cryptocurrency Apps

For those interested in digital currencies, these apps offer an efficient way to buy, sell, and invest. Developing blockchain apps needs special attention to security and up-to-date information, which can make them more expensive to build.

RegTech Apps

RegTech apps help businesses make sure they’re following financial laws correctly. They automate complex tasks, making compliance easier and reducing the chance of mistakes. The cost of building these apps depends on understanding different regulations.

Reasons to Develop a Fintech App

Fintech apps are here to make your financial life simpler, more inclusive, and personalized. They save you money and keep it safe, all while making sure everything’s above board. 

Making Things Easier

Fintech apps make dealing with money much more accessible. You can do almost everything, like sending money or investing, right from your phone. No more trips to the bank or waiting in long lines.

Bringing Everyone on Board

These apps help people who usually can’t get banking services easily. With just a smartphone, anyone can start banking, get loans, or save money.

Giving You What You Need

Fintech apps are smart as they learn what you like and don’t like about managing money. Then, they give you advice and options that fit just right. It results in better advice and smarter ways to save or invest your money.

Saving You Money

Since fintech apps don’t need to spend money on big buildings or lots of employees, they can charge you less. This leads to cheaper fees and better rates for you.

Keeping Your Money Safe

Security is a big deal for fintech apps. They use the latest tech to keep your money and personal information safe. Thus, you can trust them with your finances.

Staying Out of Trouble

Making a fintech app that follows all the rules can be tricky, but it’s important. Apps built with these laws in mind can avoid problems and fines, making sure they can keep serving you without any hiccups.

What Cutting-Edge Fintech App Development Trends Are There?

The major fintech app development trends are:

Blockchain

Blockchain is a system where records are kept in a chain of blocks, and it’s not controlled by just one place. Thus, your data is very secure.

For fintech apps, blockchain is great because it makes everything open and super secure. Your information stays private, and every transaction gets recorded in a way that’s clear and can’t be changed.

Artificial Intelligence (AI)

AI is smart at finding patterns and making sense of them. In fintech apps, AI helps spot and stop fraud. It also lets financial companies offer services that really fit what you need, which can help them make more money.

Big Data

Big data helps financial companies get smart insights by looking at how users behave and what they need. It’s all about using the huge amount of data an app gathers to make better decisions.

Microservices

Microservices break an app into smaller parts that work together. This makes the app run smoother and lets it handle data in a more spread-out way. It also makes developing fintech apps faster and less expensive.

What Are the Technology Stacks Used to Develop a Fintech App?

Selecting the right technology is crucial for your fintech app’s success. It not only saves time and money but also ensures your app works well and is secure. Let’s dive into the best technologies for building a fintech app.

Native App Development

If you’re targeting a specific platform, here’s what you’ll need:

For iOS Fintech Apps:

● Objective-C: A programming language for creating software on iOS.

● Swift: A language that boosts app performance and reduces errors.

● Apple XCode: A development environment with tools for UI design and debugging.

● iOS SDK: Works with XCode to help developers build iOS apps.

For Android Fintech Apps:

● Java: Offers numerous tools and libraries, enhancing security.

● Kotlin: Improves on Java’s shortcomings for a better API.

● Android Studio: Provides tools for building and testing your app.

● Android SDK: A toolkit for app development and updates.

Cross Platform Personal Finance App Development

For an app that runs on several platforms:

● React Native: An open-source framework for building apps on Android, iOS, and more.

● C#: Enables use of device-specific APIs from a single codebase.

Hybrid App Development

For a fintech app that combines elements of both native and web apps:

● HTML5: A popular choice for creating hybrid applications.

● PhoneGap: A framework that offers cost-effective solutions for hybrid app development.

Other Essential Technologies

● Node.js: A JavaScript runtime environment that provides tools for building robust applications.

● C++: Flexible for developing apps across multiple platforms.

How to Develop a Fintech App?

Developing or building a fintech app is quite a task. Since it deals with finance, precision is key. Let’s walk through the necessary steps to create a successful fintech app.

Step 1: Finding Your Niche and Ensuring Legal Compliance

First off, figure out what your app will focus on. Will it help with payments, savings, investments, or something else? Once you’ve chosen your niche, the next big step is making sure everything is legally compliant.

However, fintech apps deal with sensitive information, so it’s critical to protect your users’ data according to the law. Getting this wrong could lead to legal troubles or fines.

Step 2: Deciding on Features and Budgeting

After settling on your niche, pick the key features your app will have. Remember, simplicity is your friend – too many features can overwhelm users. Now, plan your budget.

However, if you know what you can spend ahead of time prevents financial surprises down the road. Drafting a project scope document can help keep your needs and budget in check.

Step 3: Building or Hiring a Team

Next, you need the right team, whether you build it or hire externally. Your crew should include:

● UI/UX designers

● Web developers

● Project managers

● Quality assurance testers

● App developers for Android/iOS

● Business analysts

● Front-end and back-end developers

Choosing experienced professionals, especially in fintech, can save you time and money. Your team’s size depends on your project’s scale.

Step 4: UI/UX Design

Great UI/UX design is crucial. It’s what your users interact with, so it needs to be intuitive. Prototyping is a good way to finalize the design. Remember to keep it simple, accessible, and visually appealing without going overboard.

Step 5: Launching an MVP

Before fully committing, test your concept with a Minimum Viable Product (MVP). This basic version of your app lets you check its functionality and gather user feedback. An MVP can highlight areas for improvement and minimize risks.

Step 6: Continuous Improvement and Updates

Even after launch, your work isn’t done. Regular updates and tweaks are necessary to ensure your app remains effective and compliant with any legal changes. Introducing new features over time keeps your app competitive and relevant.

How Much Does Fintech App Development Cost?

Wondering about the cost of making a fintech app? It’s a common question, but there’s no simple answer. The cost depends on many things. However, to get a quick overview of different FinTech app building costs, go through the table below:

App Type	Example	Development Time (Hours)	Estimated Cost ($)
Banking	Revolut	3,500	175,000
Investment	Acorns	1,500	60,000
Consumer Finance	Finch	2,000	80,000
Insurance	Coalition	2,500	100,000
Lending	ZestFinance	2,200	90,000

Now, we’ll go through what affects the cost to develop fintech app, from initial estimates to specific costs for iOS development. Here’s a breakdown of the factors that affect cost to help you get a better idea.

Platform Choice

Your choice of platform—iOS, Android, or both—affects your budget. iOS development might cost differently than Android because of the tools and environment used. A cross-platform personal finance app could be more budget-friendly as it targets more users with one set of code.

Features and Complexity

Adding more features will increase the cost. Simple functions like signing up or managing profiles cost less. However, adding high-tech features like fingerprint login, live updates, or blockchain technology will raise the price.

Compliance and Security

Fintech apps need to follow strict rules and have strong security. Making sure your app protects user data and meets all regulations adds to the development cost. These steps are crucial to keep your app safe and trustworthy.

Design and User Experience

A good-looking app that’s easy to use attracts more users. The cost for design varies depending on how complex your user interface and experience are. Spending on design is worth it because it makes your app stand out.

Development Team

The cost also depends on who makes your app. Hiring a team from a place with lower costs can save you money. But they must know how to build fintech apps well to ensure quality.

Ongoing Maintenance and Updates

After your app is out, you’ll need to budget to keep it running smoothly. It leads to fixing any bugs, updating security, and adding new features. Keeping your app up-to-date is important to stay competitive and meet regulations.

Why Choose Webisoft for Creating a Fintech App?

Picking the right team for your fintech app is crucial. Webisoft shines as a top choice for Fintech software or app development. We blend expertise, cutting-edge tech, and a focus on what users want, setting them apart in creating top-notch fintech apps.

Here’s why choosing Webisoft is a smart move for your project. 

Deep Knowledge in Fintech

Webisoft knows the fintech world inside out. We get how important it is to stick to financial rules and meet user expectations.

Moreover, we give you a clear idea of what your app will cost from the get-go. With us, you’re building more than just an app; you’re creating a solution that hits the mark.

Specialists in iOS Development

Aiming for Apple users? Webisoft’s skill in developing fintech apps for iOS is top-notch. We stay up-to-date with Apple’s standards, ensuring your app works flawlessly on iOS devices and follows the App Store’s rules closely.

Cross-Platform Expertise

Webisoft is also great at making apps that work on both iOS and Android. This approach lets your app reach a wider audience without losing quality or performance, no matter the device.

Clear Development Journey

Figuring out how to build a fintech app can seem tricky. Webisoft makes it simple, walking you through each stage. We keep you in the loop from start to finish, making sure there are no surprises. Our honesty extends to pricing, giving you a clear picture of what you’ll spend.

Top-Notch Design

Your app’s success heavily depends on its design. Webisoft prioritizes creating intuitive and attractive apps that draw users in and make exploring financial information easy. Our focus on user experience means your app won’t just look good—it’ll work well, too.

Broad Fintech Experience

No matter the type of fintech app you’re thinking of—be it a payment platform, a budget tracker, or anything else—Webisoft has the expertise. We adapt their strategy to fit your specific needs, helping your app stand out.

Webisoft is one of the best fintech app development companies. With Webisoft, your fintech app is on track for success.

Final Thought

In short, making fintech apps is essential for changing finance. Fintech app development makes using financial services simple, keeps your money safe, and fits your needs.

With the fintech world growing quickly, now is a good time to start. Whether you’re changing banking or starting new services, beginning now is smart. 

However, do you want to create a fintech app? If so then contact Webisoft to get the best service. 

Frequently Asked Questions

Why should we care about developing fintech apps?

These apps are key because they solve old banking problems with new tech, offer services personalized to your needs, and make using financial services a smoother experience.

How much time is needed to build a fintech app?

It usually takes a few months to build one. How complex your app is and how fast your team works will affect the timeline.

What should a good fintech app have?

A solid fintech app should let users sign in securely, make transactions, manage their accounts and get alerts. Moreover, it should offer personalized advice to the users based on their spending and savings.

What are the tough parts of making a fintech app?

Some issues include making sure the app is really secure, follows all finance laws, is easy for users to explore, and works well with other banking systems.