Global digitalization has covered almost every industry, and Fintech is no exception. With the emergence of digital technology, the sector has become more customer-centric and technologically relevant. Initially, FinTech was restricted to banking operations and trading only. However, the introduction of the internet revolutionized the whole FinTech industry. From transactions to investinments, FinTech has changed how people use apps.
If you’re thinking of building an online banking app or money transfer app, this article will help you implement your ideas properly. This article gives you a brief understanding of Fintech App Development: its must-have features and benefits.
Fintech App Market, Stats, and Factors
Fintech has been gaining popularity over the past few years globally. Fintech is replacing traditional payments, banking, and financial management while allowing businesses to manage their wealth easily.
As per Statista Reports, the Fintech market is all set to grow at a CAGR of 9.2% to nearly $158,014.3 million by 2023 and the global revenue of the industry is expected to reach $182 billion by 2024.
Types of Fintech Applications
Before you hire android developer or iOS developer to build a finance application for your business, you need to know the different types of Fintech applications used in different industries. Here are a few Finance apps you can build for your startup.
- Insurance Apps
- Investment Apps
- Banking Apps
- Regtech Apps
- Lending Apps
- Consumer Finance Apps
- Stock Trading Apps
- Tax Filing Apps
- CrowdFunding Apps
- P2P Payment Apps
- Finance Management Apps
Must-Have Features of Fintech Apps
Consider adding some dynamic and advanced features to make your Fintech app stand out. These features help improve the visibility and user engagement of your Finance app. Make sure to take help from the right web and mobile app development company. Take a look at the basic set of features of finance applications:
User Panel Features
Your customers’ bank account will be the first item they add to your app, thus it is your responsibility to make it simple for them to handle their finances, debit and credit cards, checking, and savings accounts.
Customizable User Interface
When creating a fintech app, you must ensure that the UI can be tailored to the demands of certain consumers. Some people favor lightweight, simple views, while others demand maximal detail.
Visualization of Key Parameters
Numbers are useful, but most users prefer to see their finances and card balances in the form of diagrams and charts with trend highlights and easily legible green and red regions showing the status of monitored parameters.
Use push notifications and alerts to keep your users completely informed about changes in their accounts or opportunities that are relevant to them.
Chatbots are an effective way of improving customer service. Include this feature to assist your clients 24*7.
Admin Panel Features
Automation functionality helps in reducing delays in complex business workflows and providing your users with an excellent customer experience by increasing the speed of app data processing.
Data Analytics is a useful feature helping users analyze their data history. Users can analyze their weekly, monthly, or yearly transaction history and financial activities.
Authorization and Authentication
Security should be your utmost priority when dealing with users’ money and personal information. To secure end-to-end data safety, use two-factor authentication, biometric identification, fingerprint scanning, and fraud prevention measures. You need to authenticate user data with OTP generation and verification via email/SMS/call.
AI can be highly useful for processing massive amounts of unstructured data or just predicting what a user would require next based on what they did before.
Benefits of Fintech App Development
Enhanced Customer Experience
Today, one of the most critical aspects of every business is the user experience. With the Fintech mobile app development, businesses can create new options for users to buy products or services while on the. Fintech apps can help users to do multiple things right from their smartphone including making payments, checking account balance, transactions, etc. It provides value to businesses while improving the customer experience.
Fintech apps are designed to provide enhanced protection for businesses and their customers by utilizing cutting-edge encryption technology that is safer, more secure, faster, and more convenient than standard online banking services.
Another benefit of Fintech Android App Development is to improve operational efficiency. Having an effective team to accomplish all tasks promptly might be difficult no matter what type of business you operate. You may streamline your processes by integrating software with finance solutions.
Fintech app solutions help businesses become more efficient while reducing operating costs. This can lead to lower prices and more value for your clients, which can eventually lead to higher revenue statistics.
Fintech iOS app development is intended to be the mobile-first solution, which implies that it helps businesses in reaching a bigger audience across various devices such as smartphones, tablets, and so on. Customers who want to stay up to date on the newest information about their favorite companies will find mobile apps handier.
When it comes to making transactions, a Fintech app offers more convenience to your users. Users don’t have to visit your business store physically or wait for days to get their product delivered to the doorstep. Fintech apps allow them to access all the information they need on their mobile devices. Businesses or brands can stay ahead of the competition by providing the best user experience and convenience.
How Much Does it Cost to Make a Fintech Mobile App?
The cookie-cutter method rarely works in the world of web and mobile app development, and each digital product has a different development cost. This is especially true for complicated financial products with various integrations, strong security features, and cutting-edge technology incorporated at multiple levels.
As a result, if you plan to develop a financial app, you should be prepared for constantly varying estimates, particularly in the early phases when the scope tends to grow a lot following your deliberations on what the MVP version should look like.
The cost of developing a Fintech app varies from $20,000- $1,00000. This is just a ballpark estimate but the accurate Fintech app development cost depends upon multiple factors including:
- Application Type
- Location Type
- Development Team Size
- Technology Stack
- Functionalities and Features
- Platform (iOS, Android, or Cross-Platform)
Indeed, Fintech apps are truly game-changers for businesses. The fintech business is expanding at a novel rate, with more consumers opting for intrinsically digital neobanks, budgeting software, online insurance firms, digital wallets, and online trading platforms that support a wide range of conventional and cryptocurrencies.
Now, is the perfect time to build a Fintech app and grow your business. With the right concept and competent mobile app development partner, building a Fintech app has never been so easy.