Every day, there is something or other revolutionary happening in the fintech industry. New apps and platforms are being launched on a regular basis at a very high rate.
By opting for fintech app development, you’ll be able to have a competitive edge over the market. In this blog, you’ll be able to understand a brief overview of what a fintech app is, types of fintech apps, a great and informative step-by-step guide to creating a fintech app, mistakes to avoid while creating one, and the cost required to build a custom fintech app.
What exactly is Fintech? Let’s Dive Deep
Where finance meets technology and digitizes finance and asset management, this is called fintech. It can be a web, mobile, or desktop solution as well, providing services like online banking, budgeting and its management, digital payments, and much more.
Leveraging the latest and trending technologies such as Blockchain AR/VR and more, we can build a great fintech solution with top-notch security and performance for your business.
Fintech apps are such go-to solutions for consumers who are tech geeks like banks searching for a secure, reliable, and safe solution to save their time doing the tasks manually.
Types of Fintech Apps
Fintech is a very wide sector and covers a lot of detailed categories of apps. Let’s discuss those:
- Insurance Apps
- Investment Apps
- Loan Apps
- Digital Banking Apps
- Personal Finance Apps and more
Insurance apps enable digitizing the whole ecosystem surrounding digital insurance and accelerate the process of issuing insurance policies. Such apps provide 24×7 customer support and offer the most affordable insurance policies.
Such apps let a layman open a demat account and start trading in just a few clicks. With the help of digital investment apps, you can now invest in mutual funds, gold, and international and national stocks at your comfort.
These are developed keeping the users in mind, so they can easily get loans either in the traditional way or through peer-to-peer landing pages.
Loan apps have features such as quick filling of application forms, a credit score tracker, billing, rewards, and more.
Digital Banking Apps
A digital bank offers a quick and convenient way to manage all aspects of the banking ecosystem, such as balance checks, loans, FDs, and much more. Mobile banking has become very popular because users can access everything online, eliminating the need to go offline for everything.
Personal Finance Apps
In personal finance, there are various types of apps like tax preparation, expense tracking, bill management, credit supervision apps, and more. This makes laymen’s work so easy in managing their finances, making FDs, and availing of all other services.
A Step-by-step Guide to Build a Fintech App
Before we dive into some more features, let’s look at the step-by-step guide for fintech app development.
Establish your fintech app idea with market research
Prior to going to any market, we have to figure out the problem that particular market is facing. You should find your particular niche, do thorough research on it, and then start to build it correctly. By taking care of the following points, you can find your fintech app’s niche:
- Type of fintech app you want to build
- Which areas’ problems will it solve
Once you are able to find your niche, you should focus on extensive research about mobile apps and their users.
With the help of these points, you’ll be able to define your targeted market, types of users, making it easier for you to research ahead.
- Decide the specific domain your app will target
- Decide on who will be your end-users, their age, interests, and location
- Will it be initially to a local/certain region and then taken globally
- List down the competitors
- Features your users will require
However, the list will go on and on. You should make a list of all the questions that come to mind about the app ideation stage and how to make it more effective and target-oriented.
Plan a UX Research
Now that you’re quite well aware of your audience, it’s time to conduct thorough research on their weak nerves, how they would like their fintech app, and how you will catch maximum customer attention.
Having done that, you need to do thorough research on UX to figure out unique ideas that will create curiosity amongst your app users, thus gaining a competitive edge.
However, great UX research can be done keeping your audience, USPs, and market in the middle along with SWOT (strengths, weaknesses, opportunities, and threats) and PEST (Political, Economical, Sociological, and Technological) analysis.
Such research will bring you closer to a great fintech app development journey.
Establish Scope of the Product (SOP)
You’re now exposed to so many functionalities, features, a little about your audience, market research, and a lot more.
But wait, don’t get too excited. The development of a clear path is still ongoing, and that’s where the role of Scope of the Product (SOP) comes into play. Firstly, let’s understand what the Scope of the Product (SOP) is.
SOP is a detailed document containing a thorough analysis of the app development project that outlines and focuses on product boundaries by describing the product description, goals, deliverables, assumptions, and more.
All in all, it gives a clear understanding of the project and the scope of the implementation requirements to avoid execution time confusion, which in turn leads to project failures.
A great option is to partner up with a fintech app development company, which can help you understand the scope of your project better by assigning dedicated project managers and business analysts.
Selecting the correct technology and team
After completing all the documentation, you will need to select the correct technology to execute your project in. Your options will boil down to two:
- Android/iOS – Native Fintech Mobile App Development
- Either Flutter or React Native – Cross-platform Fintech Mobile App Development
The next step would be choosing an expert IT team. When the project scope is clear, you can go for fixed-cost hiring. But when your fintech app project has varying requirements and you want to experiment, you can opt for hourly hiring worry-free.
Address the Fintech Compliance
These compliances vary from country to country, so, do a thorough check for the same in your targeted country.
Creating an MVP
In the process of developing an MVP, you need to focus on core functionalities and app features. Initially, you need to market your app and gauge the interest of your targeted audience.
In general, this saves a lot of time, money, and hard work. If your MVP is successful, you can now add features and make it a full-fledged app.
Develop, Test & Feedback
This is the main phase, also known as the iterative app development process. Your work doesn’t end with the app getting hosted on the app store.
Constant improvisation for its effectiveness , technological advancements, meeting expectations, and outdrawing competitors needs to be done.
Cost to Develop a Fintech App
Well, there’s no fixed amount to develop a fintech app. It depends on various factors, and every organization has its own proposals. It also depends on the type of fintech app you’re developing. In general, it ranges somewhere between $50,000 and $300,000.
In conclusion, we hope that you are aware of all the insights into developing a fintech app, which will definitely help you in setting up your own app. Partnering up with a mobile application development company can make reaching success much easier.