A business must have fintech in order to be able to adapt to the new 4.0 world. A good fintech app can help a business engage and pursue more customers. Businesses don’t have the technology expertise and experience need to know how much Fintech app development cost. Let’s see how it works.
These are some of the things you need to know about fintech app development cost.
- What are the features that should be included in fintech app development?
- What are the requirements for a great fintech app?
- How much does it cost to develop fintech apps?
1. What are the features that should be included in the fintech app development process
The creators must consider many features and find solutions to build a fintech application that will attract customers. It is impossible to create a fintech application with poor features or outdated solutions. To attract customers to a fintech app it requires more than a fancy design. Here are some features to consider when creating your fintech app.
UI/UX designs for fintech app development
Developers and designers must pay close attention to the UI/UX elements of fintech apps. App users appreciate apps that allow them to customize their app interface. This makes the fintech app their virtual home. Users will return to the app if they feel a sense of belonging and ownership.
Another important factor to consider when planning is the user-friendliness of your interface. A clean and user-friendly interface is preferred by young people. Modern, chic designs are always more interesting than older ones.
Developers must simplify financial operations and present visual data. Fintech app users are looking for numbers, charts, and graphs that provide in-depth analytics. If a bank app does not have visual reports of how money flows, it will be lacking a key feature compared to other apps.
Banking sector basics
A fintech app that isn’t fully integrated with the banking and finance sector can’t be called an enhanced fintech app. This is a must-have function for your fintech application to survive in a sea of thousands of other apps. Your app will not be able to compete against other more sophisticated apps without these functions.
The following are the basic functions of the banking and finance sector:
- Management of accounts
- Check your balance
- Transferring money
- Checking in real-time
- Management of insurance
- Asset management
- Stock exchange and cryptocurrency trading
These are just a few functions that you need in your fintech app. Depending on the niche market you’re targeting, you can determine which functions are most important and add them to your fintech apps.
When building fintech apps, data analytics is an important feature you must not overlook. Customers want to be able to view every detail and receive an hourly report about their financial transactions and spending. They would search for applications that provide the information they require.
Customers can view their financial activity and set goals. They can also track how much they spend on the app. This is an added benefit that everyone would appreciate.
Fintech companies can analyze data to provide better financial advice for their clients. They can now create loan plans or personal services for clients based on their spending habits and their savings data.
Notifications and Updates
Notifications are a key feature for fintech apps. They provide direct communication between users and the app. You must create real-time notifications for fintech apps to ensure that your users are kept up-to-date with any announcements. You can send out information about bills, fraud alerts, spending, payments and other relevant news. If there are any, these are the ones to notify immediately.
People want to keep up-to-date. They want the latest technologies. Many users will switch to newer and better applications if an app doesn’t offer the most current features.
While payment is not one of the most important functions of finance it is still an essential function. It is a part of our everyday lives and is a necessary function. People want things done quickly and the pace of life is increasing faster. This leads to increased demand for quick payments. You should include QR codes and scanning in your fintech apps.
To extend functionality and satisfy multiple users’ needs, integrations with multiple fintech apps should be a priority. This will also increase the functional capabilities of your fintech app.
RPA for chatbots and virtual assistant services
Robotic Process Automation uses digital robots to automate routine tasks. Many businesses around the globe have adopted it.
A small survey by Deloitte Global RPA Survey revealed that 53% of respondents had already begun their RPA journey, and another 19% plan to do so in the next two-years.
As it is able to help us in, this new technology promises to dramatically reduce some operational costs.
- Automation in data validation & data migration between banking applications
- Management of customer accounts
- Report creation
- Formulation filling
- Service for processing loan claims
- Loan data updates
- Backup of the interest teller receipt
RPA is able to handle large volumes of data simultaneously without any glitches, which will greatly improve the customer experience. Advanced RPA can be equipped with the ability to learn and improve the customer experience.
|Check this in-depth -: How do you create a Taxi Booking App like LYFT & UBER
2. What technical requirements are required to build a fintech application
Software projects often have technical requirements. It is essential to choose the right technologies in order to develop a successful fintech app. The choice of tech stack will impact the app’s scalability, maintainability, development time, as well as costs.
We will be discussing three approaches to app development and the relevant technologies that can be used to create a fintech application.
- Mobile app development
- Web app development
- Hybrid development
Mobile app development
The Mobile penetration is common among us so the term “mobile-first”, is one of the most commonly encountered concepts when you start the process for fintech app development. Mobile app development is crucially important.
Native app development can be used to build fintech applications that run on specific platforms (iOS and Android), This requires the use of specific tools and technologies for a particular platform. Here are the technologies and tools for developing mobile apps.
Web app development
Web app development is the creation of apps that run on both mobile and desktops via remote servers. This is a great way for you to get your app out of the app stores, and still be accessible to desktop and mobile users.
In some cases, hybrid development may be the best solution if developers are looking to create an app that is native and web-friendly. The core of the application is built using native technologies and wrapped in a native container. Hybrid apps can be used to mimic websites, but they also have the ability to use the features of a mobile device.
There are many tools and technologies available for fintech app development. It is important to take into account the factors of app type, scalability and time to market.
3. What is the cost of creating a fintech app for your company?
Before we get into the details of how to calculate the cost of fintech app development, let’s take a look at what it cost the big names in the field.
Although there is no way to know how much it cost, they did estimate the cost of cloning these applications and they are as follows:
- Facebook: $420,000 – $465,000 (at 150/hour).
- Shopee products are available between $100,000 and $300,000.
- Grab and Uber apps, which have the demand and supply sides, cost between $142,350 to $178,000
- WhatsApp at $173550 – 222600
Clutch conducted a survey in 2017 of 12 top app developers and found that the average cost to create a mobile app was between $30,000 and $700,000. They found that the average cost of creating an iOS-only app is $38,000 for a simple app and $171,000 for complex apps.
You can also look into outsourcing companies or freelancers if you don’t have the budget for an in-house staff.Are you looking for someone to manage your fintech app? Nimble Appgenie is available for quotes. We’ll help you set a fair price.