Fintech App Development – Cost & Key Features

No man in this world can live without money. 

We have seen, especially in crisis time, money is the most urgent thing for the individual or for the business to run. In the older times, you could borrow money from one another or through banks. But as time succinctly flies, and with the evolution of technology and the internet, industries have come up with many reliable solutions.

Before covid, people were more concerned with the physical mode of loan sanctioning their money, but eventually, after the arrival of the pandemic, it became quite uneasy for the people and the business to stand in a queue and apply for their loans. This method is risky and time-consuming as well.

You could be the possible fintech solution provider and deliver fast and secured solutions to your customers.

What’s more inside this blog…

Here, you can understand the term fintech solution, and its entire development process from scratch to end. This possibly aids your chances to become the next top fintech app partner in the existing industry.

Stay till the end with us; you would gradually understand how fintech is the best solution for people to deal with their money crisis and eventually helps you build the brand image and most important; to gain profit for your business.

Let’s start with fintech and its market growth analysis.

What do you understand about fintech app development?

Fintech is the term adjoined with the fin+tech; meaning a combination of finance with the technology to garner some solution to the people.

This is what all fintech industries do.

The Fintech Software Development Company is the solution provider business that runs to solve any financial issues of the customers. With the allowance of technology like AI and ML into the applications, the fintech solution effectively yields many desired solutions to the end customers.

Many solutions you can land to your customers;

  • Online money transactions
  • Insurance of the digital system
  • Secure with financial risks
  • Trading exchanges solution
  • Fast billing systems
  • B2B fintech solutions and many more.

Market analysis for fintech industries

Fintech is on everyone’s mind, especially the investors and businesses.

According to the report from Statista, fintech has raised space of $112B by the global investment in these aligned companies.

More than 70% of the company’s senior executives believe that fintech creates a multitude of opportunities for the banks and customers.

This evolution of fintech companies is not surprising as it creates solutions for every finance and banking industry.

Fintech brings tech-driven solutions to the market from digital money loans to e-commerce payment services to stock trading payments or digital currency exchanges. Everything is rooted inside the digital currency access and gives more edge to the fintech companies.

India is the global market for fintech services when it comes to innovation and enterprise. BFSI fintech and financial services claimed that the global success rate for fintech has increased to 87% from 64%; turning India into the inclusion of fintech services.

Categories of fintech solutions for industries

If you’re an enthusiastic entrepreneur in the race of fintech app development there are many possibilities for you to intriguing inside the solution or your application.

Some of the industries where you could opt for your solutions are;

  • Loan lending app
  • Digital banking apps
  • Crowdfunding apps
  • Insurance apps
  • Blockchain apps

Challenges faced in the development of fintech solutions

Fintech is more about solutions rather than problems. But as we know every industry has some challenges.

The finance industry has many uncertainties in the path; we must understand the challenges found while giving the fintech solution and the reason to recover from it.

  • Secure Digital identities

How to secure the digital identity? This is one of the crucial factors you need to consider before starting your development process. In this virtual world where we live, it is very tough for companies to not lose their digital image. Companies are in the extreme fight to resist their space and deliver accurate solutions to their customers.

You can secure your online identity as well. Allow some bottlenecks at the time of registration to the portal. To commend that you can offer login via OTP or two-way authentication process. Thinking about all of the challenges in the initial stage is the clever thing most of the companies adopted.

  • Data ownership legalities

To match with the data legalities and compliances, companies have to go through many legalities and ownership issues. In the finance and the insurance sector data is a crucial asset. You can’t claim the existence of your data without any legal formalities. You need to appoint some person/lawyer to deal with such cases.

  • Migrate on cloud or virtual platform

Data is distributed at the local of the companies. It has to be placed somewhere in a secured place. For this, you need to set your important data asset on the secured server or the cloud platform.

You could combat with the cloud solution companies to garner your vital data over their storage. However, there are different tools for monitoring and controlling the data on virtual platforms.

Read Also: How to Develop a Fintech Mobile Application?

  • In according with laws and regulations

To start with your fintech app development, you must attire your business under the compliance and monitoring of the legal laws and authority of your country.

This is the important parameter for your startup to consider and it will maintain the trust in your business for a longer time.

  • Any third party protocols

Being the superlative solution partner in the fintech sector, you must align with some of the third-party protocols. For your consideration, some of them are payment gateways, social network buttons, chatbots, and analytics systems.

Fintech companies are the forefront solution provider for the current trends in the industry; challenges are only the traits that could be possible in the middle of the development process.

Come up with some tactics to rebrand your image and let the world be your table.

How to create a fintech app solution for your business?

Till now we have gained some insightful knowledge about the fintech industry and its challenges.

Now we have come to the most important point where you can start your development process.

The fintech mobile app development company nevertheless compromises the quality of the solution. They maintain their digital dignity by providing the fastest and safe options to the industry and people.

Your first step to consider is understanding the niche industry, where it is landing, and how to create your space inside.

  • Research and analysis of the existing solution provider

While residing in the existential industry it is quite easy for you to research several facts and data where they have previously delivered the solutions. Knowing about the latest market trends and then analyzing your ideation and the gaps to bring something more secure and faster to the people.

Pick the best niche for your business to deliver a unique solution to the marketplace. This is all about the research and market trends.

  • Develop some prototypes with the support of your developer

A prototype can help your product value in the end, you could retain a large amount of money while developing.

It will automatically reduce the cost of the final product and suspect any mishaps or loopholes at the beginning of the process.

  • Designing components matched with UI/UX

Designing is the most intuitive process to add to the product. Whenever the user comes to the platform at first his main focus is on the looks and feel of the interface.

Fintech solution providers are prone to give faster and more secured solutions than the previous leaders. A smooth interface with the parallax design breakthroughs the customer experience to the top.

  • Features implementation to match with your goal

To deliver the right stack of services to the user, it is essential to add on the best feature-aligned solutions. Always try to include the best features in your app that match the industry standards.

Some of the must-have features are

a) Sign up and sign in screen 

Developing a highly integrated platform is essential for the bulletproof functionality of the fintech application. The user login interface is the first step for entering the platform. If the users have failed to attempt logins chances are they get moved with the system and break their trust in you.

The signup process must be faster with the integration of social media accounts with it. The fintech channel consists of lots of data for the end-user to validate, record, and admin. Messing with any of the categories endangers the application.

b) Transaction history

Users perform lots of transactions from their accounts, it is very difficult to manage every transaction detail. In the transaction history panel, users get a brief of their entire history.

c) Card details

Every time it is not needed to enter the card details for a transaction, bring the details on the dashboard for once, let you just tap on it and pay your amount.

d) Checkout and cashback

This feature lets your user easily check out the amount and offer cash backs and discounts to them. This encourages the user for transaction flow.

e) Deposit machines

Deposit machines are the systems where users can enter their money, just like the savings account. At the time of need, the user transacts amounts from it.

f) Saving management 

This section helps the user to manage their money in their fintech accounts. Users get the knowledge of the saved money and their deposits.

g) E-signature

This is the digital signature that enables the secured transaction of money from the app. These are the encrypted signs that users must attach before any of their transactions from their accounts on the fintech platform.

h) Data visualization

This is the insight and analytical tool for monitoring data and its usage. How about the data scope in the future? Here users can visualize their transactions graphs and pictorial representation.

i) Push notifications

This feature allows the user to update for every important notification. While back and forth the app for every notification, this feature helps the user to get aware of the very important news about fintech.

j) details 

Users may have many cards from different banks, it is easy for them to manage the details into their dashboard for fast transactions with full accuracy.

Read Also: 10 Untapped & Innovative Fintech Startup Ideas to Consider

  • Introducing AI with the platform

AI is the most important factor when it comes to banking and finance. The technology is so fast revolving, it must be important for the companies to align them with AI technology to add advantage for their business. The AI fintech solutions are fast, advanced, user-friendly, secured, quick, and reliable in the industry.

  • Compliance with the fintech regulations

The industry is offbeat for the newcomers. The industries must maintain their solution under the range of security laws and regulations.

Consult with your legal advisor to commit all formalities like KYC, PCI-DSS, etc. before starting your business into fintech.

Cost to develop the fintech solution in 2022

Fintech is a wide sector in the marketplace. It is based on many other factors. The cost of the fintech solution would change depending upon

Location of the developers

You need to pick the right mobile app development team which can fit with your industry legs.

However, the cost for hiring the developers would vary according to the regions where they reside. The charge for the American or European developers is high compared to the Asian region developers.

Technologies muted in the platform

We can’t ignore the importance of the technologies for the very fragile and complex app structure like fintech. The chatbot and customer support are essential to managing the task. It should be supported with the latest algorithms and this will increase the final cost for the production of fintech applications.

Cost for the maintenance

How about you acknowledge that your platform is fully functional or not? After-production support is equally important for your application. That brings trust and quality to your solutions in the market.

A niche of fintech app

The fintech apps are widely distributed among some industries like banking, lending, insurance, investment, consumer finance, etc. the cost for the fintech app varies for different niches, you should briefly analyze each component and estimate the final price for the product.

We segregate the cost for the final fintech app development. It will come in the range of $50k to $80k. The cost would rise as per the additional needs of the app owner.

Important technologies you can addon for fintech app

Security is the top-notch factor aligned with the fintech application for secured and faster banking. The technologies evolved must be integrated with the security to cut down any risk for the registration and banking system.

The goal of every fintech company is to acquire desired solutions for the users in any possible way. While choosing the technology stack the developers and the analyst work cohesively to come up with some solution that will functionalize the whole process.

In 2022, the fast forward technologies are bazzle of the fintech core companies;

For front end applications: python, java, ruby, c++, scala, ruby on rails


  • Ios: swift, objective c, swift, apple Xcode, ios SDK
  • Android: java, kotlin, android studio, Android SDK


  • Native, c#, flutter


  • Phonegap, html5

Consider the technology which is edible for your niche. This will elevate your product to the right market and reduce the cost. You can choose some fintech app development company that can boost your product into the market with the right addition of technology stack.

Read Also: Best Financial Business Ideas For 2022

Popular Fintech companies

As the industry of fintech underwent many transformations, it pushed many new players. This way frontlines new financial services to the world.

Banking fintech provider

  • Monzo was founded in the year 2015, this UK-based fintech company has acquired $1.1B and has nearly 5M account holders. 
  • Tide has the potential customer-centric banking market; users can raise business credit in less than 3 minutes. 

Payment fintech provider

  • Braintree is a PayPal-owned company empowered with a powerful payment solution to transit companies like uber, StubHub, and Poshmark.
  • Stripe delivers solutions to top MNC companies like Google, Amazon, Salesforce, and many others. Stripe has partnered with banks including Goldman Sachs, Barclays, and Citibank and launched their stripe treasury using the stripe API for end-to-end customers like Shopify. 
  • Azimo promises to deliver money within less than one hour. 

Investing and wealth management 

  • Robinhood has a service for premium users called Robinhood gold which allows pre and post-market trading, buying additional power, and larger instant deposits.

Market and exchange fintech companies

  • Ethereum is one of the token mining companies, working on bitcoins, consumer apps, and developer API. It has invested total funding of $18M. 

Money Lending companies

  • Affirm is a San Francisco-based service that delivers money lending solutions to companies.

Future of Fintech Solution

The industry of fintech has an immense number of solutions retrospectively to the users ranging from mobile banking to insurance to cryptocurrency and investment applications.

Some of the significant trends that will surely define the future of the fintech industry are;

Key Takeaways!

The pinnacle of finance will foresee new changes in the market. Fintech has the potential to reshape everything including banks to credit payments, business loans to insurance policies; it has no limitation.

This extreme financial solution influences people to come forward. We have delivered fintech-based solutions to companies with our expert assistance. You can connect with us for more.


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