Building a Fintech app for the first time can be a challenging task. Don’t worry, we’ve got your back. Today, we are here with a guide on how to build a Fintech app for beginners.
What is FinTech?
- In 2019, 64% of consumers worldwide have used one or more fintech platforms, up from 33% in 2017. (Ernst & Young, 2019)
More about FinTech you can read here.
Major Fintech App Development Trends to Keep Watch
- Artificial intelligence is one of the leading technologies in the fintech market, with a market share of 38.25% in 2019. (Research and Markets, 2020)
The technology uses neural networks to find patterns in the input data. It’s broadly applied for analyzing real-time data to interpret certain actions and provide recommendations. That is, with AI, you can meet various challenges, for example, detecting potential fraud in user activities.
2. Blockchain
- Blockchain and regulatory technology (regtech) are the fastest-growing segments of the fintech industry. (Grand View Research, 2019) (Transparency Market Research, 2018)
A blockchain is a distributed database or ledger shared among a computer network’s nodes. They are best known for their crucial role in cryptocurrency systems for maintaining a secure and decentralized record of transactions, but they are not limited to cryptocurrency uses. Blockchains can be used to make data in any industry immutable—the term used to describe the inability to be altered.
3. Regtech
- Regtech is estimated to be worth $120 billion in 2020 with a CAGR of 52.8% (Grand View Research, 2019)
Regtech is the management of regulatory processes within the financial industry through technology. The main functions of regtech include regulatory monitoring, reporting, and compliance.
How to Build a FinTech App in 2024
Step 1: Market Research
The journey towards building a successful FinTech app begins with thorough market research and ideation. Understanding the dynamics of the FinTech sector is crucial in identifying areas ripe for innovation.
Explore leading FinTech applications, analyzing their respective strengths and weaknesses. Utilize tools such as SWOT analysis to uncover areas where competitors excel and identify opportunities for setting your app apart. Develop a clear understanding of what distinguishes your app and enhances its value proposition based on thorough research. Your unique value proposition (UVP) should effectively communicate the benefits and advantages that your app offers to users.
Conducting a comprehensive analysis of competitors, coupled with gathering insights into user preferences and pain points, lays the groundwork for crafting a compelling value proposition that resonates with your target audience.
Step 2: Regulatory Compliance and Security
Adherence to stringent data protection standards and compliance with industry regulations, such as GDPR in Europe or PSD2, ensures the trust and confidence of users.
Implementing rigorous security measures, including data encryption and secure authentication methods, safeguards sensitive user information and mitigates the risk of potential breaches.
By prioritizing regulatory compliance and security from the outset, you establish a solid foundation for the long-term success and sustainability of your FinTech app.
Step 3: Design and User Experience (UX)
The design and user experience of your FinTech app play a pivotal role in its adoption and retention. Striving for simplicity and intuitiveness in navigation, transaction processes, and overall interface design enhances user satisfaction and fosters trust.
By incorporating elements of responsive design, accessibility features, and visually appealing aesthetics, you create an immersive user experience that sets your app apart in the competitive FinTech landscape.
Step 4: Technology Stack and Development
Selecting the right technology stack forms the backbone of your FinTech app’s performance and scalability. Leveraging agile development methodologies and technologies, such as React for front-end development and Node.js for the back-end, empowers your team to iterate rapidly and respond to changing market dynamics.
Step 5: Testing and Quality Assurance
Thorough testing and quality assurance are imperative in delivering a robust and reliable FinTech app.
From unit testing to security testing and user acceptance testing, each phase of the testing process plays a critical role in identifying and rectifying potential issues.
By prioritizing the quality and stability of your app, you instill confidence in users and foster long-term loyalty and engagement.
Step 6: Launch and Continuous Improvement
The launch of your FinTech app marks the beginning of a journey towards continuous improvement and innovation. Get your app released on the App Store and Google Play Market.
If you’d like to release an app on all mobile devices and save time, we recommend going for cross-platform development. In this case, you develop both apps using a single codebase. This reduces time and resources you have to spend.
Getting feedback from real users will reveal flaws and add ideas about which features should be added, removed, or changed
How much does it cost to develop a FinTech app?
| Stage | Estimation in hours | Estimation in weeks | Approximate costs |
| Business process project analysis | 40 hours | 1 week | $800 |
| UI/UX design | 130 hours | 5 weeks | $6 525 |
| Fintech app development stage | 760 hours | 8 weeks | $40 950 |
| QA Testing | 360 hours | In parallel with the development | $7 200 |
| Project management | during the whole project | during the whole project | $3 550 |
Building a Fintech App
If you’re looking for experts to build your FinTech app, you’re in the perfect place. We have extensive knowledge in software development, app building, and dev marketing, especially within the FinTech industry. We can handle every step of the process of developing a new FinTech app, from programming to running a large-scale campaign. Contact us now!
