It is all about the money when it comes to fintech apps. There is no doubt that fintech app development costs a lot of money, but it is 100% worth it. No matter what kind of app you are making—a bitcoin, banking, stock, or mobile app—the price will be different. Your business wants you to make an app that helps it reach its goals.

One that not only works well but also has cutting-edge features that give you an edge in the market. Almost 46% people use digital banking services to handle their money.

If you have been stuck on developing your finance app, now is a good time to get moving. This blog discuss about the different fintech app development cost and benefits that you should think about.

So, let’s begin!

 

What is a Fintech Mobile App?

Fintech apps are used for financial services such as accessing financial accounts, making payments, and sending and receiving funds. These apps have changed how people access and use their money by providing innovative financial solutions that are available on smartphones and computers. From mobile payments and transfers to investment and budgeting tools, fintech apps have increased access to financial services.

 

Current Market Stats of Fintech Mobile App

 

 

• With a total asset value of US$80.08bn, Digital Assets will be the biggest market in 2024.
• The expected average AUM for each user in the Digital Assets market in 2024 will be US$96.05.
• It is expected that the Digital Assets market will bring in 17.38% more money in 2025.
• Four billion people are expected to use digital payments by 2028.
• The market for digital assets is expected to have a total AUM of US$80.08bn in 2024.
• It was thought that the industry made a total of 79.38 billion U.S. dollars in 2023. Statistics from Statista Market Insights show that the global fintech sector will make even more money in the years to come, reaching more than 141.18 billion U.S. dollars in 2028.

Types of Fintech Mobile Applications

There is a lot of room for creativity in the FinTech business. You can choose from numerous financial apps, from wealth management platforms to digital banking solutions. You should think about your requirements and potential audience’s need and start business app development process. Now let’s have a look at major types of fintech apps.

 

 

1. Digital Banking App

Through digital banking apps, you can interact with a bank online. Customers can do just about anything that has to do with banking. For instance, you could use this app to open an account, send money to someone else, or get a loan.

Example: Ally, Chase, Wells Fargo

 

2. Personal Finance Management App

Personal finance apps have categories that make it easy for users to keep track of their income and expenses. Not anymore! This app takes the place of writing down costs in a notebook or Excel sheets. These personal finance management app development solutions usually come with tools. It is easy to use and an experience that feels like a game.

Example: Mint, Fi Money, GoodBudget

 

3. Payment Application

Payment apps make it possible to send and receive money online. An example of such an app like PayPal, which is incredibly popular because of its convenience. When it comes to this, peer-to-peer payment apps stand out. These kinds of apps do not need middle-men.

Example: PayPal, Cred, Cash App

 

4. Trading and Investment App

These kinds of apps let you invest and trade directly from your phone, without going through middlemen like brokers. Most of the time, this FinTech app works on capital markets, forex, and stocks.

Example: Robinhood, Zerodha, E*Trade

 

5. Digital Wallet

A digital wallet is an app for your phone that lets you store your money online, send money to other people, and receive payments. An example of such an ewallet app development solution is the well-known Apple Wallet.

Example: Google Pay, Apple Pay, Venmo

 

6. Insurance Application

The goal of apps that enable digital insurance is to make getting insurance policies easier and faster. Additionally, insurance app development make it easier to handle customer complaints and lower the number of fraud cases that happen. So, they make it easier for customers and insurance agents to talk to each other.

Example: CoverFox, Policy Bazaar

 

 

How Much Does Fintech App Development Cost?

Knowing about cost breakdown is important if you want to create a mobile app. A FinTech app development cost around $8,000 to $25000. However, a wide range of variables affects the precise number. The term “fintech” refers to any technology that facilitates financial transactions.

There are times when several industries invest in developing fintech apps but forget to get a proper cost estimation, resulting in a loss. To help you in the first place, we have covered a breakdown of the banking app development cost to help you understand it more thoroughly.

 

App Complexity	Cost
Basic Fintech App	$8,000 – $15,000
Midium Fintech App	$15,000 – $20,000
Complex Fintech App	$25,000+

Factors Affecting the Cost To Build a Fintech Mobile App

However, the cost to make a fintech clone app varies depending on several factors. Below we have mentioned some core factors that influence the cost of fintech mobile app development, so read carefully.

 

 

1. App Platform

Every mobile app can be launched on one or potentially many more platforms. Choosing between Android and iOS is challenging, which is why there are several mobile app development companies that select both platforms to launch their app to get massive user engagement on their app. However, knowing that every platform has features and functions included in the development is vital.

So, when you choose android app development, it might cost you more than iOS. Fintech app developers cost massive hourly costs to build an iOS platform that may influence your overall development cost.

 

2. App Type

It is crucial to know that cost also depends on the type of fintech mobile app you have chosen to develop with its specific fintech mobile app developers. As we all know, there are 5 types of fintech mobile apps. Here we have built a table that discloses the cost of developing a fintech mobile app with its development time and cost estimation.

 

3. Developer Team

The cost to develop a fintech mobile app also differs depending on the charges of the fintech software developers. As we all know, to get your app settings, you can hire fintech software developers in four ways. To explain to you thoroughly, in this section, we have built a table showing how much it costs to build a fintech mobile app with this type of development team and their charges. So keep reading.

 

4. Features & Complexity

Features & Complexity is a factor that plays a vital role in increasing or decreasing the cost of developing a fintech mobile app. If you’re choosing an app with multiple features and advanced UI & UX, it will increase the hours of development, increasing the cost of development.

So, it is vital to keep this in mind if you’re looking for any mobile app development. Getting a cost estimation including these factors is crucial to know the accuracy of the development cost.Hopefully, after reading these factors, you’ll make sure and make a list of all three factors and take your own app development cost into account.

 

 

How to Create a Fintech App?

If you want to know “how to build a fintech app”, read on. Let me show you the steps our experts use to make a fintech mobile app.

 

 

1. Analyze the Project

It is important to do market research and figure out what kind of future application and revenue model will be used. After you set the budget and due dates, pay close attention to the project evaluation.

In this step, you also have to think about who your app is meant for. Choose an audience that you want to focus on. Some of these people are new investors in cryptocurrencies, while others want to keep track of their money and see where it is going.

You can also interview a few people from your target audience for a short time. Knowing this will help you make your p2p lending app development solution even better.

 

2. Define Your App’s Key Features

Now, make a list of the main features your app will have and put them in order of how important and possible they are. There are many types of fintech apps like Fi Money or Cash app, but most of them have features like managing accounts, keeping track of transactions, analytics, payment integration, and more.

Of course, you could add some advanced features to your app to make it stand out from others on the market. However, you should not add too many features to your app. If you want to make your fintech app more valuable, you should focus on the features that make it faster and cheaper.

 

3. Create a Design

Applications should be easy to use. Simply put, clients want things to be clear, simple, and aesthetically pleasing. In FinTech apps, the second most important thing is to have a good UX and UI. Look for examples, write down your own preferences, and work with the UI/UX team to create a design to an app like Revolut.

Before we start the design process itself, we start with wireframes. We advise you to follow suit. These are app screens that have been sped up.

They are plain black and white right now, without any flourishes or other unique design elements. The point of this step is to figure out how the app works and whether it is clear what the user can do on each screen. 

 

4. Develop the Fintech App

Create a project vision and list the features that your FinTech app will have. Explain how users would use the app and what problems it solves for them. Give the fintech software development services team all of your ideas and they will help you make the app.

You can make a minimum viable product if you want to make a fintech app. It is a great way to see how your idea works in the real world. An entrepreneur can give up on or change an app at no extra fintech app development cost. Iif it turns out not to be profitable in the end.

And if its target audience really likes it, it is easy to make it bigger. It will not take much work to get more customers and make more money.

 

5. Test and Deploy

The fintech app should be checked out and tested. Before the app goes live, you should run it on a computer to make sure it works properly and free of bugs. It is important to make sure that the app works with different screen sizes.

FinTech apps must work properly on all mobile devices if you want to make them available to both device users. Try fixing it if the content is squished too much on smaller screens and the screen looks crowded.

This will make sure that your fintech app does well. Start using the app and ask the first users who do so for their thoughts. Publish your app on the Google Play Market and the Apple App Store.

 

Key Features of Fintech Mobile App Development

Let’s not wait further and get straight into the key features of fintech software development. These features are the key to a fintech app, so reading this section is crucial if you’re working on your own fintech mobile app project.

 

1. Features of A User Panel

 

 

● Account Control

Better account management is essential for your customers’ finances, debit and credit cards, and savings accounts since their bank accounts will be connected to your app.

 

● Custom User Interface

You must make sure that the UI of your peer-to-peer payment app may be modified to meet the needs of specific users. Add features for the app’s brightness, font size, and many more to offer customers a user-friendly engagement.

 

● Visualization of Important Data

Most users prefer to view their money and card balances as diagrams and charts with pattern-highlighted regions reflecting the condition of monitored parameters, even though numbers are helpful.

 

● Notifications Alert

Notification alerts are essential to keep users fully informed about any changes to their accounts or pertinent opportunities.

 

● AI-based Chatbots

Add this feature to offer your users 24*7 customer support. It will enhance the customer service of your app, which will be beneficial.

 

2. Features of An Admin Panel

 

 

● Modern Automation

With this feature, your custom web development speeds up the data processing, and automation capability aids in decreasing delays in complicated business procedures and delivering a great user experience.

 

● Analytics of Data

Data analytics is a valuable component that aids users in reviewing their data history. Every mobile app user can examine their financial activity and transaction history for the month, year, and week.

 

● Identification and Verification

Knowing that users’ money and personal information security should be your top priority is essential. User data should be authenticated by generating an OTP and confirming it by email, SMS, or phone call. Using multiple identification, biometric authentication, and virus protection techniques to ensure end-to-end data security is important.

 

● Intelligent AI Recommendation

AI may be beneficial for processing large amounts of data in your app. It is essential to know that it makes predictions about what a user will need next based on their previous user engagement.

 

 

Most Popular Fintech Mobile Apps

There are many fintech applications in the market that are doing well. In order to stand out, you need to create an amazing fintech app like Wise or other that attract huge user base. So, here are some of the top fintech mobile apps.

 

Top Fintech Apps	Available Platform	Downloads	Ratings
Cash	Android | iOS	100M+	4.3
Revolut	Android | iOS	50M+	4.7
Wise	Android | iOS	10M+	4.7
Chime	Android | iOS	10M+	3.9
Robinhood	Android | iOS	10M+	4.2

Tips To Reduce the Fintech App Development Cost

These tips will help you lower the fintech app development cost while still making sure it is strong, safe, and easy to use:

 

 

1. Start With a Minimum Viable Product

Starting with an MVP is one of the best ways to keep financial app development cost down. So, you can build the most important parts of your app first, then release it and get feedback before adding more complicated features. If you have an MVP, you will not have to spend money on features that people might not want or need.

 

2. Outsource Development

If you hire an experienced mobile banking app development services provider from Eastern Europe or Asia, you can create a fintech loan app for a lot less money without sacrificing quality. Most of the time, developers in these areas charge less than those in North America or Western Europe.

 

3. Prioritize Essential Features

When you first launch your personal finance app, you should focus on the most important features. When you add too many complicated features early on, it can take longer and fintech application development cost more. Set the most important features for your users first, and plan to add more features in later versions.

 

4. Use Cross-Platform Development Tools

Cross-platform tools like Flutter or React Native could be used instead of making separate apps for iOS and Android. With these frameworks, you can reduce the cost to build a neobank app that works on many devices, which saves time and money.

 

5. Leverage Third-Party Solutions

Check out payment gateways and identity verification tools that are already out there instead of starting from scratch. These integrations make solutions stronger and safer while cutting down on development time. You can effectively manage and lower your cost to create a fintech app by using these strategies. This will help you get your app to market more quickly.

 

Why Is It Important To Fix Your Budget?

We will talk about how important it is to set a budget for mobile app development now that you know the fintech app development cost. Making a budget helps you understand how everything fits together and ensures you take the right steps to develop your fintech app. So, before you start doing anything to grow your business, make sure you remember these things:

 

● Helps Identify the Actual Needs

Setting a budget for the fintech app development helps you think about what the end users want, so you can give them what they need right now. So, it will be easy for you to understand what features your app like Robinhood or other needs and make smart choices.

 

● Aids in Market Research

As soon as you think about your budget, you have to go out and do a lot of research on the market to find out what the going rates are.

 

● You Need the MVP

That meeting with the investors will only happen if you have a minimum viable product. To know how much and how long an MVP app development will take, you need to have a budget.

 

 

How To Monetize Your Fintech App Development?

Now you know the cost to develop a fintech app, it is time to monetize the app. Here are the monetization model of a fintech app.

 

 

1. In-App Purchases

People often use in-app purchases to make money because they let users pay for extra features, premium content, or virtual goods inside your app. By giving away useful add-ons, you can get people to upgrade, which will bring in more money. You could set up a tiered pricing system with different levels of features to meet the needs of all your users.

 

2. Subscription Model

Another good way to make money with your fintech app is through a subscription model. This feature is often added by top fintech app development companies to make sure that your app charges users a fee every time they want to use its services or features. You can get people to subscribe and make a steady stream of money by giving them special benefits and regular updates.

 

3. Freemium Model

With the freemium model, you give away a basic version of your app for free, but you charge for extra features or functions. This method lets people try out your app before they decide to pay for a subscription, which increases the chance that they will convert. Users should want to switch to the paid version even if the free version is good enough.

 

4. Advertising

Advertising, which means showing ads in the app’s interface, is a common way for insurance app development to make money. As a source of income, it may not bring in as much as in-app purchases or subscriptions, but it can be very useful when your app is just starting to grow. When placing and showing ads, be sure to think about how they will affect the user experience.

 

What’s Next!

Hopefully, the information mentioned above was quite helpful for you in knowing about the most incredible benefits of fintech mobile app development and many other things that might help you in development. However, it is vital to know that fintech mobile app development isn’t easy due to its popularity, which requires uniqueness in every development to grow.

So, if you’re one of the people looking to develop a fintech mobile app but aren’t able to find the best software development company, then it is time to hire a mobile app developer that offers you the best fintech mobile app.

You can get in touch with our team if you want a skilled and talented development company with decades of experience in web development. Our team has talented and well-qualified developers that work on offering our clients premium development services.

 

Frequently Asked Questions

 

1. How Much Does It Cost To Develop a Fintech App?

The cost to develop a fintech app is between $10000-$25000. But varies with the below factors:

• App complexity
• Features
• Tech stack
• App design
• Platform choice

2. How Long Does It Take To Build a Fintech App?

The time to develop a fintech app can be between 2 — 6 months. It is vital to know that the time is not always the same. Some factors influence the fintech app development time.

 

3. How To Reduce the Fintech App Development Cost?

You can reduce the cost to build a fintech app in the following way:

• Start with MVP
• Outsource development
• Use cross-platform development tools
• Prioritize essential features
• Leverage third-party solutions