Are you interested in fintech app development?
Then probably you should come from a financial sector. No surprise for your approach towards fintech application development in this mobile era. This is because fintech apps are revolutionizing the fintech ecosystem greatly with its high end mobility solutions, efficiency & safety precautions. All these value added perks boosted the users to shift with mobile platforms which in turn urged the financial & banking industry to create a fintech app for their business enhancement.
Before diving deeper into the topic, let us outlook about fintech app, analyze its market worth & importance of fintech apps in finance marketplace in advance
Fintech is the term defined where technology merges financial activities. In simple terms, the financial sector encompassing technological advancement will be referred to as fintech. Any company that offers their services to their customers via software or any other technological related platform will be cited as a Fintech.
Fintech app is nothing but a web or mobile app that is used to perform financial activities online. Fintech applications are widely used in the financial industry these days as it is highly beneficial in fulfilling financial operations quickly and efficiently.
Without doubt Fintech is one of the hottest topics that goes across the globe currently. Moreover it is literally hard to imagine a world without fintech in this pandemic period. Even in lockdown, it is the only source to make things happen financially.
Industries and businesses who are not recognized about fintech have also turned into this advantageous solution to solve their concerns regarding payments & more during this pandemic.
The term "fintech" is not shorten as like it's spelled. It is widened with different types according to its functionalities. Explore some below
Mobile banking apps enable the users to set and make money transactions via smartphone with ease. Traditional banks are forced to provide mobile banking options to their users as people prefer to do cashing in online via smartphone rather than visiting in person. Moreover these apps allow banks to promote their services and add additional revenue to them.
It is a kind of app that allows you to make payments via mobile device regardless of bank. This app assists the users to make payments and transfer money fastly & securely. You can take Paypal, GooglePay & Phonepey as a good example for payments apps
This type of app helps its users to make investments like buying stocks, etc by just sitting at your home. These apps will also make suggestions regarding investment based options to its users. Stock trading apps like Grow, Robinhood will be the perfect example.
Personal finance apps will be beneficial for the user by providing a detailed picture of their spendings. Managing expenses is becoming very trouble to handle these days. Well, personal finance app is a best resolution for this concern.
Through an insurance app, a customer can claim his insurance via mobile app without approaching any agent. This app makes the insurance process by optimizing the interaction between the customer and insurance companies. AI and machine learning technologies are widely used in insurance apps.
Lending apps minimized a lot of work in the lending process and make it fastly. Users can get their loans by providing the necessary details via lending application.
Like other fintech app, this cryptocurrency app allows the user to invest, pay, maintain a wallet, etc. But the only difference is, cryptocurrency apps work with only cryptocurrencies.
People around the world are getting adopted with fintech at a rapid pace. After cherishing the benefits in fintech, they are expecting instant solutions to make their financial work done. Whatever business you may be, either a bank, insurance company or lender, your users will quit you if you are not accessible to them. Moreover, fintech apps will also help to automate and streamline your financial business process effectively.
So if you are from a financial business background and looking effective solution to enhance your business, then making invest in fintech is much appreciable
Assist to offer Better Service
Fintech apps allow the users to manage their finances via mobile phones without approaching in person. With reducing this work, it will be better for the banks & other financial companies to provide additional services to their clients
Best Marketing tool
Fintech apps function as a best marketing tool to create a brand for your bank or any other financial business. Moreover it allows you to target the audience in ease and improve your revenue in a short span of time.
Award Economic Benefits
It reduces the cost in managing the stuff largely as mobile apps fulfills most of the customer needs. Most of the work is done in the app and so it will minimize the need for the companies to hire the people to manage the finance.
Banking and other financial industries need mobile apps to survive in the market and the most important one is they require a good one. Not all apps will succeed. Launching a convenient app with an intuitive user interface will be quite challenging. Here is step by step to build a successful fintech application
1. Pick Your Niche
Before getting into the development process, you should be clear with your niche. Initially you should finalize what type of fintech app you are going to build. So it is must to decide your app type, target and their needs in advance.
2. Make sure with the legal requirements
There will be different rules and regulations between the countries. Even states and regions in some countries will follow different legal policies. Furthermore, Fintech apps should follow several privacy policies like GDPR, KYC, AML compliance(anti money laundering), digital signature certificate & much more.
3. Select Your Technology Stack
When it comes to app development, you will be left with several choices. You have pick one which will be apt for your business & vision.
Well native apps will be developed for particule operating systems like Android, iOS. If your target audience are specifically android users or iOS users or any other OS user, then going with native app is better.
Cross Platform Apps
Well cross platform apps will have a single codebase and that will function in all operating systems. If you prefer cross platform app, you don’t need to develop app for android, iOS and other operating systems separately. You can have a single codebase and it will make your app work on a different operating system. If you prefer to cover a wide audience, going with cross platform app development is best.
Progressive Web apps
Prgressive web apps also have a single codebase. There is no need for app store license to launch this app. These apps will run on the browser and it is accessible in any device. If your target audience comes from different devices like desktop, Tablet, smartphones etc, then progressive web app development suits your project.
4. Typical Security Feature to include
Features will play a great role in any app’s success. Here are some must have features to add while developing a fintech app
Well the cost of the app may depend upon the type of app you prefer to develop, technology stack you choose and the features you require to add in your app. In order to find out the exact value for an app, get connect with MacAndro, a leading mobile app development company who are expertise in banking and financial sector by providing custom fintech solutions to financial organizations like banks, insurance companies, credit unions and enterprises that seek for digital financial processes.
Our skilled fintech app developers are reputed and recognized in delivering unique solutions for all types of financial business. Either you need a custom fintech app or complicated blockchain based fintech solution, we can deliver!
MacAndro leverages advanced technologies in order to make you shine unique in the market among your competitors. We develop your fintech software with integrating the following technologies
Blockchain technology is mostly preferred in the financial industry due to its data security. It is basically a series of blocks that contains unchangeable data. Once the block is created and linked with a chain, the data in the block cannot be changed. Each and every transaction done in the blockchain is encrypted and the possibility of making a cyber-attack is very low. So integrating blockchain with your fintech app will create a trustful relationship with our app and users.
Artificial Intelligence & Machine Learning
Machine Learning & AI technology are widely used in fintech as they provide the learning capability to the application without being manually programmed. These technologies ensure several assistance like managing credit scoring, detecting fraud activities and much more. We embed a strong machine learning algorithm that empowers your fintech app and helps you in financial processes & decision making.
Obviously data that comes from the customers in the financial industry will be regarding money. These kinds of data should be kept secure and they are very important to financial companies. This technology will analyze the information about the customers interest, habits, investment behaviour and helps you in marketing strategies.
Developing a Fintech app cost may averagely starts anywhere between US$30,000 to $100,000 based on the features and specifications you require