Fintech technology has disrupted the banking and financial sectors. With fintech apps, banks and finance companies are able to do what wasn’t possible before. Banks can now offer their banking services ceaselessly and seamlessly on customers’ smartphones and mobile devices.
According to a market report, the global financial sector is estimated to reach USD 26.5 trillion in 2022 with a CAGR of 6%. In the USA alone, there are 10,605 fintech startups working in North America. So you can estimate how big and how fast the fintech sector is growing.
Hence, if you are planning to invest in fintech app development then undoubtedly you are making a worthy decision. And to assist you with this, I will share the step-by-step guide for developing fintech mobile apps.
What are fintech apps?
Fintech is primarily a combination of finance and digital technologies. Together they form fintech that constitutes either web or mobile-based solutions. Hence, fintech apps are mobile applications that provide financial services.
It contains all elements of the banking and financial worlds such as mobile banking, insurance, stocks & trading, crypto exchange, NFT marketplace, and more. A fintech app development company generally holds specialization in creating fintech apps.
Famous examples of fintech apps
- Mint-Personal Finance
- Revolut-Digital Banking
- Coinbase-Blockchain & Crypto
- Nubank-Digital Banking
- Chime-Digital Banking
- Robinhood-Investments
- MoneyLion-Digital Banking
- Tellus-Wealth management
Check also – Cheapest Countries in Asia to Visit
What are the types of fintech apps?
The fintech industry is a vast domain. It covers a variety of services. Therefore, when it comes to developing a fintech mobile application, the options may vary a lot depending on the type of fintech app. Here are the most popular types of fintech apps which have high demand.
- Mobile banking app
- Digital wallet
- Crypto wallet
- Insurance
- Stocks & trading
- Investment
- Personal financial management
- P2P payment apps
- Crowdfunding mobile apps
- International money transfer
- Blockchain and cryptocurrency
- Robo-advising
Key Features of Fintech apps
There are multiple types of fintech apps. From banking to insurance and stocks to invest, the features may vary depending on the type of fintech app. Therefore, you should select the features based on the type of fintech app development. However, there are some common features that you can include in your app.
- Profile signup/in
- Personal account
- Security features
- Payment options
- Financial operations
- API integrations
- Data visualization
- Financial management
- P2P payment facility
- Investment
Now lets us start
Fintech app development: Step-by-Step Process
Step #1: Research
At first, you need to conduct research to properly define your niche and fintech app development concept. You have to collect data insights and supportive information that aids your fintech app concept.
You have to analyze the fintech market, your competitors, and ongoing consumer problems. Then, include all these things in your fintech app development strategy. This will lay the foundation of the app that you are developing based on proven data.
Step #2: Outsource Your Project to a Reliable Fintech App Development Company
Now, once you have your fintech app concept ready and all the required data. It’s time to find out the top fintech app development company that can assist you to build your fintech mobile application.
However, you can also hire a freelance developer or set up your own team. But these options aren’t very reliable. When you work with a dedicated fintech app development company, they can assist you to build quality apps at a low cost. They have a professional team of qualified
- UI/UX designers
- Android/iOS developers
- Project managers
- QA testers
Hence, when you choose a company then you get assured quality solutions and post-launch app support as well.
Step #3: Create a User-Friendly UI/UX Design
The purpose of fintech app development is to enable people to access different finance services. And this can be achieved when users get a seamless user interface and app design. Hence, you should ensure your fintech app developers create a user-friendly UI/UX design. The design must be simple in nature and offer easy navigation.
If your fintech app is able to engage users then it will create a long-lasting impression. As a result, your app will produce good ROI on a long-term scale just because of good UI/UX design. Therefore, you closely focus on creating a user-friendly app design.
Step #4: Create an MVP and Launch the Beta Version of Your App
The fintech market is highly competitive. Consumers expect that every fintech app provides seamless and fast services. Therefore, it is crucial to ensure your fintech apps meet customers’ expectations. And this can be done by developing an MVP (Minimum Viable Product) version of your fintech application.
You should create an MVP and launch beta version of your fintech application to test how it is actually performing. You should collect users’ feedback and make suitable changes to your app. This will ensure your fintech app meets user expectations. And then, you can develop the final version of the app.
Step #5: Test and Launch
Testing in fintech app development is extremely important. It allows you to find out possible technical errors or bugs in the app. Especially when you are developing blockchain-based fintech apps like crypto wallets or cross-border payment apps.
Then, you need to hire blockchain developers who can perform complex-level app testing. After testing and validating your fintech app, you can launch your app to app stores.
To Conclude
Fintech app development is a complex process. It involves deep market research and a well-planned development approach to create a full-fledged fintech mobile application. You also have to monitor your competitor’s move since fintech marketing is getting more competitive day by day.
Therefore, to ensure you build a fintech app that brings your success, better work with the top mobile app development company. It is because they have proven experience in delivering successful fintech apps.
About the Author
Josephine Baker is a fintech app developer at MobileCoderz-a globally acclaimed fintech app development company which works with startups and finance companies to provide them with world-class fintech solutions. She specializes in creating fintech apps for multiple industry use cases. Along with her professional life, She likes to write articles on important IT topics and create podcasts.
