Fintech has transformed the financial services industry, flattered as a multi-billion-dollar sector. This technology has allowed financial organizations to offer novel and ground-breaking services to their clientele, subsequently leading to the sector’s growth.  As the technology continues to go forward and with a decrease in the Fintech app development cost, the potential for more services in the Fintech sector is rather broad.

America’s fintech market stands at 4 trillion USD.  This points to the significant growth of the financial services industry. So, it is the finest of time to strategize Fintech app development services for your business.

When Building a FinTech App can be Beneficial?

There is no doubt about the massive potential and popularity of FinTech apps. Fintech apps start from mobile wallet apps on smartphones to cryptocurrencies and much more. There’s a fraction of fintech in each transaction and financial activity in our lives. We can say, Fintech app development trends are on the go!

Fintech app development companies cater to customers’ digital finance and transaction needs. So, Fintech app development trends are driving an upsurge in business growth and financial transactions. Any business that fails to keep pace with this development is probably to slide down.

Every business has different market objectives; consequently, there is no criterion listed for functions and features to be dependent on. But a Fintech app development guide can assist in determining the need to create a basic or modern Fintech application. High performance and the latest features to meet the expectations of your customers are the foremost.

What are the Different Types of Fintech Apps?

The fintech industry has grown to accommodate numerous different types of financial requirements of people and businesses. From letting instant bank transfers to insurance claim settlements to many things, there’s a fintech app for every kind of financial need.

Blockchain and Cryptocurrency Apps

These two innovative technologies are already revolutionizing the fintech landscape. Businesses and individuals are able to achieve new opportunities for secure and decentralized transactions. It means financial activities without the intervention of governments or regulatory bodies. Blockchain technology is already popular for providing transparent and tamper-proof ledger to record transactions with complete distribution. You can also develop blockchain fintech apps that support the exchange of cryptocurrencies like Bitcoin, Ethereum, Ripple, and more.  

Mobile Wallet App:

Mobile wallets let customers link their bank accounts and process payment straightaway for their purchases by just typing the mobile number of the merchant or by scanning a QR code.

Mobile Banking App:

Most banks turned their old-style online banking solutions into mobile banking apps completely. You can do all your net banking transactions, check statements, update information and request banking activities through a mobile banking app. All monetary solutions are offered online by digital or Internet banking applications. Users no longer require visiting the branch for each issue because Fintech banking apps can handle it.

Personal Finance App:

These fintech apps come with versatile capabilities of processing transactions, linking multiple bank accounts, debit and credit cards, and doing complete financial planning covering investments and expenditures of customers. Customers can manage their finances flawlessly. People may keep track of their earnings and expenses, create a budget, and confirm they stick to it. These apps work as individual journals for tracking all their financial transactions.

Lending App:

There are also separate fintech apps to pay and process loans to eligible users depending on their credit score and credibility. The P2P lending industry is expanding rapidly right now. Corporations are forging alliances to let customers apply for loans via digital channels. In spite of the significant risk, it makes the lending procedure more efficient. This industry utilizes technology to offer financial solutions via more accurate processes. Smart systems that confirm and validate individuality credentials use artificial intelligence and machine learning algorithms to generate error-free results.

Trading & Investment App:

There are numerous apps easing equity market trading and other types of financial investment. Apart from providing direct access to stock market terminals, these apps offer consultations for investment choices. These apps give the consumer a chance to invest in a variety of services. A number of firms, like mutual funds, could prefer this type of software for their users. Trading applications and cryptocurrency exchanges are some other variations of these investing solutions. Other FinTech app domains like digital wallets,e-portals, and more are flourishing as well. Apps for quick purchasing, such as Amazon Pay, are becoming a daily word. It is very important to understand that getting these apps developed can add to your overall financial plan, considering the functioning of the features like EMI calculators, real-time credit score tracking, data reporting, analytics, etc.

Insurance Apps:

Life insurance and general insurance apps are already famous amongst customers for smear the correct insurance coverage according to their needs and suitability. These apps can do all from testing eligibility for insurance requirements to subsiding insurance claims. Insurance-related Fintech businesses are at present making efforts to digitize their present services. Fintech can give more affordable coverage policies by means of apps at variable rates. The customer can access policies across several lines with an insurance app already installed. It makes communication quicker and simpler. It offers the user quicker claims dispensation, which results in prompt contract closure.

But you might wonder about the Fintech app development cost. Depending on the features and scale of your app, you can compute the cost of the development.

Must Read: How FinTech App Development Services Can Help Your Business?

Budget Required for Fintech App Development

There is no fixed Fintech app development cost. Each organization has unique requirements and objectives, which affect the pricing. The cost is influenced by a lot of factors including its kind, features, location of the Fintech app development company, functioning, and total development period.

These are rough approximations that can differ greatly depending on numerous features: platform specifics, functionality, API integration, complexity, development team, hourly developer rate, interaction patterns, and more.

Product Requirements

The app requirements are the primary part that has an effect on Fintech app development costs. There are two features to app requirements which are-

Scope of work: 

The collection of features that the financial application must have or the attempt essential to develop these features makes up the scope of work. The project size and number of hours necessary to finish development increase with the scope.

Level of product complexity:

Project complexity, conversely, refers to how multifaceted a software product’s idea is. Building, testing, and organizing a product is harder if its logic and idea are sophisticated. Non-functional needs are significant too. They include several traits that explain the program’s operation, for example, scalability, safety, usability, reliability, performance, etc. They are important since they have an impact on customer satisfaction.

Interactive UI/UX:

It’s worthwhile to attempt to create a financial app with an easy-to-use interface. The user experience is better by the faultless app design. An app needs to be built correctly, from deciding the suitable fonts to using easy language and white space suitably. An effectual app allows users to find the information they require fast. This is also a must if you desire your app to be a hit. So spending on an easy-to-use interface for your app can for no reason go incorrect.

What is the Cost of Maintenance?

Maintenance and safety are vital parts of the banking and financial industry. The Fintech application maintenance has to be done often so as to guarantee the safety measures offered by a Fintech app development company.

 Cost Defined by Types of Apps

Cost Defined by Types of Teams

Your choice of team importantly affects the Fintech app development cost. Requiring to hire Fintech app developers is essential to fill up the gaps in the team.  The money spent by Fintech mobile app development company to hire Fintech app developers will be reflected in the entire app development price.

Cost Based on Location

An important characteristic that has an effect on the price is the location of the Fintech app development company. The cost is an estimate depending on the hourly rate of the development team of 4-5 experts and the duration to create an app in a specific country. A FinTech application development expert in the US typically charges more than an expert in India. If compared, we can see the cost to hire Fintech app developers in different countries does have a wide range. Fintech app development services are available even for start-ups.

Growth Story

Fintech apps are progressively determining the evolution of the entire financial industry. Even within the fintech sector, some features are already becoming out-of-date making way for novel and ground-breaking ones. The constant drive for novelties made fintech even more competitive than ever before. Fintech apps are a valuable investment, as the global market has good prospects.

Fintech is emerging and changing rapidly, and a finance app must meet market-based competition and customers’ expectations. However, it is not an easy job to determine the cost of FinTech app development services. There are many parameters to consider. Here, comes handy a Fintech app development guide, Hiring or outsourcing to a Fintech app development company can save a lot of time, money, and effort. But without a reliable partner, you can’t imagine having the best technologies, trends, and functionality for your organization. MobileCoderz would be a perfect companion for fintech app development services with expertise in different kinds of FinTech apps. An experienced team on board is helpful since they’ll offer you, their expertise. The experts have extensive training and experience in their domain to ensure they fulfill all your security and maintenance requirements.

MobileCoderz is one of the leading mobile app development companies that is driven by innovation and creativity. They offer a customized solution that can be tailored to suit your needs. They analyze your requirements and then use the latest software development methods and tools to create a product that meets all specifications. Whether it’s an app example or a full-fledged product, the team of designers helps you make something that people will feel love for using it. They have years of experience in this area and will work untiringly to make something that matches their needs. After customer support is offered for the best customer experience.

Whoever said that good-quality mobile app development services could weigh your pocket, MobileCoderz is here to prove them wrong.

The post How Much Does It Cost to Build Fintech App In 2023? appeared first on MobileCoderz.

FinTech mobile apps are designed to provide financial services at users’ convenience with better satisfaction than traditional platforms. The success of various FinTech apps has attracted many entrepreneurs to make their own apps and churn out profits.

This is possible that you are also planning to create a FinTech app that inspired you to read this blog. You are at the right place. This comprehensive fintech app development guide will provide all the information that you need to build your own FinTech application.

Whether you are a startup, an aspiring entrepreneur, or an established business, this guide will give you in-depth insights from conceptualization to development of a fintech app. This will help you make the right decision.

Let’s dive into the details.

What is FinTech App Development?

Let’s begin with the basic question of what a fintech app is. A financial technology application contracted as FinTech App is a mobile application to offer financial services such as online banking, stock purchasing, investing in insurance, and more. These apps make the smart use of technology to provide financial services to businesses and individuals.

FinTech app development is the process by which you will build a mobile app to offer financial services. This process entails several phases starting with the ideation up to testing and delivery. A combination of skills, experience, and knowledge of the financial sector is required to build finance app development.

A typical fintech mobile app development process looks like this:

• Defining the goals
• App design
• Backend development
• Testing
• Deployment and maintenance

These phases could vary based on the development process followed such as Waterfall, Scrum, Agile, etc. Today, agile is considered to be the best methodology to develop mobile apps. It offers the scope for creating code in batches and reviews for client feedback.

Let’s See the Different Types of FinTech Mobile Apps

Fintech mobile app development services help you build various apps for different purposes and target audiences. There are a few types of fintech apps that are very popular and you can check them in the below section.

• Banking Apps
• Insurance Apps
• Investment & Cryptocurrency Apps
• Lending Apps
• Budgeting Apps
• Digital Wallet App

Useful for you: Digital Wallet App Development Guide

Examples of Fintech Mobile Apps 

• Geico: It’s a fintech auto insurance app.
• Robinhood: A fintech trading app with nice features.
• Starling: It’s a fintech banking app to allow users open accounts for free without documents.
• QuickBooks: A very popular fintech accounting app to manage accounts and money.

Must Read: Innovative FinTech App Ideas 

Must-Have Features for FinTech Mobile App Development

The features and functionalities of your mobile app determine how usable it is and whether it meets users’ expectations. This is crucial in deciding whether your app will succeed or fail. Your fintech mobile app will be handling the sensitive financial information of your customers. Hence, it is essential that your app is user-friendly and secure enough to protect customers’ data at the same time.  

 Let’s see the must-have features of a fintech application. 

1. Registration and Authentication 

A fintech app allows users to register themselves by creating a user account. Since finance mobile apps allow financial transactions and even keep their record, strong user authentication is required to identify every individual user. You can integrate user authentication features with a login form or OTP (One Time Password) based system. The app should also allow users to change their passwords securely if they forget.

2. User Account

The user account in a fintech mobile app provides various features such as accessing services, tracking transactions, and managing personal settings. Users can access all the fintech app features that are specifically available to them. 

3. Adding Bank Cards 

Since a fintech app provides an easy way for online transactions, the users should be able to add their bank cards to make this happen. The users should be able to add credit or debit cards, manage those cards, and access their account information.

4. Push Notifications 

Push notifications and alerts are useful to deliver necessary messages and updates to app users. Your fintech app can use notifications to notify users about deals, promotions, account updates, and so on. Notifications ensure user engagement by providing regular alerts and messages. 

5. Payment Gateway 

There should be a way to send and receive money or make online transactions. A payment gateway is added to fintech app development to provide the feature. 

6. Language Options 

A fintech app can have lots of features and they might be customized according to specific business requirements.

Essential Requirements for FinTech App Development

A fintech application can have multiple features. No matter what features you wish to integrate into your fintech app, there are a few essential requirements for these apps. These are the requirements that you must consider for fintech app development to make it as per the industry standards. 

1. Usability 

The usability of your fintech app is beyond UI/UX. It covers various aspects like compatibility with different devices, easy navigation, accessibility, and optimized layout. So, when you create the UI/UX of fintech, these are the key requirements to fulfil in app design.

2. Security 

Developing a fintech mobile app comes with a great responsibility of protecting your users’ data. The app users need assurance before they build confidence in using your fintech mobile app. You must adopt modern technologies and security methods to make sure that your app is hack-proof. Two-factor authentication, encryption, and secure servers are a few ways to build a highly secure app. 

3. Credible APIs

APIs are an integral part of fintech applications. Your app can use multiple APIs to connect with different systems and apps. These APIs help to extend the functionality of your mobile app. Choose third-party APIs that adhere to security standards and offer data protection. Security protocols with such APIs will provide an extra layer of security to your application.

4. Legal Compliances 

When dealing with financial services, your mobile app requires you to obey some guidelines and legal compliances. You are required to adhere to these compliances when it comes to financing app development. The main compliance is PCI DSS (Payment Card Industry Data Security Standard). Other compliances are GDPR, CCPA, PIA, etc. 

Latest Technology for FinTech Application Development 

FinTech apps are becoming smarter and safer with technological advancements. There are many new advanced technologies available today that you can use to make an app that is above user expectations. Before you develop your app it’s crucial to check the latest fintech app development trends to create a state-of-the-art app for your business. Let’s check the latest technologies below.

1. Chatbot

The use of chatbots is increasing in fintech applications. Chatbots help fintech businesses provide better customer services and lower costs by automating customer support. App users can easily get quick support for their problems with chatbots and get other information.

2. AI

AI or Artificial Intelligence is also useful for fintech app development as it provides benefits like automation and personalization. AI can automate data processing and help in personalizing the app.

3. Blockchain

Blockchain is a hot new technology that has multiple use cases. This is a very secure distributed database. It is a chain of blocks of data which immutable and accessible to multiple users. Blockchain development services are used to develop new-age apps like digital wallets, dapps, NFT, and more.

4. Biometrics

Accessing a user account with a user id and password is not quite a safe method. Therefore, now with the use of technology, fintech app users can access their accounts through biometric credentials like fingerprint and face recognition.

What’s the Process of Finance App Development?

Now let’s see how to create a fintech app. There are numerous phases in developing a fintech application. This process requires immense technical experience and expertise that you can have with a fintech app development company. The company can build a perfect fintech app for your business based on your requirements and expectations. The following are all the phases of fintech application development.

• Identify your target niche
• Planning and features
• Design the app
• Build an MVP
• Testing
• Launch

1. Identify your target niche 

The first stage of a fintech app development is to identify your target market. Hence, start by deciding which target niche you are making an app for. There are different types of FinTech apps that are used by distinct target audiences. 

You can build the right app when you understand your target niche well. It will help you create the best UI/UX that meets the expectations of your target audience and integrate the features they will appreciate. Focus on developing a complex solution that can provide you an edge over competitors.

2. Planning and features 

The next one is the planning phase where brainstorming happens and a concept is built. You need to consider legalities to make sure that your fintech app meets the security and privacy compliances like KYC, CCPA, GDPR, and more. The laws of privacy depend on the region where your target audience is present. For example, apart from the US federal laws, you have to follow individual state laws.

Another thing to consider for fintech app development is the features. What features your app must have depends on its type and the requirements of your audience. Plan out all the features of your app considering the requirements of your audience. 

Some features you might want in your app are: 

• Fingerprint of facial login
• Chatbot
• QR-code scanner
• Offers and cashback deals
• Digital payments
• Tracking of finances

3. Design the app

How do you keep your users engaged in your app? UI/UX plays a crucial role in making your fintech mobile app engaging and good at browsing. At this stage of fintech application development, it is decided whether elements will appear on the screen and what would the flow of user navigation. 

UI (User Interface) is formed by the buttons, toggles, screens, icons, and other elements that appear on the screen. UX (User Experience) defines the user journey in the app. It means UX defines what users will go through when interacting with the app. UX is based on data, results, and research rather than personal opinion or choices.

App designing is not a simple process, it’s a collection of numerous subprocesses.

The process goes as follows: 

• Competitor analysis: Identify the competitors and find out their strategies.
• User persona: It provides insights to build a usable and attractive app UX.
• Wireframe: Shows user flow through a design and helps to validate app design.
• App design: The UI/UX is created based on the decided pattern.
• Testing: The app design is tested to ensure that everything works as expected.

 After designing the fintech app is coded and the backend functionality is added. 

4. Build an MVP 

How do you know that you will be successful or fail? Testing your fintech application internally can give you some idea as the employees in your company can give useful feedback. But this is insufficient to reach a good conclusion. The best way to test the app is to release it. Yes, you can release the app but not the full version but a simple one for your fintech app. 

MVP or Minimum Viable Product is an app that offers basic functionality. You can choose MVP development services to launch a basic app to test the idea. The MVP can help you validate your app idea and check the responses of your target audience. If it goes successfully, you are all set to launch a full-fledged fintech application. 

5. Testing 

Testing here means quality assurance. You can’t launch your app right after development, it needs to be tested to make sure it is as functional as you expect. After fintech mobile app development, testing is the next phase you will follow to make sure that the app is functioning flawlessly.

 There are different tests that need to be performed as follows.

• Usability testing
• Performance testing
• Compatibility testing
• Security testing
• Functional testing

There are many other tests performed on an app.

6. Launch 

Launching your fintech mobile app requires a perfect strategy. Your app can be available for Android users or iOS users or both. The app needs to be published on Play Store and App Store to allow users to download and install the app. However, you also need to do marketing efforts to show your app to the target audience. Ads and other types of marketing strategies can be helpful. 

What are the Technologies Used for Fintech Application Development? 

There are lots of technologies developing mobile and they vary based on the type of app you want to build. You can choose Android app development or iOS development, or a cross-platform solution. 

For Native Apps

Android

• Programming languages: Kotlin and Java.
• Databases: MySQL, SQLite, MongoDB, PostgreSQL.
• Payment Gateways: Stripe, PayPal.

iOS

• Programming languages: Swift.
• Databases: MySQL, SQLite, MongoDB, PostgreSQL.
• Payment Gateways: Stripe, PayPal.

For Cross-platform Apps

•       Flutter
•       Ionic
•       Xamarin
•       React Native
•       Appcelerator Titanium

Hybrid Mobile Apps

•       HTML
•       JavaScript

How Do Fintech Mobile Apps Earn?

It is interesting to know how a fintech app works and earns. Once you launch a fintech application, you would like to monetize it. But what are the different options you have for monetization? This section will provide information on that. The following are the monetization methods that fintech apps use.

• Freemium: Your app can be free but to some extent. The app can restrict some services or features until they upgrade to the paid version.
• Transaction Fees: Your fintech app also earns by charging on transactions for payments, investments, foreign exchange, etc.
• Subscription: Instead of providing services for free, your app can charge a subscription on a monthly or yearly basis.
• Advertising: The app can also earn through targeted display ads.

 How Much Will Fintech App Development Cost You?

Now comes the most crucial question – how much does it cost to build a fintech app? There isn’t a straightforward answer because it is difficult until you define your requirements and other things. The cost of developing a fintech mobile app typically depends on its type, complexity, features, requirements, and some other factors. 

However, the average cost of fintech app development can be in the range of $50,000 to $350,000. The maximum can increase with more requirements and complexity. The cost also depends on the mobile app development services, you choose for your project. 

For example, the cost will be higher if you choose a developer in the USA, Australia, or Europe. On the hand, the cost will be lower if you hire mobile app developer from Asia like India.

How MobileCoderz Can Help You?

We are one of the most trusted mobile app development companies in India and provide cutting-edge solutions. Our developers are proficient in the latest mobile app technologies with a lot of experience. We have developed fintech apps for many clients to date. There are many ways how our fintech app development services can help you. 

Our team of mobile app developers, designers, and QA engineers, is experienced and knowledgeable. We can build a fintech app as per your aspiration no matter how complex it is. Our team has worked on many apps and come out with innovative solutions to complex problems. We have developed many fintech apps and Fniku is an example of these apps.

Frequently Asked Question

How to develop fintech apps? 

There are different stages in developing a fintech mobile app which is planning, designing, developing, testing, and launching.

What does fintech app development depend on?

Finance app development depends on many factors such the complexity, requirements, features, target niche, and more.

How long will it take to develop a fintech app?

The time taken in fintech app development varies based on the complexity and requirements. You can contact us to know the precise timeframe.

How much does it cost to build a fintech app?

Fintech application development cost can be in the range of $50,000 – $500,000 which may vary based on complexity, features, development team, and other factors. 

The post Complete Guide To Fintech Mobile App Development appeared first on MobileCoderz.

The number will increase with every passing year and skyrocketing the speed of digitization in financial services.

Today digital companies are embracing the innovations by leveraging state-of-the-art technologies to stay ahead in this fierce competitive market.

They look for innovative ways to develop secure and digitized financial processes to their global clientele.

Do you want to be gamechanger in the fintech industry? Or you are looking for some out-of-the-box ideas to entice your potential investors for your startup?

Need not to worry. We can help you in that.

This article will help you craft innovative and revenue-generating fintech app ideas that make your FinTech startup thrive.

Brief Introduction to Fintech

Fintech or financial technology is the combination of finance and digital technologies. In fact, it is a type of digital solution that enables banks and financial institutions to provide multiple types of financial services. Furthermore, Fintech generally uses web, artificial intelligence, blockchain, machine learning, cloud computing, big data, mobile app development, and other technologies to craft the fintech solutions. 

Why is the demand for Fintech apps growing in the market?

Fintech apps are either web or mobile applications that offer multiple types of services. These apps can provide banking services, stocks & trading, investment, and much more. Fintech apps solve consumers’ problems and help industries save costs. Lastly, businesses now look for the fintech app development company to build fintech mobile applications that streamline their existing ecosystem.

As per the latest report released from Appsflyer, there has been a 132% growth in downloads of the fintech app category on app stores. In fact, the growth in the usage of Fintech apps took a faster face after the Covid-19 pandemic hit.

(Source:Finopotamus.com ) 

The Appflyer’s report revealed that fintech marketers invested $3 billion in user acquisition in 2020. In fact, you would be surprised to know that the global fintech market is estimated to reach $25.6 trillion with a CAGR of 6% in 2022. 

Top fintech apps with their total market valuation in 2022

Therefore, the demand for fintech app development has increased dramatically in the past few years. And this increase in the demand for fintech solutions is because of its growing usability across banks and the financial sector. 

Banks are now using mobile banking apps to offer their banking services ceaselessly to their customers. Moreover, enterprise and insurance companies are developing fintech mobile applications to streamline their financial services. As a result, the growth in fintech app development is taking a fast  pace. 

The demand for fintech apps is enhancing because it solve various persisting problems in the current financial and banking ecosystem with the following features:

• Reduce development & maintenance costs
• Broad customer reach
• Enhanced functionality and usability
• Better customer engagement
• More sales opportunities
• Improved customer experience
• Great security
• Quick accessibility
• Easier data management
• Highly convenient

We hope you have now realized how profitable developing a fintech app is. With that said, let’s know

Top 8 Innovative FinTech App Ideas For Startup in 2023

1. Digital Banking Mobile App

The banking industry is passing through digital transformation. In fact, banks are now preferring digital banking solutions like mobile banking apps, and internet banking apps to conventional banking practices. Therefore, these apps assist banks to streamline their banking services. 

Especially mobile banking apps are proving to be a boon. Previously in the age of web development, banks were taking advantage of internet banking. But with the disruption of fintech app development, banks are getting better digital solutions. 

Banks are developing dedicated and separate mobile banking apps to provide 24×7 services to their customers. Hence, developing an effective digital banking app could prove to be a successful fintech app startup idea. 

Startups can work with banks to provide them with advanced and high-performing digital banking mobile applications. As a result, they can create a B2B common marketing platform for all banks to connect with global customers or other offerings. 

Data that proves the demand for digital banking apps

• Around 65% of people in the USA use digital banking.
• More than 60% of bank customers prefer digital banking methods. 

Why this fintech app will work

• Streamline banking service
• Create marketing opportunities for banks
• Provide a virtual banking solution to customers
• B2B platform for banks

Examples of digital banking apps

• Ally mobile app
• Betterment mobile app
• Capital One mobile app
• Chase mobile app

2. Insurance Mobile Apps

Insurance sector is a major segment of the fintech market. Today, insurance companies are now adopting digital solutions to reach more customers. In fact, they use insurance mobile applications to offer their insurance policies, sell new products, or provide online customer support round the clock.  

Customers also prefer using insurance mobile apps. It is because they feel tedious to browse websites for existing information. Thus, with insurance mobile apps, customers can explore and compare different insurance policies. 

They can easily claim requests and look at other products & offerings. Therefore, insurance mobile apps are emerging as a hot fintech app development concept for fintech startups in 2022. 

Data that proves the demand for insurance mobile apps

• As per the Grand View Research market report, the global Insurtech (insurance technology) market is expected to reach $3.85 billion with a massive CAGR of 51.7% for the period 2022-2030. Hence, startups can develop the app with long-tern business vision. 
• The health & medical insurance industry in the US was valued at around $ trillion in 2020. And this is projected to increase more. 

Why this fintech app idea will work

• Automates claiming process
• Open more sales opportunities
• Increase revenue
• Cater to young generation investors
• Personalized offers
• Great digital customer experience

Examples of insurance mobile apps

• The General Auto Insurance
• Allstate Mobile
• GEICO Mobile
• Esurance Mobile
• American Family Insurance

3. P2P Payment Apps

The demand for P2P (peer-to-peer) payment solutions has increased significantly in the current market. Businesses are looking for more P2P payment apps due to its great benefits. Above all, P2P payment apps allow parties to directly transfer money from one person to another without passing through a middleman. 

This not only helps businesses transfer money quickly and safely but also save cost in transaction fees. As a result, this fintech app is gradually becoming a reliable and cost-saving method for fund transfers. Thus, Fintech app development company gets a high number of requests for developing P2P payment web and mobile applications.

If you are a Fintech startup, you can develop high-performing and secured P2P payment mobile apps for businesses. As a matter of fact, you can also create P2P payment apps using blockchain technology for cryptocurrency exchange. 

At present, companies are looking for advanced blockchain-based apps for crypto exchange. Hence, fintech startups can also invest in blockchain development services to build such fintech solutions. 

Data that proves the demand for P2P payment apps

• As per the MarketWatch report, the Global P2P payment market is estimated to exceed 1927.23 million by 2030 from 5491.60 million in 2020 with a CAGR of 12.10%. Thus, its market scope is bright. 
• In the USA alone, the number of mobile P2P payment app users is projected to reach 56 million figures. And therefore, developing an app for US audience can be a profitable idea. 

Why this fintech app idea will work

• Ease of use and convenience
• Extremely low transaction fees
• Lower currency conversion rates
• High security
• P2P payment apps offer anonymity
• Minimize the risk of data breaches

Examples of P2P payment apps

• Zelle
• Venmo
• Cash App
• Paypal
• Google Pay
• Apple Pay Cash

4. Mobile Crowdfunding Apps

A Crowdfunding app is a digital platform where people can raise funds for a campaign or a cause. Furthermore, crowdfunding is among the most common activities in the industry. From businesses to non-profit organizations, every entity needs a reliable and robust platform that helps them in raising money through crowdfunding. 

Especially during the Covid-19 pandemic, the Crowdfunding sector witnessed a huge jump in its growth. And today, the demand for Crowdfunding mobile Apps is taking a new pace. 

Hence, fintech startups here can take advantage of this emerging opportunity. Since most Crowdfunding platforms serve web users, you can build mobile Crowdfunding Applications. This fintech app idea is profitable because people mostly use mobile apps for social activities. They can easily donate or transfer their money through a Crowdfunding mobile application securely and easily. As a result, this idea could prove to be a successful fintech app development concept.  

Data that proves the demand for crowdfunding mobile apps

• As per Statista, the global Crowdfunding market was valued at $12.27 Billion in 2021. Which is now projected to double by 2027 with a CAGR of 11%. Hence, it shows good signs of business scope for the future. 
• Market report suggests that there will be 12,063,870 crowdfunding campaigns happening by 2023. Therefore, businesses will need more  Crowdfunding applications. 

Why this fintech app idea will work

• Fast and secure way to raise funds 
• Mobile users are higher than web users
• Social campaigns work better on mobile platforms

Examples of crowdfunding mobile apps

• AppStori
• Kickstarter
• AppsFunder
• Indiegogo 

5. Cryptocurrency Exchange Mobile App

Due to the increased use of Cryptocurrency, people now look for the easiest and most convenient ways for Cryptocurrency exchange. At present Cryptocurrency is being used across industries for various purposes. 

This usage has pushed the need for a fast and reliable platform for Cryptocurrency exchange. And Cryptocurrency exchange has also become legal in most counties. Thus, you don’t need to worry about compliances or regulations. 

As a Fintech startup, developing a Cryptocurrency exchange mobile app could be a promising business model. As the owner of the Cryptocurrency exchanges mobile app, you can earn commission from the transactions taking place within your app. Therefore, investing in this fintech app concept can help you set up your own venture in cryptocurrency market. 

Data that proves the demand for cryptocurrency exchange mobile app

• Around 70 million people use blockchain wallets globally. Hence, its future is green.
• As per the Grand View Research market report, the Cryptocurrency Exchange market size is projected to rise from $1.6 Billion in 2021 to $2.2 Billion by 2026 with a CAGR of 7.1%.  Therefore, cryptocurrency exchange app development will become a new trend in the upcoming time. 
• The number of Cryptocurrency app users is expected to exceed 60 million in the USA itself.

Why this fintech app idea will work

• 24×7 Cryptocurrency Exchange 
• fast and secure Crypto trading
• No need for desktop or web platform browsing
• Increase user base quickly

Examples of cryptocurrency exchange mobile apps

• Coinbase
• Binance
• FTX
• Cash App
• eToro
• Robinhood
• Revolut

6. Personal Finance Apps

Personal finance applications allow people to manage their personal financial things. This is a type of fintech mobile app for providing personal financial management features to people. These apps allow users to monitor their expenditure, saving, and investments. People can also track their bill payments and improve their credit scores. Hence, the demand for useful personal finance apps is growing consistently. 

At present, consumers are looking for feature-rich and meaningful Personal Finance Apps that help in personal finance management. They use these apps to make intelligent investment decisions. Therefore, Fintech startups can come up with unique and useful Personal Finance Apps. 

Data that proves the demand for personal finance apps

• As per Allied Market Research, the personal finance app market is estimated to reach $1,576.86 Billion by 2027 with a CAGR of 5.7% between 2020-2027. Therefore, it gives assurance to startups who are worried of its future reliability. 

Why this fintech app will work

• Organize Your Finances Efficiently
• User-Friendly Interface
• Make the right financial decision
• Help people Meet their Financial Goals

Examples of personal finance apps

• Mint
• You Need a Budget
• Personal Capital
• Prism
• Spendee
• EveryDollar

7. Mobile Wallet App

At present, consumers mostly use their smartphones and mobile devices for online commercial activities. Whether it is online shopping or crypto exchange, mobile apps provide a faster and more convenient way to perform all types of online commercial activity. And therefore, the use of mobile wallets is increasing significantly. 

Mobile wallet apps provide a wide range of features for performing multiple financial activities. Through mobile wallet apps, people can store their finance and investment documents, bank docs, and exchange cryptocurrency as well. 

Fintech startups here can develop an innovative mobile wallet app that provides amazing features for managing various financial and commercial activities. Thus, developing a mobile wallet app is emerging as a profitable fintech app concept for businesses, 

Data that proves the demand for digital banking apps

As per the MarketWatch report, the global mobile wallet app market size is projected to surpass $ 142700 million with a CAGR of 12.0% by 2028. Hence, startups can look for investment opportunities in long-term scale. 

Why this fintech app idea will work

• Prevent fraud
• Save time and effort
• Secure online shopping
• Make loyal customers
• Wide range of uses

Examples of mobile wallet apps

• Google Pay
• Apple Pay
• Alipay
• Venmo
• Square Cash

8. Investment App

Investment mobile app guides people to invest in stocks, trading, and policies. These apps help people make the right decisions as to where to buy, deposit or invest. Today, the number of Investment Apps is growing tremendously in the market. Robinhood is one of the top-grossing mobile apps in the USA that provide investment-related services and information to users. 

This app has been valued at $32 Billion in 2021. Not only this app, but other investment apps like Chime, Nubank, Mint, Revolut, and Coinbase have been valued at more than $30 Billion in USA.

Thus, you can conclude from this figure how profitable this fintech app is. Despite the growing competition in investment apps, the demand for more investment apps continues to increase. Therefore, startups can take advantage of this app idea for earning big revenues like famous apps. 

Data that proves the demand for cryptocurrency exchange mobile app

As per the Business of Apps report, the number of stock trading app users will exceed 92 million by 2022. Hence, you will have a wide range of audience despite growing competition. 

Why this fintech app idea will work

• Help Investment Beginners 
• Educate people in stocks and trading
• Provide reliable and instant investment information
• Offer faster and easier method of investment

Examples of investment apps 

• Betterment
• Invstr
• Acorns
• Wealthbase
• Robinhood

Why Partner with MobileCoderz for Fintech App Development?

MobileCoderz is the top mobile app development company that holds a proven track record of delivering successful fintech mobile apps for global businesses. We hold great excellence in developing multiple types of fintech mobile apps for fintech startups and mid-size finance companies.

We follow up-to-date coding and mobile app development practices. Therefore, our solutions have enabled our various international clients to succeed in the competitive fintech industry, especially in the USA. You can even hire blockchain developers for your enterprise-scale fintech application. 

To Wrap Up

We hope you are now quite familiar with the top innovative fintech app ideas. These fintech apps are evolving impressively and continuously broadening the business scope for upcoming startups. 

However, having the best idea is not enough. You need the right expertise and intelligence to transform your innovative fintech app idea into a full-fledged mobile application. Therefore, you should find a professional fintech app development company that can assist you to build high-standard fintech apps. And this is where MobileCoderz comes in. 

If you have an innovative fintech app concept in your mind, let’s give it a real shape together. 

Book a Free Consultation and Speak with Our Fintech Experts

The post Top 8 Innovative FinTech App Ideas for Startups in 2023 appeared first on MobileCoderz.

Thus, we get a clear idea about businesses being interested in FinTech app development to create highly secure and reliable Finance applications. This helps them to improve their existing services and banking infrastructure. Building a mobile is more beneficial for FinTech app companies as it allows them to capitalize on a much larger market. In this blog, we are going to talk about the latest FinTech app development trends in 2023.

Before we understand the trends, it’s important to learn about FinTech apps:

What is a FinTech App Development?

A FinTech application is basically a mobile app that enables mobile users to access financial services from the convenience of their mobile devices. Moreover, these applications provide more streamlined operations as compared with traditional digital finance solutions.

Finance companies often look for a top FinTech app development company to digitally transform their operations. For this reason, they are able to improve their operations, services, and reputation in the market.

FinTech technology has been there since the early days of ATM technology and online banking. However, it saw a massive transformation with the smartphone revolution. Instead of traditional financial institutions, new FinTech companies emerged by taking full advantage of FinTech app development services.

Latest FinTech App Development Trends In 2023

The FinTech industry has been growing rapidly with noteworthy innovations and drastic digital transformation. 2023 will be a year of change and drastic innovation. New tools and technologies might change the face of the FinTech industry with more openness, transparency, and security. The following could be the best and most noteworthy trends for the FinTech industry in 2023:

1. Chatbots for customer support 

We are often tired of being stuck in a long and complex customer support process. Moreover, hotlines might have become a thing of the past. People nowadays want instant solutions to their problems without putting much effort on their side.

Therefore, implementing smart chats will be very helpful in enhancing customer support in financial institutions. This solution can also simulate human-like interactions through text, voice, or video. In fact, many other industries are also using these smart chatbots to improve the customer experience of their services. You can also implement an innovative chatbot by using trustworthy FinTech app development services.

FinTech companies can program these chatbots to build trust and provide a better customer experience to the end-users. Instead of manually reaching a hotline number, almost everything can be resolved through these chatbots. 

2. Blockchain will ensure better security and transparency

Blockchain technology has made the largest impact on the FinTech industry with decentralization and distributed ledger. For this reason, many financial institutions are already trying to take the best advantage of this technology by hiring the best FinTech app development company.

Blockchain could be very helpful for finance businesses to reduce risks, ensure security, and provide better transparency to the stakeholders. Moreover, it is also a great step toward the efficiency and cost-effectiveness of financial processes.

Businesses like insurance companies can heavily benefit from Smart Contracts to enforce their policies without any hassle. Moreover, a lot of extra investments can be cut down by removing the intermediaries in providing financial services. Above all, the peer-to-peer concept of Blockchain technology is more cost-effective and efficient than any other technology. 

3. Artificial intelligence (AI) for automation and innovation 

Artificial Intelligence technology has been very useful in providing accurate predictive analysis with the help of historical data. Moreover, this technology has been implemented in various industries, such as healthcare, entertainment, sports, and manufacturing.

The Finance industry is also a big implementor of Artificial Intelligence technology. As a result, the industry is able to derive some of the most useful analytical insights from big data. Moreover, AI is known for enabling automation in the finance industry.

It can provide effective predictive analysis to minimize risks and maximize profits. Chatbots with natural Langauge Processes and face recognition systems can also be used to improve the customer experience and security of finance platforms. 

4. Robotic process automation (RPA) 

As the name suggests, this technology is getting implemented in various industries across the world. Thus, it can create the best positive trajectory for the FinTech industry in the coming years.

Banks & financial institutions often have huge pressure to continue their daily operations. Thus, introducing RPA would certainly make the processes more flexible and personalized for the end-users. Moreover, taking the help of the best FinTech app development company is highly advisable to ensure the right implementation of this technology. It would contribute to the simplification of the user flows in financial institutions. 

5. Microservices will ensure better security

Security has been a major concern in the FinTech industry. Moreover, the growing cybersecurity threats from cybercriminals and fraudulent activities have created the demand for improved security measures.

Microservices would be very useful as server architecture to improve efficiency in dese and powerful banking environments. For this reason, many financial institutions are already using these services to reduce power usage, size, and capital expenses. Moreover, these services can be very helpful in hosting small-scale apps without the need for large enterprise-grade hardware. 

6. Voice commands

Thanks to the massive innovations in virtual assistant apps such as Alexa, Siri, and Google Now, the demand for voice commands has been increasing every year. Accordingly, the FinTech industry can also implement this feature into their digital solution for extra convenience.

However, this technology is massively dependent on the security standard of the FinTech platform. It would be advisable to take quality FinTech app development services if you want the proper implementation of this technology. 

7. Biometric for smoother authentication

Top finance businesses now consider biometric authentication to be a very important part of the FinTech app development process. It makes the authentication process smoother and more secure.

FinTech businesses will continue to give this a priority to identify the right user and avoid identity theft as well. Reducing friction is also an essential benefit of Biometric identification. Above all, the users don’t need to manually enter a password to access the features. They can simply use their finger impressions or face to login into the app.

We can also use biometric authentication as a form of two-factor authentication while verifying a transaction. It effectively saves the user from mistakes, fraud, or inconvenience. Thus, if you are also building a FinTech app, don’t forget to ask your FinTech app development company to implement this innovative feature. 

8. Gamification for concept simplication and engagement

Not everyone is finally literate enough to understand all your financial services. Therefore, it becomes important to introduce an interactive solution to educate the users and also engage them for a longer period of time.

Many industries are also using their own attempt at gamification to include gaming activities in their offerings and experience. Accordingly, the FinTech industry can also educate its users, improve customer experience, and increase customer engagement levels. In 2023, there will be more finance companies trying to implement their own personalized programs, cashback rewards, educational videos, etc. 

9. Emphasis on big data

The Finance industry has to manage gargantuan amounts of data every day to sustain various operations. Moreover, data management isn’t just limited to pen and paper or simple excel sheets. Today’s finance data is both structured and unstructured, making it incredibly hard to process and derive useful insights.

Big Data has been in trend for a couple of years now in the Fintech industry. It is a very useful technology to process tons of data and provide meaningful insights to finance businesses.

Accordingly, these insights are very helpful in making important business decisions. Thus, it becomes incredibly easier to comprehend a large amount of data from multiple sources with Big Data.

10. More Innovations In Payment Methods

The inception of payment service providers like PayPal, Alipay, Venmo, and Google Play have revolutionized payment solutions and customer experience. Moreover, ease of payment plays a very important role in determining the purchase decision of a consumer.

QR codes, NFC payments, mobile wallets, IoT, biometrics, and other technologies will continue to make the payment process much easier. By having more convenient payment solutions, businesses can ensure a better flow of funds through their financial system.

Benefits Of FinTech Apps

Developing your FinTech app can provide you with the following benefits:

1. Boost in engagement and sales opportunities

Developing mobile apps has become very important to keep engaging the customers with your business. Thus, your FinTech app can become an effective marketing and communication channel to reach your customers directly. The best FinTech app development company will help you to integrate the best gamification features, loyalty programs, attractive offers, and more.

Ultimately, these factors are crucial in driving sales for your business. Instead of promoting just your traditional services, you are able to create more revenue opportunities from innovative services. 

2. Higher efficiency in financial services 

Banks and other financial institutions can streamline their operations with the help of FinTech apps. Above all, the efficiency can be drastically improved by providing their services on proper mobile apps instead of age-old complex websites.

Moreover, this could also remove the need for paperwork and manual operations, which took a lot of time in traditional banking services. FinTech app development companies constantly put their best effort into using cutting-edge tools and technologies to improve the efficiency of financial services.

3. Better security

When you build your mobile app with the help of a top FinTech app development company, you are able to ensure better security with a modern tech stack and robust security features. Moreover, the underlying infrastructure of the FinTech app is far more secure than traditional FinTech websites. If you supplement your FinTech app with Blockchain technology, then you are able to ensure even better security standards. 

4. Drastic improvement in customer experience

Customers these days often expect a fulfilling mobile solution to access financial services. Therefore, by building a proper FinTech app with the help of the best FinTech app development company, you to provide a better customer experience.

FinTech also lets finance businesses develop new innovative finance products & services for the unique demands of customers. Ultimately, providing your financial services at the comfort of users’ smartphone help you improve your customer experience. 

5. Improvement in customer reach

Traditional banking often restricted its operations to specific geographical locations or platforms. Whereas, FinTech apps are playing a major role in ensuring better financial inclusion.

Plus, customers prefer using these FinTech apps to make online purchases or transfer funds instantly. When you take the best FinTech app development services, you are able to cover a larger demographic and attract new potential customers. Thus, you have better coverage when you invest in developing a FinTech application. 

6. Real-Time financial services 

Traditional financial services are time-consuming and complex. In the age of instant connectivity and convenience, people want real-time financial services. Therefore, innovative FinTech apps are able to provide real-time streamlined financial services to customers. Above all, people can expect a better user experience and transparency in these services.

Real-time transactions and financial information has become very important in making critical financial decisions.

The Impact Of COVID-19 On The FinTech Industry

The Covid-19 global pandemic brought a significant impact on various industries. Thus, the FinTech industry also saw massive implications of the pandemic and lockdown norms around the world. People started to pay more interest in digital financial services as a replacement for traditional banking.

Financial businesses were also forced to adapt technological solutions with the help of the best FinTech app development services. For this reason, COVID-19 was both a big challenge and an opportunity to innovate. The adoption rate of high-technology banking solutions also increased during this era.

These innovations and situations made banking more accessible and convenient for users. Moreover, security and efficiency are also getting very important with the rise of FinTech applications. 

The Need For Open Banking

Traditional banks and financial institutions aren’t just limited to a few financial services anymore. They are getting connected with various organizations and industries for innovative services and operations.

Therefore, Open Banking has become a significant challenge for FinTech companies. However, innovative finance companies have been quick enough to implement and release their APIs to external organizations with full security and efficiency. If you want to enjoy the wonders of Open Banking, then it would be highly advisable to hire a top FinTech app development company. 

Adhering To The Regulations 

The finance industry has some of the strictest regulations in the world. Thus, every financial institution is expected to follow these regulations in order to participate in an economy. Finance businesses thinking about taking FinTech app development services must be willing to follow these strict regulations. Therefore, your development team should have adequate proficiency in adhering to international and national financial regulations while developing a product.

Building A World-Class FinTech App With MobileCoderz 

If your finance business requires digital transformation, then building a FinTech app could be the best idea. As a result, it would help you to capture more customers and provide them with a better value and experience. However, building such a complex app on your own could be a very challenging and time-consuming process. Thus, you should hire the top FinTech app development company, MobileCoderz, to make the development process a breeze.

We have an extensive team of FinTech experts and a diverse portfolio of FinTech clients. Thus, together we give the assurance of quality development with cutting-edge technologies.

The post What Will Be the Latest FinTech App Development Trends In 2023? appeared first on MobileCoderz.

Developing FinTech apps help businesses to achieve better convenience, reliability, smoothness, and trust among customers. In this blog, we are going to help you choose the best FinTech app development company for your digital solution.

Before we understand the tips to hire the right FinTech app development company, let’s explore the potential of the FinTech industry. 

FinTech Industry Market Overview 

• It is expected that the total market size of the financial industry might reach $26.5 trillion by the end of 2022 
• America’s largest FinTech company Stripe had a value of $35 billion. 
• Every year, the FinTech industry attracts more than $50 billion in investments. 
• It is estimated that around two-thirds of financial transactions around the world are made online. 
• In 2020 itself, there were over 8,775 start-ups in the US. 
• The COVID-19 pandemic made the global FinTech adoption rate touch 64% in 2020.

Tips to Choose the Right FinTech App Development Company 

Although the market is segregated with so many app development companies, you should be very analytical when choosing the right option. Above all, your choice might depend on your business goals, platforms, functionalities, app complexity, etc. However, you must consider the following tips to hire the right FinTech app development company; 

1. Agile Development Process

The software development process is a complex process consisting of multiple stages. Thus, the project management style is also quite challenging for beginners. Above all, development companies often rely on a project management methodology to develop digital products. Agile, Waterfall, and Scrum methodologies are some of the most popular approaches among app development companies. 

It would be advisable to consider a FinTech app development company that uses the Agile development process. Above all, this development approach is known to be the most flexible and streamlined one. 

Developers following Agile are able to access a set of tools, principles, techniques, and methodologies that help them ensure maximum customer satisfaction. Thus, businesses are able to ensure timely and consistent delivery of their FinTech app development project. It is also important to learn how FinTech app development services can help your business.

Traditional project management methods like the Waterfall method are cumbersome when it comes to implementing changes. Thus, they are not efficient and might stall the entire fintech app development process. Ultimately, Agile is more useful to ensure a smooth development process. Perpetual development, adaptive planning, swift and early delivery, flexibility, and continuous improvement are some key concepts of the Agile methodology.

2. Portfolio of FinTech Clients 

Portfolios are super important when it comes to understanding and analyzing the work quality of a FinTech app development company. Thus, a good portfolio will give you a better understanding of safe, security, aesthetics, functionality, and reliability of their past FinTech projects. For example; you might want to hire Blockchain developers for your FinTech project, a good portfolio is always a great proof of work in this special technology.

A well-designed portfolio will give you the confidence to make the hiring decision to choose the right FinTech app development company. Moreover, you will be able to understand both the visual details and technical specifications of their past projects. Ultimately, this also helps you to choose the right FinTech app development company. You can also learn about some of the best FinTech app ideas for startups in 2022.

3. Security Measures for the Products

The finTech industry is often highly vulnerable to security risks and cyberattacks. In fact, cybercriminals often have their prying eyes on financial institutions and their technical infrastructure. Thus, it becomes very important to hire the right FinTech app development company that implements the right security protocols for your digital product.

The FinTech app development team must take extensive measures to secure the product against any offline or online threat. Your development team should be proficient enough to implement security measures right from the coding level. 

It would be highly advisable that your chosen company ensure secure backend network connections and mobile encryption policies. Ultimately, this would help you to protect critical user data and funds from getting hacked or stolen.

4. Data and Privacy Protection

Ideas are everything in this competitive world. Thus, you might not be comfortable sharing your idea with a company which doesn’t protect your privacy and data. In fact, trusting such a company could compromise your business idea, competitive edge, and even a huge piece of your market share.

It is highly advisable to only consult a FinTech app development company that signs an NDA document to give you the assurance of data and privacy protection. Therefore, your ideas and data will be secure from getting leaked to competitors or the public. Ultimately, this becomes an important factor in gaining a competitive edge in the FinTech industry. 

5. Proper Testing, Support, and Maintenance

The mobile app development process isn’t actually finished even after deploying the app. In fact, there are several stages that need to be properly conducted to ensure a quality product. 

• Testing 

This is a crucial process to ensure that the developed apps behave and respond exactly the way it was intended in the first place. Therefore, you must ensure that your development team is organizing proper user experience testing, functional testing, performance testing, security testing, and device & platform testing. Ultimately, only these test cases can help FinTech companies to ensure a smoother deployment. 

• Support

The mobile app development company should also provide extensive support even after the deployment of your app. Even after ensuring perfect deployment, anything could go wrong in your FinTech application. Thus, you must have a technical backup that can resolve critical issues without hindering your financial services. Above all, technical support is also an important factor in FinTech app development services. 

• Maintenance

Regular maintenance of a FinTech app is also important to keep up with the user demands, security protocols, and industry trends. Thus, your choice of FinTech app development company must maintain your FinTech app periodically. Regular maintenance ensures better customer loyalty, security, and reliability. 

6. Flexible Hiring Models

Every business has different app development requirements. You might be running a FinTech start-up or a global enterprise, thus, your requirements will be different and unique.

Your choice of FinTech app development company should be providing diverse hiring models depending on different budgets and requirements. Thus, you can choose the appropriate hiring model that meets your development and business needs.

When we are talking about different hiring and pricing models, these are some of the most prominent models:-

• Hourly Model: In this model, the FinTech app development will work on an hourly basis. A bill will be generated according to the number of hours spent on development. 

• Fixed Price Model: This model is ideal if you have a limited budget and don’t want to overspend. Thus, the FinTech app development cost is estimated after evaluating the needs and requirements. 
• Dedicated Resource Model: In this model, you hire dedicated resources like developers, designers, QA professionals, or project managers for FinTech app development. Here, the bill is generated on an hourly basis. 

7. Certified Tech Professionals

If you are planning to have a quality FinTech app development process, then you must have the right team with you. Thus, it would be advisable to hire only certified tech professionals to ensure bug-free software development. 

Having skilled and talented professionals onboard gives you the assurance your team can manage the latest tools and technologies with ease. Plus, they will be professional enough to overcome development challenges, adapt to change, and ensure quality and timely delivery of the product. 

You should also ensure that the team you hire should have expertise in FinTech app development. Plus, having proficiency in Java, Python, .Net, SQL and Blockchain would be an added benefit.

8. The Capacity of the FinTech App Development Company

Successful app development is only possible when you have a dedicated team of tech professionals working on your project. Thus, you cannot accept the app development company outsourcing your project to external professionals. This would only degrade the quality and might even create delays in the deployment date.

The mobile app development company must have dedicated resources like developers, UI/UX designers, QA professionals, project management, etc. Furthermore, you should also try to understand their hiring model helps you to evaluate the professional quality.

9. Planning for Risk Mitigation

Every mobile app development process is bound to have risks. Thus, your choice of FinTech app development company must be prepared with a risk management tool. Furthermore, they must have proficiency in identifying, accessing, and evaluating the risks that might result in possible losses.

Thus, your chosen mobile app development company should be able to mitigate risks by understanding the market demands effectively. Ultimately, planning for risks would help you to avoid future conflicts. 

10. Regulations and Standards Compliance

As we have mentioned before, the financial industry is more susceptible to fraud and hacking than any other industry. Thus, international banking institutions have established several regulations and standards. Your choice of FinTech app development company must abide by these compliances and regulatory standards.

It would be best if the company have proficiency in financial security approaches, such as authentication processes and encryption methods. This helps financial institutions to protect critical data and financial transactions. 

11. Communication Methods and Transparency

The FinTech app development company should have a clear communication policy to ensure that you are updated about every development stage. Moreover, it is important for the development team to understand your key requirements and vision to implement the key factors that might determine the app’s success.

A transparent development process gives you better insights into each and every stage and lets you make instant changes. Furthermore, the development team should have time management skills, flexibility, innovative thinking, and problem-solving abilities. It would be best if your team has some financial knowledge. 

What Types of FinTech Apps You Can Create?

You can develop diverse digital solutions by taking FinTech app development services from a prominent FinTech app development company. These are some of the best-known FinTech apps that you can develop;

a. Lending Applications

These lending apps have become prime examples of FinTech app development. In fact, leading businesses are implementing technology to provide lending services. Above all, these applications provide better efficiency, automate compliances, and give total transparency. Together, these qualities simplify the complex loan processes. 

b. Core Banking Apps

Today, every account holder wants the convenience of doorstep banking. Thus, mobile banking apps provide effective financial services in the comfort of their home. Financial businesses can push more personalized customer experience through FinTech mobile apps. Overall, these make the net banking experience more intuitive and enriching for the customers. 

c. Insurance Apps

Digitalization is also changing the insurance services provided by financial institutions. In fact, it is much easier to manage day-to-day insurance operations with FinTech applications. Businesses can easily track every single detail in insurance tech. Whereas, the customers can process claims digitally by providing sufficient documents. 

d. Pension Management Software

These apps are still in their infancy. However, FinTech app development companies are already experimenting with these apps. Above all, pensions management digital tools will certainly improve efficiency and cost-effectiveness. 

Financial businesses will be able to process the administration and payroll processes with ease. Moreover, they will also improve their operational efficiency, help the customers to navigate smoothly, and meet the regulatory standards. 

e. Regtech Apps

These applications combine the best knowledge of FinTech, law, and regulations. Thus, businesses often develop innovative automation tools to avoid errors. By using such innovative apps, you can easily generate balances, automated data sourcing, and regulatory reports. Moreover, as a financial institution, you can improve forecasting, data safety, and enhance analytics. 

f. Mobile Payment Wallets

Instant payment through mobile apps has become very popular around the world. Thus, as a financial business, you cannot overlook the potential of this use case. Hiring an expert FinTech app development company can help you with robust payment and mobile wallet solutions.

g. Blockchain & Cryptocurrencies

Blockchain technology itself has become a massive industry. It has immense potential to revolutionize the finance industry around the world. In fact, cryptocurrencies are already changing the world with decentralized finance. If you hire Blockchain developers, you can also build your strong blockchain-enabled FinTech applications. 

h. Trade Tech Apps

Hiring the right Fintech app development company can help you take full advantage of artificial intelligence, 5G, cloud-based platforms, and the Internet of Things (IoT). Ultimately, together these technologies can be very helpful in developing a trading platform with world-class regulatory and onboarding technologies. 

i. Risk Management & Fraud Detection Apps

Risk management and fraud detection are two very important components in the finance industry. The right FinTech app development company can help you easily deal with risks and challenges. By using the right tools & technologies, you can detect and stop fraud even before it takes place on the network. 

j. Investment Management Apps 

Personal finance and investment management apps are gaining huge popularity after people became more financially literate. Thus, you can also develop your own app by hiring the right FinTech app developers. They will help you integrate the best tools & technologies to provide you with precise investment management apps. 

k. Business Plan Management Apps

Building a business plan with traditional software might be ineffective and inefficient in this dynamic world. Thus, you can rely on modern technology-driven SaaS (Software as a Service) solutions for your business plans. The right FinTech app development company can help you go completely paperless and ensure effective business plan development. 

Summing Up 

FinTech technologies are massively changing the scope of the finance industry. In fact, more and more financial institutions are implementing digital technologies in their operations and services to provide better customer experience and reliability. You can also develop your world-class FinTech app solution by hiring the right development team.

MobileCoderz is a leading FinTech app development company with years of experience in the finance industry. Even some of our FinTech clients have over 300,000 downloads from Play Store and App Store. We have an extensive portfolio of FinTech clients that loves our client-centric development approach. 

The post How to Choose a FinTech App Development Company? appeared first on MobileCoderz.

What is a FinTech App?

The word ‘FinTech’ is the amalgamation of two words ‘finance’ and ‘technology’. It describes the businesses that are taking the best advantage of technical solutions for building, automating, or improving their financial process and services. 

FinTech is not a new concept in the business and IT world. In fact, just think about ATM technology, electronic trading, and personal finance applications, all of them all in the category of FinTech. However, today’s FinTech apps use cutting-edge technologies such as data science technologies, Blockchain, machine learning, and more.

Market Overview

Over the past decade, the global economy has been digitalized at a rapid rate. This has brought so many new challenges and opportunities for financial institutions and businesses. However, choosing the right fintech application development company has helped them to conquer the market and explore new opportunities. 

According to a study by CACI Limited, by 2022, it is predicted that mobile transactions will grow by 121%. This figure will include almost 88% of all digital banking transactions. In fact, today people have more faith in FinTech apps than traditional banking solutions. Moreover, future technologies like AI, Data Science, Blockchain, and cryptocurrencies are truly providing a gateway to a world-class user experience. Apps like Apple Pay, Google Pay, and Ali Pay have made a big difference in how we used to do finance. 

Benefits of Taking FinTech App Development Services

Investing in FinTech application development can provide your customer with the smoothest and most convenient payment experience. These are some notable benefits of FinTech app development; 

Better Market Reach and Presence 

FinTech app development primarily provides mobile-friendly solutions to capture the huge market of smartphone and tablet users. Furthermore, users prefer mobile apps because they provide them with the convenience of staying updated and accessing information in just a few taps. 

The growth of the smartphone market has also led to the growth of FinTech apps. In fact, the consumers are now able to digitally conduct financial activities on the go without any hassle. This makes fintech app development a very important goal for businesses to generate more revenue and stay ahead of the competition. Your business can have a better market reach if you consider developing your own FinTech app. 

Superior Customer Experience 

Today, customer satisfaction is one of the primary factors behind a business’ success. By investing in FinTech app development services, your business can provide new ways for your customers to purchase products and services while they are on the go. 

A proper FinTech app allows individuals to perform various functions such as making payments, transferring funds, checking account balances, and more. Thus, this convenience adds up to a better customer experience and builds loyalty for your business. 

Improvement in Engagement and Sales Possibilities 

Mobile apps reduce the gap between users and businesses. Thus, users love to engage with apps instead of manually browsing through websites. By investing in FinTech app development, you can increase your customer engagement and open new sales possibilities. 

Many companies want to launch their own apps just to minimize the gap between users and their businesses. Above all, collaborating with a best mobile app development company can help you beat your competitors with a world-class FinTech application. 

Far Better Security 

Payments on websites are often subjected to security risks. However, this is not the case with mobile apps since they are protected with multiple layers of security protocols. FinTech app development can provide far better security infrastructure for enterprises and consumers. 

These apps use the latest encryption technologies, which ensure safer, securer, and faster convenience than traditional banking apps. 

Improvement in Data Management 

When you invest in FinTech application development, you will receive better data management solutions to improve your overall business productivity and customer experience. In today’s digital world, data has become the most precious asset. Thus, FinTech apps could play a significant role in efficiently managing the data and storing it on a unified platform. In this way, you can not only reduce your operational costs but also improve productivity. 

Improved Financial Inclusion 

Not every customer is using banking services on their mobile. However, the FinTech revolution can change the game promoting financial inclusion to almost everyone with a smart device.  This financial inclusion is very important for people because it connects them to banking services and saves their money better. 

A FinTech app can also become a loan platform and give strong competition to loan services provided by the bank. In fact, many FinTech startups are working on this model to provide easy credit to the users and capitalize on the market. 

Lightning Speed 

The digital technology of FinTech apps provides lightning-fast speeds for transactions and loan approval speeds. In fact, investing in FinTech app development makes it a lot easier to process fund transfers and loan reviews. 

Traditional banks might not provide the same advantage of speed for loan approvals and fund transfers. Moreover, it could even take days to process simple transactions with traditional finance methods. 

User-Friendly Apps 

Traditional banking apps are often perceived as boring and overly complicated. Although there has been a massive improvement in the banking apps, still they are often confusing to use. In the contrast, FinTech apps provide a very user-friendly and intuitive experience to the users. 

Investing in the best FinTech app development services can give you an app with a smooth interface, simplistic menus, dashboards, and color combinations. Understanding the consumer’s needs and simplicity are the two key elements of building a FinTech app. 

An experienced FinTech application development company has years of expertise in building enterprise-grade applications with beautiful and user-friendly interfaces.

Types of FinTech Apps

Digital Banking Apps 

These apps provide digital banking facilities to the users. Instead of reaching a brick-and-mortar branch, users directly access banking services from their mobile. Accordingly, they can check their balances, transfer funds, make payments, apply for loans, etc. 

Investment Apps 

These apps provide great investment opportunities to almost everyone. Furthermore, users are able to remove intermediaries and do online trading with ease. Advanced fintech app development can take this a step further by implementing AI and machine learning to work as an automatic broker. 

Payment Processing Apps 

These apps are used by businesses to conduct payment transactions on their behalf. Furthermore, they eliminate the need for a middleman for connecting credit card companies with customers. Payment processing apps make financial services more convenient for everyone. 

Tax Filing and Management Apps 

These apps are used for simplifying the complicated aspects of filing and managing taxes. Furthermore, users can simplify the preparation, filing, and management process. In fact, these FinTech apps can remove the need of hiring a dedicated accountant. 

Personal Finance Management Apps 

These apps work as personal finance advisors for users. Users can just define their needs and financial goals, the rest will be managed by the FinTech app. It makes it a lot easier to track all your finances and learn about your spending habits. Top businesses often hire a FinTech app development company to build personal finance management apps. 

Insurance Apps 

These apps are very useful in the insurance industry to assess risks accurately. Furthermore, policyholders also get faster process claims and coverage with insurance apps. It is a lot easier to manage and make claims when people have the power of FinTech technologies. 

Loan Apps 

These apps are a great way to connect borrowers to lenders online. It becomes a lot easier to process loan payments through FinTech apps. In fact, some of the FinTech apps allow peer-to-peer (P2P) lending, which allows individuals to lend money at their own interest rates and policies. 

Collaborating with the Best FinTech App Development Company

If you are ready to enjoy the unexplored opportunities in the world of FinTech apps. Then, MobileCoderz could be your ideal choice for the best FinTech app development company with years of experience in building banking & finance apps.

We always follow a client-centric approach to provide the best client satisfaction. Moreover, our skilled designers and developers are always ready to handle the most complicated projects to provide the best FinTech app development services. 

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