FinTech App Development: Explore their Types, Stages, & More

Summary: What is a great time to develop a fintech app? It is now. There is so much demand in the GenZs and millennials today. Every finance query or trade is done online. Stock insights, passbook overviews, annual reports, loan approvals, etc., all are done in an instant. We all are fond of the fintech app development and thus are eager to witness more of such inventions.

If you are ready to launch an online finance venture, read this blog well. It is a complete guide to fintech applications- cost, features, and more. Dive in quickly!

Key Takeaways:-

• The global fintech market size did reach US$ 187.1 Billion in 2023. It is all set to break all the records and reach US$ 764.4 Billion by 2032. 

• With the constant use of AI, Blockchain, RPA, data analytics, etc., the finance industry has grown by leaps & bounds. With such a blend of tech stacks, its innovation continues. 

• It does have benefits like attracting new users, protecting data, tracking every trade, and more.

• The rise of digital banks, UPIs, and other online services has opened many new horizons for the banking and finance worlds.

Introduction

The world of fintech has a lot to explore. You can become a part of it by creating a unique financial app with an idea that solves a daily trade problem.   

As a renowned fintech app development company, our experts created a guide to building a finance app in 2024. But first, let’s brush up on what fintech development is all about and the potential of the fintech idea. Read it below. 

Fintech App Idea: Potential of a Finance App

What is fintech?

A good blend of finance and tech is known as fintech. The genre has given us a lot, from budget apps to stock apps, banking apps, loan apps, etc. Indeed, a long list of money trading apps have made their way through globally. 

We have been using it so much, from where we buy a thing and transact cash via UPI to fill up a loan online. It has all become straightforward and smooth. 

Even finance institutes can easily manage the track records and other details of every user. Apart from that, hardly any human error is observed when using an app.

Core Benefits of Fintech Mobile App Development

• New Opportunities: New fintech app development services include AI, ML, Blockchain, RPA, data analytics, etc. These techs have made a difference to a finance firm at its best. Even experts who build SDLCs know the potential it can bring to the online world. They are used to automate, maintain, and give a personal touch to users and their processes & details. 

• Protects Data: Of course, the core of tech blend in finance is to look over every intricate detail of protection. It helps to encrypt data, give two-factor authentication, and measure other confidentiality beforehand. Thus, makes trade easy and robust among systems & devices.

• Convenient and Accessible: Apps and software manage finances and monitor investments in real-time. Thus, this helps to access any finance work from any place and at any time. And that, too, from any device. 

Unfold the future with your finance app idea, as it does have a bright future. Do not rely on our word; see the stats below.

We prove it! Every growth of the online world has a definite profit behind it.

Statistics: Fintech App Development in 2024

• APAC & America are the two major markets that dominate the growth of fintech and its revenue. A survey predicts that online fintech will reach €188 billion in 2024.  
• The growth factor is the digital payment apps that play 80% of its part.
• Every subsector of finance services is fond of the online world. So, there is an open hand invite from the users and the firms to work with the best tech across the globe.

Now, if you have come so far, you are interested in building a fintech app. Here are the types of fintech apps you should know to clarify which genre you are entering.

Types of Finance Apps

The fintech ecosystem has a lot to offer; attain the best by taking a look at the most popular ones. 

#1 Insurance apps

Do you have an insurance agency? Are you looking to develop an insurance app? You indeed have a good market to capture. 

With the standard of living going high, there is an even greater need for insurance. People are well aware of the frauds and other thefts that might risk their lives. So, everybody does ensure to adopt for an insurance responsively. Right from luxurious buys like cars, offices, rental spaces, etc., we all want to have some security for those. 

So, as an insurance firm, you need to buckle up your client game. It would help if you automated processes like:

• Claim pass
• Administration of policy on time
• Quotes
• Policy details
• Payments & more.

You need an intuitive CRM solution to help you out with all these services in one go. Great examples of insurance app development are Geico Mobile & Lemonade. Also, as an app idea, you can always go for a p2p insurance app, to make the work simple for your app. 

#2 Lending apps

Lending apps are trending in every chart, as they are the most in demand. Such financial app development is a great boon for lenders and borrowers. As it lets them connect in real-time, and being a digital lender, one also obtains all the flexibility. It may include features like:

• loan forms
• credit score
• bills
• payments
• history of loans & more

Examples of loan lenders online are Earnin and Paysense. 

As in the fintech software development genre, we have also built some great finance apps. We have made a custom loan management solution for NBFC that streamlines the overall loan processes. Quick calculus to loan debt details & more are its intricate features. Every minute thing is tracked and kept online safely. It can also plan tasks and events via a custom calendar. 

We also have built a loan mortgage solution that helps manage all the loans of users in one system. SaaS powers it and has a good upkeep with online loan management.

#3 Investment apps

We all like to buy and sell stocks at our fingertips, don’t we? What if the whole process happens smoothly with a finance application? Investment apps have turned out to be a gem for the industry. With the power of AI/ML, these online ventures can suggest investment options. Thus, it helps market players to pitch in with the right stocks.  Robinhood and Wealthbase are one-of-a-kind examples of the online investment world.

Our team of experts has also built a stock & crypto analysis app. It helps you keep track of, evaluate, and reach your trade goals. Users can import trades and calculate the stocks in time with many other intuitive features.

#4 Mobile payments

Of course, how can we talk about something other than this set of mobile apps? UPIs are the current favorites. With the outrageous response of PayPal and Venmo, the world has gone gaga over these easy-to-transfer money apps.

These online payment apps have become a daily part of our lives. From paying $10 to $10k, more is done quickly with the help of these life saviors. The question of not having a wallet does not create panic; everyone’s bank accounts are linked with one of these secured ventures. 

Features like currency exchange and trade history are vital. The favor of mobile payment apps is boosted due to the rise of cross-border cash transfers. Thus, you should have such an app or extend your business wing towards one of such genres.

#5 Consumer finance apps

Consumer finances help to manage one’s payments in a budget-friendly way. It helps to manage money by tracking expenses and savings and predicting the forecasts. If you want to build fintech apps, this is a sure success.

In today’s fast-paced world, everybody is eager to spend and save both at a time. Our team of WebMob Technologies has certainly made one such finance application.

The fintech solution keeps a good track of day-to-day cash inflow and outflow. It thus supports you to maintain your budget and plan for future goals.

#6 Neobanks

These quick, tiny apps offer non-traditional digital-only banks’ banking services. These target niches like e-commerce, immigrants, freelancers, etc., and those without banks come under neobanks. If you fall under such a niche, you should try the app for finance development. The best examples of Neobanks are Chime and Monobank.

Let’s get into the competitors after studying these types of finance apps. This information will help you analyze your market before entering it.

Sr.no	App	Crunchbase Funding 2023	Country	App Link
1	Money Lion	$477.5 Million	U.S.A	Apple Store Google Play
2	Robinhood	$5.6 Billion	U.S.A	Apple Store Google Play
3	Chime	$2.3 Billion	U.S.A	Apple Store Google Play
4	NuBank	$3.9 Billion	Brazil	Apple Store Google Play
5	Mint	$31.8 Million	U.S.A	Apple Store Google Play
6	Revolt	$1.7 Billion	UK	Apple Store Google Play

Features That You Should Have in Your Fintech App Development

• Security: It is THE factor every user looks for in a finance app. So, if you plan to develop a fintech venture, you need to take specific security measures. Two-factor authentication, encrypted data, blockchain, etc., are some of the major measures to protect your online app. 
• Payment gateways: These are a very much-needed part of a fintech startup. Stripe, PayPal, etc., are a must-have to function smoothly in the online trade world.
• Account overview: All the details of your accounts are stated here. One can study their multiple accounts, investments, loans, etc., at a glance.
• AI/ML: AI in fintech is a great boost for finance institutes. Get all the data analysis and prediction & much more. Enhance your customer service with the evergreen AI world.
• Voice assistant: In the world of instants, you have to be with your customers and engage them 24*7. Integrate your app’s voice assistant like Siri, Alexa, etc. 

Before ending the blog, let’s get to one of the last parts of this blog: how will you build a fintech app? Read it below.

How to Create a Fintech App?

You should know these intricate steps to build a successful finance app.

#1 What is your niche? Who is your audience?

It would help if you had a clear answer to these questions. In which genre does your app idea fit? There are a vast number of options in fintech; choose wisely! Study user base and target audience after proper analysis. Be sure about the audience; it all depends on their problems and your solutions via the fintech venture.

#2 Who will build your app?

Will you have an in-house team or outsource your fintech solution? Or will you hire a freelancer? What will you do? You have to hire fintech developers who are experts in building a finance app. One has to test a firm’s portfolio, team expertise, hiring models, knowledge of your specific genre, etc. 

Also, check their reviews on other IT forums like Clutch, Simple Firms, Good Firms, etc. These are all trusted forums to hire a good firm.

#3 What are your plans?

You need to clarify your app plans with your tech partner. Who is your target audience? Which is your niche market that you are targeting? What are your monetization plans? Sit back and discuss these things among your core team. Indeed, you will get some more valuable input from your tech experts. And it will help you a lot to succeed in real time & in a quicker way.  

#4 What are your features & tech stacks?

The expert team will suggest your features & tech stacks to blend well with your finance app idea. The progress of your app depends on what you opt for as a backend and frontend tech. Everything from UI/UX to architecture is interconnected for a financial app to succeed in the market.  

Expert advice: You need to have an idea of your core features & get along with the best ones. Also, keep your architecture strong so that you can easily maintain all kinds of future updates in the tech world. 

#5 QA test & development

You need to test your product to its core until it is ready to WOO! Your audiences. Ensure that by small tactics like MVPs. Always know that MVP app development is a sure shot to your success or failure. It does give instant results with a reality check. Before heading towards a big reveal, you should always opt for baby steps like MVP.

With the help of A/B tests and customer reviews, you will be able to get a successful fintech model for your firm. Of course, the course is not easy, but the fruit at the end of the process is worth the wait. 

#6 Launch & feedback

What better way to know the audience response after launch? Keep track of your app store reviews, expert talks, etc., to get genuine feedback. You can always improve and update as per the users. It always helps if done in real-time with an expert team as a support system.

Now. last but not least costs to build a fintech app. A question that comes to every ideator who wants to invest in the online finance world.

How Much Will It Cost to Develop a Fintech App?

We all work to obtain profits. If you plan to create a fintech app with basic features, development costs can vary between $35,000 to $4,00,000+. These numbers will change depending on what you want for your app idea. 

An MVP solution might take 700-1500 hours. The hours also depend on what your tech stack is. What are your features? What is your functionality? It all depends on the core services. You need to represent smartly the exact offerings of your finance service. Make an MVP with your whole heart to get through the other competitions. 

Conclusion!

The fintech world is at a boom! Every genre has its way of dealing with customers in a finance app. So, you just have to enter with unique features & functions to win over a user. The stage is already made; you just have to come along well with proper analysis & and an expert team like us at your rescue. Invade the online spectrum with the best tech advances & feature integrations!

FAQs

How to build a fintech app?

To create an app for fintech:

• Identify your fintech sector and target market.
• Select a team with expertise in tech and one that gives your project complete security. 
• Make data safety a top priority and create a great user experience.
• Run thorough tests and consider the feedback to evolve in real-time.

What is fintech in AI?

AI in fintech refers to the apps in financial data analytics, customer support, supply chain management, trading, and more. It is all about the future and related advice; AI plays a pivotal role in such online needs.

How do fintech apps make money?

There are many ways in which a fintech firm makes money. Right from P2P lending, crowdfund, ads, APIs, e-wallets, subscription models, and more.

Why is fintech successful?

Fintech is the best blend of tech and finance. The solutions are all about adapting the best tech to automate the processes to reduce the time and cost of the overall financial services. It has worked wonders for the finance world in general.

How can I ensure my fintech app remains relevant with time?

Feedback and updates are the only way to win over the tech and online space. Be with the time and be flexible to be among the big giants.

How long does it take to build a fintech app?

The MVP model might take at least 3-6 months. While a more complex app may take a year or more. For a more specific period, you need to give more details of your project.