How to Develop a Fintech App: Features, Trends, & Costs from Top Fintech App Development Company
Nowadays, Fintech has become one of the hottest topics in the technology industry. You can easily find numerous banking and finance apps available on the internet right now. But, how to develop a Fintech app exactly? Hire a Fintech app development company or in-house development? Get all of your answers in this article.
What is Fintech?
Fintech is a combination of “financial” and “technology”. It can be an application, software, or technology that allows people or businesses to digitally access, manage their finances, or make financial transactions.
In 2021, the FinTech market size reached $112.5 billion in 2021 making it one of the most profitable sectors in the tech industry. Experts also predicted that the industry will expand to $332.5 billion by 2028 at an average annual growth rate of nearly 20%.
FinTech is a cutting-edge technology that helps rethink wallets and mobile payments, making the financial sector more accessible to its customers. Financial institutions’ clients appreciate Fintech solutions, which make the financial sector even more accessible to its customers. In fact, over 65% of the population uses at least one finance software in the USA.
Main Types of Financial Services Software in 2023 from Top Fintech App Development Company
There is a lot of room for creativity when it comes to fintech software development. From designing new management platforms to starting a Fintech bank software development for your business, consider your requirements and consult your project with a trusted fintech app development company.
Below are the main types of Fintech applications you can build:
Digital Banking App
Digital banking apps allow users to interact with their bank online. Customers can do everything from opening an account to transferring funds and making loans via your fintech app or website.
Payment App/Digital Wallet App
Payment applications make transactions and money transfers online convenient more than ever before. For example, PayPal, a Fintech digital wallet app developed in 2000, is very famous and widely used today thanks to its convenience. With Fintech payment apps like Paypal, simple transactions can take place easily at anywhere and any time for everyone.
Investment & Trading App
Financial services software development projects that allow investment and trade directly from smartphones without the need for brokers are becoming more common nowadays. And, they usually about stocks, forex, and capital markets.
Finance Management App
This type of Fintech app allows users to track their income and expenses by recording them conveniently and automatically. With features like bill tracking, categorization, and spending reports, you no longer need to write down costs in a notebook or Excel.
Applications that enable digital insurance are designed to facilitate and speed up the issuance of insurance policies. Such Fintech software also helps with handling customer claims and reducing fraud rates. As a result, digital insurance applications make the interaction between customers and insurance agents more efficient.
A Step-By-Step Guide for Fintech App Development
If our goal is to create a solution that resonates with your users by developing a Fintech app, then here is the best guide for developing a financial app successfully.
1. Choose Your Financial Services Software Development
Will it be an online banking app, personal finance, investment, or payment app? Researching your target audience and analyzing direct competitors will help choose the right type of Fitech app for your business. Also, don’t hesitate to get technical advice and consult from a trusted Fintech app development company.
2. Hire a Dedicated Team or Fintech App Development Company
Once you’ve decided on the app idea, you will need Fintech app experts to turn it into reality. Choose any model of cooperation that suits you, from a software outsourcing company to an in-house team. However, to ensure the best result, we suggest choosing Top Fintech App Development Company since they can offer great quality and cost-effective service.
3. Research the Market
Your business analysts should identify the ideal market for your FinTech product at this stage. Start by studying your competitors then determine the target audience and highlight its key strengths for your fintech application development project.
4. Ensure Regulatory Compliance
You also need to take care of the legality of your app. Many regulatory and legal requirements in the financial sector are related to data protection or anti-fraud. Make sure your app complies with all lawful regulations.
5. Define Your App’s Features
Next, your group needs to think about the aspects that you want to run the app. Our advice is to start with the most important ones and add them to your minimum viable product. And after your MVP begins to be in demand, you can add other, more advanced functionality.
6. Start Your UX/UI Design Process
At this stage, your designers and financial software developers can start creating the visual part of your finance app. You will want to conduct UX research first and then think about the navigation on your platform. These will ensure that your UI/UX team can create a user-friendly interface.
7. Develop Your Fintech Application
Once the app design is ready, your Fintech app development company team can move on to the technical part of the process. As a result, you will receive a working minimum viable product.
8. Test Your App
Before launching your FinTech app on the market, you need to ensure that it works properly and does not contain bugs. This is when your financial software developers and QA testing team will test your product to fix any issues.
9. Launch the Fintech Application
When your app is fine-tuned, you can launch it to the market. At this stage, your financial software developer team will ensure users are happy with the product and study their feedback for future improvements.
Newwave Solutions’ Experience in FinTech App Development
As a Top software development company in Vietnam, Newwave Solutions has significant experience in Fintech app development. We’ve already developed more than 50+ Fintech app projects over the last 11 years.
We have a great background in cooperating with large financial companies in Vietnam and many global FinTech startups. Therefore, stay assured that we know how to satisfy your needs when it comes to Fintech app development. Our experts and Fintech software developers offer full-cycle FinTech product development. Plus, we can help you with your digital project at any stage and accompany its development even after launch.
FinTech is a new step toward the transformation of the traditional financial system. Creating an innovative financial solution and fintech application development will bring this system closer to perfection.
We hope that our guide on developing FinTech apps will be useful to you. Now you know exactly what to consider when creating innovative financial products. Newwave Solutions’ software development services are open to you if you need a dedicated team to take on this time-consuming process. With our experience in FinTech and dozens of successful projects, we will bring any of your ideas to life!
Got interested? Drop us a line here.