Cost to develop fintech app in 2023 : 8 Must Have Feature

The trend of making payments online or cashless transactions has opened the doors to new opportunities for fintech startups. As a result of their ease, fintech apps have remained top choices among users since their inception, and it is expected that this trend will continue in the years to come. As a result of this, we will witness the rise of fintech apps as they pave the way across various industry sectors.

The rise of Unified Payments Interface (UPI) has given a new wing to the Fintech apps that are based upon its structure. The rapid adoption of the cashless method and ease of transactions have led to more than 10 billion transactions per month in India.

As per the Statista report the total transaction value in Digital Payments is projected to cross $9.6 trillion in 2023. This trend is here to stay for a long time and reshape the future of finance.

If you want to become a part of the fintech revolution, there are multiple types of fintech apps that you can develop.For example,  building a peer-to-peer payment App, Creating a Banking App, Developing an eWallet App, or going for an Investment and, Savings App that also increases awareness among people. Facilitating money transfers and bill payments or trading in the Stock market can also help you find your place in the space.

Types of Fintech Apps

• Money Transfer:

The most popular Fintech App category is Money Transfer. These apps can help users transfer their money online. Direct account transfer provides ease to users and reduces the burden of relying on traditional methods. The peer-to-peer transfer is very popular, Venmo & CashApp are lighting examples of it.

• Digital Banking

Digital Banking is an alternative to traditional banking, these types of apps can help users to check the balance in the respective bank account. Customers can even showcase balances in multiple banks at the same place. Digital Banking apps also offer services like bill payments and mobile recharges.

• eWallet

eWallets are the pioneers of the Fintech revolution, initially, people relied heavily on eWallets to do P2P transactions, it also offers a one-touch payment facility, which makes it very popular.

• Personal Finance Management App

Create a budget – achieve financial goals, this is the motto of a personal finance management app. If you want to build an app that helps users to achieve their financial independence, you can go for this type of application. This type of app serves as a motivation to users and helps them save money from their smallest to largest goals.

• Insurance

Just like the name says, the insurance application will revolve around different types of Insurance. The application can provide a digital insurance facility so the users can purchase or renew different types of insurance such as vehicle insurance, life insurance, and health insurance.

• Investment & Stock Trading

There is a huge demand among users to find the right platform for online investment. Creating a collective application that can run as a stock trading and investment application dealing with financial instruments such as stocks and mutual funds can help users select their preferred investing method in one single app.

• Cryptocurrency

The rise of cryptocurrency has given birth to many applications that deal with Decentralised Financial (DeFi), an exchange with the core premise of no central authority. Blockchain Crypto Exchange, DeFi Platforms, and Crypto wallets fall under this category.

• Invoice & Accounting

Many small businesses prefer an accounting application rather than going for full-fledged software that requires high expertise to maintain invoices and bookkeeping. Developing a user-friendly application for micro, small, and medium businesses and enterprises can benefit both, users as well as enterprises.

• Finance Robot

Another new and emerging category in recent times is chat-based automated reply applications. Creating automated investment advice and information deploying applications can serve a very major purpose. A Finance Robot for those who seek investment advice. AI technology has made it possible to create use case-based applications. These types of applications can create an entire financial plan depending on the individual’s choice and share within seconds.

Importance of Fintech Apps

Feature-rich fintech apps offer robust digital payment solutions. Consumers of retail, eCommerce, and other B2C businesses can leverage the benefits of reduced transaction costs and the elimination of middlemen. Fintech apps can bring automation to banking services, risk management, trading, and bill payment. Users find these apps easier and utilize various features for simplifying online payment.

However, with increasing popularity, the fintech app market has become more competitive. It is better to consult a reputed mobile app development company to get a robust and reliable fintech app in line with your business model.

Here we give the most sought-after features of fintech apps.

Must-Have Features of Customized Fintech Apps

1)Biometric Security Integration

Data security remains a top concern for entrepreneurs and mobile app development companies alike. In recent times, cybercrimes have increased manifold, and fintech apps with confidential financial data of the users can be the target for hackers. Therefore, it is necessary for you to take the security of the fintech app to the next level and ensure the safety of online payment using your app.

You can strengthen the app’s security by integrating biometric security features.

• Fingerprint Recognition

It is one of the strongest and most common methods for replacing unreliable password-based security systems. Many fintech startups have started integrating this method. Thanks to the hardware sensors added in the latest smartphones, it has become simpler to add fingerprint recognition in mobile apps.

• Palm-vein Biometrics

It is similar to fingerprint recognition. Instead of fingers, here the reading device scales the user’s palm. If the palm biometrics match, then the users can make payments and access the app’s features.

• Face Recognition

Facial recognition is a considerable option and in fintech apps, similar to fingerprint sensors, the camera sensors can help in recognizing and approving a face offering a safety level.

2) Third-party Authentication

Two-factor authentication is one of the strongest security methods. It is essential to safeguard the customer’s digital accounts. Short Message System (SMS) is the commonest method of two-factor authentication. Third-party authentication offers QR codes or tokens to give access to users. Some fintech apps rely on a mobile network or mobile components to ensure the user’s security.

3) Personalized Experience

When it comes to offering a personalized experience. AI-powered features offer smart suggestions and give answers to customers in fintech apps. These features can analyze the investment and spending habits of the app users and the fintech app can offer an interactive experience to the customers.

With a feature-rich trading or financial app, you can assist customers in making the right decision for investment while providing them with personalized

recommendations based on AI-powered analysis.

4) Data Analytics

We live in a data-driven world where data analysis plays a vital role in offering your customers a clear overview of financial activities and assisting them to make informed decisions. The fintech app can analyze the data and create reports for the users. Data analytics is useful for generating transaction reports, financial status reports, traditional reports, and the like in real time. Most fintech apps have a data analytics feature that provides some vital features.

• Report Management

The app users can get the summarized report for their financial activities using the report management feature. This feature is quite common among fintech apps.

• Transaction Reports

This feature is yet to be introduced in the fintech apps. It is designed to facilitate the app users to track their spending across various categories.

5) API Integration

Like other apps, the fintech apps are designed to address the changing needs and expectations of the app users. The users can make payments and transfer money with ease using fintech apps. These objectives can be effectively fulfilled by integrating APIs during the fintech app development process. API integration also ensures that the FinTech app can interact with both consumer-facing and business-facing apps.

Your customers can conduct multiple tasks using a single platform, i.e. your fintech app with the help of APIs. The mobile app development company can integrate multiple APIs in a large-scale application to bring certain functionality to the app users. For example, integration of the Geolocation API enables users to find nearby ATMs.

6) Real time notifications

Fintech apps constantly need to provide information to the users. Notifying the users promptly about low balances, transaction status, and upcoming bill payments/recharges triggers the user to make a transaction and gives the user a satisfactory experience. There are many different categories of notifications such as Money transfer notifications, balance updates, and payment reminders.

7) Live Chatbot

Integrating a custom chatbot based on the application’s structure can help users receive instant assistance without waiting for a dedicated customer representative. This feature offers convenience to users by providing information on account tracking, transaction history, financial management, and financial information. 

The generative AI-powered chatbot can help address queries in real-time and can be customised to answer general queries.

8) Integration of AI and ML

We just cannot imagine fintech app development without integrating AI and ML technologies. These revolutionary concepts have created a buzz in the corporate sector for their capabilities of bringing digital transformation.

The mobile app development company can integrate AI-based features to offer a better user experience. And the ML technology can make it more personalized by using predictive analytics techniques. As a financial institution owner, you can bring automation to repetitive tasks by using these technologies.

What’s more, the eWallet app development company can integrate ML-powered chatbots in the fintech app to improve customer support services and automate the interactive process with customers or app users.

All these and other features can play a crucial role in determining the cost of a fintech app development. Apart from features, there are many other aspects that also contribute to the app development cost.

Let’s find out the answer to the question- how much does it cost to build a feature-rich and user-friendly fintech app?

Cost of Fintech App Development

Apart from features and app complexity, we need to consider many aspects for determining the cost of a customized fintech app. Some of these factors are-

–> Mobile app development platforms (iOS or Android or cross-platform)

–> Number of API integrations in the application

–> Hourly charges of mobile app developers

–> Engagement model for fintech app development

Taking all these aspects into consideration, the cost of a fintech app can range from around $15,000 to $20,000. This is just an estimation based on all the mandatory features, the cost of development may vary depending on the development of advanced features.

Concluding Lines

Customized fintech apps provide a significant opportunity to earn revenue not only for fintech organizations but also for startups that want to grow based on a seamlessly performing finance app. You can hire an eWallet app development company to get a fintech app. That can help you get a high ROI while offering several functions including checking balance in real-time and carrying out bank-related activities.

Solution Analysts is a leading mobile app development company engaged in developing next-gen apps across various industry sectors including banking, power, pharmaceutical, healthcare, retail, and real estate. If you have any fintech app-related requirements, simply drop us a line at sales@solutionanalysts.com, and we will get back to you soon.

FAQs

What are fintech features?

Features that can help users ease the transaction and transform the traditional methods can be part of the next-generation fintech features.

What are the goals of the fintech app?

The main goal of any fintech app is to maintain transparency and provide ease of transaction to its users. The ideal app has to be user-friendly and efficient.

How to create a Fintech app?

Research and finalise the services that you are offering, and build a Minimum Viable Product (MVP). Test it among your group for the idea validation. Once you have the final idea, work on it full-fledged and launch it in the market.

How long does it take to develop a fintech app?

The duration of developing a fintech app depends on the features that you want to integrate into the application. An application with basic features can be built within 1 month.  while an application with advanced features may take up to 3-6 months.