How to Build a Fintech Mobile App — Complete Guide
The dynamic realm of finance perpetually embraces technological progress to safeguard assets, instill trust, and foster customer delight. Crafting fintech applications endows banks and akin entities with enhanced autonomy, fortified data security, and seamless user experiences, thereby broadening the horizons of global banking accessibility. Should you contemplate embarking upon the creation of a banking or financial app, this compendium illuminates diverse genres of fintech services, indispensable benchmarks within the fintech sphere, and the financial outlay entailed in fashioning such an application. Continue reading to unveil a wealth of insights!
What is a Fintech App?
Fintech is a term for technology that relates to financial services. Firms can use advanced technology and industry-standard safeguards to create user-friendly and secure applications that automate, streamline, and enhance financial services for enterprises and consumers.
The development of financing apps for mobile devices running on iOS, Android, Symbian, or Windows Phone consists of the app’s creation. As of now, Apple and Android are the two leading mobile operating systems facilitating these mobile applications.
Advantages of Using Payment Solution Apps
Integrating technology into the finance industry has benefited businesses and users. These advantages include the following:
Variety of payment options
A vast selection of payment possibilities is now available to businesses and consumers because of the growth of Fintech. Adding an extra payment method to an app or website costs less and is more secure due to the use of technology.
More accessible and affordable financing
Emerging enterprises frequently seek assistance in securing loans to fuel their growth or inaugurate their endeavors. Likewise, individuals possessing a lengthy credit history can evade hurdles when applying for traditional bank loans. The advent of fintech app development has the potential to revolutionize the credit market, providing individuals with alternative avenues to obtain the necessary funding. This paradigm shift empowers individuals to explore diverse means of accessing financial resources.
Access to Investing
Throughout history, entering the world of market investments has been a daunting and exclusive pursuit. Yet, thanks to the advancements in fintech app development, investing has become a remarkably accessible and cost-effective endeavor for individuals from all walks of life. A plethora of investment apps now exist, providing valuable guidance and insights to empower users in making intelligent investment decisions. These apps serve as trusted advisors, offering direction and strategies to navigate the intricate landscape of investing with confidence.
Main Types of Fintech Apps
To decide how to build a Fintech app, you must carefully choose the correct route for its growth.
Banking Apps / NeoBank Apps
In the pursuit of enhancing customer experience, many banks have embraced the utilization of mobile banking applications. However, only a handful of these applications truly succeed in meeting their customers’ expectations.
These innovative banking apps empower individuals to swiftly and effortlessly handle their financial matters, such as fund transfers and management, without the need to physically visit a bank branch. Notable examples of highly successful mobile banking applications include Revolut, Starling, Monese, and many more, which have effectively revolutionized the way individuals interact with their finances on the go.
Loan Apps
Peer-to-peer lending apps allow users to get funding for their business ideas, settle student loans, or even make the initial payment on their homes. Kiva is a platform that allows users to borrow smaller amounts of money and pay it back without interest.
RegTech Apps
RegTech, or regulatory technology, is a sector of the economy that gives businesses Software as a Service (SaaS) solutions and cloud computing to help them meet regulatory compliance requirements. Machine Learning and Big Data in-app technologies reduce the risk of fraud and cyber threats and increase overall compliance.
Personal Finance Apps
These applications offer a multitude of functions, including budgeting, accounting, and financial resource management, while also imparting knowledge to users regarding investment strategies, taxes, and insurance options. The spectrum of personal finance mobile apps is diverse, ranging from educational resources to comprehensive accounting software, and even personalized recommendations based on user data. A prime example of such an app is Mint, which encompasses features like budgeting, goal setting, expense tracking, reporting, and more, providing users with a comprehensive suite of financial management tools.
Cryptocurrency Apps
The demand for such finance-related software is constantly increasing, and it would be wise to take a closer look into the potential of this kind of app. Coinbase, Binance, and FXF (a program our company worked on) are some of the top fintech apps in the crypto market.
Trading / Stock Apps
Investment management solutions like Addepar provide users with valuable data and analytics to optimize their investments. Addepar is tailored explicitly to advisors and investors, and its features can manage all types of assets, regardless of currency.
Insurance Apps
These apps aim to accelerate the management of policies and the implementation of insurance. With the help of an insurance app, people everywhere can quickly obtain coverage. If you are considering apps for Fintech in the insurance industry, pay attention to the BIMA app.
Mortgage Apps
Thanks to these apps, people can quickly get a mortgage with just a few button presses on their cell phones. No longer need to wait in lines and sign many forms. Prominent mortgage apps include Rocket Mortgage, Mortgage by Zillow, and other offerings.
Major Requirements for Fintech App Development
Handling people’s money is an activity that requires careful management, as misplacing or mishandling someone’s finances can result in serious repercussions, including imprisonment. How can one make a fintech app that meets everyone’s expectations? Be sure to consider the points listed below when creating your fintech application.
Simplicity and Usability
Designing a user-friendly and intuitive fintech mobile application is crucial to attract and retain potential users. To achieve this, prioritize a simple interface, incorporate easy navigation, and ensure inclusivity. Unless the intended audience consists of finance experts, it is advisable to keep the app straightforward rather than overly complex.
Client Assistance
No matter the size or complexity of your app, customers may have questions or issues you must address quickly. An essential feature of any fintech software should be a dependable and reactive customer service component.
API Management
A comprehensive API management system is vital in the development of a fintech application as it enables seamless integration among different platforms, enhancing their functionalities. For instance, establishing a connection with an external payment system such as PayPal can expand the range of payment services available to users.
Security Arrangements
Safety is no doubt the primary worry when creating a fintech application. Implementing things like two-fold authentication, OTP login, fingerprint security, or facial recognition can considerably boost the security of your users’ finances.
Legal Requirements
Ensuring compliance with applicable legal requirements is crucial when developing a fintech app with ease. Dealing with financial matters entails adherence to numerous protocols, rules, and laws. For example, if you handle cardholder information, it is imperative to comply with the Payment Card Industry Data Security Standard (PCI-DSS).
Full App Development Team
To attain an exceptional final product with the right attributes, impressive aesthetics, and top-notch performance, it is highly advisable to assemble a team of skilled professionals. Relying solely on individual hires is unlikely to lead to success. Engaging a comprehensive fintech mobile app development company is essential for achieving a fast and excellent outcome.
Key Features of Fintech Mobile Apps
Developers can determine the effectiveness of fintech applications similarly to other apps. These essential characteristics make fintech apps superior to other digital payment service applications.
Personal Account
To store banking cards, access payment statistics, and perform various other functions, a user account is essential. It allows individuals to review payment records, manage stocks, and engage in other activities. It is important that these accounts are streamlined and free from unnecessary information, ensuring convenient searching for users to find what they need.
Payment GatewaEnsureure your fintech application can make payments, whether a traditional banking app or cryptocurrency
It is imperative to include a payment gateway.
Financial Management
Empower your users to effectively monitor their finances by offering a range of features. These may include budgeting tools, financial planning capabilities, expense tracking, online shopping rules, and more. By providing these options, individuals can take charge of their financial well-being and make the most out of your app’s functionality.
Ability to Connect Bank Cards
The ability to link payment cards is an essential requirement for any fintech application. Without this capability, the application would have limited utility. On the other hand, when developing a fintech application for a bank, it is conceivable to incorporate a feature that facilitates card generation.
Transaction History
Incorporate a record of activities and connections into your program so that users can monitor their finances and quickly locate the person they have had a financial exchange recently.
Payment Templates
For convenience and saving time, include interactive templates within your fintech application. Instances of this consist of templates that can be used for utility payments or paying a monthly mortgage.
How to Select the Proper Tech Stack for a Fintech App?
Let’s explore which tech stacks would be optimal for creating fintech applications:
Android
We recommend that your group use the following instruments for Android fintech app development: Java and Kotlin for language; Android Jetpack and Android SDK for the Core; Amplitude, Firebase, AppsFlyer, and Facebook for analytics; SQLite, Realm, Shared Preferences, and Room for data.
IOS
This is the advice we have for creating a financial technology application that operates on the iOS operating system:
Programming languages — Swift, Objective-C; Core — iOS SDK, CocoaTouch; analytics services — Amplitude, Firebase, AppsFlyer, Facebook; CoreData, Realm, UserDefaults, KeyChain, and CryptoSwift are ideal for data storage.
Cross-Platform
For cross-platform development, it is best to use Flutter. This software framework is the best suitable technology set for such apps.
How to Develop a Fintech App
Let’s examine a straightforward guide to creating a financial technology app for mobile devices.
1: Research Stage
Before starting the application development, fintech software developers must conduct considerable analysis. It would help if you created a blueprint to establish the appearance of the user interface and the services it will furnish. In addition, the scope of the Minimum Viable Product and all of its features should be declared.
2: Build a Team
You must have a team of experts to make a fintech mobile application. You can enlist a third-party vendor or create an in-house group. It’s essential to ensure that each employee understands the role and vision of the project and gets acquainted with the tools and operations of the fintech app developer.
3: Define MVP Scope
You should take the following steps to establish the boundaries of your MVP (Minimum Viable Product) and the application as a whole:
- Gather data on the market environment about your product.
- Obtain input from your development staff to understand which features are essential to the app.
- Utilize strategies like the Prioritization matrix to assess and record the chosen features
- Validate the core idea and verify whether the required resources to bring it to fruition are accessible.
4: Choose a Tech Stack
The technology stack encompasses multiple programming languages that can be employed for app design and development. For Android, commonly used languages are Java and Kotlin, while Objective C and Swift are popular for iOS. However, opting for separate development processes for each platform can be more expensive. Another alternative is Progressive Web App (PWA), although it restricts the utilization of certain built-in features like biometry.
Fortunately, there is a third option: cross-platform app development. This approach enables the creation of a single codebase that can run on both iOS and Android platforms. Additionally, it offers cost savings of approximately 60% compared to developing separate native apps.
5: Build APIs
For your fintech app to offer services like bill tracking and budgeting, you must either use existing business functionalities or develop them from the ground up. Regardless of your choice, it is imperative to form REST APIs for seamless integration with the website. We recommend constructing Representational State Transfer APIs for this purpose.
- Record your API using Swagger
- For testing and app building, apply Postman or similar tools
- Use secure databases like MongoDB and PostgreSQL to maintain your API correctly.
- Ensure that API requests and responses adhere to the regulations.
- Ensure authentication and data encryption to protect your API.
6: Fintech App Design
Pick vibrant colors for your app now; this is where your inner artist needs to come out. Add user-friendly functions. Avoid filling your interface with unnecessary features. But remember that every component required should be accessible from the dashboard, saving the user from conducting a time-consuming search.
7: Launch a Beta Version
Prior to the official release of your fintech application, it is recommended to launch a Beta version. This Beta version can be made available exclusively to local customers or individuals within your workplace. Gathering feedback during this phase is invaluable as it allows you to identify and resolve any unexpected issues. Once the app is thoroughly tested and free from glitches, it is ready for its official launch.
8: Update Your App
In this digital age, the IT realm is forever changing. To consistently meet ever-increasing user expectations, you must upgrade your app whenever needed.
What Does It Cost to Build a Fintech App?
To create a successful fintech app without financial difficulties, let’s look at the development costs depending on the project’s size.
Small tasks can cost between $30,000−$50,000 and contain basic, user-friendly designs and capabilities. Whereas, for a more complex system with additional features and technology, the expense will be between $50,000−$85,000.
An enterprise-level fintech application of a more complex size will generally cost about $80,000+. Bear in mind that the ultimate price of producing the Fintech application can be affected by a range of considerations, such as the geographical area of the development staff, the number of your demands, the functional complexity, and any additional scaling.
How Can Stfalcon Help You?
The Stfalcon team has in-depth knowledge of developing fintech applications and has previously provided outstanding mobile development services to industry collaborators in the Fintech realm.
What services do we offer?
- All-in-one development (back-end, front-end; UX/UI design)
- Management of back-office operations
- Guaranteed security and compliance
- Data gathering and handling
Our Experience
Credit Agricole
One of our partners is Credit Agricole, the most prominent French bank and one of the biggest French companies. We created a user interface for Cash Agricole payment kiosks to free up bank offices from long lines and lighten the employees’ workload.
Read the full case study
SDK for a cryptocurrency wallet
Stfalcon.com was tasked with developing an SDK for a cryptocurrency wallet that would work seamlessly across Android and IOS. Our team’s main objective was to merge the business logic and utilize the same codebase on multiple platforms. We accomplished this by leveraging Kotlin Multiplatform technology.
Read the full case study
Summary
In conclusion, building a fintech mobile app can be challenging; however, having the proper skills and assembling the right team will assist you in bringing your project to life.
Remember to analyze data thoroughly, find developers familiar with the fintech sector, structure the product as an MVP, take into account user comments, and use advanced test methods during creation. If you are interested in creating a top-notch fintech app just contact us, a free consultation is available.
Originally published at https://stfalcon.com.
