- How To Develop a Fintech App? - A Complete Step To Step Guide
FIntech App Development Company
FinTech Software Development
Fintech Software is a complete package of source code that helps anyone to launch their own Fintech-related website or application that assists them in managing and optimizing all financial activities of their organization or business. An error-free Fintech Software can be the best solution for anyone to build their own FinTech Applications.
We Bitdeal have developers to develop & deploy FinTech Software which is developed with suitable features, components, and APIs. Contact with our experts now & to know the cost of our Fintech Software.
The Finance Industry adopts various technologies to serve the people of the digital globe in the best way. The term Fintech is a new term defined for the combination of finance & technologies to build a platform that transfers money to budget apps. FinTech, the fastest-growing technology offers ultra-security & convenience in all financial activities.
Here let us look at the importance of Fintech App & how to build your own Fintech applications.
What Is A FinTech App?
FinTech application refers to the web application or mobile application that an organization builds to deal with all its financial operations.FinTech apps aim to improve and automate all the financial services of an organization.
This Fintech application assists many companies, bankers, business owners, and more in managing all their financial activities via the usage of specialized apps & algorithms.
Why Should You Develop A Fintech App?
- The revenue of Fintech in 2018 recorded 92B Euros worldwide. It is expected to reach 188B Euros by 2024 which is a 12% average growth.
- 67% of Banks believe Fintech will be significant for money transfer.
- Stats says that digital banking is the reason for 4.6M new accounts in 2021.
- By the end of 2022, 65% of Americans will use mobile banking
- In the USA, 38% of Fintechs grant personal finance loans
All these show the constant growth of the Finance Industry over 4-5 years. It also shows that FinTech will tend to grow over the upcoming years. Thus launching a FinTech App will bring you easy management of all your financial activities and bring you huge ROI.
Must-Have Features of Fintech App
These are the features that a FinTech App must be involved in.
- Push Notifications
- Push Notifications
Types of Fintech Apps
- Payment Mobile Apps
- Insurance Mobile Apps
- Investment Mobile Apps
- Banking Mobile Apps
- Lending Apps
- Consumer Finance Apps
Payment Mobile Apps
Digital Payment apps refer to mobile apps that allow payments in a cashless manner easily, safely, and quickly.
This type of fintech app with e-wallets, cryptocurrencies, and online payment systems facilitates payments digitally.
Banking Mobile Apps
The Banking Fintech Apps assists account holders to manage their accounts online which cutoff visiting the banks for any inconvenience.
Lending Mobile Apps
The Fintech lending apps involve loan apps, lending, and borrowing activities that take place between lenders & borrowers. Many financial institutes such as banks & individual lenders utilize this lending app for managing loans effectively.
Consumer Finance Apps
This type of Fintech app helps in Personal finance management such as expenses, plan budgets and thoughtful spending, and more using relevant tools.
Investment Mobile Apps
Investment Fintech apps let investors research and invest in various stocks or financial assets. These apps also provide relevant data for making informed decisions.
Things To Look Before Developing A FinTech App
Listed here are the things one must look at before the development of Fintech Applications.
1. One must take care of the legal compliance
2. Completely plan a marketing budget which must be 2-3 times the development budget.
3. Think & have noted the clear concepts of creating a Fintech app with suitable features.
Step-By-Step Guide To Develop FinTech Application
Here is the step-by-step procedure to create a fintech application.
1. Define your niche & ensure legal compliances
Before building your own fintech app, you must define your niche, which implies the kind of fintech app you develop & the area of focus.
After choosing your niche, it is important to ensure legal compliance for the necessary geographical areas. Without ensuring the legal compliances you may get a lot of legal troubles. Fintech apps that ensure legal compliance will provide high security and privacy.
2. Fix the features & costs
When you define the niche, you can fix the features of your fintech app. Note that you add only the necessary components as too many features can confuse the end-users.
And also estimate the budget for developing and marketing your fintech app.
Always prepare a complete project scope paper that lists the requirements & budgets.
3. Create A Development Team
Hiring or creating a development team that can help you with fintech app development is not easy. You must need a team with UI Designers, web developers, business analysts, Front-end & Back-end developers, Quality Assurance Specialists, and more.
We Bitdeal have a team of experts who can develop & deploy fintech apps for various business verticals.
4. Design & Development
The best UX/UI design is most important for all fintech apps. Thus the design should be user-friendly and easy to use.
5. Improve & Support Fintech App
Not the development & deployment is the final stage. Each fintech app must be regularly monitored for improvements & updated for proper functioning.
Thus launching a Fintech App is easy with the help of Fintech App Development Solutions Provider like Bitdeal.
Technologies Behind FinTech App Development
Some of the innovative technologies behind the FinTech App Development are as follows:
- Blockchain Technology
- Big Data
- Artificial Intelligence (AI)
Blockchain Technology is distributed decentralized ledger which is immutable, transparent, and distributed. This technology is highly dependable for the development of fintech apps.
Artificial Intelligence (AI)
Artificial Intelligence is useful to recognize & analyze data patterns. AI-based fintech apps will be the best solution for detecting fraud in financial system activities.
Microservices work best with blockchain & AI. They are helpful in ensuring the app has a structured set of interrelated features & services. The application created by microservices becomes faster & data will be handled in a decentralized manner.
Big Data assists in building highly reliable fintech apps which will provide everything its users require. Data analytics helps you to figure out users patterns & offers valuable insights.
How To Create Your Own FinTech App?
Developing your own fintech app is easy if you follow the below steps for building your own finance-related application.
Step 1: Discovery Phase
- The discovery phase involves activities such as
- Analysis of market and competitors
- Fix your target audience
- Know your fintech app goals
- Overall cost estimation.
Step 2: Design Phase
- In the design phase, you must
- Make a full UX wireframe
- Both Android & iOS app design
- Include interactive prototype
- Design optimal responsiveness for various app screens.
Step 3: Development & Testing Phase
This phase includes the steps to turn a design into a live app. First, test the app in testnet & make it live as a real-time application.
Step 4: App Launch & Maintenance Phase
The application development is not completed until the app is being released into the market for the end-users. Thus app launch is the most integral part of the development process.
After the launch, you must collect the user's feedback periodically and update the app for the convenience of the users.
This maintenance process can involve app upgrades, features extensions, the addition of new features, support, and complete maintenance.
Step 5: Constant App Improvement
As Fintech is one of the competitive sectors, even if your app is perfect, keep trying new ideas to integrate into apps to stand above the competitors.
Bitdeal - FinTech App Development Company
We Bitdeal, a Leading Fintech Solutions Provider offer unbeatable FinTech App Development services for various business verticals. We develop & deploy any kind of FinTech apps starting from the digital banking fintech app to the digital payment app, investment app, and more.
You can hire our FinTech app Developers who can deliver the feature-rich Fintech App for easy management of financial activities of your organization. We utilize the latest innovative trends, technologies, and tech stacks to build your own Fintech app to stand out in the competition of the finance industry.
Contact our experts to know the cost of developing your FinTech App with your own business requirements.
Technology Stacks We Use
For the development of fintech apps with high-quality functionality, we use the following technology stacks.
- Objective C
- iOS SDK
- Android SDK
- Reactive Native
- HTML 5
Ready to launch your own FinTech App Now? Contact Bitdeal’s experts to assist you with the best FinTech App Development Services.
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