Top 5 Steps To Create a Fintech App
FinTech, in other words, can be defined as financial technology used to support and enable financial services online. As technology is changing rapidly, so is the fintech industry. The FinTech industry mainly aims to personalize and automate all the financial services to become more effective and efficient. It enables its users to use these services for their businesses and different organizations to make their financial transactions convenient. It has been seen that the Fintech industry has grown rapidly in the last few years and it is going to boom in upcoming years.
Thus, to make this successful, FinTech app development companies should develop these apps with the help of the latest technologies.
1) Choosing The Right Topic That Fits Your Requirement
It is essential to choose the right topic before you move to investing in FinTech app development. You should be clear about your goals, about your requirements and whether the app will fulfill all your demands. Before starting, you can either discuss with some experienced developers who can help you out in app development.
2) Developing Featured-Enable Financial App
Seeing the current market, it is mandatory that your app should have all the features that help your customer to use the app hassle-free. The best fintech app development includes security, good interface, easy navigation, and easy to use. All these features make your app user-friendly.
3) Team’s Distribution
When you are planning to build a FinTech App from any development company, they must distribute the work among the team members like frontend developers, backend developers, business analysts, QA analysts, UX/UI designers, etc.
It totally depends upon the projects and, according to the requirement of the development team, can be increased or decreased accordingly.
4) App Designing
When it comes to Fintech App Development, these apps should be developed so that they are user-friendly. Certain things need to be kept in mind while developing your app.
i) It should be a clean, easy-to-use interface.
ii) Security should be the top priority as the user deals with financial transactions. Thus, the app should be secured.
iii) These apps should always be developed using dynamic technologies to run on multiple platforms without any lag.
iv) All the elements present in the app should be checked by the testing team so that the fonts, graphics, and design present in the app should look perfect to your user.
5) MVPs Development
It is the crucial thing that needs to be developed for your fintech app development. As you scale, this can grow from small to big as the app fulfills your customer requirement. A prototype of your product that describes the basic functionality of your application can be defined as MVP.
6) Final Launch Of Your App
Quality assurance is one of the integral parts of the development. After various quality checks and testing, the time comes for the final launch of your application with quality assurance.
FinTech App Development: How Much Does It Cost?
It is very hard to say the exact amount. When it comes to development, the cost is basically decided on the basis of requirement, interface, and the features that need to be integrated with the app. Different apps come with different costs. Talking about Fintech app development, if you want to develop the app on both platforms, i.e Android and iOS, with full-fledged features, it will cost you around $50,000-$70,000.
Whereas if you want to develop the app with some basic features, it will cost you around $20,000.
Thus, it depends upon the requirement and how you want to build your application.
No doubt post covid, fintech app industries have hugely impacted businesses and large industries. Industries have moved forward in making online transactions, and as a result, financial apps are used by most businesses today. In the future, the fintech app industry will be on a boom as the demand for these apps is rapidly increasing.