Fintech App Development: Cost, Features, Types & Tech Stack

By RisingMax

June 16, 2023

Fintech App Development: Cost, Features, Types & Tech Stack

"The challenge for financial firms isn't getting DIGITAL; It's enhancing customer's confidence in availing digital banking services."

If your internet search for “ how much does it cost to develop a FinTech app” brought you here. Then to answer your query - the estimated cost to develop a FinTech app varies between $55k to $60k for a simple app with basic features and functionality.

However, multiple other factors impact the development cost, such as FinTech app type, app complexity, location of FinTech app service provider, team strength, etc. We have discussed all these factors in-depth in our post. So keep on reading!!
fintech app development cost

Like most other sectors, the FinTech industry has also been a target of the COVID-19 outbreak. With the breakout effects in market performance and daily operations, most financial companies pushed on the blurry road. Especially startups in the fintech landscape have needed help to keep up with their loyalty and retain their customers.

As uncertainty continues to create unforeseen problems even in 2021, there is still a chance to make a comeback. One secret will work; building a fintech app around customer needs using the right set of technologies and tools. A top financial software development company can help to find the right tech stack for your fintech app requirement.

If there ever is the right time to build an app, the time is NOW. Fintech app development sounds familiar; we're well known for this and keep hearing this term. Almost every finance service provider is taking critical steps in entering the business into the modern mobile space.

When you are building a fintech app, you need to focus on many things, from the cost of making a financial app to essential features you need to add.

What Global FinTech Market Report Says?

The future of the fintech industry is intense. Here are some intriguing global FinTech Market Stats for painting a clear picture. According to Statista;


Image url: https://www.statista.com/statistics/1384016/estimated-revenue-of-global-fintech/

  • Between 2023 and 2027, the total revenue generation of the global FinTech industry is forecast to increase annually by 125.18 billion U.S. dollars.
  • The estimated revenue projection of the global FinTech industry is 294.5 billion U.S. dollars by 2027.
  • Global FinTech market forecast period of 2023-2028 at a CAGR of 16.8% to reach USD 492.81 billion by 2028. (Expert Market Research)
The global FinTech market report clearly indicates a huge opportunity for entrepreneurs in the FinTech space. Banking wallets, e-wallets, and other FinTech apps are rapidly growing. For this very reason, we are seeing a surge in demand for FinTech mobile app development and other related services. 

Types of FinTech Business Applications

Looking at the above global FinTech market stats, showcase how lucrative financial markets are today and in the future. But before you start searching for “how to develop a FinTech app” it is required to have a clear vision of which type of FinTech business apps you want to build. Here in this section, we have shared popular FinTech business application types to ease your struggle.

Banking App

Banking mobile apps and web portals help enhance customer experiences by offering services 24/7. These apps empower users to manage everything hassle-free via a mobile application. In addition, the enhanced security features boost customers' confidence in transferring funds and availing of other online banking services. Popular banking apps include;
  • Revolut
  • Chime
  • Monobank

Stock Market App

The stock market app is a type of FinTech application that enables users to closely watch what’s happening inside the stock exchange. Integrated with advanced features, these apps make it easy for users to gain valuable information to make well-informed decisions before investing or selling stocks. Popular stock trading apps include;
  • Robinhood
  • Wealthfront
  • Webull

Insurance (InsurTech)App

These types of FinTech apps are specifically designed to address the insurance needs of users. Integration of advanced technologies like AI & ML empowers businesses to offer personalized insurance coverage plans to users as per their requirements and needs. Popular insurance apps include;
  • Jerry
  • myCigna
  • MyHumana

Lending App

The process of originating and reviewing loans has transformed into lending applications. Digital lending software makes it easy to efficiently handle loan requests and easy transactions between lenders and borrowers. It’s an excellent opportunity for financial institutions to invest in FinTech app development to widen their service reach and enhance users’ lending experience.
  • Brigit
  • Earnin'
  • MoneyLion

Personal Finance Management Apps

These types of FinTech software are specifically designed to assist users in efficiently managing their finance. Integrated with powerful technologies like AI and ML, these apps can provide data-driven investment suggestions and help users meet their pre-set financial goals. Popular finance management apps include the following;
  • YNAB
  • Intuit Mint
  • Goodbudget

Decentralized Finance (DeFi) Apps

As the name suggests, decentralized finance apps eliminate the need for any centralized finance system to avail of financial services. DeFi apps are designed in a certain way to empower consumers and give them more control of their finances. Popular decentralized finance apps include the following;
  • Coinbase Wallet
  • Binance
  • Nexo

Tax Filing and Management Apps

Accurately filing taxes is often considered one of the most complicated tasks for any average citizen. Tax filing and management software, eliminate the need for users to understand the complicated tax system and accurately file taxes without any error. Intuitive user interface and easy-to-use features, simplify the entire tax filing process. Popular tax filing and management apps include the following;
  • TurboTax
  • TaxAct
  • H&R Block

e-Wallet App

People love to use e-wallets like Apple Pay, Paypal, etc., to make fast and secure payments. Businesses planning to get on the surface of building their robust financial solutions need to determine the cost. Popular e-wallet applications include the following;
  • PayPal
  • Samsung Pay
  • Alipay

Investment Apps

These are new-age FinTech solutions that revolutionize how average users invest their money. Investment apps eliminate the need for intermediaries to carry out investments, thus offering lowering commissions and faster transitions. 

Integrated AI and ML tools assist users in making well-informed financial decisions while efficiently managing the risk involved with the investment. Popular investment apps include the following;
  • Acorns
  • Robinhood
  • NerdWallet

Must-Have Features For FinTech Applications

Different types of FinTech apps require different features that directly impact the overall app development cost. This section will discuss some common and advanced must-have features of FinTech applications.

Registration

This basic feature allows users to register with the platform and create an account to avail of financial services.

Authentication

FinTech apps must be integrated with advanced authentication features such as biometric authentication, MFA, and 2FA for enhanced security.

Multi-Payment Mode

This feature enables users to send and receive money and make payments via credit card, debit card, online wallet, Paypal account, and other payment modes, as per convenience.

Push Notifications

With this feature, the admin can send push notifications about renewals, discounts, transactions, offers, and deals.

Manage Card

This feature allows customers to add multiple credit/debit cards and manage them from a single FinTech application.

Add-on FinTech App Feature That Impact The Development Cost

Chatbots

Integrating AI-powered chatbots allows FinTech apps to offer 24*7 customer support and swiftly answer common queries. 

ML Algorithm

Implementing machine learning algorithms in FinTech apps assists in providing personalized suggestions to users based on their spending, investment, and income patterns.

Risk Assessment

Integration of risk assessment software enhances the overall capabilities of FinTech applications. Users can leverage this feature to better understand investment risks and make well-informed decisions.

Digital Analytics

Digital analytics is an essential and powerful feature of the fintech app. Analyzing users' financial data and providing the appropriate insights is more vital than ever. Such a feature inside the fintech app allows the users to easily access and track all their finance activities directly via an app. 

Financial Audit

Banking, insurance, and other FinTech apps are integrated with automated financial audit tools that raise an alert whenever in case of any fraudulent or suspicious financial activity. This feature is vital for FinTech applications as it enhances users' interest and brings more transparency within the system.

Next-Gen Technologies Powering Our FinTech Applications

Implementing next-generation technologies within a FinTech application enhances the system's overall capabilities. But, it directly impacts the overall FinTech app development cost. Consider these technologies as a one-time investment as their implementation improves overall app experience and future secure FinTech apps.

Artificial Intelligence (AI)

The era of Artificial Intelligence is here to stay, and startups can leverage its potential to deliver intelligent services to customers. Integrating AI inside the fintech app allows you to analyze financial records, identify patterns, detect frauds, and make predictive analyses. Artificial intelligence as a solid feature enables the utilization of the potential of the following technologies. 

Blockchain

When it comes to fintech app development, Blockchain is also a critical feature that needs a focus. Its addition inside the app can deliver extreme transparency to the end-users, making transactions in quick minutes. With a blockchain in place for the fintech app, you can increase Peer-to-peer payments. The technology has the power of enabling the fast sharing of data across different platforms through an interface like banks and financial institutions.

Machine Learning

Implementation of machine learning technology enables FinTech applications to effectively analyze customers' behavior with data analysis. Leveraging this valuable information, machine learning algorithms can perform predictive analysis and suggest investment opportunities for better ROI.

Robotic Process Automation

Implementation of RPA technology helps automate, streamline financial operations, and boost overall system accuracy. Robotic process automation is effective in automating repetitive or mundane financial processes.

FinTech App Development Technology Stack

Technology stack plays a decisive role in the development process. For Fintech companies and financial institutes, selecting the right technology stack is necessary to define the overall project. The most popular programming languages that lead in the development of fintech apps are - Java, Python, C++, C#, and ruby.

Programming Languages 

  • Java
In fintech services, Java remains on top of the programming language used in the development process. When used in the construction of banking and fintech apps, this language ensures high-level security. For the implementation of lengthy programs to deal with massive data, Java proves to be the best.

It's completely secure

Many OS supports Java


  • Python
Python is proven to be the best choice for the development of investment banking apps. For many banking apps, developers usually prefer Python to handle challenges regarding trade management and risk management. It comes with a variety of supported libraries; Python is famous due to its straightforward syntax.

Straightforward and clear
Ensures Lower error chances

  • C++
Another programming language used in the FinTech sector is C++ which is best in terms of efficiency. Whenever there is a need to work on programs that need advanced computation, C++ proves to be the best in that case. The language is quick in executing numerous operations. That's why C++ is considered one of the best programming tools for fintech projects.

More efficient
Equipped broad tools 

  • C#
C# works as the most elegant programming language to develop websites and apps. It carries the best functions from C, C++, and Java. 

Carries Useful libraries
Secure programming language

  • Ruby
Ruby is one of those languages that has already gained popularity in the Fintech space—highly used for building digital payment systems, e-wallets, etc.

Tool to create secure code
Cost-efficient with high speed

Tech Stack Component

Technologies

Programming Languages

Java, Python, C++, C#, Ruby

Databases

MySQL, Postgres, MongoDB

Front-end

Angular.js, Bootstrap

Cloud Services

AWS, Google Cloud, Azure

Mobile Platform

Flutter, React Native, Swift (iOS), Kotlin (Android)

Blockchain

Ethereum, Hyperledger Fabric

Prominent Factors That Affect FinTech App Development Cost

The FinTech sector has a promising future, and there is no doubt about this. There are several factors in the list on which the cost of the FinTech app depends. Below are some of the aspects that contribute to the development cost of the FinTech app.
Major FinTech App Development Cost Driving Factors 

FinTech App Types

With the increasing popularity of FinTech applications, we are seeing many niche apps being developed to solve specific financial issues. Popular FinTech apps include e-wallets, banking apps, investment apps, stock trading apps, and so on. All these FinTech apps cater to different financial needs of customers. Based on which type of financial app you plan to build the financial app development cost might vary.

FinTech App Type

FinTech App Development Cost

Banking App

Starts from $60k

Stock Market App

Starts from $45k

Insurance (InsurTech)App

Starts from $50k

Lending App

Starts from $40k

Personal Finance Management Apps

Starts from $45k

Decentralized Finance (DeFi) Apps

Starts from $60k

Tax Filing and Management Apps

Starts from $65k

Investment Apps

Starts from $50k

Interactive User Interface & User Experience

Developing a fintech app is worth trying. But if you are in the app development process, make sure users get the best experiences from that app. The seamless app design makes the user experience more enjoyable. 

Right from picking the right fonts, and straightforward terminology to proper use of white space, an app needs to be structured mannerly. A well-designed app allows end-users to find out the information they need quickly. 

Location of FinTech App Development Service Provider

There is a direct correlation between the location of a FinTech app service provider and development cost. Overall project development time and changing hourly rates directly impact the FinTech app development cost. When compared, a FinTech app development service provider in the USA will charge more than someone in Asia.

Location of FinTech App Development Service Provider

Hourly Rates

USA

$80-$90

UK

$80-$90

Europe

$70-$75

Australia

$50-$60

Asia

$35-$40

Cost Based on FinTech Mobile App Platform

The cost to develop a FinTech app is strongly influenced by the platform and tech stack required. Changes in the development platform impact the target audience and choice of programming language and tech stack employed. Let’s discuss three prominent FinTech mobile app platforms and their overall impact on the development cost.

Native applications

iOS or Android-based mobile apps fall under the category of native applications. If you plan to build a mobile app for the iOS platform then, Apple Xcode, Swift, Objective C, and other iOS tech stacks. However, for an Android mobile application, you need Android Studio, Java, Android SDK, and other Android tech stack.

Cross-platform applications

If you plan to develop a cross-platform mobile application, then the tech stack required includes Native, C#, and Flutter. These apps work perfectly on Android and iOS devices.
Hybrid applications

If you plan to develop a FinTech app that is compatible with Android, iOS, and web browsers as well, then hybrid programming languages are a perfect option. To build a hybrid FinTech mobile app you need to deploy a tech stack like PhoneGap or HTML 5.
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Cost Based on FinTech App Product Stage

FinTech apps need to go through different development milestones with multiple changes and upgrades. Based on FinTech app product stages, the overall development cost and time spent vary. We have discussed these product stages and associated development costs in detail to paint a clear picture.

Proof of Concept (PoC)

FinTech app in the proof of concept phase allows you to test and validate your app idea with minimal resources and time. In the dilemma of whether to invest in FinTech app development, PoC is a good place to start with.

Minimum Viable Product (MVP)

Launching a minimal viable product of a FinTech application assists in capturing target audience response, and gaining valuable insights about their likes, dislikes, and expectations. Based on the users’ input and other insights, new features and functionality can be added to meet target audience expectations.

Final Product

Addressing the users’ concerns and input, you can launch a final product that meets their expectations and needs. As constant improvements are needed to ensure a smooth FinTech app running for the long run, don’t assume that you have launched a final product. 

FinTech App Product Stage

Development Cost

Proof of Concept (PoC)

Start from $25,000

Minimum Viable Product

Start from $45,000

Final Product

Starts from $70,000

FinTech App Development Cost Based On Complexity

Most FinTech app development service providers while sharing a project quote analyze and evaluate the level of complexity. Complex FinTech apps with high-end features and functionality require more investment as compared to basic applications.

Level Of Complexity

Development Cost

Basic FinTech App

$50K to $55K

Average FinTech App

$80K to $100K

Advanced FinTech App

$100K+

FinTech Mobile App Development Cost Based on Team Size

Having a cost estimation of the fintech app is not just enough for you if you require end-to-end fintech app development. You also have to understand which experts need to be there in the team that helps you provide quality services. A perfect fintech app development team involves the following team members. 
  • Project managers
  • Business Analysts
  • UX/UI Designers
  • App Developers
  • AI programmers 
  • QA and testers

Team Size

FinTech App Development Cost

10-50

Starting price $45k+

50-100

Starting price $80k+

100+

Starting price $100+

Conclusion

Are you ready to rock the fintech industry by developing a fully functional fintech app with advanced features? Great! The demand for Fintech apps is on the rise, bringing significant opportunities for organizations. This blog contains everything one needs before getting into the process- Like the development cost, features desired to build a fintech app, and technologies used.

You only need to hire a custom software development company that prepares fintech apps with your needs and expectations in mind. With the right development team, you can run your Fintech smartly. Talk to our experts today! 

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