The fintech industry is recognizing the transformational impact of blockchain technology for increasing business revenue, reducing operational costs, and improving user experience. The fintech industry is growing at a rapid pace. The emergence of blockchain has brought a paradigm shift in the industry's working. As per Statista, The application of blockchain technology in the financial sector is expected to reach a market size of approximately 22.5 billion U.S. dollars in 2026.
Most of the fintech companies are using blockchain in their business operations. This has helped them automate the workflow and make them more optimized. The fintech blockchain softwares is very popular these days.
In this blog, we will discuss the concept of fintech blockchain software, its features, and its cost.
The fintech blockchain software is a revolutionary fintech software equipped with the power of blockchain. Blockchain technology helps to create a decentralized, secure, and transparent ecosystem. The blockchain helps financial institutions to provide an alternative to traditional financial systems and create new security and wider accessibility.
This software lets customers perform their banking activities with just a few clicks without visiting the bank personally. Blockchain technology integrated in the fintech software increases the transaction speed and makes it capable of processing thousands of transactions in minutes or seconds. It also helps to eliminate intermediaries in between.
Are you planning to develop a fintech blockchain software for your business? Here are a few features of the platform must possess:
Verifying a customer’s identity is very important to ensure the safety and privacy of your customer’s data. The fintech blockchain app makes KYC verification easier and less time-consuming. The platform allows businesses to create a decentralized KYC verification process that offers secure and transparent access to updated users' data, making KYC verification easier and simpler.
Making a smooth and secure flow of payments was a major challenge in the fintech apps. But integrating blockchain technology in finance has helped make cross-border payments easy and secure. It has helped in creating a secure and trusted payment ecosystem where users can easily make payments without any risk of loss or misuse of personal information.
To calculate the customers' credit scores, the financial institutions have to involve third parties and can be risky for the business. The blockchain-based fintech app will have a decentralized credit score calculator system. In this, credit score calculation can be done easily within a fraction of a second without any help from an intermediary.
Blockchain technology is known for its fast processing speed. The usage of blockchain in fintech will help in increasing the transaction speed to a great extent. It makes the app able to process a large number of transactions at a time. Businesses can use this to provide the best customer service to their users.
Adopting new regulatory standards was a challenge for fintech platforms. Still, after the emergence of fintech blockchain apps, easy compliance with new regulatory standards The structural architecture followed by the blockchain technology has made this possible. This is a unique feature that makes the fintech blockchain-based platforms a perfect choice for fintech businesses.
Auditing is a process in which accounts are verified, and any inconsistencies occurring in them are identified. The process is complex in nature. But in blockchain-based fintech apps, there is no need for this step. The platform automatically verifies all the data and highlights any issues occurring in them. The chronological arrangement and representation of data in fintech blockchain platforms have made its verification easy and simple.
To keep the users updated and connected with the fintech app, there is a push notification feature that sends regular updates to the users about new upgrades in the app or new features added, any financial transaction occurring on the app, or notifications from the bank.
Before knowing about the benefits of fintech blockchain software, you need to understand the tech stack carefully. The fintech Blockchain Software Development is undertaken using a variety of trending technologies that help in the successful functioning of the software: Given below is the tech stack used in the development of fintech blockchain software:
The integration of blockchain technology in the fintech app helps to make it decentralized and accessible to all the users on the network. The technology helps to add transparency to the software. Blockchain technology offers a peer-to-peer network in which users can make secure national and international payments.
Artificial intelligence is used to provide customers with a personalized user experience. The technology helps businesses to analyze custom behavior or and purchase patterns, detect frauds, and make predictive analyses. The technology will help Businesses to make the fintech blockchain app more interactive and enhance communication with the customers.
Machine learning is a revolutionary technology that helps in automating the business process in fintech apps. Through machine learning, businesses can analyze market trends and customer behavior or with the help of data. On the basis of it, you can make business decisions and create marketing strategies.
The robotic process automation is an important technology that helps to make the fintech blockchain app more enhanced and user-friendly. It helps to streamline the financial operations and improve the overall efficiency of the software. It helps in reducing the repetitive activities happening on the app.
The fintech blockchain development is undertaken using a variety of programming languages. Some of the trending programming languages used in the development procedure include:
These programming languages complete transparency, offer more and better possibilities, enhance the overall development process, and reduce bugs in the software.
Cloud computing helps the fintech app owners manage, store, analyze and access huge volumes of data. The technology helps in enhancing the quality of data management. It helps in preventing the loss of data. The technology allows scalability and flexibility to the business and leads to cost savings.
Are you planning to launch a fintech blockchain app for your finance business? Well, it is a great opportunity that can fuel up your business growth. Below given is a step-by-step process for developing a fintech blockchain app for your business:
Before getting the app designed, you need to analyze your business requirements and long-term goals of the business. Check what you wish to achieve and how the software will be helpful for you. This will help you make the right choice and smoothen the fintech blockchain software development process.
After a clear idea about your business goals, you need to find an expert fintech software development service provider to design customized software that suits your business requirements and helps fulfill your goals. Make sure you check the company’s expertise and market image.
After choosing the company, you next must choose what tech stack and features you require in the software. Make sure the features are advanced and in trend. Also, ask the software development company regarding the tech stacks the company deals in.
After choosing the app features and tech stack, the development company will start designing the software. The internal and external designs are prepared. After that, the software will be developed by the development team. Make sure the company has experienced designers working with them.
The testing of the software is done, and the performance of the software is being checked. Bugs occurring in the software are detected and removed. The software is made error free and upgraded with new features. After that, the software is handed over to the client by the development company.
After studying fintech blockchain software development, you must think about the cost of developing blockchain-based fintech software. The fintech blockchain software would cost somewhere between $60,000 and $100,000.However, this cost is not fixed; it may vary according to various factors. Given below are some factors on which the development cost will depend:
The fintech app can be of different types depending upon the purpose it is developed. These apps cater to multiple financial needs of customers. The type of app you wish to develop will determine the cost. The more complex the app, the higher will be its development cost. You need to choose the app type first and then decide regarding the cost.
The location of the app development company that will be working on the software development for your business. If you choose a company that belongs to a developed country such as the US, or the UK, the development cost would be higher. In case you want to get it developed at a cost-effective price, you must choose a company operating in developing nations.
The features added to the fintech blockchain software also directly impact its development cost. The better features your platform has, the more customers it will attract. If you are planning to develop an advanced fintech app with complex and unique features, then you will have to pay a higher amount of development cost.
The mobile app platform for which you have designed the software also has a direct impact on its development cost. If you are getting it developed for a single platform, the development cost will be lower,whereas cross-platform mobile app development cost is higher.
The steps involved in the blockchain-based fintech platform also affect its development cost.
The more steps involved in the company's software development process, the higher the development cost you have to pay. You can also ask the development company to customize the development process per your requirement.
By now, you must have understood the concept of blockchain fintech apps and its features. Are you willing to get one for your business but confused about which fintech app would be best? Here are some most popular types of fintech blockchain software. You can use privacy settings for enhanced transaction security. Choose from:
The platform is designed to fulfill the financial needs of the corporate customers. The integration of blockchain technology makes transactions decentralized and mitigates the risk and possibility of fraud. It helps businesses to undertake their financial tasks and make payments seamlessly and conveniently.
The platform is designed to fulfill the personal banking needs of individuals. The blockchain-based software is designed to streamline your financial activities, reduce costs, and settle your payments. It helps users to customize their privacy settings for enhanced transaction security.
The banking software allows banks to digitize their transactions and provide them with the best banking experience. Through this software, banks can offer faster settlements, secure payments, and enhanced data security to their customers.
As a financial service provider, you need to get a competitive edge in order to sustain the widespread competition. To achieve this objective, you need a futuristic fintech blockchain app. Rising Max Inc. can help you with this. We are well known for our innovative fintech solutions for your business. Here are a few reasons why you should choose us:
We have a systematic and well-designed workflow that helps us to deliver your projects on time.
We offer our customers with 100 % transparency. We discuss everything about the project with them and take their feedback at every step.
We have successfully designed software for our clients operating in the fintech sector for more than 10 years.
We offer innovative solutions which will help your business reach new heights and get a competitive edge in the market.