If you have ever used a mobile app in order to pay your bills at a restaurant or transferred money, or even checked for bank statement on your phone with the help of an app, congratulations, you are a part of a multi-billionaire, rapidly growing industry.
Yes, this is what Fintech is. Everyone out there in the industry is making use of fintech for better and efficient financial activities, which could be bank transfers, stock market trading, insurance policies, and anything and everything related to the finance industry.
A lot of firms nowadays are adopting fintech in order to get faster, better, and easier financial solutions. The major reason of adoption of these high end technologies is the immense simplification of processes, automation of workflow, and enabling way better customer experience. Making the use of fintech app development technologies, the industry is redefining the slower outdated methods of money management, payments and other repetitive and complex methods.
After making its mark in the international market, the fintech app development industry has stepped its foot in the Indian market as well. With the day by day increase in its popularity in the finance industry, the market is gradually becoming competitive. In order to outrank your identity in the room, one have to build an app with some advanced features that make a mark in the life of the consumers and provide some value to them.
Attractive Interface: In order to win the race in such competitive world, one should put enough focus on the User Interface (UI) and User Experience (UX). These features helps the consumers to easily navigate the app and get to know other incredible features.
Most of the fintech developed app nowadays, includes collection of data, which continues with organizing and analyzing the same, and at the end present it to the consumer in an easily readable format.
Any app which deals with financial solutions, must take proper care of privacy and security. It is one of the most important feature that an app must have. This eventually helps the app from cyber-attacks, breaching of user's data, and secure authentication processes.
Everyone in the finance industry wants to have an app which addresses their vast financial needs and fulfill their mainstream requirements. Integrating APIs helps the consumers to perform a lot of tasks under the hood of a single platform.
Integrations becomes many times more powerful when it comes to personalization. It helps automate bunch of task and allows the consumers to make the right decision about services providing personalized recommendations through the impact of integrations.
The cost of developing a fintech app depends on various factors. In order to get a rough idea of the same, one should look for all the features they are adding in the app, and should consider the different stages the app is developing though. The technology stack used also plays a vital role in the capital used for the same. In addition, all the professionals involved in the development of the app should be considered. Roughly, for a team of 20, which follow the usual stages of development like planning, designing, development, testing, marketing, and so on, it takes around $4 million to develop a proper high end fintech app. This could vary for everyone as it totally depends on the features you are providing and the technologies you are using.