Fintech is the attractive new-age term for anything that has to do with technology and finance, right from software platforms for money transferring to Fintech App Development.
With time the Fintech Software Development Services is not only turning to be a trendsetter, but it has even allowed the financial sector to simplify the working for its consumers.
Global Fintech Market Forecast for period 2019-2030
The global financial domain is predicted to be valued at US$ 26.5 trillion in 2022, with a CAGR of 6 percent. Also, the global fintech market reached a value of nearly $111,240.5 million in 2019, having grown at a CAGR of 7.9% since 2015, and is expected to grow at a CAGR of 9.2% to nearly $158,014.3 million by 2023. Also, the fintech market is likely to grow to US$ 191,840.2 million in 2025 at a CAGR of 10.2 percent and US$ 325,311.8 million in the year 2030 at a CAGR of 11.1 percent.
Step by Step Guide for Fintech Application Development
Step by Step Guide for Fintech Application Development
1. Select the Precise Project Methodology
Hire an experienced project manager, a proficient architect, and business analysts with know-how in the FinTech industry. You require launching a “Minimum Viable Product” (MVP) and improve the application as per client-side and market feedbacks. Agile with iterative development is a more precise methodology than the Waterfall model for such projects.
2. Define the MVP Scope
As a Fintech App Development Company, we recommend you define the MVP scope as below:
Provide a web, an iOS, an Android app, a Microsoft Windows application, or a hybrid app.
Include the functionalities and features of the newest mobile and web technologies.
Prioritize these functionalities using advanced tools like Pain & gain map or prioritization matrix.
Utilize managed cloud services platforms intelligently, which will better enable IT infrastructure management
Build native Android and iOS applications as they offer the best user experience
Concentrate on application security as well as API security
Use the latest tools, frameworks, and guidelines for effective development
4. Create and Organize a Project Team
It is the right time to hire Fintech App Developers. You require to onboard the below roles to create an inclusive project team of:
UI designers and web developers
Android and iOS developers
Testers
DevOps engineers
5. Design and Create APIs
At this stage, you need to design and create APIs to enable flawless and steady access to the backend from the front-end. We recommend that you make RESTful APIs, which involves the managed cloud services you have bought for precisely hosting the API backend. You can utilize database solutions such as MongoDB or PostgreSQL for building the APIs.
Here, secure your app and APIs utilizing techniques such as data encryption and authentication. Utilize authentication tokens, digital signatures, data encryption practices, throttling, quotas, and gateways to secure the APIs.
7. Develop the FinTech App
Many organizations have found that Progressive Web Apps PWA is a connecting bridge amid mobile web apps and native applications to be swifter and more fitting than traditional web apps. Utilize tools like Github, Ajax, CSS, ASP.Net, PHP, Python, JavaScript, and cloud software development services as they make the development procedure useful and more straightforward. Further, integrate your APIs.
8. Code, Test, and Deploy the App
Test your app, and deploy it. It will help if you design the UI for the Android application in line with the design guidelines. Code the Android application using Java, and apply Android Studio as the IDE. Integrate APIs in your code.
9. Launch the FinTech Application
Prepare launch activities, promote it on diverse platforms, identify key influencers, and develop a press kit. In the end, submit your mobile application to the app store(s).
Core Features Enabling Performance of FinTech Apps
Core Features Enabling Performance of FinTech Apps
1. Enable Security
All the fintech applications must comply with security needs safeguarding users’ financial details. To accomplish this, a fintech app developer enables encryption, blockchain, biometric, and two-factor authentication and takes other security measures.
2. Payment Gateway Integration
Most of the fintech apps have to deal with payments. To facilitate the payment functionality, you may select to integrate with services such as PayPal, Stripe, Zelle, or work through bank APIs.
3. Dashboards
Build useful dashboards. It’s tough to imagine for someone to build a fintech app without a visual representation, no matter it’s for financial spending, payments history, or any stock charts.
4. Voice Integration
Fintech apps need to offer modern features to customers like voice assistants, including Siri, Google Assistant, and Bixby.
Making bill payments and successful money transfers simpler
Precise checking of transactions’ history and enable transaction messages
Enable push notifications, alerts, reports, and analytics
Facilitate accessibility of Geo-location and currency conversion tools
Cost to Build a Fintech Application
The overall cost depends on a mixture of factors. But our strategy and fintech application development team have calculated average pricing by research and previous experiences.
It would cost around $7,000 to $9,000 with committed professionals building your fintech app with a time frame of approximately 8,00 to 9,00 hours.
Use this template to understand what you need and learn how you can build your next ‘winning’ MVP. Start A Project
Wrapping Up
The rising use of digital payments, more investments in blockchain technology, the increasing maturity of eCommerce, and inference of COVID-19 are expected to steer the FinTech market further.
We are a leading Fintech Software Development Company, and you can readily hire a Fintech App Developers team through us for your upcoming technology projects.
Project Developed By Techtic
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One of the primary roles of technology is to simplify tedious processes and make better the lives of people associated with it.
Contents Features and Functionalities to Consider Before Building Fintech App Account Management Updates, Notifications, and Alerts Data Analytics and Visualization Creative UI/UX Voice-Activated Chatbot and […]
Chintan Bhatt 
