Cost of Developing a FinTech Mobile Application

FinTech mobile applications provide a platform where you can easily manage transactions, deposits, loans, credit scores, and saving accounts with a single touch.

They can collect and categorize all your financial information on one platform. And use that to simplify your personal and business-related financial operations.

But why is the cost of developing a fintech application on the rise? Because the Fintech industry grows every day due to its ability to provide comprehensive financial solutions to startups and large businesses.

And Expert Market Research reports that the value of the global fintech market was $135 billion in 2021. And it may reach $266 billion in 2027 by showing a CAGR of 11.9% between 2022 and 2027.

The cost to develop a fintech mobile app is fairly reasonable in 2022 despite all this growth. That is why the number of fintech startups is on the rise as well.

According to Statista, fintech startups in North and South America have increased quickly over the years and as presented below:

This report makes North and South America the region with the most fintech startups worldwide.

Types of FinTech Mobile Applications

Different types of fintech apps each have a unique purpose. And that is why they all have flexible development costs.

1. P2P Loan Lending Apps

P2P loan lending apps connect individual borrowers with various lenders and make it easy to borrow the amount they need.

2. Blockchain Apps

You can use blockchain apps to manage/trade cryptocurrencies, insurance, international payments, P2P transactions, supply chain management, and money laundering protection.

3. Digital Banking Apps

Digital banking apps help users pay bills, check account balances, transfer money, pay during online shopping, apply for a loan, and apply for a credit card.

4. Investment apps

Investment apps help you trade with minimum risks and provide streaming charts, real-time stock/financial news, and data analytics.

5. Robo-advisor Apps

Robo-advisor apps provide account services, low fees, better investments, and ease of use. They are a suitable choice for entry-level investors.

6. Payment Processing Apps

You can connect your bank account and credit cards with payment processing apps and use them to make or receive payments.

7. Personal Finance Apps

Personal finance apps help manage finance (track income and expenses), track savings, check credit scores, and simplify savings, earnings, and budgeting for everyone.

8. Crowdfunding Apps

Crowdfunding apps provide a platform to raise money online for startups, finance projects, business ideas, small businesses, and personal goals.

9. Insurance Apps

Insurance apps make it easy to process claims, create incident reports, upload documents, and provide instant quotes, bill payment options, reminders, and electronic ID access.

10. RegTech Apps

RegTech apps provide services like risk management, identity management, regulatory monitoring, compliance, reporting, and compliance within the financial industry.

Top 5 FinTech Applications in the U.S.

It’s easier to understand the cost of fintech app development if you know the development cost of some established fintech applications.

Which Factors Influence FinTech App Development Cost?

1. App Design

Appealing user interface and user experience highlight the convenience of your app. But you have to prepare yourself for a big development budget if you expect a unique and captivating app design.

2. Features

The features of your FinTech app are the most influential factors that determine its development cost.

You can find the essential features for a FinTech app in the list mentioned below.

1. Sign-up & Sign-in
2. Account Management
3. Notifications & Real-time Updates
4. Security
5. Real-time Money Tracking
6. Check Credit Score
7. Payment Management
8. Customer Support
9. Data Analytics
10. Personalization

Such features will determine the cost of development. And the price will keep increasing with more advanced features.

3. Platforms

The cost will also depend on how many platforms you choose for your fintech app.

You may choose Android, iOS, Windows, or all of them. And this will determine the total cost of your app development project.

4. Development Team

Development team size is another influential factor in the development cost whether you choose in-house or offshore developers.

Choosing an established offshore mobile app development company can prove beneficial as it brings the right talent and resources to your project.

5. App Location

The location of the app development project also impacts the cost. It’s expensive to develop apps in the United States, United Kingdom, Australia, and Germany.

But the cost is nearly inexpensive in countries like India and Ukraine.

6. Technology Stacks

The number and type of technology stacks you use for the app development project will also affect its cost.

Here is the list of the technology stacks you may need for your fintech app:

1. Java
2. Kotlin
3. Python
4. C#
5. Ruby
6. Swift & Objective-C (iOS)
7. SDK: Android & iOS
8. HTML5
9. Node.js
10. React Native
11. Android Cloud
12. Google Cloud

You have to choose the right technology stacks for effective app development and results.

It’s best to get the assistance of offshore developers in such matters if you do not hold any experience with it.

Cost of Developing a FinTech Mobile Application

You must now understand the factors that determine the final cost of fintech mobile app development.

But the direction you choose for the app development will help you manage your budget more efficiently.

For example, the minimum viable product (MVP) will be a better option in the beginning compared to the complex app version.

You will have to increase your budget and take expensive risks for standard and complex app development.

Cost of Fintech App Development by Location and Requirements

Cost of Fintech App Development by Types

Cost of Fintech App Development by Team

Final Note

You must know by now that the cost of developing a FinTech Mobile application entirely depends on your goals and project requirements. They may be specific design requirements, features, platforms, or the app location. You will know the final cost once you figure out all of this.

But the industry experts recommend that it’s best to move forward with an MVP version in the beginning. It costs less and gives you a better idea about how your app will perform in the market.

Choosing fintech mobile app developers from countries like Ukraine and India will also protect your project budget.

A mobile app development company from those regions will provide better and more competitive rates for your project.