FinTech application process may not be easier because of the challenges it faces in the designing and development process, but once launched it makes financial services accessible. With FinTech application development, a tectonic shift has come in the business models of financial institutions. It has opened new doors on how banking is done, buying and selling mutual funds, stocks, bonds, etc. Most FinTech startups leverage AI and Big data to offer personalized services to their end-users.
A Global FinTech report states the FinTech market stood at $226.71 billion in 2023 and will grow at a CAGR of 16.8% between 2024 and 2032. It will reach a value of $917.17 billion by 2032.
Process Followed for FinTech Application Development
A successful financial application development requires multiple phases of testing and correcting a design until it meets the requirements of the financial institutions. Every phase or cycle involves rigorous brainstorming leading to fulfilling regulatory issues and achieving the best interface for financial apps.
BoTree Technologies, a trusted FinTech mobile app development company, utilizes its expertise to help businesses scale their digital operations through cutting-edge technology. Our proven and step-by-step process ensures a high-quality app.
- Planning
A few core elements are included in developing a FinTech app. All these processes make the development process manageable and well-defined and remove any potential issues. Planning focuses on the following:
- Considering regulatory compliance
- Including key functionalities
- Technical requirement stack
- Includes full research of the FinTech market
- Budget and timeline involved
- Development and Implementation Process
The development stage of the finance app development includes a skilled team of project managers, testers, programmers, and business analysts. Everyone is involved in creating a workable customized app, from writing the code for the app to ensuring that the app meets the client’s goals.
The QA team is crucial because they test the app and the required features according to the documentation. The FinTech app is implemented only after the bug issue is resolved and the project goals are met. A good development team ensures clear communication at all levels.
- Quality Assurance
The QA testers play a significant role in checking if a financial app has all the FinTech app features. The QA specialists ensure:
- That the app functions optimally
- Customers can use it seamlessly on mobile devices
- Reporting bugs for the development team to fix
- Restoring the app’s reliability by focusing on the quality
- Prioritizing any critical problems
- Improving user experience
- Compliance and Security Audits Process
FinTech solutions leverage modern technologies to offer personalized experience to their end users. Most popular FinTech companies are using AI to grow their business. AI in FinTech market is growing at a CAGR of 19.8% and the estimated value is projected to reach $79.4 billion by 2030.
The growing use of modern technologies may add some security compliance issues. Therefore, your FinTech app must:
- Comply with national financial regulations
- Undergo strict security audits
- Adhere to data protection laws like PCI-DSS and GDPR
- Engaging with legal experts to cover all regulatory aspects
- Launch and Marketing Process
Choose the right platform to launch the FinTech app, which can be iOS, Android, or a website. The FinTech applications development company develops a robust market strategy to market your app online and through social media. Create content that targets your client’s audience and drives engagement.
Cost of Development of FinTech App
Based on the app requirements, the FinTech app development company may charge $30,000 to $100,000. However, this figure can go up and down with the feature change. The cost of developing a FinTech app depends on versatile factors like:
- Complexity of the app
- Addition of advanced features
- What kind of app does the client wants- basic, moderate, or high-end
- Tech stack used
- Days or months to be taken
- Use of security frameworks
Many more factors may influence the cost of development. Customized FinTech apps cost a little more because every financial institution has its own requirements. They require encryption features, a user-friendly interface, intelligent financial tools, convenient payment options, real-time alerts, etc.
The development of a FinTech app is a significant investment. However, you cannot overlook the regular maintenance of the FinTech app. It is crucial for a seamless user experience. However, it comes with an additional cost.
Case Study – A Successful Implementation of FinTech App
GROWW is a perfect example of the FinTech app. This app brings financial marketing and solutions to your fingertips.
The investors can check out the long-term or short-term investments. They can be low or high-risk ones. This app allows users to invest in stocks, mutual funds, futures and options, etc. You can even get a loan or manage your financial bills in one place.
GROWW has simplified finance in your language and offers enriching investment and trading experience.
Hire the Reputed FinTech Application Development Company!
FinTech apps have made our financial lives so much easier. They enable us to bank, invest, and pay bills from our phones. However, making such applications is difficult; it requires much effort, cost, and updates.
Businesses make good decisions on their FinTech projects when they know the process and costs. A FinTech product development company, such as BoTree Technologies, can help you achieve success with FinTech applications based on your business objectives. We have a proven track record of delivering modern and secure FinTech solutions. Want to stay ahead of the competition in the FinTech industry? Partner with BoTree Technologies to develop cutting-edge FinTech App.
Contact us today to see how BoTree Technologies can convert your ideas into reality.