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How to Develop Successful Fintech Apps? (5 Must Have Features + Estimated Cost)

How to Develop Successful Fintech Apps?
De Piyush Golani

The fintech domain is constantly evolving. A lot of new sets of innovations are being introduced to meet the frequently changing needs and expectations of the end-users.

Especially in the time of COVID-19, fintech apps are really in-demand as people prefer to stay home and manage their banking and finance without going to banks or other financial institutions.

So, if you are a startup that wants to invest in a highly potential domain, then fintech apps are the booming one these days. Moreover, the requirements of banking and financial services never go down. Thus, it ensures about continuous growth and success of your business.

While making your mind for fintech app development for iOS and Android platforms, many questions hit your mind. In this post, I am going to answer two of your most critical questions related to fintech apps.

1. What are the important features to consider for the fintech apps?

2. How much does it cost to build fintech apps?

Let’s start with the essential features.

5 Must-Have Features of Fintech Apps

1 – Personalization

To enable users with the extreme personalization, harness the poetical of Artificial Intelligence (AI) technology. Integrating AI in the fintech apps, you can track and analyze user’s spending and investment habits. Based on your analysis, you can suggest to them the best investment plans for the users.

Not only that, with the help of AI, but you can also address the queries of customers more efficiently and effectively. It enables your professionals with detailed insight into each of the users so they can deliver them more personalized experience by addressing their specific needs.

Offering personalized recommendations for banking and financial services, you can help the users in making the right and profitable decisions about their investments.

2 – Artificial Intelligence

It’s an era of Artificial Intelligence. It helps businesses to automate business operations, increase sales, leverage predictive analysis, improve customer experience, and detect frauds. These are a lot for any business including fintech apps.

AI enables you with the more advanced technologies like

Machine Learning:

To leverage predictive analysis by analyzing customers’ investment and spending behavior with your targeted users.


To offer a better customer experience to the users by addressing their challenges or queries quickly and effectively.

Robotic Process Automation:

To automate and streamline different financial operations for your professionals to boost their productivity.

Almost all the fintech apps run complex algorithm process to identify saving ad spending pattern of the customers. Considering AI for the fintech apps, you can deliver intelligent baking services to the customs.

You can boost operational efficiency and accuracy of your team by using AI. It allows you to free up your teams from performing mundane tasks and investing their time into more creative activities. This improves the productivity of your internal resources too.

3 – Authentication

Most of the fintech apps are using character-based password protection which has higher chances of the security breach. It is difficult but not impossible for hackers to crack users’ passwords. Being a fintech startup, the security of users’ data is the key responsibility of yours.

Instead of a character-based password, consider different methods to enables users with a fintech app with high-security standards.

Biometric Authentication:

Biometric can easily replace your text-based password protection technique. As Touch ID still falls under the category of emerging technology, it can be considered as a table-stakes for any fintech app. The core ability of it is you can use this technology not only for your password field but for the user field too.

Multi-Factor Authentication:

For the advanced security of the financial data of the users, you should apply multi-factor authentication methods or techniques. It verifies the user attempting to log in with the app is the account owner only and not a fake one.

Password-less Authentication:

This is another method of user authentication that is gaining mainstream for its security and usability. In this technique, users receive a secure and short-lived link through push notification, text message, or email. As it is a short-lived link, users need to click on this link to login to the app before it expires. This reduces the chances of fraud tremendously.

Rather than picking anyone authentication method, it is suggested to use multiple methods to boost the security level of your fintech app.

4 – Data Analytics

Data is the heart of every organization, regardless of size. It enables them with greater insights about their different business elements and allows them to make the right decisions at the right time.

Fintech domain is highly data-driven so data analytics is an inseparable part of fintech apps. Integration of robust data analytics permits users to have an overview of all their banking and financial investment and spending. Moreover, it allows the app to generate reports of analyzed data.

This is a very popular and common feature so you can find it in many fintech apps. The significance of this feature is constantly increasing as it allows users to access and track the financial activities they performed in the past.

Integrating data analytics in your fintech app, you can allow users to

Set Goals:

Users have the freedom to choose from the suggested goals or add custom foals. Moreover, they are allowed to define a timeline to save money for their future investment.

Generate Transaction Reports:

By generating the transaction reports for the users, fintech apps allow them to track how much money they have spent in different categories.

Report Management:

Almost all the fintech apps offer this feature. It allows users to check the summary of all the financial activities through report management.

5 – Blockchain

When it comes to digital money, Blockchain is the mainstream. It offers extreme transparency to the users by performing the transactions in the least time. Users can administer, record, and validate each and every transaction with the authenticity of the transaction record.

Considering Blockchain for your fintech app, you can reduce the transaction fee for local and international payments as well as increase the P2P payments. It saves a lot of money and time for everyone involved in the transactions.

The technology enables you and your app users with many benefits such as fast and secure data sharing across different platforms with the interface of intermediaries like banks, insurance companies, and financial institutions.

Integrated with fintech apps, Blockchain will improve the effectiveness of the financial ecosystem for sure.

How Much Does It Cost to Build Fintech Apps?

The cost of fintech app development depends on various aspects such as platforms, features, functionality, integrations, the hourly rate of developers, and the engagement model you want to consider.

It is suggested to develop fintech apps for both iOS and Android platforms. But, if you have budget constraints, then you can pick any one of them. Android will help you to the large user base. While considering the iPhone app development, you can leverage greater success.

The less and simple features, functionality, and integration you need, the cost will be less. But if you want to develop advanced functionality, then the development costs can be exceeded to a considerable extent.

A fintech app with the basic feature may cost you somewhere around $35000 to $55000. While a fintech app with advanced features may cost you more than $100000.

The Verdict

Are you ready to rock by developing a fintech app with the best features in a limited budget? I can bet the journey will be exciting for you. But more than that, you can deliver a great user experience to your target audience by enabling them with a robust fintech app where they can manage all their baking and financial investment and spending.

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