In the first half of 2021, global investments in fintech reached a record $98 billion. For comparison, the industry attracted $121.5 billion in the entire 2020, according to the KPMG Pulse of Fintech study.
The need for the digital transformation of corporations and expansion of opportunities to attract customers, as well as the reserves of cash and highly liquid assets, contribute to the record growth of investment levels in fintech app development. Investors continue to see fintech app development as an attractive and lucrative niche, which has set the stage for “unicorns.” 163 companies in the first six months of 2021. In such an environment, everyone wants a piece of the pie. Let’s take a look at what fintech app development takes and how much it costs.
What should be in a fintech app?
When you plan fintech app development, you need to determine its functionality first. This factor influences the budget and timing of fintech app development more than any other. In the field of banking applications, there are standard features that the user expects to see:
- Security. When you help a user manage their finances, you should also provide a strong level of security. You can add a fingerprint scan, FaceID, and two-factor authentication to the app.
- Balance and transaction history. Usually, users can see their balance as soon as they log in to the app. Show them immediately how much money they have in their account and let them quickly find and view their transaction history.
- Account management. Give users the possibility to create or block a card, view their bank details, set spending limits, and give them freedom in account management.
- Payments. This is the function for which most people use banking applications. The ability to pay for everyday expenses, taxes, fines, transfer money to other cards, and pay off a loan or mortgage – it is all about payments.
- Notifications. This is the case when the user expects the bank to always inform about new arrivals, debits, bill payment reminders, and other important details.
What is needed for fintech app development?
Even if you have some ideas concerning fintech app development, at first it is important to make an audit of the market and the target audience. It is important to understand the needs which will be realized with the help of your fintech app development project.
You also need to answer a number of questions that will help you to orient the process of fintech app development for business:
- Expectations and alignment of the project with your business’ marketing strategy;
- What your target audience is, who these people are, and what they will expect from the new software;
- The platforms used and the budget for the fintech app development project creation;
- The fintech app development timeframe, and the promotion strategy for the finished product.
In addition, fintech app development is a really complicated, time-consuming, and responsible process that involves many aspects. You should contact a professional fintech app development team, which will ensure the creation of a quality, compliant finished product.
How much does fintech app development cost?
Now let’s determine the cost of fintech solutions software development. It consists of two factors: the cost of a specialist’s work per hour and the number of hours spent on fintech app development. The first one is around $70 in the US and Western Europe. The time is about the following:
- FE: up to 240 hr/mo
- BE: up to 240 hr/mo
- PM/BA: up to 80 hr/mo
- UI/UX: up to 80 hr/mo
- QA: up to 80 hr/mo
- DevOps: up to 80 hr/mo
So the cost of fintech app development will be around $50-80k. Nevertheless, there is a way to reduce the cost. For example, if you order a fintech app development in Ukraine where a specialist will work for about $40 per hour, then the final price tag will be about $30k.
Fintech app development is flourishing all over the world thanks not only to the discovery of cryptocurrency but also to radical changes in the industry of payments and financial management. Conservative, slow, and complicated financial management has been replaced by ultra-fast mobile platforms and online banking. Create your fintech app now and go straight to the big leagues. Just contact Perfsol and our experts will create an innovative fintech solution for you.