Cost, Tips & Processes
Whether you are in the credit or financial companies, banking sector, insurance companies, or in the customer finance industry, Fintech mobile app development has become the best-known in the past few years.
Before initiating a Fintech mobile app development, you must be wondering how to build a Fintech mobile App? What is the cost involved in designing an app? We have covered everything in this blog, so let’s get started.
Table of Content:
- What is the estimated expense to get a fintech app?
- Some tips for building a robust fintech mobile app
- Begin with the discovery phase
- Discover your niche
- Concentrate more on the user experience
- Ensure a higher level of protection
What is The Estimated Expense to Get a Fintech App?
The cost for building a fintech app depends on the factors mentioned below:
- The Kind of app required.
- Features required.
- The type of the project.
- Selection of platform (Android, iOS).
- UX/UI design requirement.
- Other required things such as frameworks, libraries, AI, Blockchain, etc.
- The size of Tech Team.
- Deployment and support cost.
- Cost for Outsourcing, hiring freelancers, etc.
To determine the exact cost to develop a fintech mobile app, you should consider the team size required for your project. For instance, if you want to create an app for trading stocks, you require trading app specialists.
Generally, Creating a Mobile App demands a team of people mentioned follows:
- Frontend Developer.
- Backend Developer.
- Project Manager.
- Quality Guarantee Architect.
- UI/UX Designer.
Additionally, the Fintech mobile app development cost also depends on the location from where you are taking the development services. Before selecting one, you should check & compare the average rates of different countries.
Some tips for building a robust fintech mobile app You should consider some points to build a robust fintech mobile app. Mentioning below are some of the points that you should consider:
- Begin with the discovery phase Firstly, It’s important to verify the workability of your mobile app idea, and a discovery phase is just perfect for checking that. This stage gives you, your team the to make a timely product and be on the same page with all app partners.
- Discover your niche It’s best not to hurry when working on a fintech mobile app. It would help if you first decided the area you will concentrate on and then explored the industry and determined what your TG needs. Keep watch to the pain points and try to sort them by offering an enhanced product with the latest features. Moreover, you can check the demographics such as location, gender, age, etc., which lets you create your campaign more precisely.
- Concentrate more on the user experience Since financial apps offer complex services. Therefore simplicity, clarity, and modern design are a must for the Fintech solution. Mentioning below are some of the points to consider to get better results:
- Onboarding – You can direct users with a video to share the tips of your mobile app and how it solves the pain points. These things enhance user’s; experience and engage them with your content & product.
- Attractive and Trendy UI – Look & the feel is everything these days. You only get a few seconds to influence the users and engage them with your mobile app. Add flashy colours The palette highlights the UX, adds gradients to draft the forms of design elements, and uses readable fonts. And try to follow the brand guidelines.
- Don’t Add Too Much Text – Avoid adding too much text which is hard to understand.
- Add Personalization Touch – Everyone has different demands and plans. Though, understanding their requirements and likes helps you provide a customized experience. Personalization is a splendid way to create a unique product. For instance, many fintech mobile apps organize data to market their products to their audience as per their likes. Customers. Mentioning below are some points to consider ensuring high-level security:
- Authorization & Authentication – Your safety standards during authentication should not be restricted to SMS texts only. Add multiple technologies also to maximize the safety level of your mobile app. For instance, you can integrate two-factor authentication. Additionally, if any user puts the wrong password even after the third time, you can restrict the account to avoid hacking, data loss, etc.
- Data Encryption – Encryption means math algorithms that encode data into code. Hackers can’t crack this data without any decryption key.
- Secure Application Reasoning – It is also recommended to add safety standards at every stage. And you should observe unusual activity to determine hacking and data loss. Moreover, you should also add a One-Time Password thing, and as it permits, create a unique one-time-use password.
- Data Tokenization – It is a significant way to keep and share data. With this technology, you can also replace confidential information with some symbols. Hence to crack crucial data, it demands unique databases named token vaults.
- Check Apps Regularly – It’s also essential to check your mobile app safety at every phase of the development process. Your QA analysts should test each aspect of your fintech mobile app to secure a high level of security. Generally, quality analysts conduct penetration trials to simulate invasions for catching all safety defects and exposures.
Fintech apps have evolved a lot during these times. Undoubtedly, creating a fintech mobile app is a complicated procedure that needs in-depth study and excellent skills. You should portray your app’s objectives and conditions in advance to determine the features and technology stack.
Also, you should ensure legal compliance. So the Fintech App Development Process will be seamless and uncomplicated with the proper technique and the professional fintech app development team.