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A Complete Guide on How to Build a Fintech App: Features, Trends, Steps, and More

A Complete Guide on How to Build a Fintech App
Software Development

A Complete Guide on How to Build a Fintech App: Features, Trends, Steps, and More

Here are our checkpoints to walk through today:

A Brief on FinTech

A Significant Opportunity with Fintech App Development

A Significant Opportunity with Fintech App Development

Top 7 Fintech Trends and Forecasts

Top 7 Fintech Trends and Forecasts

1. Blockchain

Here are some core functionalities of blockchain:

Levels up the security of the sensitive financial data and apps
Cheaper and faster transfer of money for users
Enables users to play on the increasing demand of cryptocurrency affairs
Seamless integration with the existing system

2. Machine Learning and Artificial Intelligence

3. Big Data

4. Microservices

5. Digital Banks

6. Autonomous Finances

7. Cybersecurity

Top Different Types of Fintech Apps

1. Digital Banking


2. Mobile Banking

Capital Banking
Ally Bank

3. Payment

So, if you’re curious to know what a payment fintech app should be like, look at these popular examples:


4. Cryptocurrency


5. Mortgage and Lending Services

Wells Fargo

6. Investment


7. Regtech


8. Insurance


9. Budgeting and Personal Finance


Key Features You Must Include While Building a Fintech App

Build a simple and intuitive interface . What most consumers expect from a fintech app is a user-friendly and compelling application interface. Moreover, a captivating user interface will help your app outmatch your competitors.
Ensure a smooth payment gateway . Your fintech app design should efficiently run the basic tasks like checking account balance, various digital payments and transferring money. However, you should compromise the security of your app in order to provide a convenient payment gateway.
It'll be a great achievement if you can include multi-user support with an effective user management system in your app. Finance management apps are in huge demand from multiple family members and several employees of an organization for sharing and monitoring a single account.
Customers will surely love your app if you provide them with a personalized app experience . Build a fintech app around the requirements of your users so that they can use it conveniently. For example, let your users filter the information they want to receive, like new updates, push notifications, etc.
Security , as we all know, is tremendously important for a fintech app. While user data definitely provides a more personalized and richer experience, you must integrate the highest security level to protect your users' sensitive information. Simply, the authentication process should be both intuitive and highly secure.
Online chats can most certainly improve your customer satisfaction rate. For most customers, online assistance is a more suitable alternative to email and phone support. Moreover, AI-powered chatbots help in reducing costs and enhancing the user experience by assisting clients and answering their questions 24*7.
With the dashboard and reporting feature , your user can access their data and have better control over finance in a single interface (trading charts, money movement, transaction history, etc.). Accordingly, your developers must maintain the accuracy and speed of this data. You can also allow your users to go through particular aspects if they want to explore and learn.
Integration with QR scanners, barcodes, and social network services.
Independent app functionality with no or poor cellular data.
Push notifications about every important activity.
Geolocation to discover nearby bank institutes, cash registers, ATMs, etc.
Analytics to prepare brief reports on account activities.
Currency settlements or conversions with the help of cryptocurrencies.
Two-factor verification and biometric authentication (face or touch ID).

Important Technology Stack for Fintech App Development

Cross-platform mobile app development with frameworks like Xamarin, React Native and Flutter or other advanced frameworks like Django and Node.js for app development.
Software Development tools, environment, and kits such as Android and iOS SDKs, Android Studio and Developer Tools, Apple XCode, etc.
Programming languages like Kotlin and Java for Android or Swift and Objective-C for iOS, C#, C++, Python, JavaScript, etc.
Cloud computing platforms like Mobile Backend as a Service (MBaaS) and Platform as a Service (PaaS) to manage the OS, infrastructure, or network.
Databases such as MongoDB, PostgreSQL, MySQL, etc.
Third-party APIs like Yodlee, Stripe, Experian, Slack, etc.

8 Essential Steps in Successful Fintech App Development

8 Essential Steps in Successful Fintech App Development

Step 1: Manage and Authenticate Users

Step 2: Implement Secure Hosting

Step 3: Incorporate Credit Score Checking

Decision-only credit reports
4506-T IRS TAX Transcripts
Credit records before employment
Social Security Number authentication
Eviction searches
Criminal searches
Motor vehicle reports

Step 4: Link Bank Accounts

Step 5: Integrate Payment Gateway

Step 6: Establish Chat Support

Step 6: Establish Chat Support

Step 7: Add Plug-Ins

Step 8: Consider Legal Requirements

Carefully go through legal obligations related to accessing the financial data of your users with these APIs
Implement an insurance policy to cover you if a data breach occurs
Develop data management and privacy regulations
Create a business continuity and disaster recovery plan in action

Cost of Building a Fintech App

Cost of Building a Fintech App
Eastern Europe - $35-40
Western Europe - $50-100
The USA - $120-150
Asia-Pacific - $25-40

Summing Up

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