Cost of FinTech App Development With Innovative Features

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The main reasons for adopting the latest technologies are simplifying the processes, automating the workflow, and creating better customer experiences. For FinTech app development, FinTech also uses cognitive and emerging technologies to transform the manual, slow, and antiquated ways of investing and managing money, paying for products and services, automating repetitive and complicated tasks, and many more. In terms of customer adoption of FinTech products, the domain has recently received an extensive positive response.

FinTech app development is 2021's hottest trend in the mobile banking and FinTech industry. Vast evaluations of online payment methods is one of the prominent reasons behind the emergence of the FinTech trend. Moreover, for various FinTech companies, it has opened the doors of ample opportunities. FinTech companies like MoneyLoin, Chime, Robinhood, and Nubank are witnessing extensive growth with some eye-opening figures. However, if you aim to be the next FinTech future, you must hire a renowned mobile banking or FinTech app development company to achieve desirable results.


Numerous FinTech apps have automated insurance, banking services, risk management, insurance, trading, and many more for users. Customers can leverage the benefits of reduced transaction costs and the elimination of broker commissions through FinTech solutions. The FinTech apps have made finance more accessible and easier by bringing financial services to formerly unbanked people.


Moreover, with the increasing popularity of FinTech apps, the FinTech market is getting more competitive with each passing day. Therefore, you need to develop mobile solutions around popular Fintech app ideas, by considering some remarkable features. As a result, it needs to deliver more value to the customers than your competitors, in order to win over the market. 

FinTech Global Market

According to Statista, In 2018, the past investments that were made in the FinTech industry reached USD 112 Billion. By 2022, the industry is estimated to reach the market value of more than USD 309 billion. 

Cost of FinTech App Development 

During FinTech app development for your business, it is important to focus on amazing features that will enhance the level of value provided by FinTech apps in 2021. To be successful in such a venture, typically the FinTech app development cost ranges between USD 20,000 to USD 100,000. It can go beyond a hundred thousand depending on the variables of features, platform hosting requirements, and more. There is no straightforward answer to what is the cost of developing a FinTech app. The reason behind this is that the cost to build a FinTech app depends on many variables like:

 

  • Features and functionality you want to develop

  • Mobile app development platforms you want to opt for (iOS or Android or both) 

  • Hourly rates of mobile app developers you are going to hire

  • Number of integrations that you want 

  • The type of engagement model 


This blog will cover all the perspectives that directly impact the cost of developing a FinTech app. So, don’t bounce back till the end.

Innovative Features of FinTech Apps

  1. AI for Personalization

Artificial Intelligence is in the trend to make FinTech apps more personalized for the user. Using complicated arithmetic processes like machine learning and artificial intelligence helps firms and start-ups to provide the best smart services and suggestions to users according to their requirements. Furthermore, the integration of AI also helps in the marketing of the app according to user preferences. However, AI and ML technologies are still in their early stage, and the future holds significant potential to unfold the hidden benefits. 


The Alpaca Forecast AI Prediction Matrix is the best example of AI in FinTech. Alpha AI is a price forecasting solution capable of processing and analyzing millions of financial dealing records, like identifying patterns, predicting the price elasticity for the future, recording demand movements, and many more.


The correct FinTech app development process includes customized products that can be easily delivered to users with the help of analytics and AI. So it is a must to choose a mobile banking app development company that knows AI development so that users can receive improved customer service.

  1. Data Analytics

Indeed, the FinTech app should carefully analyze all user's financial transaction data and provide them with insights. It should also enable the user to easily access and track all the financial activities directly from the FinTech application.


The data analytics should be based on investment returns and suggestions so that your FinTech app focuses on asset management. Also, if your app provides a graphical representation for the data, understanding the data analytics will become easier for users. Moreover, it can also help the users to get insights about spending, savings, and investments.

  1. API Integration

Nowadays, every user wants to use FinTech apps that address their different financial needs by providing diverse solutions. For example, using a FinTech app, the users can make mobile payments and transfer money to less-mainstream requirements like asset management and crowdfunding. As we all know, user demand will increase with time, so different apps must interact with each other. Also, ensure your FinTech app interacts with both business-facing apps and consumer-facing apps.


Integrating APIs of consumer-facing apps allows users to conduct various tasks from a single platform. However, when it comes to API integration of business-facing apps, you can automate the data population across relevant apps that will save thousands of hours for your team. 


Integrating multiple APIs in a large-scale application, the FinTech institutions can use certain functionalities without re-developing them over and over again for every application. Dozens of API are integrated with SaaS-based applications or online apps and function seamlessly in your FinTech ecosystem without the end-user knowing it. So, if you want to develop an AI and ML-based FinTech app. In that case, it needs to interact with various APIs to automate KYC (Know Your Customer) /AML (Anti-Money Laundering) processes, due diligence, and many more. 

  1. Automation

Indeed, FinTech apps can automate various repetitive and manual tasks. It helps customers make instant decisions about their money regarding where to invest it, how to approve the loan at better interest rates, what to do with the overdrawn account, and many more. Also, you can take the benefit of an AI notification that notifies finance professionals about required interventions. In addition, AI notification management saves time for your staff as they do not need to track customer responses continuously. 

Conclusion

So, let’s be clear about your budget and how much you want to invest in FinTech app development. If you want to get your FinTech app developed soon, hiring a professional FinTech App development company is the best option. Furthermore, you must define the key banking and financial services that you want to offer your customers from the different investment and saving options that are available. 

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