How Much Does It Cost to Build a FinTech Applications?

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A majority of bank executives think that FinTech will have a significant impact on global digital payments and wallets. Digital finance is growing rapidly. Digital finance is fast, convenient, reliable, secure, and easy to use. FinTech app development services have been on the rise.

FinTech apps are many. There are apps that can be used for wealth management, digital banking, stock trading and personal finance. FinTech applications cost vary from one app to the next.

FinTech app development solutions are experiencing tremendous growth, as Blockchain implementations continue to grow. AI, ML, Big Data, and Big Data are changing the way FinTech operates. Fintech app development today focuses more on providing a personalized experience.

How can you estimate the cost of FinTech app creation? It depends on the type and features of the application, as well as locations and teams. Let's take a closer look at these major factors.

Continue reading: 7 FinTech Apps for Startups that are the Best in 2022

Different types of FinTech Applications

There are many types of FinTech applications available today. These include:

Banking apps:

All banking services online can be done through digital or internet banking apps. Everything is possible online, from account opening to borrowing.

The app solves all queries and people don't need to go to the branch.

Investment apps:

These apps allow you to invest in different instruments. Individual investment apps may be available for some companies, such as mutual funds.

Trading apps, cryptocurrency exchanges and other investment solutions are also available.

Lending apps:

The P2P lending market has been growing quickly. To make it possible for people to borrow money (up to a point) via digital channels, companies are creating partnerships.

It simplifies the lending process, even though it carries a high degree of risk.

Personal Finance Apps

These solutions allow consumers to manage their finances. These solutions allow people to track their income and expenses and create a budget and make sure they stick to it.

These apps can be used as a personal notebook for all financial transactions.

Insurance apps:

Many insurance companies offer insurance applications to help with claims processing, user queries resolution, policy comparison, and so on.

Policy bazaar, a popular Indian insurance app, is an example of FinTech in Insurance.

There are many other FinTech apps that can be used. The latest trends include digital wallets, eportals, and other forms of FinTech apps. PayTM and Amazon PayTM are two examples of one-stop shopping apps.

The Features of FinTech Applications

The features are what determine the FinTech application's cost to businesses. Each type of application requires different features. A personal finance app may have different functionalities than an insurance app.

Every app must have some basic features. These features are available for all types of apps. They are used to compare FinTech app cost between different types.

1. Register and Login as a User

This is the core functionality of every FinTech app. A user profile is important because FinTech allows people to save and track data.

The application should have both a login and registration feature.

2. Profile Management

Each user should have the ability to manage their own profile. Users should be able add bank accounts, edit usernames, change profile photos, add or integrate wallets and many other things.

This provides complete information about their financial profile.

3. Personalization Settings:

Every user today needs a personal home screen. They wish to customize their preferences.

FinTech app development companies will be focused on developing apps with personalization capabilities. You will also find suggestions and recommendations.

4. Notifications and Updates

All users want to be notified about deals and offers. FinTech apps provide notifications about transactions and renewals, reminders and discounts, among other things.

The app should provide updates on products and services.

5. Virtual Assistant

Everybody expects to see a chatbot/virtual assistant in an application. It answers common questions and provides quick resolution to queries.

Chatbots can also redirect users to the right representatives who cannot answer their questions.

These are the five essential features every FinTech app must have. There are also data analytics, security and other features that can help you to figure out the cost of FinTech apps.

Let's now look at the cost of FinTech App Development.

What is the cost of FinTech applications?

We now know that FinTech app features and types play a significant role in determining the cost of an app. Companies hire FinTech developers because they look at more than just that. A software development company may charge a different amount than a freelancer or in-house FinTech app developers.

These are some things you should consider when estimating the cost for FinTech application development.

Maintenance cost:

First of all, you must think about maintenance costs. Maintenance is an ongoing process. Maintenance costs are often overlooked by many companies.

They can be costly over the long-term. Maintenance costs will rise as the application grows.

Type of app:

It is important to understand the type of FinTech app you want to build. The cost of a basic personal financial app, with simple features and a simple interface, will be between $30k and $50k. A digital banking app might cost more than $100k.

These apps are larger and more complicated. Understanding the app type is crucial.

The size of the team:

The size of the FinTech app team is another factor that influences the price. A company that develops enterprise software might offer a team, depending on the complexity of the project. Higher costs will be associated with larger teams.

Some projects require 2-3 teams to be deployed. This can cost over $150k.

Location:

The location of a FinTech app development company is important. Software development companies in India will be cheaper than those in the US.

There are several countries that have affordable FinTech developers, including India, Vietnam, Poland, and the Philippines.

Timeline:

Finally, time is everything. The cost of an application will be heavily affected by the time it takes to deliver. More team involvement is required for rapid prototyping and developing.

The team that works less frequently on a project with a longer delivery time will pay more.

These features will determine the cost of FinTech app development. A simple, straightforward app with a simple UI will cost between $30,000 and $50,000. FinTech app costs can increase as enterprises become more complex and can reach anywhere from $50,000 to $250,000.

Continue reading: How AI and ML Are Transforming FinTech Industry

Conclusion

It can be difficult to calculate the cost of FinTech development. There are many factors to consider. Hiring or outsourcing software development companies can help you save time, money, as well as effort. BoTree Technologies, a leader in FinTech app development, has extensive experience with different types of FinTech applications.

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