- 5 Essential Features To Consider For Great FinTech App Development
- Fintech App Development Cost
- How To Make Money From Your Fintech App
The global financial sector is expected to be worth US$26.5 trillion in 2022 with a CAGR of 6%.
The Financial Technology sector has taken over the financial services industry and there hasn’t been a better time to enter this market when it comes to building a FinTech app.
Covid-19 has highlighted and fast tracked the need for more services being available remotely – one such service being banking and financial services. [What Is Fintech Software And Why You Should Invest In It?]
5 Essential Features To Consider For Great FinTech Application Development
In FinTech application development, security is of the utmost priority as it involves making several monetary transactions. You want to ensure that your users’ data is safe when they are using the app.
Some of the different methods you can explore are:
- Account getting locked after X number of failed attempts to sign-in
- If there is a password update request, asking for the answer to a unique question or asking old password to be reentered
- If the user has used their debit/credit card – asking for the last or first 3 digits
- Integration of voice and face recognition.
- Fingerprint authentication in addition to 2-Factor Authentication.
When building a great FinTech app, you must keep in mind that as a financial service app, it may be used across various platforms to make payments.
The app must be able to integrate with other apps.
For example, if you are building a budgeting app and the only task it does it store data entered by you every time you spend some money – the user will eventually find it does not fulfil their need as they may forget to enter some data.
However, if the app can be integrated with other payment apps and records every transaction they make automatically – the user will have to put in less effort, making the user experience better.
The purpose of any app is to solve a problem by creating a tool that does the job. The same applies when building a FinTech App.
Your app should be reliable, easy to navigate and use. This makes it a better experience for your user to manage their finance better.
A great FinTech app should be able to collect real-time data and give users information about their finances, transactions and generate reports on things like monthly expenditure if it’s a budgeting app.
When building a FinTech app, you have to keep in mind that great mobile applications are ones that are built and oriented towards the user.
With the use of Artificial Intelligence you as a business can gather data on your customer preferences and give them a more relevant and personal service.
To improve user engagement and retention, you can gamify your app by introducing cashbacks or coupons for other services when they use your app. Another thing to consider would be custom updates/notifications that give relevant updates to the user.
With the power of AI and ML you can build a virtual assistant that would cater your users needs 24/7. To manage your cost and time, you can combine having an AI chatbot and also a customer care contact for more complex or escalated tickets.
By building a reliable support service, you as a company can attend to several queries simultaneously and not make your user wait their turn if a chatbot can resolve a problem for them.
FinTech App Development Cost
FinTech app development cost depends on:
- Mobile app development platforms (iOS or Android or both) you want to opt for
- Features and functionality you want to develop
- Number of integration you want to cover
- Hourly rates of mobile app developers you are going to hire
- The type of engagement model (Fixed Cost, Time & Material, and Offshore development Center) you are going to choose
An app like YONO – a platform offered by the State Bank of India that offers various financial payments like bill payment and is available both on Android and iOS can cost upto $4800 to build.
How To Make Money From Building a Fintech App
You can allow third party companies to use your platform for advertising and when users click on these advertisements, the app gets money from those third parties.
Different users can get different ads based on their personal preferences.
The FinTech app can be given free to users for a certain duration – a 30 day free trial. If the users like the app, they will pay to subscribe to the app for further use.
Fintech applications have taken the financial world by storm and have become one of the biggest market opportunities if you enter at the right time. They give customers a better experience and feasibility to manage their financial transactions.
If you are considering developing your Fintech app, you should better consider the points we covered in this article and FinTech App Development: How To Build A Great FinTech App.
You can also contact us if you are looking for FinTech application development services, we have a team of experienced developers who can help you get started on building a successful FinTech app.