How Much Does It Cost to Develop a FinTech App? Financial App Development Cost App Development Cost

fintech app development company

September 1, 2020

Reading time about 9 minutes

FinTech app development is 2020’s hottest trends in the banking and FinTech industry. One of the prominent reasons behind the emergence of the FinTech trend is a vast evaluation of online payment methods. It has opened the doors of opportunities for various FinTech organizations.

FinTech companies like MoneyLoin and Nubank are witnessing exponential growth with some eye-opening figures. If you are aiming to be the next FinTech future then you must hire a renowned banking and financial app development company to achieve desirable results.

There are three significant types of FinTech apps:

  • Money banking apps for money transfers, bill payments, and expense trackers
  • Apps for stock trading, savings, loans, and financial advice
  • Payment gateway integration apps that using blockchain and bitcoin

Before jumping to how much does financial app cost, let’s discuss key features that you should consider before developing a FinTech app.

1. Build a Secured Platform

FinTech apps must address data security issues to develop a loyal relationship with your customers. Security is a prime concern that helps to ensure data security with regulation and compliance. Typical security measures include:

  • A lockout after failed login attempts
  • Displaying only the last three digits of card numbers
  • One-time message to affiliated contact numbers every time user login through the app

Introducing blockchain security is also becoming a mainstream innovation in fintech. The advantage of leveraging blockchain solutions is that it records, validates, and administers every single transaction. Thus, tampering with transaction records is not easy.

2. Introduce Innovation, Introduce Artificial Intelligence

Rapid processing needs and the advent of mobile technology offer AI a huge scope in the banking & finance sector. Use of AI in FinTech apps,

  • User-friendly chatbots are an extremely quick way to do interactions and provide intelligent banking services to users while improving customer service.
  • It allows for better financial planning. Using complex algorithms, the app helps users to calculate total spending, relevant risks, monetary inflation, etc. in a matter of minutes.
  • AI solutions prove powerful in detecting fraudulent behavior in real-time that allows FinTech organizations to add strong security in their apps.
  • Also, AI-integrated FinTech apps allow efficient and faster transactions that save the time of the users.

3. Change the Dynamics of Customer Experience with Immersive Technologies

AR and VR have successfully stepped into the banking sector to provide customers with greater visualization of banking functions. Immersive technologies like AR/VR are at the forefront of customer experiences. For instance, the National Bank of Oman is using AR to help their users locate the nearest ATM/ bank branches without a hassle and BNP Paribas is using VR to provide virtual access of account activity and transaction records to its users thus take banking experience to a next level.

4. Reimaging the Future with Blockchain Services

Even though blockchain is early in its age, integrating blockchain technology in financial apps can reduce risk in business operations and improve end-user experiences. “According to Global Fintech Report, 77% of Fintech institutes expect to adopt blockchain as part of an in the production system or process by 2020.”

With blockchain-integrated FinTech app, investors can expect, Smooth Money Transfers – Businesses and consumers transmit hundreds of dollars internationally every year. The process can be expensive and tiresome. Using blockchain technology, financial institutions can improve remittances and minimize exposure to cryptocurrency which enables frictionless money transfers from one account to another.

5. Robust Notification System

The notification panel is a mandatory feature in FinTech apps. The apps must track logins, money transfers, ATM withdrawals, and other activities. It allows customers to detect fraudulent account activity.

6. Easy yet Secure Registration Process

When it comes to a banking app, security is a topmost priority. Users must opt for multi-factor authentication for more secure sign-in and sign-ups.

FinTech apps are more efficient, secure, flexible as the FinTech industry is ready to adopt the latest technologies like blockchain, biometrics, API integration, and many more.
Knowing the features, now let’s move on to factors on which cost of financial app development depends,

  1. Type of platform you choose (Android, iOS, or Hybrid) for app development
  2. Technical complexity – Third-party integrations, utilization of hardware components, and admin panel development

How Much Does A Financial App Cost?

Undoubtedly, the future of FinTech is bright. The cost to create an app depends on various factors like features you need in your app, type of platform you need, developer’s cost, etc. Typically, the cost of a financial app ranges from $20,000 to $1,00,000. Here is a list of features that require approximate hours to design and develop,

  • Instant transfer requires 24h
  • Fingerprint login requires 1h
  • Mobile P2P send requires 36h
  • Add a new payee requires 8h
  • Set spending limits 8h
  • Voice banking app requires 40h
  • Chatbot in messaging 60h
  • Push notification 10h

Hiring us a reliable mobile app development partner, our team of experts validate your idea and suggest the best features that you need to implement in your financial app for better outcomes.

Here’s a link to the mobile app cost calculator that will help you find out an approximate cost of app development within minutes.

Must have features in your Fintech App

  • Data Analytics

Data Analytics is an integral part of the fintech app as it enables the users in accessing and tracking the history of their financial activities based on user demands, the app also analyzes the complete data and create reports for the user.

Data Analytics is a powerful feature allowing users to access and track the history of their past financial activities. All the Fintech apps with data analytics allows the users to report management, generate transactional report, add custom savings goals and many more exciting features.

  • API Integration

Customers would love to use Fintech apps that address their financial requirements by providing diverse solutions. With the convenient usage of Fintech application, users can quickly make mobile payments and transfer money to other expenses including crowdfunding and asset management.

While the user demands keep on increasing, its quite imperative that the Fintech apps interacts with both consumer-facing apps and business facing apps.

  • Artificial Intelligence

AI has been bringing positive changes to the banking industry, banks saw a quicker and increasingly exact assessment and evaluation of the clients at a way more lower costings involved. The followed process is more innovation driven and modern making it on point than taking care of the same manually.

Artificial Intelligence when implemented in the banking segments will be increasingly objective as they aren’t exposed to any one sided choices, for instance, computerized banks and their mobile applications use AI calculations so users can further utilize ant sort of gadgets to dissect their eligibility of getting loans and various alternatives with negligible human interaction.

  • Personalization

Considering the power of AI, it’s a way more efficient when it comes to personalization. Where we’re looking for financial app development cost, AI can even save us from spending huge! Fintech apps with AI integration offer smart suggestions and answers to the users/customers through analyzing their investment and spending habits.

It can help your finance professionals to stay more interactive with the customers. Let your customers make the best decision about investment services and provide personalized recommendations with impactful implementation of AI.

Look for the best company to get the exact fintech development cost for your next project.

Popular Products in the Fintech Industry

Fintech is majorly used in businesses; these companies can be divided into the following categories-

  • Cryptocurrencies including Bitcoins, Litecoins, Namecoins, NXT, and PPCoins
  • A decentralized system, Blockchain Technology
  • InsurTech, the technologies that are used in the insurance industry to sync the process
  • Smart Contracts, these are used for the safe exchange of money & data without a mediator or a third party
  • RegTec, these are the regulatory technology which ensures quick and reliable compliance through legal regulations
  • Robo-advising, it’s a software algorithm which includes varied investment tips
  • Stock trading apps allow investors for buying and selling stocks conveniently with the help of the mobile devices
  • Artificial Intelligence based solutions, they’re a combination of big data and management solutions, it analyzes the performance of a financial institution and further automates the organizational processes
  • Cybersecurity helps in protecting the networks, system, and programs from digital attacks
  • Non-banking services offer services to the low-income group pf people who are not able to receive support from the traditional banks or the financial companies
  • Crowdfunding Platforms, it allows internet and mobile app users to transfer the money on the platform offering individuals or businesses pool funding from various sources
  • Mobile Payments, services which allows the customers to exchange money and payments online or on smartphones
  • Open banking, they’re the solutions and processes which allow banks to conveniently exchange financial information & services electronically with prior approval of the customer
  • Conversational Interfaces are the kind of UI that copies human conversations. This includes voice assistance and chatbots
  • Robotic Process Automation, it’s a form of business process automation technology-based software of bots or AI workers, it uses the UI to collect data and manage applications

Top 5 Technologies Used in Fintech Development

Choosing the right technology is essential for finding the one technology which seems to be the foundation of your project. The technology stack has been the right fit for your project criteria and meets the demands of the final goal.

Though every programming language is great for one specific purpose, so it’s quite imperative to make sure for defining a clear understanding of how the project should be looking like. Here are the five leading technologies leading the world of Fintech Market-

  • Java
  • Python
  • C++
  • C#
  • Ruby

Java is leading the space due to its high level of dependability, it is currently the most preferred programming language by financial institutions. On the contrary, FinTech requires better programming features that can be better managed through Python rather than Java or any other programming language.


Financial apps have turned into a significant opportunity for FinTech organizations. With the right mobile app development company, you can run your business operations smartly and cost-effectively.

A financial app offers several advantages to its users, like checking balance in real-time, conducting all bank activities with ease, and offer lucrative deals to its loyal customers. Ready to build a custom app for your FinTech organization? Talk to our experts today!