The cost of building an application depends on multiple things ranging from the complexity of the software to the total number of pages it will have, the features and functionalities it will be integrated with, and most importantly, the resources that are required to bring the concerned app to life. If you take all these things into consideration in advance, then only you will be able to estimate the accurate cost of your fintech app development.
But the question is, why should you put your money on fintech app development, not other types of app development? Such questions might cross your mind. So, to help you get a clear understanding of that, we would suggest going through a relevant answer drafted below by a top financial software development company:
What is the main reason to invest in fintech software instead of its other counterparts?
Fintech has disrupted the entire financial industry, becoming a massive revenue generator of late. And this disruptive technology has empowered financial institutions to render new and handy services to their consumers, translating into a dramatic rate of growth for the fintech sector. And do you know the most surprising news? The pace at which this technology is advancing, the potential for further disruption in the fintech sector seems to be considerable.
In fact, according to one of the biggest newswire distribution networks in the world, the fintech market is predicted to reach $699.50 billion by 2030. While as per a leading research, data, and insights provider, the total number of online banking users will grow from $197 million in 2021 to $217 million in 2025.
Thus, these figures are enough to let you know how aggressively the industry of fintech apps is growing for the last few years. And if you want to take maximum advantage of this growth from your end, it is in your best interest to hire a financial software development company to build a fintech app.
When should you create a fintech app?
As it is clear from the data shared above, the fintech market has maintained a constant growth over the past few years. And some research suggests that this growth will remain uninterrupted for the next few years. In fact, the current fintech market size will become larger in the upcoming days, which is great news for interested business owners.
So, if you are considering establishing a money-making agency in the financial industry anytime soon, we must let you know that the fintech sector has a place for you. And if you need any guidance and assistance regarding how to build a fintech app for your brand, you must know that the best financial software development company is just a call away.
Apart from that, here are some more statistics that will make you understand why now is the right time to invest in a fintech product:
- 65% of USA residents will use mobile banking by 2022
- 67% of bank employees believe that fintech is required for quick and easy money transfer
- Fintech grants 38% of personal loans in America
- Online banking is responsible for the opening of almost 4.6 million new accounts in 2021
So, if all this information interests you, and you want to get a fintech app as soon as possible, it is advisable to have an audience with a premier financial software development company right away.
With that complete, finally it is time to look into:
What is the cost of building different types of fintech applications as per a financial software development company?
| Types of Apps | Development Cost (Approx.) |
| Banking Apps | $30,000 and $300,000 |
| Lending Apps | $50,000 and $150,000 |
| Insurance Apps | $45,000 and $200,000 |
| Personal Finance Apps | $50,000 and $300,000 |
| Investment Apps | $60,000 and $120,000 |
The first and most imperative thing you must know is that the cost to create financial apps varies based on the type of virtual product you want to develop. Below are the estimates of the development of a few fintech apps according to standard app types:
Banking apps
You must have noticed that these days most of the financial services are getting delivered online through internet banking or digital banking applications. Right? Users do not need to step out of their home and head to any branch to deal with common issues that they are facing with their bank account. Wondering why? Because fintech banking apps can take care of all such issues with ease, be it opening an account or applying for a loan.
Yes, taking an example of an Europe-based global bank. Their AI-based mobile app decreased manual processes by 35% and increased customer retention rate by 20%. They are now in the position to handle more than 50% of customer service requests with the help of a chatbot.
And if you want to fabricate such an app for your brand, we must let you know that this kind of app development will cost you somewhere between $30,000 to $300,000 depending on the complexity level. However, for more accurate pricing information, you can always reach out to a globally-recognized financial software development company.
Lending apps
You might not be aware of this, therefore we must tell you that the P2P lending industry is expanding speedily at the moment. Organizations are making alliances to let consumers apply for loans with the help of digital platforms.
And the best part? Despite a massive risk, this option is streamlining the whole lending procedure. In fact, the fintech sector is utilizing this technology to offer their patrons more effective financial solutions via faster and more accurate processes. Smart devices that validate identity credentials take advantage of AI and ML tactics to yield flawless results.
What else? Once you integrate these technologies into loan procedures, it will be a breeze to:
- Foretell income projections
- Evaluate borrower’s history
- Determine the worth of the collateral
- Anticipate any changes
But this sort of fintech app development will set you back by somewhere between $50,000 to $150,000. However, if you want to get more precise pricing information about this type of app development, it is a wise decision to get in touch with a well-established financial software development company.
Insurance apps
Do you know that most of the insurance-related fintech businesses are striving hard to digitize their services? Yes, it is true. And fintech can deliver more affordable coverage policies with the help of apps at varying rates. And if you are a cutting-edge insurance agency owner, you must know that you can create a professional application for your clients and agents.
This way, the end users can access their policies across various devices when the insurance software is installed. And this convenience makes the whole interaction simpler and quicker. A case in point here is that the users can process their claims quickly, leading to fast deal closure. And if you want to make an insurance fintech app like this, a highly-praised financial software development company says you will have to splurge anywhere between $45,000 to $200,000.
Personal finance apps
These days, individuals have become so self-sufficient that they can handle their finances easily. Thanks to myriads of Personal finance apps that fulfills their needs. Now it has become a walk in the park for people to:
- Monitor their earning and expenditure
- Create a budget
- Ensure they stick to it
That means these programs work as individual journals to keep track of all the valuable transactions of folks. And just to let you know, a highly-acclaimed financial software development company charges somewhere between $50,000 to $300,000 for creating personal financial apps.
Investment apps
If you remember well, investment apps are software programs that allow users to invest in a multitude of services. Right? And there are some businesses out there, like mutual funds, who have this type of investment application for their target audience. And just so you know, some other popular investing solutions are:
- Trading applications
- Cryptocurrency exchanges
And if you wish to construct any such fintech investment app now, you must expect to spend between $60,000 to $120,000.
Beyond this, you will be amazed to know that there are other app categories to that are killing it in real world, such as:
- E-portals
- Digital wallets
- And other similar applications
Particularly, apps like Amazon Pay are garnering massive attention when it comes to fulfilling one-stop buying needs. One thing is monumental to understand here is that if you want to get such software developed today, it will boost your overall budget, considering implementation of the functionalities, like:
- Real-time credit score tracking
- EMI calculators
- Data analytics
Now that you have got a deep sense of how much you need to pay for fintech app development depending on potential app types, it is time to employ a financial software development company to convert your actual commercial idea into reality.
What is the cost of maintenance of fintech applications?
So far, you have learned how much you may need to spend on each fintech application type based on your requirements, right? Now the query arises, how to make a financial app that seems to be convenient and easy to use for everyone? Well, that’s where the role of chatbot for customer support emerges.
Do you know why? Because your fintech application will handle the finances of your users at its core. And when that happens, they might want to ask wads of questions about how things work and how their money is processed.
Be mindful, no one wants to send an email these days for each issue they face and wait patiently for hours or days to get a relevant response. Therefore, the support team must have an in-app chat feature that can work around the clock and deliver accurate responses to most frequently asked questions.
And just for your kind information, maintenance, and security are some essential aspects of every application or software if the words of an exceptional mobile app development company are to be believed. The fintech apps should be maintained regularly so that the end users can be rest assured about security measures.
Now, if you build a basic fintech app, the cost of maintenance will be minimum. But the figures can change any time based on the way the banking and financial technologies are enhancing consistently. For instance, your fintech app could be exposed to more expenses for:
- Higher security
- Better user experience
- Quality improvements
So, if you want to get your fintech app made with all these strengths and pros, it is necessary to sign an agreement with a trusted mobile app development company now.
Conclusion
Now that you have read the whole prose and found the given information useful and handy, it is time to keep in touch with a reliable financial software development company for your spick and span fintech app creation.
