Presently, Technology can virtually fly & benefit every industry around the world through global digital transformation. So it comes as no surprise that there have also been major digital developments in the Banking & financial sector. To respond to customer needs for simple, quicker, and safer processing of financial transactions, the financial technology market, or Fintech for short, has arisen. With the power of Mobile apps, FinTech is aiding the era and benefiting world with the power of FinTech Mobile App.
If we discuss the importance of the Banking & Financial Industry in numbers, mind-blowing stats will catch your eyes.
Table of Contents
-Growth Stats: Number of Users
- The market’s largest segment will be Digital Payments with a total transaction value of US$6,685,102m in 2021.
- In the Digital Payments segment, the number of users is expected to amount to 4,913.90m by 2025.
-Growth Stats: Revenue Increment
According to the Global FinTech Market Size, Status and Forecast 2018-2022
- The global FinTech market was worth $127.66 billion in 2018
- The predicted annual growth rate of ~25% until 2022, to $309.98 billion.
-Market Popularity of Digital Payment
- 66.7% Share of Bank Executives who believe FinTech will impact wallets & mobile payment globally.
- 65.3 % Share of Americans using Digital Banking by 2022
- 38% Share of US personal loans granted by FinTechs
So there are tremendous investment opportunities for finTech startups and businesses alike to reap. It’s a good time to get this project moving if you plan to develop a FinTech mobile app
There are challenges to creating a successful app that can scale up your company. What niche in the FinTech industry to target? What are the features? What’s the cost of developing a FinTech app? To get started with your idea, this article will guide you with everything you need to know. So, let’s read on to see how to develop a FinTech mobile App and take it to the next level.
Have a Glimpse on FinTech Industry
Since the beginning of the article, we’ve admired Finance Technology & presented its amazing stats of revenue growth and user increment but what exactly is FinTech and how to get into FinTech?
FinTech is an industry that covers any financial services technology, from companies to customers.
Any business that offers financial services through the usage of mobile apps or any other digital technology is known as a FinTech company stating in layman’s terms. A FinTech business is a company that provides financial services using the internet, mobile devices, digital technology, or cloud services.
Reasons for the Commencement of FinTech Startups
FinTech is being embraced by customers at a rapid pace. Around 96% of global customers have at least one FinTech app installed on their smartphones. FinTech is being adopted on a wide scale by conventional financial players such as banks, lenders, and insurers. They all aim to create FinTech Mobile applications that help their business processes to be automated and streamlined. It plays a crucial role in developing digital capabilities for these organizations, from the automation of legacy processes to identity and privacy management.
Every major industry will be integrating FinTech technologies into its business infrastructure in the not-so-distant future. So all sorts of companies, including those that are not in any way related to FinTech right now, will have the potential to develop and benefit from FinTech Mobile apps. That’s why diving for FinTech app development is an awesome opportunity for startups that you should not skip.
This industry provides plenty of directions for growth from which you can choose. Artificial Intelligence, Machine Learning, Robotics, and the Internet of Things are only a few of the state-of-the-art innovations used to address various problems in FinTech. One of these innovations will certainly be the answer if you’ve been wondering how to create a FinTech solution that will be both successful and appropriate. So it promises to be not only lucrative but also interesting to build a FinTech start-up.
Now is an ideal time to create a FinTech app, considering the current business dynamics and a wide range of growth possibilities. According to Statista, mobile applications are expected to produce more than 935 billion US dollars in revenue in 2023. This number will be much greater if we all find the courage to follow our brilliant ideas.
Basal Features of FinTech Mobile Apps:
Here, find the essentials features of FinTech mobile apps that are making this industry a vast-popular among the rest.
The Simplicity of Data Analysis:
Fintech is looking for simplicity. The highly functional and advanced Fintech platforms enable uninformed users to conduct their financial operations differently. The search for simplicity is not only intended to make the service problem-free but also aims to streamline the whole purchasing process. Thanks to modern technologies, seamless deployment processes make Fintech-based applications more fun and fitted with a greater variety of possibilities. The apps can also create financial programs that show the history of transactions or an intuitive description.
The app intends to become the basic data compilation analytical method, and so it should be streamlined as much as possible. Not only users can monitor their financial activities, no matter where they are, they can also easily access relevant information and their history of transactions.
Panoramic Functionality and Integration:
For several channels, a mobile application must be incorporated perfectly. Fintech focuses on multiple industries that ensure that consumers seeking diverse solutions can be designed for unique applications. Among the most requested specifications and functionality are mobile payments, crowdsourcing, and financial resource management. Therefore, applications must be compatible with each other so that they can “communicate and share knowledge.
For both individual and business clients, the incorporation of various applications and functions into one is necessary. That means joining all bank accounts together or gathering different data together. The accessibility of the application across distinct platforms also plays an important role. So here, wherever customers expect it, we are talking about perfect business integration.
With the rise of Fintech, the basic needs of clients have not changed. Therefore, applications must have to respond to them. New framework enhancements that have already worked alongside features are necessary to incorporate. In this way, it will become even simpler to manage expenditures, investments, and take out loans. To save time while using the application, another essential purpose is to have an intuitive interface. From the user’s point of view, it is necessary to incorporate new functions that grow and extend the old ones.
The secret is creativity, and a clear example of that is artificial intelligence used by Fintech. For the user, who needs to explore these possibilities, the dynamic algorithmic processes’ think’. What is more, it is necessary to track, identify, and combat improper customer behavior.
Blockchain Allows new Business Models:
Blockchain, a recent invention, is being used in more and more different Fintech applications, but it has not yet seen mainstream retail acceptance. A blockchain is a collection of blocks that store information with timestamps in hash functions such that the information cannot be modified or tampered with. It gives the products an edge of blockchain technology in the sense where it is possible to swap most of the trust-providing proxies from the standard Fintech.
Technology dependence not only brings cost savings but can allow the development of entirely new business models that are unheard of in the current financial ecosystem because of technical debt and obscurantism or simply prohibition of costs. It is just a beginning to peer micropayments between users, insurance, or loan products directly provided between retail users bypassing rating agencies and other proxies. Innovation is also hitting government levels in the form of Central Bank Digital Currencies. Some countries are looking at how to introduce robust crypto-secured digital currencies at the national level.
Today, understanding the desires of clients is the underlying concept that drives global marketing. It’s no different as far as mobile banking technology and FinTech remain concerned. Therefore, the FinTech software should be customized to evoke the feeling of individuality. Typical banking solutions also neglect the requirements of clients to stand out from the significant crowd. That is why FinTech startups can be the answer to the needs and desires of clients. You can conveniently fit the product offered to the potential consumer with the FinTech app. Thus the product selection can be tailored to the client and delivered in the best possible way. FinTech app integration with personal applications, including social media provides the closest possible relationship with the user in the process of individualization. As a consequence, financial practices are more fun and bring individuals closer together.
How Much it Cost to Develop a FinTech Mobile App?
The amazing facts and stats, captious developments, innovations, and features have already been covered above. Let’s talk about the cost of developing a FinTech app right now. Several factors depend on the total price. Your FinTech Mobile App development team’s hourly rate, the number of functions, as well as their complexity, contribute to the overall budget.
The cost of the creation of FinTech apps depends on:
- Platforms for mobile app development (iOS or Android or both) that you want to choose.
- Features and innovations you want to create
- The whole of incorporation that you want to protect.
- Hourly rates of developers of mobile applications that you can employ.
- The type of interaction model that you can choose (Fixed Cost, Time & Content, and Offshore Production Centre)
Be clear about your budget as to how much you want to spend in the creation of the Fintech app. Also, describe the main banking and financial services to your chosen mobile app development company that you want to offer your clients from the various investment and saving options ranging from digital piggy banks to Cryptocurrency trading.
As it comes with several intuitive highlights we should not ignore that FinTech technology is taking the financial industry by storm. Integrate the right features that fit well with your niche of FinTech apps that help you boost sales and make your company flourish.
Being a master in creating mobile applications for Banking & Finance Industry, you can share your amazing FinTech app idea with us at [email protected].