Technology plays a vital role in every industry and sub-sectoral of economic life. It is also used to support the most advanced and complex areas. This is one of many areas that depend on tech facilities available in the banking domain. Mobile app development services are a key component of most financial institutions across the globe. It makes financing easier and easier to administer.
The popular trends are eventually becoming more apparent every single day. Every single trend in the field of technology is aimed at improving the finance industry. FinTech application development service is a topic of great interest to both the banking and FinTech industry. Fintech is common because it can evaluate a wide range of payment facilities in the online domain. Most FinTech organizations now have more opportunities to expand because of the FinTech trend.
According to reports, the global market value of the fintech software development industry will cross $305 billion by the year 2025, according to estimates.
Let’s start by understanding the fundamentals of FinTech mobile platforms that can boost customer experience before we can understand how much it would cost to create a FinTech mobile app in India.
FinTech Applications
Understanding three different FinTech applications are essential. The following are some of the most amazing FinTech-related applications as suggested by the mobile application development experts. Check it out:

Apps for stock trading, saving, loan, and financial advice
Banking apps that allow you to pay bills, transfer money, and credit.
App development process with payment gateways with Blockchain and bitcoin facilities.
To know more you can always connect with the experts at Fintech software development company and get all the assistance you need related to it
Features to Consider before Developing Fintech Application
Your business faces unique financial market hurdles. You need to create apps that address all your customer and operational needs. The mobile app developers need to create software applications that should be able to meet stakeholder expectations and be creative.
The fintech application can be developed with any combination of audience-centric and functional capabilities requirements. Let’s see what Fintech features can be combined and how that influences the complete development cost.
Manage your Account: This feature allows users to securely and safely manage their financial accounts and profile. With the help of constant updates, the application will play an important role in verifying, validating, and administering money transfers. Fundamentally, if your financial app is functioning well, you can review all transactions, investment history, and credit score with your available cash balances. These tasks can be accomplished with safety, security, and ease. These features can be further developed by developers, including the Transfer of Money through the email ID, mobile number, Captcha and account security for access through multi-factor verification.

Data Visualization and Analytics: Fintech organizations won’t compromise on the features that allow them to analyze data and provide valuable insights to clients for better advice and decision-making. Data analytics allows users to track and access the background of their monetary transactions. It also offers meaningful reports that can be used to help consumers plan for future investments and track current transactions. You can also access detailed visualizations and charts for any type of financial insight you require with your fintech application.

Alerts, Notifications and Updates: It is important to inform each customer and user about any transactional or financial updates when you create a Fintech app. Alerts and notifications are used to remind the user about investments and expenses. Keep your customers informed regarding their account balances, transactions, credit score details, statistics, and due dates.

Chatbots and Voice Assistants that can be activated by voice: Chatbots that can be activated by tapping, voice, or text activation allow users to communicate with different stakeholders more effectively. Chatbots for financial institutions have the potential to improve customer service. Chatbots that are app-enabled can be used to assist customers in a variety of ways. Voice assistance is one of the most popular attributes and functionalities in technology. People who have a smart virtual assistant installed in their homes or offices can enjoy optimal access to it. Virtual assistants are being sought after by people primarily for their improved experience. Your Fintech app should support voice-based features, searches, and procedures.

Creativity in UI/UX: It might seem obvious that you need an intuitive user interface to enable mobile payments. It is essential. It is more than a transaction. You are actually implying the hassle-free user experience your app development unit has created to keep your users coming back to the app and staying loyal. To ensure that the app is understood by users, it is important to have an intuitive UI/UX. This strategy aims to collect more data, provide feedback and allow data analytics to create new features that will match the app’s usage.

Gamification: Gamification is a motivational concept that includes reward systems that make your application experience fun and engaging. Gamification is a great way to increase customer retention and even gain them. Google Pay’s success is due to its scratch card, which lights up a fire in users who are looking for rewards. People love cash-backs and exciting deals. They also like discounts. This makes them loyal to the app.

Security with multiple verifications: Blending security features in the Fintech application is a good idea as per several app developers. Hackers could misuse dummy mobile banking applications to gain access to your app or use public Wi-Fi in an incorrect manner. Security vulnerabilities are also more likely to be exposed if you have an out-of-date defense that includes a code in the numeric for. Multiple verifications are becoming more accepted and used to assess identity. This is completely dependent on the assumption that it is difficult for unauthorized persons to access and enable more than two factors.

App Tours: Your application should take new users on a tour of the app, including a description of its features, practicalities, as well as competencies. This is an essential part of streamlining fintech processes. It should be concise, crisp, and quick. This scenario will help new users enter the advanced space in finance. Your application will guide them on their journey.

Useful Content, Navigation & Simple Usage: An interesting statistic that you need to know is that 3/5 of millennials hesitate to invest in advanced technology. This is exactly why millennials should be your target. No matter what reason they have for not participating in your Fintech App, their content or digital marketing approach should be broad-ranging. It should cover millennials and introduce them to the new worlds of finance. Your app can change the way people think about Fintech by making it easy to use, navigable, and providing helpful content as per the business requirements.
FinTech Application Development: Types
The fintech industry has evolved to meet a variety of financial needs over the years. There is a fintech app that can help with everything from instant bank transfers to mobile payments to financial planning and settlement of insurance claims with the use of Artificial Intelligence technology. A fintech app’s development charges will completely depend on the type of app and the corresponding functionality and features required for your business models.
Mobile Banking App: Many banks have made their online banking services fully mobile-friendly by converting them into mobile banking apps. A mobile banking application gives you the credibility to execute all the net banking transactions that includes update information, view statements, and also request banking services.

Mobile Wallet App: The users can connect with their bank accounts to the respective digital wallets they are using and then proceed ahead to make payments by scanning a QR code or providing the mobile number of their merchant.

Lending App: These mobile applications apps can also be considered to process and disburse loans to the ones who are authorized on the basis of credit scores, documentation, and credibility.

Personal and Consumer Finance app: These apps can process transactions, link multiple bank accounts, and do comprehensive financial planning that covers savings, expenses, and investments.

Insurance apps: These insurance apps can be used to obtain the best insurance coverage for you. These Fintech mobile applications can be considered to do everything, right from going through the eligibility to checking your insurance requirements to settling claims.

Trading and Investment App: There are many mobile applications that allow you to invest or trade in equity markets or make other types of financial investments. These apps provide direct access to stock market terminals and offer investment consultations.
You just need to connect with the right mobile app development company and let them know about the kind of Fintech app you need and they are going to help you with the service accordingly.
Fintech Application Development Service: Costing
The overall cost of developing this cutting edge technology of Fintech application depends on many factors. These include attractive design, targeted features, platform selection, and the type of development team.
Don’t worry. Our strategy and fintech app cross-platform development team have calculated average pricing through explicit research and previous project experiences.
You will spend around $7,000 to $9,000 if you hire dedicated iOS and Android developers to create your fintech application in around 8,00 to 9,00 hours.
Wrap up
The fintech market is expanding at an incredible rate. This is because more people are choosing inherently digital non-banks and online insurance companies, smart budgeting apps, electronic wallets and online trading platforms that support a wide range of cryptocurrencies and conventional currencies.
This is the right time to join the growing number of iOS and Android developers creating mobile apps for the Fintech industry. The Fintech app development company can make it possible to create a revolutionary fintech app with the help of a technology partner and the right idea that can boost business growth and help you with excellent returns. Good luck
Author Bio
Alicia is a technical content writer and is associated with A3logics for over a couple of years. She has been in touch with the Blockchain Development Company and is often found struggling with some unique topics for her upcoming projects. She is often found discussing the latest developments with the technical team. When not working on any of her writing projects, she is either reading any of the Agatha Christie mysteries or busy gardening.