Development of Top-Notch Fintech App for iOS & Android in 2024

The Fintech app is the one-stop solution and premium access for all the finance in the future. Well, the financial landscape is experiencing a radical change. Those days when we were supposed to use clunky banking apps are gone, This is the last month of 2023 and we are stepping in 2024 which is considered the starting point of the elevated growth and successful future of financial apps.

These are the innovative apps that are revolutionizing the way we manage our finances, presenting seamless and user-friendly experiences from budgeting and investing to sending payments and managing our credits, In 2024, the demand for top-notch Fintech apps is envisioned to boom even more strongly. With the rise of mobile-first users and the elevating adoption of digital technologies, developing a thriving financial app that stands out from the competition is crucial for triumph.

Fintech App: Definition & Future in India

FinTech generally is a portmanteau of the words “financial” and “technology.” It refers to any application, software, or technology that authorises people or organizations to digitally access, manage, and gain insights into their finances or make financial dealings and transactions, Previously the term was used to demonstrate the back-end programming dealing with financial institutions and organizations. But now, the term now includes all that innovation in the industry of finance that is because of technology.

Well, India has taken the lead and third place in payments in the adoption of Fintech projects, with an adoption rate of 87% which is substantially higher than the world average of 64% as per the Economic Survey of 2022-2023. It has been foreseen that India will gain a $1 Trillion digital economy by 2025, The future of Fintech India is encouraging and optimistic. With developments taking place in consequential areas of the Fintech, it has been predicted that India will adopt this technology entirely where alternate lending, digital payments, and robot advisory will become the benchmark.

Even though there are severe threats and cyber criminals that exist nowadays, they can be mitigated by strict and effective security measures. However, the banking sector needs to look ahead towards the digital revolution as it will bring new business opportunities.

Fintech Marketplace in India in 2024

You must agree that money is the centre-point of everything we do, as a result, you can expect, the Fintech market to cover the following areas of our lives:

» Wealth management

» Payments

» Lending

» Insurance

» Personal Finance

» Cryptocurrency-based solutions

» Money transferring

» Trading solutions

» Regtec software

» Mortgage Solutions

Just like all the major global markets, Fintech also got a serious setback during COVID-19, i.e., the fintech funding dropped 19% to $6.1 Billion, as per CBI Insights.

However, at the same time, the pandemic gave momentum to contactless payment methods and branchless banking. This simply means that the digital payment competition won by 40% revenue when compared to the traditional banks, Now the world has overcome the pandemic on a large scale, hence we can see the large fintech trends that are ready to shape in 2024:

» Digital options will become mandatory for every financial institution, organization, and other services in order to cut costs and remove all the inefficiencies.

» Lending will suffer the most and will probably spur a merger mania.

» Robo-advisory services will attain more favour.

Types of Financial Applications

Financial technology and its services are prolific and these apps are revolutionizing the way we manage our finances and they offer a variety of services. It begins with budgeting and investing and ends with sending payments and managing our credits. Let’s understand all the financial apps that we have explained below:

1. Wealth and Investment Apps

These fintech apps let you purchase stocks and ETFs from the convenience and amenity of your home, They are able to recommend a variety of investment prospects after analysing your preferences. Wealth and Investment app is one of the best fintech projects ever made.

2. Mobile Payments

Under mobile payment apps, there are some of the best classic payment applications such as Paypal or Venmo that were created in order to make and accept online payments, These apps are rich with must-have features that include transaction history, conversion of the currency, and several others. Mobile payment applications are growing in popularity as money transfers increase in volume.s

3. Lending Apps

Exclusively like other exclusive apps, lending apps permit the withdrawal of heaps of work from lending. These apps are particularly popular and are best in terms of fintech app ideas, AI is often built into these lending applications that make sure that the app is delivering optimal loan options.

4. Insurance Apps

Insurance applications collect abundant details and information from their customers. As a result, it is obligatory to have a streamlined strategy with envisioned steps and a polished UI, There are other interesting p2p insurance apps where users insure each other that are also appearing over time.

5. Personal Finance Apps

A few years back, there were some budgeting applications that used to overpower the App Store. Now, personal finance applications have become a great choice for everyone, The crucial idea behind every economic and financial app is to provide the user with a prominent sight of their spending.

6. Cryptocurrency Apps

There is a particular class of fintech apps, i.e., standalone which means it stands on its own when corresponding with other financial applications, Other financial apps perform payments, investing, wallets, insurance, and others. And, the only difference is that these applications work highly with cryptocurrencies.

7. Neobanks

Neobanks are brisk little applications that are equipped with numerous banking features that are offered by non-traditional digital-only banks, These targets are underbanked and the target niches like e-commerce, immigrants, freelancers, and others.

Most Successful Fintech Applications

The applications that we have illustrated above are the most typical and standard ones, nonetheless, there are some of the most prevalent and booming apps as well which we have noted below. Have a gaze at these apps.

1. Venmo

Venmo is a prevalent payment application that makes it effortless to split the cost of everything, It is a sibling fintech application that targets millennials who are bored with the conventional PayPal application, Venmo is just like all other apps that are able to work on iOS and Android devices.

2. Robinhood

Robinhood is an application that has brought investing to the masses with negligible commissions, They also added a savings account not long ago in the app which makes the application even more compelling.

3. Chime

Chime is a mobile banking application that is equipped with all the features that you will get from a general banking account, In addition to this, there are some more features and elements in this particular app which include paychecks up to two days early and fee-free overdraft protecti on.

Must-have Features Under a Fintech App

When you create a fintech app, you need to concentrate intensely on the elements of the app. One thing that you should consider and contemplate is how perfectly your app will be received by your audience, Make sure that your application is furnished with some of the most conspicuous features on a broader level. These must-have features in a financial app are mentioned below:

1. Security

Fintech applications need to concede safety prerequisites that safeguard the financial information of the users, In order to accomplish this, a fintech developer is able to execute and enforce private blockchain, encryption, two-factor authentication, biometrics, data safety, and other security measures.

2. Payment Gateway Integration

There are numerous fintech apps that perform payments. Payment Gateway Integration or PGI is the most crucial fintech feature that should be included in the apps, In order to enable the payment functionality, you need to select to incorporate with services such as Stripe, Zelle, and PayPal, or they can work through bank APIs.

3. Machine Learning

Nowadays, artificial intelligence or AI has become essential rather than additional functionality in the fintech apps, Machine Learning or ML algorithms take the data from multiple inputs and analyze it in order to deliver the best advice to the users.

4. Dashboards

Who doesn’t love the dashboard in an app? We all do love it as nowadays it is difficult for anyone to visualise someone developing fintech apps without an optical indication, no matter if it is spending, history of the payments, or stock charts, As a result, dashboards are one of the most compelling and highly required features that need to be included in these apps.

5. Voice Integration

Financial applications can select to surface their most frequently used features to customers through voice assistants such as Google Assistant, Siri, and Bixby, With this approach, you are able to keep your customers using the application without even opening it.

Let’s Develop Your Fintech App On Your Own!

Want to learn the steps of custom mobile app development? Let us help you with the roadmap and walk you through the steps of developing a simple and easy FinTech application, In order to develop the best and most compelling Fintech application, we will require several functions. These functions are mentioned below:

» User authentication with encryption function.

» Secure hosting function with numerous failover redundancies.

» Credit score checking function.

» Access to banking data and real-time transfers to an escrow account.

» A payment gateway function.

» Chatting function in order to intercommunicate with the users and provide support.

Step 1: Ideation and Market Research

You need to start by analyzing the market and identifying a particular pain point in the financial sector of the Indian market. Conduct a detailed analysis and research in order to understand the needs of the user with existing solutions and potential competitors.

Under market research, you need to focus on who are you building the app for. This simply means you need to define your target audience by understanding the target demographic. Doing this will nurture the characteristics, UI design, and marketing approach of your app.

Last but not least, you ought to validate your concept before investing your money. You can execute user surveys, interviews, and focus groups in order to gauge the interest of the users and assemble user feedback on your submitted solution.

Step 2: Demonstrating Your Value Proposition

In a congested services marketplace, you need a potent value proposition in order to distinguish yourself from your opponents and stand out from the crowd. For this, you ought to determine your exceptional features and advantages, Concentrate primarily on user experience, i.e., UX. A user-friendly and instinctive interface is indispensable for the victory of your application. You ought to design your app in a straightforward way that will be uncomplicated to navigate and will be visually appealing.

You must know that fintech applications deal with sensitive and important information and financial data. As a result, make sure to comply with all the relevant and necessary regulations and execute strong security measures in order to protect user information.

Step 3: Development and Technology Stack

Make sure to determine the suitable development platform and select whether you need to create a native application, i.e., iOS or Android or a cross-platform application by operating frameworks such as React Native or Flutter, You ought to consider some aspects like development time, budget, and target audience. By choosing a suitable technology stack you will be able to develop a wonderful application. This comprises programming languages, tools, and frameworks. For illustration, you can utilise Java, Python, React Native, and Kotlin.

Lastly, you should assemble a skilled team in order to develop Fintech apps as it requires expertise in UI/UX designs, FinTech regulations, and the development of mobile apps for businesses. You need to create a team that has multifarious skill sets or outsource distinctive tasks.

Step 4: Testing and Deployment

As you know how much critical it is to test your app before launching it. For this, you need to operate stringent testing across considerable devices and operating systems that will guarantee performance, functionality, and security, Begin with an MVP or Minimum Viable Product as it will authorize you to test your application with real users, gather their feedback, and iterate on your features before investing your money in development.

Last but not least, ASO or App Store Optimization is way too important as it will ensure that your mobile apps for business stand out from the rest by optimizing your app title, description, screenshots, and keywords for more promising discoverability.

Step 5: Marketing and User Acquisition

In order to create an encyclopedic marketing plan or strategy, you need to reach out to your target audience via specific channels such as social media, content marketing, influencer marketing, and app store advertising.

Concentrate positively on user engagement and retain your users coming back to you by furnishing them with advantageous qualities, proceeding updates, and personal experiences, Foster user engagement by building a community around your application, involving forums, events, or social media groups.

2024 Fintech App Trends To Consider During Development

When developing Fintech apps in 2024, you must consider some of the trends that will make your app above par and compelling, tempting your users to download it and use it for a longer period of time.

Some of these most popular trends for Fintech application development are explained below:

1. Hyper-Personalization

Those days when one-size-fits-all financial solutions are gone and now the users expect personalized experiences that are tailored to their particular needs and goals, This simply means incorporating artificial intelligence and machine learning (AI/ML) in order to scrutinise user data and provide personalized financial advice, investment techniques, and budgeting recommendations.

2. Seamless User Experience

An intuitive and smooth user experience is essential in today’s existing fast-paced world. Users expect these apps to be easy and seamless to navigate, with clear interfaces, fast loading times, and intuitive workflows, Executing biometrics, voice-based interactions, and chatbots are able to improve the user experience further and make financial management trouble-free and straightforward.

3. Security and Compliance

With the ever-increasing threat of cyber crimes and data breaches, data security and compliance are the most important and crucial phenomena in the Fintech apps, Developers should prioritize strong security measures that include data encryption, regular vulnerability assessments, and multi-factor authentication. Furthermore, you need to adhere to relevant financial regulations in order to build trust and user confidence.

4. Open Banking and APIs

Open Banking and APIs are opening up new and phenomenal prospects for Financial app development. By incorporating additional financial institutions and services, developers are able to create a connected and extensive financial ecosystem for users, This permits ingenious features such as payment aggregation, automated financial management, and account insights.

5. Emerging Technologies

AI, Blockchain, and ML, i.e., Machine Learning are just rare and infrequent emerging technologies that have the potential to revolutionize the Fintech world, Discovering these technologies is able to help developers in order to generate cutting-edge Fintech apps that offer unique and valuable features to users.

6. Cross-Platform Development

In today’s mobile-first world, reaching a wonder audience needs a proper cross-platform approach. Building a Fintech program for both iOS and Android makes sure that your application is accessible to numerous mobile users, This can be attained with the help of native development or operating a cross-platform framework such as React Native or Flutter.

7. Sustainability and Socially Responsible Investing

Customers are progressively concerned about social responsibility and sustainability. This trend is also affecting the Fintech industry with the help of user-demanding applications that encourage endurable techniques and deliver socially responsible investing prospects, Developers are able to cater to this demand by partnering with eco-friendly banks and investment platforms and incorporating components that chase the carbon footprint and support responsible investing.

Fintech App Development Cost

The cost to develop your application will entirely depend on how many features and characteristics you foresee. The more incorporation it will mandates, the longer it will take to develop and the higher will be the development estimate.

Arramton, one of the professional fintech app development companies has professional developers who have worked on Fintech apps that took around $160,000 to build apps, including iOS and Android from the start to the end. We have also developed keen MVPs for $30,000, If your Fintech program doesn’t include an artificial intelligence element, the biggest consequence on its development budget will be any of the following or an amalgamation of:

» Tying together all the API integrations with the app’s business logic on the back end.

» Executing highly interactive dashboards with animations.

We continuously proffer beginning with developing a prototype in order to verify the concept of your application before building it from scratch. A majority of the features will be replaced once you receive feedback from real customers who have used the prototype. This provides you with the upper hand in keeping authority over the development process and budget.

The Bottom Line

By staying ahead of the curve and integrating these trends into your Fintech apps development plan, you are able to develop a top-notch Fintech app that stands out from the competition and captures the hearts of users in 2024 and beyond.

By following all the tips and staying ahead of the latest 2024 trends, you are able to build a top-notch Fintech program or application that will empower users and take their financial management to the next level.

If you are determined to develop a financial application on your own, then the above-mentioned information will help you a lot. Are you ready to embark on your Fintech development journey? Get started today and develop the future of finance today!

Frequently Asked Questions

Q1. How to make a Fintech app?

Ans. In order to develop a Fintech app you need to follow the below-mentioned steps:

» Step 1: Ideation and market research.

» Step 2: Demonstrate your value proposition.

» Step 3: Development and technology stack.

» Step 4: Testing and Deployment.

» Step 5: Marketing and user acquisition.

Q2. How much does it cost to develop a Fintech app?

Ans. These applications function as personal financial bulletins that record all financial transactions. The cost of building a unique finance application with the help of a Financial app development firm typically ranges from $50,000 to $300,000.

Q3. How long does it take to develop a Fintech application?

Ans. Developing a simple and unique financial application generally takes 3 to 6 months. The complexity, needs, and the kind of Fintech project solutions you select impact the timeline required to develop Fintech apps which may even go up to 12 to 18 months.

Q4. Is AI used in Fintech?

Ans. AI has brought multiple benefits to Fintech that include financial advice, increased productivity, enhanced accuracy, and faster spam detection. With the help of AI-powered data entry, Fintech app development companies have seen an 80% enhancement in accuracy and speed.