How To Build Fintech App in 2023? A Complete Guide

While most industries experienced severe shutdowns in operation and growth during the pandemic, the Fintech industry witnessed a surge. Many companies were forced to provide fintech services to their customers due to the COVID-19 lockdown. If you want to provide value and solutions to prominent financial technology-related issues, here is the ultimate guide on how to build a Fintech app. I hope this article helps you start building your next FinTech app venture idea.

In essence, a FinTech app is a gateway or portal to a service offered by a financial institution or a tech company. Whether it’s for money transferring, digital banking, lending, investing or borrowing, there’s likely a FinTech app out there for it. So, do you want to create a native mobile application for iOS or Android users or a single app that runs on all OS? It’s just that fintech applications got noticed by an unfamiliar audience when COVID-19 hit and people switched to online shopping and transaction methods.

How To Build A Fintech App Using React Native

Once you have tested it properly, you can easily launch it on any device or platform. Book a free consultation to discuss how EPAM Startups & SMBs can help drive your software engineering project. Deep personalization is king these days, and implementing AI into a fintech project is your fast lane. Once you’ve identified the features you need, you can identify the tools you need.

Since FinTech is an increasingly prominent field, you can find many opportunities to develop your own niche and support the economy. For instance, should you support finance software developer very old versions of Android where some security controls are lacking? How do you perform manual and automated testing that covers all supported platforms?

Having a fresh look at a familiar yet so different technologies is always interesting

Fintech is one of the fastest-growing industries globally as it offers high-level security and convenience over traditional forms of financial services. While challenges abound, there are numerous opportunities to solve problems and scale. With these steps in building a fintech app, you can have a product that competes with the bigwigs.

• So, it’s no surprise that more and more businesses are looking for a FinTech development company to get them into the game.
• Companies like Ripple and Ethereum have used blockchain to create their cryptocurrencies (RippleNet and Ether).
• Without a proper launch strategy, your app will have little to no chance of making it to the top charts on the application stores.
• As such, creating intuitive and useful dashboards is an essential part of the Django Stars product design process.
• For example, high-performance technical indicators are commonly used in wealth, investment, and stock market applications to visualize and track metrics like price changes and market indexes.

Building your solution provides greater control over data, features, and support, with a focus on seamless
integration. Businesses perpetually seek innovative software to enhance their offerings and services. The choice between off-the-shelf or customized software hinges on several variables, including industry, digital product type, business model, maturity, and market position. Established financial giants
understand the enduring value of tailored software, investing upfront to continually enhance their services. The most common ways that a Fintech app can generate revenue is through in-app ads or referral fees.

step DevOps Transformation Roadmap with EPAM Startups & SMBs

This is a huge market that is growing by leaps and bounds and is now quickly branching out into cloud-based PaaS, SaaS, and BaaS offerings. Most of the money FinTech apps make is from advertising, third parties, and subscriptions. However, we have also written a guide on how FinTech apps make money that you must check. You might be surprised to learn that the total transaction value of digital payments in the United States is expected to reach $2,041 billion by 2023. A. Creating a fintech product can vary greatly depending on the product type, your company’s structure, and the available time.

This means developers can leverage pre-built solutions for common fintech functionalities, such as authentication, payment gateways, and data visualization. This enables faster development and ensures the app meets industry standards. As Fintech continues to grow and expand, so do the regulations and legal requirements that it must adhere to. To keep up with all of these changes, companies must familiarize themselves with the different laws in the countries their app is designed for.

How to Build a Fintech Mobile App

After you’ve decided on your niche, it is crucial to ensure all legal compliances according to the geographical areas in which your application will function. Hence, it is crucial to ensure that it is legally compliant to guarantee your clients’ high security and privacy. Not ensuring legal compliances can get you in a lot of legal troubles and under hefty fines. A survey of more than 100 fintech startups found that 98% are vulnerable to mobile app and web attacks. Ultimately, your fintech app’s success will depend on whether you hire the right team or not. For example, a few years back, most people had to go to a physical, financial institution to transfer funds and apply for loans and insurance.

It gives people the ability to take actions that were previously more difficult to take (such as investing on your phone). Because of that, it’s paving the way for a more financially free and equitable future. Companies like these and others are driving innovations and evolutions in the market, to the point that some innovations—no-fee banking services, for instance—are becoming table stakes across the sector. In some cases, hiring an external consultant to analyze integration processes can save time and resources, especially for those still debating the build vs. buy decision. This guide aims to assist entrepreneurs, whether they are startup founders or seasoned CEOs, in making the most suitable software choice to future-proof their businesses.

Choose the right managed cloud services platforms

The best payroll services also offer benefits such as direct deposit options. Expense tracking is a feature that allows users to keep track of their finances and expenses. This can be done by exporting data from your bank account, credit card, or any other financial account. It can also be used with other features such as bill reminders or bank alerts. The data has to be organized and presented in an easy-to-understand format.

To stay ahead of the competition, fintech companies are adopting these new technologies to develop innovative products and services that would appeal to customers. This has led to a rise in demand for developers with the skills to build fintech apps. The global FinTech market related to digital financial services is expected to reach $936.5 billion by 2030, and a vast portion of this is FinTech mobile apps. According to Statista, the number of users in the digital payments market is expected to amount to 5.48 billion by 2027.

App development for fintech: how much you should expect to spend on average

Integration testing is also important since any involvement of monetary transactions and data will be sensitive to timing issues, delays, and consistency issues. Database testing will also be required to ensure that any transactions you make are consistent and verifiable. In terms of tech stack and technology choices, you want to consider using the best – but not necessarily the newest – tools available. Your app should be testable and easy to verify, and it must not use any dependencies from untrusted sources or unknown origins.