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How much does it cost to make an app? Likely, this is one of the first questions that app brands and developers need to know an answer for, when
Updated on August 17, 2022
How much does it cost to make an app? Likely, this is one of the first questions that app brands and developers need to know an answer for, when they launch an app development project. An app development cost estimate is the most basic and yet crucial component of a budget for any mobile app development project How much does it cost to make an app?
Likely, this is one of the first questions that app brands and developers need to know an answer for, when they launch an app development project. A fintech app development cost estimate is the most basic and yet crucial component of a budget for any mobile app development project.
According to a recent report, more than 70% of youth have financial literacy. Seeing the potential of financial apps and their success, financial firms are happily investing in developing finance-based applications.
Mobile phones have become a necessity in our lives, and a phone without apps is a useless screen. Around 90% of the time people spend on their phones is on an app. With more than 2.9 million apps available for downloads, it is clear that apps are an effective way to engage the audience and build brand credibility.
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Be it managing monetary flow or planning complicated financial things, financial apps allow users to track, monitor, and make monetary transactions in a transparent and detailed manner. These apps have certainly revamped the traditional way of banking and made it easy to make everyday transactions.
The financial industry has already merged technology and innovation to solve corporate needs and provide customers with an engaging experience even when dealing with difficult money management tasks. That is why there are many types of fintech apps that are companies using finance apps, each of which is aimed at achieving a specific goal of the financial corporation or its users.
These are the apps that deal with credit and debit card payments through a reliable payment gateway service. So, how has technology transformed the payment industry? The service allows one to process a variety of payment methods that include debit and credit card payments along with offering alternative payment methods like PayPal and payments from eWallet.
These are the apps that allow users to manage, create and follow budgets just like Mint and You Need a Budget to do. These kinds of apps are easy to use and can be downloaded directly to the mobile phone.
The financial forecasting app is one of the best finance app ideas for startups. Money is another resource that needs to be taken care of properly and intelligently. Also, monitoring is equally important and sometimes it becomes mandatory to check what will be the consequence if one keeps on spending at the same rate they are currently spending.
Forecasting apps create charts that show the future cash flow situation by analyzing the spending patterns.
Financial Management software is the best way how financial apps to simplify businesses. This software binds together all the data from the financial apps and tools. By analyzing the personal and business accounts, the software provides historical financial statements on how to create a financial app forecast for a three to five-year business.
With it, let us now indulge in the finance app features for the finance app design that will ultimately decide the Cost of finance app development.
Features, functions, and functionalities in the application determine the Cost of finance app development. The more the features are, or complicated, the more time and cost the app will incur. Also, if one adds a finance tech stack like blockchain, AI, AR, and VR technology into the app, the overall cost estimation will come up at the higher side of the graph while taking a good amount of time for financial application development.
Get a clear picture of how much time it takes to develop a mobile application to understand things from the very beginning of features of finance app development.
Earlier things like foreign currency transfers, micro-investing, and POS sales were a bit challenging, but with the arrival of finance-based mobile applications, challenges are turning into opportunities.
To offer such a feature in the application, highly functional iOS & Android app developers need to show highly functional user dashboards along with offering easy-to-access banking tools. Also, the app should be developed with a simplified user experience while the onboarding process should be short and worthy.
Another feature that can be included in the financial application is cross-platform app platform frameworks along with the integration of emerging technologies like IoT and PWAs. Financial application development companies need to look into ways to streamline the process along with helping the user to save time and effort while transacting.
Security is another feature that should be strictly considered just like offering ease in the transaction. For strengthening the security feature, introducing Blockchain can cut out the middleman transactions along with changing the way to transact at a fundamental level.
Blockchain technology trends allow complete transparency with authentication which is something many mobile app developers are trying to integrate into the mobile app.
Isn’t it cool that you will get notified when spending over the limit? Well, the process is possible with AI-powered chatbot app development solutions that can notify about over-the-limit transactions. Technologies like AI in development and using the same in the application ultimately add up to the pre-decided best financial app development companies cost without AI.
As mentioned at the very beginning of the blog, for many people, finance is a tricky affair yet the most essential thing. Thus, to offer novice people a great experience while offering great help to Pros, financial apps should deliver simplicity and important things. Also, the app should be made to break complex calculations, transactions, and processes effectively and correctly. Not to forget that the quality of UI/UX design solutions should never be taken for granted and be given full consideration at any cost.
Financial solutions can only be made when there is adequate information about the user to provide them with tailor-made solutions. With the option of personalization elements in the mobile app, it becomes easy to identify the user preference for providing tailor-made solutions and other promotional strategies.
With the option of tracking and analytics, it becomes handy for users to get an overview of their financial technology with financial activities to manage funds and money properly. Histories and other information should also be there for a detailed analysis of the overall transactions.
Rewards and giving points are the best therapy to attract users to use the app too frequently. Various apps offer some or other rewards like cash back, coupons, discounts, and credits to attract more users.
Last but not least, before moving towards how much it costs to make an app for your business is the introduction of social media.
Social media is something that can attract several users in less time. Also, including this feature in the financial app can make users connect with the app while sharing their opinion, rating the service, and reviewing the process.
You’re going to encounter both little and significant difficulties, just as with any other software development process. Among the notable difficulties are:
1- Making the Platform Secure
Since your site handles financial data, it goes without saying that hackers would try to access data for bad purposes.
You should do all in your power to give your target audience a very safe financial ecosystem in order to avoid this.
The SSL protocol, two-factor authentication, cryptographic techniques, and other methods are some approaches to safeguard your program. Failure to comply with this might result in legal disputes and low customer retention.
2- Making the App Appealing to Users
The primary aspect of an app’s attraction to your target audience is its UI/UX.
A user-friendly interface can entice people to use your product, while a carefully designed UX flow chart ensures that they will have an exceptional one.
You must thus spend money to hire the brightest minds to handle the UI/UX portion of your software development.
3- Provide Constant Support
A user will eventually have trouble using the features of your financial management program.
When they do, make sure you have a dependable customer care system that can quickly address their issue.
We have created a table with an approximation of the time IT specialists spend producing the aforementioned features to give you an idea of the price of app development. To estimate how much does it cost to develop a finance app, we utilized an hourly rate of $50 as the average.
| Feature | Hours | Cost |
| Registration on-boarding | 250-400 | $12,500- $20,000 |
| Wallet Management | 150-200 | $ 7,500- 10,000 |
| Payment | 260-320 | $13,000- $16,000 |
|
Expense Tracking |
160-300 | $8000-$15000 |
| Tax Payment Management | 220-300 | $11,000-$15,000 |
| AI-powered Forecast | 200-400 | $10,000-$20,000 |
| Investment Portfolio Management | 1000-1500 | $50000-$75,000 |
| Credit Score Management | 300-400 | $15.000-$20,000 |
Our estimations indicate that the price of creating a personal financial application starts at $127,000. These are only approximate estimates to give you an idea of how much it may cost to construct a personal finance app; please note that the estimate does not cover the cost of personal finance app design or the work of project managers, business analysts, and quality assurance engineers. Since every project is different, the real cost might be greater or lower depending on the demands of the development.
Finally, choosing the right approach to selecting a vendor plays a major role in the app development cost estimation.
Appventurez is a fintech mobile development company with years of experience. Our extended experience and diverse portfolio will help us establish cooperation and deliver a suitable product. We know how much hiring financial app developers costs, and how to mitigate the risks and take advantage of the opportunities available. We also offer several models of collaboration.
You can outsource your project completely to our team, and we will take care of the entire process, or you can use a dedicated development team where you temporarily hire our best specialists, such as developers, QA experts, project managers, etc., for the duration of the project.
At our finance app development company, we have several things to offer;
An app for personal finance may be linked to your bank account to transfer information about your income, show your spending habits, and recommend more effective ways to use your money depending on your financial objectives. FinTech solutions applications may, of course, have a greater range of functions depending on the problems they are solving for customers & the benefits they are offering.
The best personal finance apps have different functionality, however, one target is to teach users how to manage their money, build the right financial habits, and stop overspending and acquiring debt. Some best examples of personal finance apps are Mint, GoodBudget, Acorns & Joy.
3- What determines the cost of an app?
The cost of your app depends on many factors including app type, functionality, design elements, and their complexity, selected IT vendor and region, and development approach. If we use 40$/hour as the average price tag, the cost to build a finance app ranges from $40,000 to $300,000
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