A Complete Guide on How to Build Fintech App for Your Business

In the ever-evolving digital landscape of finance, technology is reshaping how we manage, invest, and interact with our money.

Updated 18 January 2024

Ashish Chauhan
Ashish Chauhan

Global Delivery Head at Appventurez

The world is marked by unmatched technological advancements with a continuous pursuit of digital innovation. From advanced educational systems to managing personal finances, futuristic technologies have become a game-changer.

Talking about the fintech industry, it stands on the verge of transformation, empowering users with unprecedented control over their finances. Whether it is facilitating seamless transactions, managing budgets, or making investments, financial mobile app development has become a backbone in the dynamic realm of fintech. 

With the rising growth of technological prowess comes an extended responsibility- the ability to ensure a high-performing app that will stand out in the market. As a result, fintech app development services are more focused on meeting the growing demand of users with the agenda of making the app unique. Companies often look for expert consultations to build fintech apps to enhance their business productivity.

In this comprehensive guide to financial app development, we will walk you through its primary features along with an estimation of fintech app development cost and more. 

Without further ado, let’s get into the details.

financial app development

Step-by-Step Guide on How to Build Fintech App

According to Statista, in May 2023, there were 11,651 fintech startups in America- the region with the most startups across the globe. Therefore, you must ensure that your finance app ideas are unique from the existing ones to stand out in the market. 

Have a look at the four easy steps to create a fintech app successfully:

build fintech app

Define Fintech App Idea with Market Research

The first and foremost step to build fintech app is conducting in-depth market research to figure out what is going on in the market along with the user’s demands.

Every fintech app developer asks the following questions before beginning the fintech app development process:

  • What exact financial domain your app will target?
  • Who is going to be your targeted audience and their profession?
  • What key features would you like to integrate into your fintech app?
  • Does your target market have similar apps as yours?

This approach helps in aligning the business owner’s app ideas more strategically to build a fintech app efficiently & effectively. It further helps business owners in making well-informed decisions and securing investments & funding. Most importantly, it defines new business opportunities and avoids failures.

Design Interactive Wireframe

After learning about the targeted audience, it’s time to move on to the next step that is- the architecture design of the financial app. Professionals leverage best-quality mobile app wireframing tools to build fintech apps, bridging the gap between the initial app design and the final product. 

Users should be able to easily register in the app, access information, track expenses, and manage their finances, resulting in a seamless experience. Apart from this, an intuitive UI of the app can help you gain a competitive edge and make your brand trustworthy with the utmost customer satisfaction. 

Product Security & Quality Assurance

Build fintech app with a guarantee of embracing security and quality as both of them are paramount in building user trust.

As a business owner, it is your responsibility to ensure major security measures, like robust data encryption, multi-factor authentication, and continuous monitoring. These security standards help in detecting and responding to potential threats. 

AI in quality assurance, on the other hand, confines an extensive functional along with performance usability & compatibility testing. The integration of AI development services helps in automating the testing operations using spidering tools for better data analysis and more. 

Overall, this holistic approach of maintaining security and quality assurance to build fintech app is imperative to deliver a high-quality solution. 

Product Deployment & Maintenance

Now, it’s finally time to deploy the financial app by integrating basic features & functionalities, like sign up/sign in, data management, etc. Professionals will build financial app for you using a suitable platform and server configuration with a strong security code.

It is important to know that your fintech app development project does not end after hosting the final solution on the App Store or Google Play Store. As a business owner, you must ensure that your fintech app is up-to-date as per the latest market trends. Also, make sure that your app meets the user’s present requirements and is unique from your competitors. 

So, it is important to offer mobile app maintenance and support services after the launch to keep the app always functional. 

Must-Have Features to Build Fintech Apps

A good app solution is the key to your business success!

That is why you must integrate the following significant fintech app features to add value to your user experience.

Advanced Sign-Up & LoginUsers should be able to sign up for the fintech app using their existing email ID or phone number.
Easy Account ManagementUsers must add the required information, like name, contact number, manage privacy, etc.
Multiple Payment GatewaysEnable users to link their preferred bank accounts for a seamless transaction journey.
Real-Time NotificationsClickable pop-ups are used to convey reminders, updates, promotional messages, etc.
In-App Chatbot ServiceAllow businesses to stay in touch with users 24*7, resolving their queries with instant responses.
Browse Transaction HistoryEnable users to view their overall transaction history, which includes withdrawals, deposits, etc.

How Much Does it Cost to Build Fintech Apps?

There is no definite cost to create finance app because it varies on various factors, like app complexity, feature integration, developer’s location, the choice of platform, and more. 

However, the rough estimation to build fintech app with basic features & functionalities can cost up to $30,000 to $75,000. The basic app features include budget tracking, expense management, goal setting, and more.

Fintech apps with advanced features, like investment tracking, payment gateway integration, or bill payment are comparatively costly. It can range between $75,000 to $2,50,000. 

Must Know: Building a financial app is not a one-time expense because ongoing maintenance & support services, real-time updates, or bug fixing adds additional cost over time. 

Different Types of Fintech Apps

Fintech is an amalgamation of technological advancement and the financial sector, like budgeting apps, blockchain app development services, or banking platforms. 

Here is a list of some of the popular app categories using fintech. Let’s have a look at them:

fintech app development services

Banking Apps

One of the primary types of fintech apps is banking app development that enables users to check their bank balance, transfer money, and other financial activities. You can also consider integrating different payment gateways, like Google/Apple Pay or PayPal in your banking application.

Investment Apps

Another type is an investment app that lets you research financial assets, invest in them, and improve your investment efficiency as well. Currency savings, real-time notifications, product comparison, client support, and credit management are some of the key features of a good investment app.

Regtech Apps

Regtech is an integration of Regulatory Technology. The purpose of creating this type of app is to assist companies dealing with finance. It helps them meet compliance with laws set by regulatory bodies. Regtech apps help the compliance departments identify risks, look after every transaction, do regulatory changes, build reports, and more.

Insurance Apps

Insurance apps are appropriate for insurance companies as they speed up claim processing, policy administration, etc. An ideal insurance app must include features like filing claims, policy details, and quotations. Another primary feature that enables users to search for different policies based on certain parameters.

Personal Finance Apps

There are a number of best personal finance apps, like expense tracking, bill reminders, budgeting, credit monitoring apps, and tax preparation. Personal finance apps allow users to manage their finances. It also provides digital accounting operations to give personalized advice for effective finance management.

How to Monetize Your Financial App?

Once professionals build fintech apps for businesses and successfully launch it, the next task is to earn money through it by monetizing your app. 

Let’s look at three significant mobile app monetization models for your fintech business:

building a finance app

Subscription Model

The first and most useful method to make money from your fintech app is the subscription model by offering users a free trial period for a month at least. This way, you can attract your potential users and encourage them to buy a subscription to your app after a month. It is a straightforward model where you don’t have to integrate any third party.

App Store Purchases

Most of the fintech apps are available on Play/App Store for free, and as a business owner, you can generate revenue through in-app store purchases. You can provide upgraded features in your fintech app, enabling the users to spend money to get a better version of the app.

Affiliate Marketing

Another monetization model you can integrate into your fintech app is affiliate marketing. You can collaborate with any financial company for better affiliate marketing opportunities. For instance, you can earn a commission on every user who has signed up for a new credit card.

How Appventurez Can Help You Build Fintech App for Your Business?

In a nutshell, building a fintech app involves effective strategies that come along with planning, cutting-edge technology solutions, and a comprehensive understanding of the fintech landscape. As you embark on a fintech journey, it is crucial to stay abreast of the ongoing industry trends. 

With that being said, collaborating with Appventurez can be a game-changer for your business that will significantly influence the success of your fintech venture.

To quote real-life examples, our experts have created two fintech solutions- EFL and Ezipay to facilitate convenient loan opportunities and streamline the digital money transfer experience. 

And here is what one of our prominent clients has to say about their experience with us. 

EFL clik

Additionally, leveraging our mobile app development services from a fintech app provider goes beyond the app launch. Post-app launch maintenance & support services are included to maintain the app’s functionality. 

So, accelerate your fintech app development process with us and get tailored-made solutions as per your requirements.

financial mobile app development


Q. What key features should I consider when developing a fintech app for my business?

It is important to integrate essential features in your fintech app that will cater to your user’s requirements. That includes secure payment gateways, personalized financial insights, real-time transaction tracking, biometric authentication, etc.

Q. How can I ensure the security and compliance of my fintech app?

Security is the top most priority in the fintech industry, and you can ensure this by hiring a mobile app development company like Appventurez. The professionals will implement robust encryption protocols, secure authentication methods, and other regulations, like GDPR.

Q. Does your company provide post-app launch maintenance and support services?

We understand the importance of maintaining the app’s optimal performance that is why we provide post-app launch maintenance & support services. Our experts address the issues and immediately integrate the updates for seamless app performance. We ensure that your app is running smoothly without hampering the user experience.

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    Ashish Chauhan
    Ashish Chauhan

    Global Delivery Head at Appventurez

    Ashish governs the process of software delivery operations. He ensures the end product attains the highest remarks in qualitative analysis and is streamlined to the clientele’s objectives. He has over a decade of experience as an iOS developer and teams mentorship.