8 Fintech App Must-Have Features & Estimated Development Cost

 

Fintech app development was one of the hottest technological topics in 2020, and it will be again in 2021. Because of the assessment and importance of online payment methods, we will see the emergence of fintech applications as they become more widespread across numerous industrial sectors. Payments made online or through cashless transactions have created new opportunities for fintech businesses.

According to a Statista survey, 75% of customers have used some type of money transfer or payment service in 2019. This trend is here to stay and will determine the future of financial apps.

If you want to be a part of the fintech revolution, all you have to do is create a peer-to-peer payment software with amazing features and usability. You may also use money banking applications to make money transfers and bill payments, as well as stock trading and savings applications. You may create complex wallet applications that allow users to transact in cryptocurrencies with the help of an eWallet app development business.

Importance of Fintech Applications

Fintech applications with a lot of features provide solid digital payment solutions. Retail, eCommerce, and other B2C customers can profit from lower transaction costs and the absence of middlemen. Banking services, risk management, trading, and bill payment may all benefit from the use of fintech applications. Users find these applications to be more user-friendly, and they make use of a variety of features to make online payments easier.

However, as the fintech app business grows in popularity, it gets increasingly competitive. It is preferable to work with a reputable mobile app development company to create a solid and dependable financial app that fits your business strategy.

Must-Have Features of Customized Fintech Apps

Biometric Security Integration

Data security is still a major worry for both entrepreneurs and mobile app development organizations. Cybercrime has expanded dramatically in recent years, and fintech applications, which include sensitive financial information about app users, might be a favored target for hackers. As a result, you must take the security of your fintech app to the next level and ensure the safety of online payments made through your app.

Third-party Authentication

One of the most secure security measures is two-factor authentication. It is critical to protect a customer's digital accounts. Short Message Service (SMS) is the most widely used two-factor authentication mechanism. Users can gain access via third-party authentication, which uses QR codes or tokens. To maintain the user's security, certain fintech apps rely on a mobile network or mobile components.

Automated Processes

Fintech applications automate a variety of monotonous operations that formerly required manual interaction. These applications assist users in making quick judgments about investments, overdrafts, loan approval at a lower interest rate, and other matters. The fintech applications also send out notifications on a regular basis to keep users up to date on important information as well as new rules or offers. The notification system is managed by AI technology, which saves your employees a lot of time and works while sending customized messages to your consumers.

Fintech App Development Costs

Aside from features and app complexity, there are a number of factors to consider when estimating the cost of a bespoke fintech app. Some of these elements include:

• Development platforms for mobile apps (iOS, Android, or cross-platform)
• Hourly rate of mobile app developers
• Number of API integrations in the app 
• Fintech app development cost and engagement model

Taking all of these factors into account, a fintech app with minimal capabilities might cost anywhere from $15000 to $20000. Advanced features, on the other hand, might drastically increase the price.