In the era of digitalization, mobile applications are turning out to be a game-changer. They help businesses tap broader audiences and offer the best version of their services. Following this trend, the finance industry collaborates with technology to create fintech apps. The market has witnessed that fintech applications are transforming how users manage their finances and execute digital transactions–be it for shopping or paying monthly bills. Hence, investing in a financial app can be more fruitful for your business than a usual application. But before investing, it’s essential to learn about the cost and what factors typically affect the final estimation. So, partner with a trusted fintech app development company to get a detailed budget proposal for your project.
Fintech App Development Cost
Similar to other mobile applications, fintech app development depends on the type of app you’re looking to build and the complex features added to it. The higher the complexity, the higher the development cost. Check out the cost estimation in the table below:
|App Type||Development Cost|
|Banking Apps||$30,000 and $300,000|
|Lending Apps||$50,000 and $150,000|
|Personal Finance Apps||$50,000 and $300,000|
|Insurance Apps||$45,000 and $200,000|
|Investment Apps||$60,000 and $120,000|
You can also read this Ultimate Guide to Fintech App Development to understand the development steps and reasons to invest in financial app development.
Factors Impacting Financial App Development Cost
Calculating the fintech app development cost can be different from other mobile applications. Various factors affect the final estimation and can differ for every other business based on their specific requirements. Here are some key factors that you must consider.
This component determines the actual requirements you have in your application. What features do you want in it, including the custom features and the project development size and time, also comprise the scope of work. It also includes the software product’s complexity and what concepts a mobile app development company needs to implement to build, deploy, and launch the product.
Every successful application results from an appealing UI/UX. You need to invest heavily in this area and hire a reliable mobile app design company to curate an intuitive and immersive UI design that will offer an unparalleled experience to your end users. This component will cover a considerable amount of cost in the final estimation. The mobile app design company will conclude the total cost that the app design will incur for your application, depending on your specified requirements.
Location of Fintech App Development Company
One of the most significantly impacting factors is the location of your hired mobile app development company. If they are located in the USA or the UK, the cost will be higher than the one located in India. The hourly rate for North America can range from $55 – $100, whereas for India it can be $20 – $25. Hence, choose your development partner wisely.
The development partner offering Fintech app development services will also cover app maintenance services in the offer. The level of their services and how promptly they update your app will be the sole determiner of the maintenance cost. However, investing in maintenance is also essential for ensuring the app’s functionality and performance. So, make sure the company handles it correctly and efficiently.
Tools and Technologies Used
Modern applications integrate trending technologies like blockchain, digital analytics, and artificial intelligence. Using these technologies requires a more expert team and will lead to increased costs. Additionally, the number of frameworks and tech stacks used for fintech app development will increase the expense. One more thing you need to understand is that the development platform also impacts the cost. Native app development with iOS or Android can be more expensive than cross-platform development with Flutter or React Native.
Based on the type of application you’re looking to build will determine the number of features and customer features you ask the development team to integrate into your app. The more complex the features are, the more customization your app includes will increase the total development time and cost. Make sure to identify what features you need based on the app type (banking, insurance, or investment) and direct the team to add the same to the application. Also, understand the custom features you can include to enhance the functionality and add uniqueness.
Fintech apps are massively impacting modern customers while enabling them to manage their finances and expedite their digital transactions easily. Hence, businesses can tap this niche and develop a financial app to reach wider audiences and stand out. To build a robust solution, you can outsource a reliable company offering mobile app development services and understand the underlying development costs. Also, consider the above-mentioned cost averages and impacting factors to get an idea before you start investing in a finance app.