How Much Does It Cost to Build a Fintech App?

The Fintech app is one of the most popular ways to manage finance and money-related issues. Many banks and financial investment companies today develop Fintech apps to improve their financial operations.

This blog covers everything related to Fintech app, their kinds, and the cost to build a Fintech app. We will also discuss the features of the Fintech app.

What is the Fintech marketplace?

Fintech is the combination of Finance and Technology. It is the company that helps to handle financial services smoothly. This market is constantly expanding and touched the sectors of cryptocurrencies, banking, and insurance.

These apps have helped the sector of financial services to grow and expand quickly. Because of Fintech apps, it is estimated that digital banking users will increase by up to $217 million in the next 2 years.

Kinds of Fintech apps

The cost of building a Fintech app depends on various kinds of apps. Read on to get the list of the different kinds of Fintech apps:

1. Insurance app

The insurance app offers coverage insurance at different prices. It also helps users to access insurance policies from anywhere. The cost of developing an insurance app can start from $50,000 and go up to $200,000.

2. Banking app

A banking app helps to perform every banking task easily. Through a banking app, you can open an account and deposit money online, and do various other things related to banking. It reduces the hassles to visit the bank branch to perform every banking task. The development of a banking app starts from $35,000 and goes up to $2, 70, 000.

3. Lending app

Lending apps help people to apply for loans via digital platforms. They provide financial support to the customers and help to complete the loan process quickly. The price of developing a lending app begins from $55,000 and goes up to $170,000. You can hire the best mobile app development team to develop a lending app for your loan processing business.

4. Finance Personal app

A finance personal app helps users to manage their accounts easily. These apps show the income and expense statements online and help to fix a budget while spending money. The cost of developing a personal finance app starts from $50,000 and goes up to $300,000.

5. Investment app

Investment app offers a wide range of services such as trading program, cryptocurrency exchanges, and mutual funds. The cost of development of the Investment app costs between $62,000 and $1, 28,000.

Amazing features of Fintech apps

The different features of the Fintech app are listed as under:

  • Sign-up and registration

Every Fintech app has a simple registration process. This process is necessary to apply for a loan and perform other tasks online.

  • Profile management

This feature helps users to edit their profiles and add their names, account numbers, addresses, and other personal details.

  • Notifications and alerts

Fintech apps must have this feature to send regular notifications of offers and deals to users.

  • Virtual Assistant

Virtual assistants include chatbots that help to solve the doubts and queries of customers quickly.

Final words

The cost of developing a Fintech app varies according to several factors. The cost of developing a simple app with a basic user interface will cost between $25,000 and $50,000. If you want advanced features in a Fintech app, the cost will be between $55,000 and $3, 00,000.

You can hire the best app developers from online sites. These experts will help to develop feature-rich Fintech apps to simplify the daily tasks of banking, insurance and so on.

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