How to Make a Fintech App: Key Considerations and Best Practices


Published: 01 Jun 2023


A fintech app, short for financial technology application, is a powerful tool that combines technology and finance to provide innovative solutions for managing personal or business finances. According to the latest data, nearly 4,1 billion people have made digital payments in 2022. This number will increase to 5,4 billion by 2027. By the same time, nearly 1 billion people will be holding digital assets of different types, and more than 380 million people will be neobanking clients. Mobile technologies will play an ever-increasing role in the financial sector with fintech applications taking the lead.

With the increasing digitization of financial services, building a fintech app has become a lucrative endeavor. Of course, businesses now find themselves hard-pressed to find the right talent for the job, which is why many work with remote development teams. Whether you want to create a mobile banking app, investment platform, budgeting tool, or any other financial application, there are several essential steps to consider. Our experts will discuss how to make a fintech app and outline the main steps involved in that process.

Building a fintech app: 10 steps to success

So, what is a fintech application to begin with? A fintech application, or fintech app, is a software application that leverages technology to provide financial services, solutions, or tools to individuals or businesses. Fintech mobile app development is primarily meant to enhance and streamline various aspects of financial management, including banking, investing, payments, budgeting, lending, and insurance, among others.

Fintech apps have gained significant popularity in recent years due to technological advancements, increased smartphone usage, and the growing demand for convenient and accessible financial services. But the question of how to build a fintech app remains critical for many businesses that are planning to enter that lucrative market. These apps often utilize mobile platforms (iOS and Android) or web-based interfaces to offer users easy access to financial tools and services.

Identify your target audience

Before you start thinking about how to build a fintech app, first think about why you want to make it and who you want to make it for. Before diving into the development process, it’s crucial to identify your target audience and understand its specific needs. Determine the purpose of your fintech app—whether it’s simplifying money management, providing investment advice, or offering personalized budgeting tools. This clarity will help shape your app’s features and functionality.

Partner with a trusted technology vendor

Partnering with a reliable development team is instrumental in building a successful fintech app. A reliable development team brings a wealth of expertise, experience, and technical know-how specific to the fintech industry. They understand the complexities of financial systems, security protocols, and regulatory requirements. By leveraging their knowledge, they can guide you through the entire development process, from ideation to launch and beyond. We at nCube can build a skilled team of Eastern European or LATAM developers well-versed in fintech development. 

Conduct market research

While being focused on how to make a fintech app, many forget about how to sell a fintech app. Performing thorough market research is essential to gain insights into existing fintech apps and identify gaps or opportunities. Analyze competitors, understand the latest fintech trends, and evaluate user feedback to identify areas where your app can stand out. This research will also help you define a unique value proposition for your app.

Define key features and functionalities

Many people ask “How much does it cost to launch a fintech app?” The answer is simple – as much as you want it to cost. We can say that the numbers start anywhere around $50,000 and can go as high as you like depending on how many features you want. If budget is a consideration you have to take, you have to carefully map the app’s features to avoid overheads. Based on your target audience and market research, define the key features and functionalities your fintech app will offer. Some common features include account aggregation, bill payments, transaction tracking, budgeting tools, investment management, and data analytics. Prioritize features based on their importance and feasibility, keeping user experience at the forefront.

Design the user interface and user experience

Creating an intuitive and visually appealing user interface (UI) is vital for building a fintech app to engage users and make it easy to navigate. Invest in designing a user experience (UX) that is seamless, efficient, and aligns with your target audience’s preferences. Collaborate with UI/UX designers to create wireframes, prototypes, and visually appealing designs that enhance the overall user experience.

Choose the right technology stack

Selecting the appropriate technology stack is crucial for fintech app development. Consider factors such as scalability, security, platform compatibility (iOSAndroid, web), and integration capabilities. Common technologies used in fintech app development include programming languages like Swift (for iOS), Java/Kotlin (for Android), and frameworks such as React Native or Flutter (for cross-platform development).

Build the backend infrastructure

The backend of your fintech app will handle crucial functionalities such as user authentication, data storage, security protocols, and integration with third-party financial services. Develop a robust and secure backend infrastructure using server-side programming languages like Python, Java, or Node.js. Implement encryption, and data privacy measures, and comply with relevant regulatory requirements, such as GDPR or PSD2.

Develop and test the app

With the groundwork laid, proceed to build a fintech app. Namely, the front-end and back-end components of your app. Implement the defined features and functionalities, ensuring a smooth and seamless user experience. Conduct thorough testing at each stage of development to identify and fix any bugs or issues promptly. Perform unit testing, integration testing, and user acceptance testing to ensure a high-quality and error-free app.

Implement security measures

Given the sensitive nature of financial data, security is of paramount importance in fintech apps. Incorporate robust security measures to protect user information and transactions, and prevent unauthorized access. Use encryption, secure data transmission protocols (such as SSL/TLS), and implement multi-factor authentication. Regularly update and patch your app to address security vulnerabilities.

Obtain necessary regulatory approvals

Depending on your app’s functionality and the countries you plan to operate in, you may need to obtain regulatory approvals and licenses. Research and comply with financial regulations, such as banking regulations, data protection laws, anti-money laundering (AML) and Know Your Customer (KYC) requirements, and any other relevant regulations specific to your target market.

The process of obtaining regulatory approvals can vary across jurisdictions. It is essential to thoroughly research and understand the regulatory landscape applicable to your fintech app. Engage legal professionals or consultants with expertise in financial regulations to ensure compliance with all necessary requirements.

Final thoughts on how to build a fintech app

In conclusion, building a fintech app presents a remarkable opportunity to revolutionize the way individuals and businesses manage their finances. By combining cutting-edge technology with financial expertise, fintech apps have the potential to simplify money management, enhance investment strategies, and improve overall financial well-being.

How to make a fintech app? The journey of fintech mobile app development requires careful planning, market research, and collaboration with the right technology team. From identifying the target audience and defining the purpose of the app to designing an intuitive user interface, choosing the right technology stack, and ensuring robust security measures, each step is crucial in creating a compelling and secure fintech solution. 

Partnering with an experienced and knowledgeable technical team is key to navigating the complexities of the fintech industry. We at nCube have built skilled Fintech teams for numerous projects, including Encore, Capital Investment, and more. Let’s connect and see if remote team model can benefit your fintech project. 

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