How much does it cost to develop a Fintech app? FinTech App Development is one of the hottest technology trends in 2020 and the year 2021 is no different. Due to the evaluation and importance of online payment methods, we see the growth of Fintech apps as they come into the mainstream in various industries. The trend of online payments or cashless transactions has opened the door to new opportunities for fintech startups. According to the report, 75% of customers in 2019 received a money transfer or payment service in some form. This trend is here to continue for a long time and to change the future of FinTech apps. If you want to be a part of the FinTech revolution, you need to create a peer-to-peer payment app with amazing features and user-friendliness. You can also opt for Money Banking apps to facilitate money transfers and bill payment or stock trading and savings-related apps. EWallet apps development companies NYC allows you to come up with sophisticated wallet apps that allow users to transact in cryptocurrencies. Importance of Fintech Apps: Feature-rich FinTech apps offer robust digital payment solutions. Customers of retail, e-commerce and other B2C businesses can reap the benefits of reduced transaction costs and the elimination of intermediaries. Fintech apps can bring automation to banking services, risk management, trading, and bill payments. Users can easily find these apps and use various features to facilitate online payment. However, with the growing popularity, the FinTech app market is becoming more competitive. It is a good idea to consult a top mobile application development company usa to get robust and trusted FinTech app tailored to your business model. Features of Custom Fintech Apps: 1. Biometric Security Integration: Data security is a major concern for entrepreneurs and mobile apps development companies in USA . In recent times, cybercrime has multiplied and Fintech apps may become a favorite target for hackers with confidential financial data of app users. So, you need to take the security of the Fintech app to the next level and ensure the security of online payment using your app. You can strengthen app security by integrating biometric security features : ● Fingerprint recognition: This is one of the strongest and most common ways to replace unreliable password-based security systems. Many fintech startups have begun to integrate this approach. ● Palm-Ween Biometrics: It is similar to fingerprint recognition. Instead of fingers, the reading device here scales the user's palm. If Palm Biometrics matches, users can pay and access app features. ● Facial recognition: Facial recognition is an important option and FinTech apps integrate this option to ensure data security. 2. Third-party authentication: Two-factor authentication is one of the strongest security practices. Protecting a customer's digital accounts is essential. A short message system (SMS) is a common method of two-factor authentication. Provides QR codes or tokens to provide access to third-party authentication users. Some Fintech apps rely on the mobile network or mobile components to ensure user security. 3. Personalized experience: When it comes to providing a personalized experience. AI-based features provide smart hints and answers to customers in FinTech apps. These features can analyze the investment and spending habits of app users and provide an interactive experience for Fintech app customers. 4. Data Analytics: We live in a data-based world in which data analysis plays a key role in providing your customers with a clear overview of financial activities and in making informed decisions. The FinTech app can analyze data and generate reports for users. Data analytics can be used to generate real-time transaction reports, financial status reports, traditional reports, and the like. Most FinTech apps have the data analytics feature provided ● Report management: App users can get a summary report for their financial activities using the Report Management feature. This feature is common in FinTech apps. ● Transaction Reports: This feature is not yet available in FinTech apps. It is designed to make it easier for app users to track their expenses across different categories. ● Target status: Customers can add financial goals or suggestions from the given goals and set a timeline to achieve them. They can also get the status of their targets in real-time. 5. API Integration: Like other apps, FinTech apps are designed to address the changing needs and expectations of app users. Customers can easily make payments and transfer money using Fintech apps. These goals can be effectively achieved by integrating APIs into the FinTech app development process. API integration also ensures that the FinTech app can interact with user-oriented and business-oriented apps. Your customers can perform multiple tasks using a single platform, such as your FinTech app with the help of APIs. The top 10 mobile app development company San Francisco can integrate multiple APIs into a large-scale application to bring specific functionality to app users. For example, the integration of the Geolocation API allows users to locate nearby ATMs. 6. Automated processes: FinTech apps provide automation for various repetitive tasks that require manual intervention. These apps help customers make instant decisions about investments, overdraft accounts, loan approval with improved interest rates, and the like. FinTech apps also send regular notifications to update customers with the information they need and new rules or offers. AI technology manages the notification system to save more time and effort for your staff when sending personalized notifications to your customers. 7. Cryptocurrency: In recent times blockchain and cryptocurrency have become inevitable in the field of finance. On the one hand, blockchain technology is coming into the mainstream in this field, on the other hand, cryptocurrency transactions are starting to gain momentum in the corporate world. Blockchain technology allows fintech startups to increase the number of P2P transactions without raising transaction fees for local and international payments. This is a safe and secure way to promote online transactions and cryptocurrencies. How much does it cost to develop a Fintech app: In addition to features and app complexity, we need to consider several factors to determine the cost of FinTech Apps Development . Some of these factors- ● Platforms for Developing Mobile Apps (iOS or Android or Cross-Platform) ● The app's number of API integrations ● Mobile app developer hourly rate ● Fintech app development engagement model In fact, there is no fixed cost to develop a FinTech app. Taking all these factors into consideration, the price of the FinTech app varies. However, sophisticated features significantly increase this price. Conclusion: Customized Fintech apps provide an important opportunity to earn revenue not only for fintech companies but also for startups that want to grow based on the smooth running finance app. You can hire an eWallet mobile app development company in Bangalore to get the FinTech app that can help you earn high ROI while offering many functions such as checking balance in real-time and performing bank-related activities. Read also: photo-sharing app for android/iOS Author Bio: I am Gangadhar Chemudu, an attractive technical content writer currently working at FuGenx Technologies, one of the leading top mobile app development company usa , India, and the UAE. Interested in learning about technology updates. Contact me on Twitter for content related to mobile app development, IoT, Artificial Intelligence, machine learning, IOS, and technology.