Technology has a role to play from the most superficial industry or economic subsector to the most complex and advanced ones—one of the common areas that rely on technology in banking. Most of the financial institutions in most regions rely on app development to make financing more manageable. On the same line, the hottest trends get clear day by day, and each technological trend works towards advancing the banking industry to a better level. FinTech app development is one of the formal talks in town regarding the FinTech industry and banking. The commonness of Fintech sources from the capabilities of evaluating a good number of online payment methods. The FinTech trend has created new opportunities for most FinTech organizations.
Did you know? By 2025, the global fintech market value is anticipated to reach $305 bn.
Before you understand what it will cost to build a FinTech Application within an Indian setting, let’s first understand the basics of FinTech.
Types of FinTech applications
Three FinTech applications are crucial, therefore the need to understand them. Among the most incredible FinTech-related applications are;
- Banking applications that support credit, money transfers, bill payments, etc.
- Stock trading apps, saving apps, loan apps, financial advice applications
- Apps integrated with payment gateways- supported using bitcoin and blockchain.
Features to consider before building a FinTech application
Still, before you quickly get to costs associated with building FinTech applications, there is a range of considerations to cover. Therefore, you have to understand the features considerably when developing a FinTech application. What are some of the elements critical for developing a FinTech application? The following factors are essential:
Develop an adequately secured application
Data security is critical when it comes to financially-related issues. Since it is a common area covered by FinTech, a FinTech application must touch on the security aspect. With improved and advanced security, customers can rest their trust in a range of applications that handle finances. Some of the standard security measures FinTech ensures to undertake include: locking out a user with a series of failed login attempts, hiding most digits of card numbers (usually, display of three last digits is standard.
FinTech is speedily adapting blockchain security to ensure a secured system that caters to the customer base’s needs. With blockchain-related solutions, there is keeping of records, validation, and administration of each transaction. Messing with commerce is a hardcore error.
Innovations with the inclusion of Artificial intelligence
Artificial intelligence is also another computer science field that has a significant role to play in banking. Usually, most banking applications rely on huge processing needs. Most FinTech apps support the use of Artificial Intelligence in different ways. For instance, through AI, FinTech applications support user-friendly chatbots, advanced financial planning, detection of fraudulent behavior, quick, efficient, and reliable transactions.
Use of immersive technologies to generate a reliable customer experience
Through AR and VR, banking customers can broadly visualize a range of banking functions.
Incorporating blockchain into financial applications
Currently, blockchain is slowly growing roots and proves to have a reliable user experience. It also has more generous support for risk management on the grounds of business and financial operations. Most FinTech organizations are more optimistic about the adoption of blockchain in most services provided.
Advanced notification system
FinTech apps consider the notification panel as mandatory. Therefore, most FinTech applications have a greater capacity to support the tracking of ATM transactions, money transfers, logins, etc. With the support of such excellent features, the user of a FinTech application can quickly identify any suspicious account activity.
The easy but highly secured registration process
Security is top-notch when it comes to banking applications. FinTech applications ensure a flexible, secure, and more efficient registration process. It incorporates the latest technologies such as biometrics hence cutting off the risk of insecurity.
With all of these factors considered under FinTech app development, you can roughly estimate the costs associated with FinTech App development. However, in India, the cost of building a FinTech app isn’t much different from the other usual costs of developing FinTech applications. Let us establish the cost of building a FinTech application in India.
Fintech App Development Cost in India
In India, FinTech’s future seems brighter. Other countries, too, are advancing in the FinTech app. Developing a FinTech application in India relies on a range of features. Some of the essential factors related to FinTech app development cost are the type of platform needed, developer’s cost estimates, among more. Most FinTech app development costs range between $20,000 to $90,000. It is just an estimate that considers all the needs of a complex financial application.
Developing a FinTech application in India seems quite affordable because of several factors. Some of the most critical factors related to developing such expensive applications include the inclusion of a range of features in the App. Some of the features that raise costs in the process of developing FinTech applications include:
It is a core factor in FinTech apps and helps users keep track of financial activities. While this feature may sound too basic, it is essential to keep every financial app user’s financial records. With this feature incorporated in FinTech apps, users can track and analyze their past financial records. They can also report management, generate transaction documentation, etc.
With artificial intelligence, the financial sector has seen a considerable change that has seen banks conduct activities quickly and with low costs. Artificial intelligence is a substantial inclusion into the FinTech applications and raises the costs of building such applications.
Most FinTech apps ensure AI integration that considerately suggests directions users can take when banking. It is also a reliable source for offering banking solutions and answers to users. It advances interactivity between the user and the financial applications. Incorporation of such technologies in FinTech applications calls for some extra costs.
Typical products in the Indian FinTech industry
There are many products FinTech offers to customers in India and worldwide. Usually, FinTech is business-based. Its company subcategories include cryptocurrencies, including Bitcoins, PPCoins, LiteCoins, etc., Blockchain technology, smart contracts used for the non-mediator safe exchange of money and data, RegTec, which ensures compliance through legal regulations, and much more.
Top technologies in Fintech Application development
Identifying the appropriate technology is essential in adhering to the base technology required to run an app development project. Usually, each programming language better serves the needs of given tasks. Therefore, it is crucial to identify what the programing project entails to establish the right programming language to use. For instance, in Fintech App development, several programming languages are essential. Some of the leading technologies or programming languages that run the FinTech market include Java, Python, C++, C#, Ruby, among many more.
The programming languages used in programming Fintech applications serve different programming purposes. Fintech programming applications have several features to cater to, and each language at least confines to advancing on or more features on the same. For instance, from the languages used by Fintech, Java is the leading as it boasts a high dependability level. Most financial institutions rely on Java programming because of its increased dependability level. Since Fintech applications demand more extraordinary programming features and security, Python is a greater necessity that can address most of the programming needs. Therefore, it is considered one of the best languages when programming Fintech applications.
Most organizations are gradually steering towards the adoption of financial applications. Therefore, it has provided a more fantastic opportunity for FinTech organizations, specifically in India. From the analysis of what FinTech applications demand during the development process, you can estimate costs associated with them. From the features desired of each FinTech application within or outside India, you can establish whether or not the cost of development is expensive. However, it is critical to realize that development costs for FinTech apps vary according to the needs. Complex apps require complex features, which in turn demand higher prices. On the contrary, more straightforward applications won’t demand extra costs as the complex ones would do. Therefore, you can confidently hire developers to prepare a Fintech application based on the needs of the application.
If you are planning to build a Fintech app then feel free to contact us.