![]() ![]() It is one of the key reasons why banking and financial companies opt for outsourcing FinTech development. The real question is “To whom you should outsource?” Here, I’m mentioning the factors that help you choose the right development partner for your FinTech project. It is evident that outsourcing FinTech app development helps FinTech companies drive faster ROI. Now, the question here isn’t “Whether you should outsource your FinTech development or do it in-house”. How to Hire the Right FinTech Development Company? You can make use of biometric authentication as most of the smartphones in 2021 have fingerprint scanners. Two-factor authentication is the perfect and proven solution for app security, without making the log in a hassle. This will only lead to app abandonment from users. ![]() The solution to security challenges in Banking and FinTech isn’t to make it cumbersome for the users to log in. But when it comes to banking and financial services, security should be the foremost priority. I know we’ve talked about security a lot. Third on the list is Promotional Notifications that FinTechs use to grab the user’s attention for discounts and offers. Second on the list is the Application-based Notifications that notify users about document submission or password changes. First is the Transactional Notifications that notify users about their financial transactions and account updates. FinTech apps make use of three types of push notifications. Of Course, push notifications are a must for every mobile app and the FinTech apps are no exception. You can offer additional financial services like expense management and financial budgeting with your FinTech app. It is inefficient to build a FinTech app for just one purpose, especially when other relevant services are easy to accommodate into your app. Currently, the best way to optimize customer onboarding is to get most of their data from social accounts, and ask the customers to verify their identity when they opt to use your FinTech services. Regulations like KYC (Know Your Customer) and AML (Anti-Money Laundering) have made it difficult for FinTech application development companies to design user-friendly UX. FinTech apps are supposed to be compliant to the strict industry norms. The user registration and log-in should be straightforward and simple. Here, I’m mentioning the features every FinTech app should incorporate. Different types of FinTech apps require different sets of features and functionalities. Crucial Features for FinTech Appsįirst of all, not every mobile app feature is necessary for your FinTech app. So, let me take you through the crucial features that every FinTech app should have. The cost to FinTech app development depends on various factors including the features you want to incorporate, the platforms you want to build for, the development team’s location, and the third-party services you want to integrate.Īmong all the factors that affect the cost of FinTech app development, features and functionalities are the most important. However, the figures that I gave you are ballpark estimates. To give you an idea, all other FinTech apps will cost between $20,000 to $100,000. An Expense manager app will cost between $35,000 to $45,000.A banking mobile app will cost around $90,000.A mobile stock trading app will cost $60,000 to $90,000.A basic e-wallet app will cost around 25,000 to $50,000, whereas a wallet with advanced features such as third-party service and bill payment integration will cost $75,000 to $100,000.With all this technology adoption happening, it is crucial for financial institutions to know how much it cost to build a FinTech app.īefore moving forward with the FinTech market trend and the factors that affect the cost of FinTech app development, let’s understand how much it cost to build different types of FinTech apps like e-wallets, investment apps, and banking apps. In addition to new market entrants, the existing players are investing in technology solutions to gain/retain customers. ![]() Digital transformation in the financial landscape has been happening rapidly for the past few years. ![]()
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