How To Develop A FinTech App: Everything You Need to Know

How to

Fintech is a growing Financial Technology that benefits every industry or SME business owner.  It is one of the most popular technology in the whole world right now. According to the information, in 2020 alone; at least one Fintech app was used by 64% US adult population.

Today, the Fintech app is one of the best ways to take benefit of FinTech technology and much existing business are focusing on Fintech app development.  Around 10,755 fintech startups were started in 2021 in the US.

It is clear with the above information that how fintech is going to develop each day and to stand in the market every business needs a new business model. It is only possible with the adoption of Fintech technology. Let’s start with the guide that contains everything you need to know to develop a Fintech app.

  • What is Fintech App?

FinTech is a Financial Technology and FinTech app is a way to use the Fintech technology. In other words, Fintech apps refer to the web or mobile application that provides financial services to users.  FinTech apps are prevalent these days in the market, as most financial services are being carried out digitally to fulfill them efficiently and quickly.

Fintech app usage is growing day by day. According to the study, app usage of U.S users in 2020 was 58% and in 2021, app usage of consumers is now 88%, a 30% growth in one year only.

Here are a few examples of Fintech apps

  • Mint.
  • Revolut.
  • Coinbase.
  • Nubank.
  • Chime.
  • Robinhood.
  • MoneyLion.
  • Tellus.
  • Types of Fintech Apps

Types of Fintech Apps

Before you design your Fintech apps, you should first know about their types.  The fintech industry is very large and knowing it will help you to make your fintech app a better version and you can give your expertise in the growth of the Fintech business.

Here are the following types of Fintech Apps

  • Online Loan Apps

Fintech involves in providing Loan app services. Digital lending fintech apps simplify the loan procedure and meet the lender and borrower to each other.  Many Financial Institutions, private institutions, and individual lenders use Fintech apps to simplify the loan procedure.  Third-party Fintech loan app may earn a commission after the loan gets approved.

  • Digital Banking Apps

Digital banking is very popular nowadays and nobody wants that traditional way of banking, where consumers need to stand for hours to get done one process.

Banks develop their own Fintech apps for their clients as the generation feels convenient with digital banking.  Digital banking allows consumers to send/receive payments, manage accounts, check account balances, and open a new bank account, also it benefits for bank officials to manage their client’s data.

  • Payment Apps

A Digital Payment app is a way of cashless and secure transactions.  Basically, online transaction refers to making payments cashless, quickly, and easily anywhere in the world.

Fintech payment solution apps include payment apps, e-wallets, Bitcoin currency, or digital currency. Fintech payment apps made payment easier for everyone.

  • Insurance Apps

Fintech insurance apps also help in the Insurance industry as it provides more accurate ways to assess risk in the insurance.   It benefits the Insurance company and the policyholder both because it helps policyholders to apply for coverage or process claims faster than ever before.

The company can easily arrange the data of their clients and manage if there is any default by the party, same as, consumers can fill the insurance directly using the App and check the progress, charges, interest, and terms of the company and easily process any claim via the app.

  • Investment Apps and Robo-Advisors

Fintech apps have grown rapidly in the investment industry. Investment Fintech apps help investors to make the right decision for investment.  Investors can research and invest in different financial assets and stock markets.

These apps supply relevant and insightful data to users so that they can make an informed decision about their investments and act as a platform to facilitate investments.

  • Personal Finance Apps

Personal finance apps help users to manage their expenses, plan budgets, and indulge in thoughtful spending using various relevant tools and features.

 Now, you know different kinds of Fintech apps. It’s time to know about salient features of Fintech apps that should be considered when you create your own Fintech app.

  • Salient Features of Fintech Apps

The features of a fintech app depend on your business type, but there are a few salient features of Fintech apps that are common to all Fintech apps regardless of the industry. Let’s discuss them below.

  • Simplicity
  • Personalization
  • Security
  • Push Notifications 



Simplicity plays a core role in app development.  Fintech apps contain a lot of financial information and therefore, the application is supposed to be as simple as possible.  The company provides the Fintech apps in order to ease the complexity of using the services.  Everything in the app should be direct and clear.   The simplicity of the app also saves users time to figure out the fintech app and hence use it more.


Personalization is a choice of business entity.  Sometimes a customer wants personalized services and that is possible with AI technology, with AI, personalization becomes an added feature.  Al analyzes user patterns and provides them with relevant inputs regarding new updates, policies, and benefits offered by the financial institution.   Personalization is important for existing customer retention and bringing in new audiences.


Security is a must-to-have feature. Every Fintech app contains a lot of financial information about clients, users, banks, institutions, and more.  Any breach of security or security loopholes can cost their users a lot of money.  Therefore,  a fintech app must come with high-security technology and should be implemented to prevent any breach of security, fraud, or hacking.

Mostly, fintech apps come with Biometric and Encryption or Password security.

 Push Notifications

Push notifications are important to stay updated. It notifies customers the regular updates about new policies, discounts, offers, and other information. It creates effective communication between banks and consumers so that they can stay in touch and ensure they are updated on everything.

Now you also know the salient feature of Fintech apps, let’s read about technology trends majorly used in Fintech apps.

  • Technology Trends used in Fintech App Development?

Here are 4 innovative trends in fintech app development.


  1. Blockchain Technology

Blockchain is considered decentralized in nature, which makes it highly secure to store data.  It is one of the popular trends in the Fintech app. Blockchain-based fintech apps are transparent, immutable, and highly secure.  It keeps the proper records, provides accurate information, and ensures users’ privacy and security.

  1. Artificial Intelligence (AI)

Artificial Intelligence is an advanced technology used to recognize input data or special patterns and analyze them. AI-based fintech apps work best as it helps to prevent fraud, hacking, or any other suspicious activities.  

  1. Big Data

Big data technology provides highly reliable and sharp fintech apps to satisfy the company’s customers. , Data analytics enables you to detect user patterns and provide valuable insights from the app’s massive amount of data.     

  1. Microservices

Microservices is a service partner with Blockchain. Microservices with Blockchain are helpful in ensuring that the app is structured as a set of interrelated features and services. In this way, the application becomes faster and the data is handled in a decentralized manner.  These two also help to reduce the cost and time invested in the fintech app development process.

  • 4 Technology Stack used to develop a Fintech App

Technology is really important as it delivers the outcomes you want to provide to your customers. Before you make a fintech app, make sure you choose the right technology for your Fintech app. An appropriate technology stack is important to build a fintech app with high-quality functionality. 

Technology requirements can be based on application type, budget, time, etc.  Here we have listed a few technology stack options you can opt for to make a fintech app.

 Native App Development Technology

Native app development is majorly used where you want to program an app for a certain operating system. So, if you want to build a fintech app for a specific purpose, then you should use this technology.

Here is the technology stack you should use according to the platform.

  • For iOS- Objective C, Swift, Apple XCode, and iOS SDK
  • For Android- Java, Kotlin, Android Studio, Android SDK


Cross-Platform App Development Technology

Cross-platform makes app development easier because they work on a single codebase rule. If you want to develop your fintech app that can work on multiple platforms, then here is the suitable technology stack:

  • React Native
  • C#

Hybrid App Development Technology

To build a hybrid fintech app, here is the technology stack you can use:

  • HTLM5
  • PhoneGap

Other Technologies

Node.js, C++, and Flutter can also be used in robust fintech app development.

  • How to Develop a Fintech App? Step-by-Step Guide

FinTech app development deals with financial services and therefore, there should be clear instructions for the development. Here we have suggested 7 essential steps that you should to build a fintech app.

  • Determine Your Niche and Target Audience

This is the first and very crucial step you should take by deciding your industry niche and your target audience. It implies that you need to determine your business requirement from the app, what kind of fintech app you want to develop, and what would be your core focus in the app. With the above information, you can take decide what type of fintech app you want to develop for your business.

Meanwhile, you also take your notice to the audience or your clients. A fintech app should be developed according to the customer’s requirements because if they find everything that needs in the app, then no one can stop the success of your fintech app.

  • Fulfill Legal Compliance

Make sure you do not forget the legal requirement part here. Fintech apps deal with critical financial information. Hence, it is very important to ensure that it is legally compliant to guarantee high security and privacy for your clients. The fulfilling legal requirement will create trust between you and your audience.

  • Decide Features and Estimate Costs

Features and cost are the third most essential steps you should keep in mind.  We have earlier discussed in this article, the salient features of the fintech app, that should be in your app. Apart from this, you just try to add the needy features or asked by the customer. Too many options that are not needed can confuse your customers and complicate your fintech app.

In addition, the cost of fintech app development depends on your requirement. Before you start developing an app, decide your budget and then go according to your budget. 

  • Hire a Team

For a successful project, you need the right development team.  You must hire a team of highly experienced experts to ensure high-quality app development and proper utilization of resources such as time, effort, and money.

It is always helpful to hire an experienced fintech app developer team.  The best development team or company expert can help you to make the right decision, suggest you best solution and etc.

  • UI/UX Design

Make sure you choose the best UI/UX design for your fintech apps because this is for the user interface.  Best UI/UX design can ease the customer interactions with the app and motivate them to use the app for a long time.

  • Develop an MVP

Testing your idea will help you to know the success rate of your idea. MVP stands for Minimum Viable Product, a proof of concept including enough features to give it a test run. MVP helps you ensure that your Fintech app is running well and bringing value to its users.

It will provide you the feedback and insights on your solution so you can make the right decision. It also reduces the risk factors and helps you to improve the app functionality, features, and everything.

  •  Launch the App

Once you’re done with all the above steps, it’s time to make your fintech app live and let others use your app. Always try to reach out to the comments to improve the app and make it more convenient for the users.



The development of the Fintech app requires more attention, time, effort, and money.  And to do this, you need the best app development company that not only provides effective functionality but also provide technics to combat risk in Fintech project and security.

Without wasting much time, contact our team for your Fintech app development project.

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