Investigating the Financial Implications of Fintech App Development

Estimated read time 5 min read

Financial Technology, refers to the digital solutions that help users to manage their finances easily & quickly. Fintech applications provide convenience to users by providing them with a digital platform to make transactions. Fintech apps rely heavily on security and protect sensitive information and the transaction details of the users.

Fintech apps have transformed the way transactions are conducted. With the rise of the digital era, finance has evolved into a new landscape. Technology has changed the way we perceive finance and its exchange. The new guard of these metaphorical finance doors is fintech applications. Every individual is connected with it or using fintech apps in one or other way.

There are a wide range of fintech apps available in the market, the most popular are as below:

  • Investment
  • Payments
  • Lending
  • Insurance
  • Financial Planning & Management
  • Crypto
  • Neo Banks
  • Regtech
  • Crowdfunding

Fintech applications empower users to be in control of their own financial decisions. These applications rely heavily upon AI (Artificial Intelligence) and ML (Machine Learning) to process the massive data.

This blog will provide a comprehensive guide on what is fintech, what technologies are used in Fintech, and how much it cost to develop a fintech app.

Since so many stakeholders and regulations are involved, fintech apps work with multiple technologies.


Technologies Used in Fintech Apps

  1. Mobile Application: Different Operating Systems have their own requirements such as Android requires Kotlin while iOS requires Swift for programming. Cross-platform technologies like Flutter can help create an application in a single time that works in both OS simultaneously.
  1. Cloud Computing: The cloud computing process helps to process a vast amount of data. There are many cloud service providers such as AWS (Amazon Web Services) Microsoft Azure and Google Cloud available in the market.
  1. Data Analytics: Millions of transactions are conducted on any given day in fintech applications since so many transactions are included, companies focus on leveraging this data. Data Analytics techs like Apache, Hadoop, and many Python Libraries are used for processing data.
  1. Blockchain: Once very much hyped up, Blockchain tech has given some very famous and some notorious names to the financial world. Companies like Binance and Coinbase have created their entire structure on Blockchain. It is a booming industry and very much rooted in legacy enterprises.
  1. AI & ML: Artificial Intelligence (AI) & Machine Learning (ML) can help in automating many mundane and repetitive tasks. These technologies can help heavily in recognizing patterns and providing personalised experiences to individual users.
  1. Gateway: Payment Gateways are popular for facilitating the ease of payment. Brands like Razorpay and PayU integrate their API into websites and apps to overcome the barrier of currency.
  1. Cyber security: Finance involves money! And if there is no security, users are never going to trust any platform. Hence finance applications need to implement technologies that include different levels of encryption.
  1. API: Application Programming Interfaces help the web and mobile applications to make transactions in any currency and communicate internally to ensure all the stakeholders can have details of transactions in real-time.
  1. Regulations in Tech: eKYC (Know your customer) and AML (Anti Money Laundering) need to be addressed properly while creating a new application, so the key processes can be well defined from the beginning.


Fintech apps vary in their nature and offer different services to their users. Some of the most common features used in the fintech apps are as below:

  • Mobile Payments
  • Investment
  • Budgeting and Expense Tracking
  • Banking Services
  • Wealth Management
  • Credit Score Check
  • Personalised Recommendations
  • Financial Education
  • Peer-to-Peer Lending
  • Insurance
  • International Money Transfer
  • Integration and Aggregation

In order to make a successful fintech app, one needs to keep in mind the interface of the app to be engaging and interesting. There are multiple clones of famous fintech applications available in the market offering similar services. To ensure your application stands out from others, it is important to focus on User Interface (UI) and User Experience (UX).


Factors that influence the cost of a fintech app


The cost of developing a fin-tech app depends on the complexity of the application, the number of platforms it will be available on, and the features it will offer in it. It is important to consider all these elements when you plan to create your own fin-tech app.



As said earlier, fintech apps deal with money, and businesses are required to get certain types of licences to operate these kinds of applications. These licences need to be obtained from the government.  This can be an expensive and time-consuming process and you may need to hire resources with specialised skill sets who can help you surpass all the regulatory processes. For Eg. NBFC (Non-Banking Financial Company) Licence can take up to 2-6 months with all the paperwork and processes.



The complexity and features increase the cost of development of a fintech app. Simple calculating applications tend to be cheap in development, while complex features such as investment in various financial instruments are expensive. You must consider the target audience of your fintech app first, so you develop only the features that are required.



Maintenance includes ensuring timely updates of the product. It also includes maintenance of various factors such as hosting, security, data storage, and bug fixes.


Choosing the right development partner

Choosing the right development partner is important for the success of your fintech app. Before signing any contract with a development partner, make sure you have the estimated timeline and cost breakdown of the entire project. Oftentimes heavy projects include hidden fees. Also, ensure to take a look at the portfolio of development partners to see if they have any experience working in fintech.

Keep this mantra in mind! Revolutionary businesses are always built with the identification of the need, compilation of required offerings, providing better packaging, and focusing on trust and retention.

You May Also Like

More From Author

+ There are no comments

Add yours