It appears that you’re interested in developing a FinTech app for your startup. If we’re right about this, then you’re on the right page.
This guide provides all the information you need as a startup founder, an investor, a tech executive, and a product manager to develop a FinTech app.
What you’ll learn in this article:
- Why now is a good time to develop your own FinTech app,
- What are the costs involved in developing a FinTech app,
- Steps in creating your FinTech app,
- And more.
Now that you’re familiar with what this article is about, let’s dive right into the crux of the topic.
If you prefer visual to text, then go straight to the bonus infographic “How to Develop FinTech App in 6 Steps”.
When Should You Own a FinTech app?
Without a doubt, FinTech apps have gained popularity over the decade. Don’t believe that? Check out this chart by Statista below:
Based on the chart above, you can deduce that the fintech market has maintained steady growth in value over the last 4-5 years.
And research suggests that this growth will remain steady during the next four years. Revenue from FinTechs is estimated to be 182 billion euros in 2024. This is an increase of about 100 billion euros in just seven years.
What does this mean for your startup? The market will increase in value, which consequently creates a place for you to tap in.
Here are other statistics that support the claim that now’s your best time to own a FinTech product:
- 67% of bank executives believe FinTech is important to money transfer.
- 65% of Americans will use mobile banking by 2022
- FinTechs grant 38% of personal finance loans in the USA.
- Digital banking is responsible for 4.6 million new account openingsin 2021
I hope we’re on the same page now. Let’s work out how much it costs to develop a new FinTech product.
What’s the Cost of Developing a FinTech Product?
The average cost of developing a FinTech app varies from $50,000 to $300,000. However, the exact figure depends on a broad range of factors.
FinTech, by definition, is a broad term used to describe any technology that aids financial transactions.
The first question you’ll have if you aim to invest here is: “What’s the cost of developing a FinTech app?” Unfortunately, there is no definitive answer to this question. Here are the costs of building financial apps according to different factors:
Cost Defined by Types of Apps
As seen below, there are five main types of FinTech apps. Our estimate is based on the average hourly rate of $40/hour in Ukraine.
Read more about fintech app development cost here
This post explains how to use the Ecobank transfer code to send money from your Ecobank account to other Ecobank accounts.
Moreover, you can use the same transfer code for Ecobank to send money to another bank like GT Bank.
To give you a hassle-free experience, Ecobank automatically associates the phone number you used for creating the bank account with the USSD money transfer platform.
The command prompt will be displayed on the screen.
You don’t even need to travel very long distances to access your bank account or to make any transaction.
Mobile banking operations are carried out with the highest levels of security.
READ ALSO
- Crate and Barrel Return Policy – How To Get A Refund, Exchange, or Credit
- Old Search Console Gone: What Is New In Legacy Tools And Reports
- Ghana Post GPS – How To Download, Register & Use The App
- Africa World Airlines – Ultimate Guide For AWA Customers
- Visa Free Countries For UAE Resident Passport Holders 2019
Smartphone usage has been on a steady rise and users’ preferences have definitely ensured that the mobile payment model is not only extensively followed but also modified and improved.
With almost any transaction being made possible using mobile apps, global businesses’ are required to facilitate a smooth payment mode through smartphones, that offers its users the convenience and security.
An agent financial network basically provides last mile financial solutions to rural areas where normal banking service is not available.
These services are offered reliably using viable electronic alternatives.
When mobile money was first launched, it caused disruption of the agent distribution networks in the rural financial sector.
The strategy that allows banking institutions to perform their operations everywhere, agent banking, is a concept that offers good customer care and faster response time.
All credits go to digital wallets for helping us all carry out all transactions digitally.
Not only transactions, but also they help us with mobile recharges, utility bill payments, electricity bills, and many more.
Mobile wallets like Phonepe offer whole new support for users to pay their bills and money transactions effortlessly.
If you are willing to launch a mobile wallet like Phonepe, here are some of the important features you have to consider, Must-have features of a Phonepeclone app While developing a Phonepe clone app, ensure to have the following features,Swift registration process To get started with your app, the step is to register with the app.
Link bank account Upon registration, the users can swiftly link their bank account to the app to carry forward their transactions.
To make it safe for the users, you can include SMS verification for linking the bank accounts.
Digital Banking Market trendsThe global market of digital banking around the world is growing rapidly.
Many banks around the world are adopting cashless policies for various areas such as payments, transfers among other things.
Increasing use of internet and smartphones to do the banking transaction are result of digital banking which makes the task easy and more transparent.Digital banking is also helping the banking system in the management of records, data and retrieval of them.
One of the major trend in this field is adoption of cloud for the management of data and use of it.
Going digital helps the banks to monitor the each and every customer’s details and records more easily.
Communication with customers for any announcement and revive feedback have become easy because of digital banking.Whereas factors such as need of technical knowledge, growing security proliferation in BFIS industry among others are some of the restraints which is expected to slow the growth of overall market.The digital banking market is expected to grow at CAGR of around 8% between years 2016 to 2022.Market Research Future (MRFR) recognizes the following companies as the key players in the Digital Banking Market are - Urban FT, Inc. (U.S.), Misys (U.K.), Kony, Inc. (U.S.), Backbase (Netherlands), Technisys (Subsidiary of FMC Technologies) (U.S), Infosys (Bangalore), Cachet Financial Solutions, Inc. (U.S), Innofis (Spain), Mobilearth (Canada), among other.The other players operating in this market are- Nymbus, NLS Banking, IDEALINVENT Technologies, Capital Banking Solutions and among others.Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:High adoption of smartphones phone and increasing number of internet users around the world few of the major factor which is driving the market of digital banking.
