Read the recommendations of seasoned software developers on how to build a fintech app, determine its cost, and the essential features it must contain.
How to Build a Fintech App
Nowadays, an ever-increasing number of industries go digital. Banks and financial institutions are moving in the wake of this high-tech drive, leveraging fintech solutions – state-of-the-art software working in the financial sector. This domain displays a spectacular annual CAGR of over 9% and is expected to top $158 million by 2023.
Companies offering high-tech financial services are in constant search of new channels in their attempts to reach out to the global pool of consumers. One of the most promising means of customer engagement in the early third millennium is mobile phones. That is why the question “how to build a fintech app?” is becoming a topical one for financial institutions having big-time aspirations.
Starting with the Basics: What is a Fintech App?
The across-the-board headway of IT advancements was boosted by the global pandemic that has started the “remote everything” trend in almost all spheres of our life. So, during the last couple of years, we have come to rely heavily on digital technologies in shopping, entertainment, education, healthcare, and dozens of other spheres with financial services being one of them.
Today, you don’t have to visit a brick-and-mortar bank to withdraw money or pay for an order at a pizza place. All these and plenty of other services can be enjoyed by downloading various fintech apps – IT products that you can install on your smartphone and manage your finances in several clicks.
What makes developing a fintech app an appealing investment prospect?
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This is till the time that you want to make a big purchase like a house or a car and suddenly realize that you do not have enough savings in your account and are not eligible for a loan!
And no, you do not need to do any kind of hard work or number crunching as mobile application like Cleo – an AI based budgeting application will do the heavy lifting for you.The Global Fintech market is predicted to cross $300 billion by 2024.
The mouth-watering proposition of making a fortune in the Fin-tech mobile app sector has prompted many entrepreneurs to think about Fintech app development.
This is because this AI-powered Fintech app is the new poster boy of the Finance & Technology domain.What is Cleo app?Cleo is an artificial intelligence-based financial-technology app that helps the users in accomplishing their budgeting goals.The beautiful thing about Cleo is that when a user asks questions related to their bank accounts and payment details, the AI-enabled chatbot of the app answers the questions in an easy to digest manner.
For example, if a particular user asks how much did he/she spend on clothing past month, then Cleo will send the user a detailed spending report containing the date, transaction time as well as the name of the merchant.Because of the read-only method employed by Cleo, only the user can withdraw money.
To avoid privacy issues, Cleo never saves the credentials of the users on their servers, and they even encrypt sensitive data like transaction history and personal information.Cost to build an AI-based fintech mobile application like CleoThere are many factors based on which the fintech app development cost matters.
