Fintech cost: How long does it take to develop a Fintech app?

Do you have an idea for a Fintech app? If so, you might wonder how long it will take to develop. It's difficult to say exactly how long does it take to develop a Fintech app because so many factors go into the process: what type of app you're looking to build, how many features your app will have, and the complexity of those features.

The process of developing a Fintech software development can be broken down into three parts: ideation, Fintech design, and development. Each phase can vary in length depending on the complexity of your idea or the scope of your project. For example, ideation could take as little as one week for an idea with low complexity or up to six months for an idea with high complexity. The design could take two weeks for a basic wireframe and two months for more complex iterations and testing. The developer might need four weeks for simple apps and four months for more complicated apps.

What is Fintech?

Fintech is the convergence of financial services, technology, and innovation. It encompasses everything from mobile payments and lending to crowdfunding and personal finance management. It is applying technology and data science to banking and financial services. App development Fintech can be used to improve customer experience, for example, by simplifying and speeding up the process of opening a bank account or making payments.

Fintech also includes innovations like Bitcoin and other cryptocurrencies, disrupting how people think about money using new technological advances such as blockchain technology. Fintech apps are designed to offer a mix of traditional banking services, personal finance management tools, and digital financial innovations.

How quickly is Fintech growing?

Fintech, the fusion of finance and digital technology, is proliferating and changing the way people view and use money. In less than a decade, we have seen a shift from banks being the gatekeepers of finance to an era where customers are now in control. And we see now how Fintech is changing business.

It is the fastest growing industry in the United States, and it's not slowing down anytime soon. Fintech has grown from a niche industry to a billion-dollar powerhouse that impacts every facet of our lives.

The rapid growth of this industry is also expected to continue into 2022. This will be due to the fact that many industries are not yet using Fintech as a way to increase their revenue or make it easier for customers, meaning there will still be plenty of room for fintech innovation.

Market Data Forecast projects that by 2026, the global Fintech market will be worth $324 billion. That's a lot of money!

Fintech market growth analysis
Fintech market growth analysis 

The reasons behind the Fintech app development growth

Things aren't working the way they used to anymore, so it's time for innovation. Fintech app development has been driven by its ability to provide services more quickly and cheaply than traditional banks. Fintech companies can use more modern technologies such as cloud computing and artificial intelligence to provide services more efficiently than banks can manage independently.

More people are now using their phones as their primary banking tools and going online to pay bills, transfer money, and invest in stocks. This makes it easier for everyone to take advantage of these new technologies without going into a bank branch or even talking on the phone with someone.

Also, the globalization trend is driving the need for Fintech product development because it allows new markets to emerge, which would not have been possible without access to cheaper technologies such as smartphones.

And finally, the Fintech rise has also been attributed to the rise of a new generation of tech-savvy consumers and entrepreneurs who are more comfortable with technology than their predecessors.

Fintech product development: How much does it cost to build a Fintech app?


The answer is "it depends." Many factors determine the cost of building an app, including what type of app you're looking to create and the complexity of your needs. It isn't easy to estimate development services cost accurately without knowing more about your specific project and what features you want to be included in the app.

For example, if you want a simple app with limited functionality to be developed, you may be able to get away with spending $30,000. But if you need something more robust with lots of features and options, you'll likely spend closer to $300,000 or more. The more complex the application, the higher the price tag will be. The most expensive apps are those that require backend programming with high levels of security and encryption.

In general, four main factors affect the price:

  • the type of application being created;
  • how long will it take to develop;
  • who will develop and design the app;
  • what features will be included;

Fintech app features to consider while developing

There are many considerations on how to make a Fintech product. There is no one-size-fits-all solution, and each situation will be different. A strategy that works for one startup might not necessarily work for another. If you are looking to build an app that will help people with their finances or financial transactions, then you should consider these Fintech app features before you get started with your project:

Fintech application security

A major concern for many users is how secure their personal information is on the Fintech app. Ensuring the safety and security of all data is one of the most essential parts while developing any Fintech app. Without this feature, customers will not trust the company with their personal information.

Interface Design

UI is always what you shouldn't save on. The design of an app is just as important as its functionality. Consumers expect intuitive designs that are easy on their eyes in this day and age. Make sure you design your Fintech app with simplicity in mind by removing any unnecessary clutter. The interface design of a Fintech app can have a major impact on its usability and user experience.

User experience

A good user experience is essential for any application, especially for a good Fintech app. It can be the difference between success and failure. A well-designed UX of the application should make it easy for your users to find what they're looking for and provide them with a clear path through your Fintech product.

Real-time notifications

Through Fintech apps, users can get notifications on their phones and tablets about different investments in stocks and shares and any other updates in various markets. This means that one can keep up to date with what's happening with their finance, whether at work or traveling abroad—sent directly to the phone when they have received funds transfer or other transaction alerts.

Personalized service options tailored to individual needs

The best Fintech apps provide excellent customer service that exceeds expectations. Your customers need to know they can get help when needed, which means having customer service available in-app and phone.

Allowing your Fintech app to be personalized is one of the best ways to ensure user retention. If the interface and usability can be customized to their needs, they're more likely to stay with your service.

Consider allowing your app's home screen to allow for interchangeable blocks of information, like shortcuts to particular services or multiple financial monitoring statistics. Simply offering a dark mode and light mode will help, too. And allowing customers to link their social accounts and multiple bank or investment accounts to your app will help you become their go-to Fintech service.

Customizable dashboard and reports

One great thing about Fintech apps is that they use artificial intelligence (AI) to make decisions for you based on one's personal needs might be. A customizable dashboard is a feature of a Fintech app that allows customizing the layout and design of your dashboard. It can be used to create custom screens or pages with specific data, such as the most recent transactions or your most commonly used tools.

How does the Fintech app work?

Fintech applications are becoming increasingly popular as the world is moving towards an everything-on-the-go lifestyle. Mobile banking apps are a prime example of Fintech applications, and there are many reasons why they're so popular.

Banks are now offering mobile banking services so that customers can do many of their day-to-day transactions through their phones. With these services, banks can offer additional incentives and rewards directly through the app, making them even more attractive for consumers who want an easy way to stay connected with their bank accounts.

Fintech applications are designed to simplify routine transactions by allowing you to view your finances on the go. For example, you can use an app to see your bank balance on your phone at any time or check how much you have spent in the past week. You could also use it for budgeting by setting up a monthly allowance for yourself and then adding cash into the account.

Fintech App Ideas

No matter what type of lifestyle you lead or what financial goals people have in mind, there's probably an app there that can help them reach them faster than ever before. Or, if it doesn't exist yet, you can always build Fintech apps that are new and innovative!

Here are some types of Fintech apps:

  • Mobile banking apps enable users to check their balances and make transactions on the go. These apps' most common service allows users to carry out banking transactions on their phones via an app. This includes checking account balances, transferring funds between accounts, and paying bills.
Mobile banking app Chime
Mobile banking app Chime
  • Personal finance app helps people track their spending and set monthly budgets for themselves. These Fintech apps are designed for people who want to track their spending habits and manage their money better. They include budgeting tools, transaction alerts, and reminders about upcoming bills.
Personal finance app Mint
Personal finance app Mint
  • Payment apps are created to make it easier for people to buy and sell goods and pay other individuals or businesses. Payment apps can be split into two categories: mobile wallets, which require the user to upload a credit card or bank account in order to use them, and peer-to-peer payment services, where users can send money directly from their bank accounts without any third party involvement.
Payment app Stripe
Payment app Stripe
  • Investment apps help people invest their money into stocks and bonds, with varying degrees of risk involved. They have been designed to simplify the process of managing your investments. These apps allow you to keep track of your investment portfolio and transactions easy-to-use and straightforward way.
Investment app Betterment
Investment app Betterment
  • Robo-advisors are the latest innovation in investment management. It's basically like having a financial advisor, except it's an artificial intelligence (AI) program programmed to make decisions based on your goals and situation. Robo-advisors use algorithms that can be customized to fit your needs and risk tolerance but can also be set up with preset parameters to get you started right away if you're not sure what you need or want.
Robo advisor Wealthfront
Robo advisor Wealthfront
  • Lending platforms allow borrowers to get loans from lenders directly without a bank or credit union as an intermediary. They were designed with the aim of making it easier for people (particularly those with poor credit histories) to get loans at reasonable rates.
Lending Fintech app Avant
Lending Fintech app Avant
  • Tax management apps help you keep track of all your income, so it's easier to pay taxes. Tax management apps help manage the tax liability of an individual or company. The purpose of a tax management app is to make it easier for individuals or companies to comply with the laws around taxes in their country. In some cases, the app may also be able to provide advice on how best to avoid paying too much in tax.
Tax management Fintech app TaxAct
Tax management Fintech app TaxAct
  • Trading & cryptocurrency apps. The best way to trade cryptocurrency is through a trading app. Trading apps offer the best of both worlds - they are easy to use and allow users to day-trade cryptocurrencies. They allow buying, selling, trading, and monitoring of cryptocurrency on your smartphone.
Cryptocurrency trading platform Token Place by Merge Development
Cryptocurrency trading platform Token Place by Merge Development

App development process of Coinbase Fintech app

Coinbase is a really popular cryptocurrency wallet, and it's not hard to see why. It's the most admired Fintech mobile app in the United States, and it has an excellent user interface. Our team has compiled a great guide on building a Coinbase-like Fintech app. If you're interested, we'll walk you through the Coinbase-like app development process, indicate the app development cost for Coinbase, and explain what it takes to develop a successful Fintech app.

Serhii Hyliuk

Head of Growth

Head of Growth and Customer Success. I'm interested in design, new tech, fashion, exploring new places and languages. My mission is to make our clients happy.

Head of Growth and Customer Success. I'm interested in design, new tech, fashion, exploring new places and languages. My mission is to make our clients happy.

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