Finance Technology or FinTech refers to the use of technology in everyday financial operations. It is quite a broad term that includes a number of different sectors, such as banking, insurance, and many others.
Thanks to the application of the latest technologies, FinTech has become a robust industry in an extremely short time. These include the integration of digital banking, blockchains, Artificial Intelligence, and financial data security in FinTech apps.
Want to know how much it will cost to build a FinTech app or hire a FinTech development company?
Keep reading, as this blog mentions the biggest cost influencers behind FinTech app development.
Factors That Drive The Cost of A Fintech Development Company
Let’s look at the key influencers that affect the cost of developing a FinTech application:
1. App Requirements
Understanding what you want in your app is the first and foremost cost-driving factor. Study the market, check the trends, and list all the features your target audience prefers. Based on all these, your app will likely require Blockchain development services, AI, and APIs, growing complex to accommodate the users’ needs.
Given below are three categories of FinTech apps based on complexity:
Basic: A basic financial application contains the fundamental features of a financial solution, serving as a prototype.
Medium: An MVP for a more intricate FinTech app or a user-friendly personal budgeting app is somewhat more complex. The budget for this type of app increases too.
Complex: This type of app is the costliest of the three due to its advanced capabilities. These include third-party app integration, analytics, customized interface, and real-time synchronization.
You will also have to consider non-technical app requirements, such as security, user-friendliness, scalability, and trustworthiness.
2. The Tools And Technologies You Want
You will have to decide on the technology stack for your FinTech application development project. Each offers different features at varying costs, so consider your non-technical requirements before you pick one.
FinTech app development companies can assist you if you’re unsure as to which tech stack to implement.
3. Who Will Work On The Project
The final mobile app cost will also depend on the FinTech development company or team you hire. You can choose between an in-house team, a local agency, freelancers, or an outsourcing company.
However, some options are costlier than others: an in-house team, for instance, will be more expensive than the rest. Then there is the reliability issue when hiring freelancers, so consider hiring an outsourcing company to save costs.
4. What Additional Features You Want
Your budget may differ depending on the functionalities you want your app to showcase. For instance, you may want your banking app to include data analysis, credit score tracker, or EMI calculator. These are advanced features that will cost more.
A definitive answer simply isn’t possible because the cost of building a FinTech app is based on many factors.
You need to build a FinTech app that delivers a secure, intuitive, and convenient experience in online payment transfers. Therefore, your budget will have to increase the more options and features you would like to include.
When you choose the right FinTech development company, you can be sure you’re utilizing the best technologies without exceeding that budget.