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You’ve probably already been thinking about how hard is it to develop an app.

A fintech app.

To tell the truth, it’s not an easy task. On the other hand, it’s not that difficult if you have the right people by your side.

Thus, we’ve decided to be those who will tell you how to build a fintech app in record time.

Stay tuned!

Fintech is a broad industry that has many directions to choose from and there are a huge variety of fintech applications ideas to pay attention to.

Let’s assume that you are going to create a personal finance app.

More and more banks build personal finance apps with budgeting features. This means, that your product will be in high demand.

Since chatbots and virtual assistants are now integrated into almost every messaging platform, building one to manage user personal finances is another great idea. For example, chatbots like Plum or Cleo help to keep track of finances and give personal finance advice by having conversations with users.

Another tech trend to keep in mind when choosing the niche is cryptocurrency. More and more clients want to connect their crypto wallets and manage and trade their cryptocurrencies via the app.

One more reason why personal management apps are so popular is that it boosts financial literacy skills, especially in a younger audience. Apps help to reach financial goals and regulate money spending and saving habits.

The possibility to join accounts of various banks together or integrate different payment systems is an immense benefit of finance apps.

If you think that budgeting apps don’t need a fancy look, that’s not true. Beautiful data visualization (charts, dashboards, and infographics) is a must to build a financial app. What’s more, infographics and charts make the data easy to understand and manage.

Personalization is everywhere. The more customers see that you care about their needs, the more they want to use your service. Tailoring the app may mean creating a chatbot or including features that a specific category of people expect to have in their banking app toolbox.

Fun is something the keeps clients engaged and motivated. So, what’s gamification? Gamification is using game tactics in a non-game environment. Rewarding users with badges for their saving achievements is a vivid example of gamification.

What are the monetization strategies, you can implement into your app?

1. In-app advertising. You can implement this strategy right after the app launch. However, this can be damaging to the user experience and generates good revenue if your app has many users.
2. Subscriptions. Users can enjoy the full app’s potential by paying for the subscriptions monthly or annually.
3. In-app purchases. You can make only basic features free and sell some advanced tools inside the application.
4. Transaction fees. Fintech apps often offer currency conversion or the option to trade in shares or other markets. An application gets revenue every time the user makes a transaction.
5. Paid apps. You can also sell your app from the very beginning, which means that customers will be able to use all features after they purchase an app.

Ramp up a team of developers

A good plan needs great execution.

A development team you may need for fintech app development will include:

  • Project manager
  • Business analyst
  • UI and UX designers
  • 2 or 3 mobile developers (maybe more, if your project’s complexity is larger)
  • Backend developers
  • QA engineers


One of the best ways to ramp up your development team fast is to go for outsourcing or a dedicated team.

Outsourcing companies offer really flexible approaches to software and mobile development. You may outsource your project completely or partially (by hiring just developers or designers and integrating them into your existing team). What’s more, a good vendor will suggest technologies that suit your application best.

You can read more about outsourcing here.

The whole process of building a fintech app may include:

  • Strategy development
  • Analysis and planning
  • UI/UX design (wireframes, mockups)
  • Information architecture creation
  • App development
  • Testing
  • User experience testing
  • Deployment and support


How to develop a fintech app: your next step

We hope that you’ll find these tips advantageous and create a fintech app that millions of people will use.

If you need more insights and information on fintech apps development, feel free to contact the inVerita team. We’ll provide you with a consultation completely free of charge and suggest the best development approach for your product.

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