Explore: Cost to Build a FinTech App

If you want to know how much it costs to build a fintech app. You have come to the right place. The cost of developing a mobile application for fintech depends on various factors. It can be how complex the application is, including the functionality you need.

However, the cost of building a mobile application for a fintech can be $15,000 for a simple app. If you are looking for an advanced-level application like neobanking, which offers significant features, the price may increase to $100,000+.

If you are planning to build a fintech app that generates a good amount of revenue. This is the right time for entrepreneurs like you to leverage this opportunity. The global fintech market size is expected to reach USD 764.4 billion in 2033.

Adopting emerging technologies like AI can simplify financial operations by preventing fraud, such as money laundering, and enhancing banking and investment processes. Mobile applications for cryptocurrencies powered by blockchain technology further streamline these operations, making them more secure and accessible.

In this blog, we will discuss the cost of building a fintech app, types, and the factors that affect the fintech app development cost step by step.

Key Factors Influencing the Cost of Fintech Mobile App Development Costs

The breakdown factors for creating an app for financial services depend on a number of factors. It can be the complexity of features, security measures, testing & quality assurance, and more. Here, we are going to discuss all the factors that influence FinTech mobile app development costs.

Complexity of Features

If you need advanced features like biometrics, dashboards, blockchain, gamification, and more. It will increase the costs of building applications because it requires more resources to complete a project.

• The simple app creation may cost you between $15,000 and $30,000.
• If you need moderate complexity, you may have to pay $50,000 to $100,000.
• The advanced-level mobile application creations for FinTech may change your $100,000 to $300,000 or more.

Security Features

Financial institutions, including FinTech, handle more sensitive data, which puts them under more rigorous standards, and they usually have more regulatory financial compliance. It includes PCI DSS 4.0 and  GLBA practices. These security practices increase the costs of app development.

• Standard security can cost around $10,000 to $30,000.
• The advanced features, including biometrics and advanced encryption within the app, can cost you $30,000 to .$100,000.
• If you are seeking to have higher security compliance, the price may exceed $100,000 or more.

Integration with External Systems

In case your application requires integration with external systems such as banking APIs, third-party financial tools, and more. This complexity will impact the costs as well as the time to develop the application.

• If it has basic integration, it may cost you $15,000.
• The moderate complexity will charge you $50,000 to $150,000+.
• If it is a complex integration that has multiple systems, it can cost you $150,000+.

User Interface and User Experience

UI/UX is essential not just for enhancing aesthetics but also for ensuring an intuitive and user-friendly experience. A well-designed app should be easy to navigate, build trust, and meet users' needs effectively. For financial service delivery, a mobile app with excellent UI/UX can significantly boost user engagement, drive higher conversion rates, and ultimately contribute to a healthier bottom line.

• The basic design of the UI/UX of your fintech app may be done at the cost of $10,000 to $30,000.
• If you are looking for a customized solution for UI and UX, this may cost you around $30,000 to $100,000.
• A third option that provides you with a premium design with user testing can cost $100,000+.

Types of Fintech Applications and Their Cost Estimate

The type of app you want to develop can increase or decrease the price. Below, we are going to discuss the most popular types of fintech applications. It will help you determine what fintech app development services you should opt for.

Digital Banking

These applications offer a number of benefits to banks and users as well. It can be utilized to open a bank account, invest and save a principal amount, open RDs and PDs for fixed deposits, open a new account, and more. Fintech banking can cost $30,000 to $300,000.

Mobile Payments

Mobile payment applications like Apple Pay, Google Pay, Venmo, Zello, and more are used by more than 2 billion people globally, which is increasing by 16.6% annually. This is a great option for anyone who wants to build a fintech app to generate remarkable revenue through commission income. They have agreements with brands for brand placement fees and every necessity, like cellphone recharge, bill payment, and more. The development of a mobile payment app can cost from $30,000 to $300,000.

Investment and Trading

If you want to develop an investment and trading app, the cost of development can be from $40,000 to $200,000. These applications have made it so easy for anyone to invest quickly with a few clicks, as they have eliminated mediators and intermediaries. Moreover, they also offer a platform for fintech investment in several financial assets, including bonds, stocks, and mutual funds.

Best Choice for Cost-Effective Fintech Mobile App Development

An Experienced FinTech app development company that has expertise in creating robust, user-friendly, and scalable apps for finance provides you with a rich experience. The company can provide you with high-degree customization that meets the specific business requirements and paces your business growth. A company with decades of experience can deliver its app development services, assisting small to large businesses to build an online presence and ultimate expansion as well as increasing their revenue.

Conclusion

Now, you have a clear understanding of the cost of building a FinTech app. With the FinTech market expanding rapidly across both developed and developing countries, businesses have a unique opportunity to capitalize on evolving trends. Therefore, creating a feature-rich FinTech application that offers seamless financial solutions, such as hassle-free banking and quick smartphone payments, can unlock significant revenue potential. Partner with a leading FinTech app development company today to create a custom app at an affordable cost and deliver the innovative solutions your customers are looking for.