We have all been observing tremendous worldwide shifts in the social, political, and economic domains for about three years. The way businesses invest in creating digital products and fostering innovation has been impacted by the pandemic, inflation, the war in Ukraine, and the ensuing macroeconomic instability. In a period of slowing global economic growth, following a year of disruptions from supply chain bottlenecks, cryptocurrency market collapses, and skyrocketing inflation, businesses are carefully considering every dollar they intend to spend on their goods. Because of these factors, we believe that in 2023, Flutter apps will rank among the most significant developments in the finance software development industry. Why do we believe that?

Our confidence stems from building a successful Flutter finance app for an Asian enterprise client. We believe that Google’s SDK opens up new possibilities for creating feature-rich, feature-rich banking and fintech mobile apps. Our opinions are supported by the experiences of numerous fintech and banking organizations, including ING Business, NuBank, Google Pay, Credit Agricole, and Nextbank.

Many fintech and banking companies are faced with the challenging choice of whether to scale, rebuild, or introduce a new digital product when the economy is about to enter a recession. Let’s talk about how developing Flutter apps can improve their likelihood of becoming profitable. We will begin by describing the technological and macroeconomic environment that will be crucial for the fintech, banking, and finance sectors in early 2023.

Developing banking and fintech apps in 2023: a macroeconomic introduction

In 2022, following the COVID pandemic, the banking industry had previously unheard-of revenue growth. All banking segments have seen increases in revenue gains of up to 60%, with the exception of capital markets and investment banking.

Looking more closely at the fintech and banking business, we see that there is a significant gap between the major companies and the rest of the industry, even while there is a discernible increasing trend at the macro level. As stated in the report above by McKinsey, in 2022 over half of the global banks will still have a return on equity that is less than the cost of equity.

Put differently, there is a growing diversity among the fintech and banking sectors. Greater care must be used while planning a global expansion or selecting technology solutions due to the rising disparities between the European, American, Asian, and South American markets.

A double challenge for the fintech and banking industries

On the other hand, it is evident that there is a great deal of optimism around emerging technologies, such as AI, blockchain, NFT, AR, IoT, cloud computing, no code, and low code solutions, when we examine the forecasts made by financial professionals for the upcoming years. As the banking sector grows more competitive, digital goods are becoming safer, more intuitive, and more customized.

We have now reached the crux of the issue. Strengthening market position in an era of continual change and laying the groundwork for future innovation are the twin challenges of fintech and banking. Why, in this situation, might Flutter financial apps be the game-changers?

6 reasons why Flutter fintech apps will disrupt software development in 2023

Fortunately, businesses can now achieve the difficult-to-find balance between innovation and execution thanks to recent technological breakthroughs. Flutter offers a great balance between quality and efficiency in this situation. Let’s talk about the benefits of attempting the cross-platform strategy, particularly in the banking, fintech, and financial sectors. Continue reading to learn the top 6 benefits of Flutter financial applications.

  1. Flutter finance apps are reasonably priced.

Selecting between native and cross-platform techniques is a crucial issue when it comes to the problem of developing banking apps. Cross-platform apps are more economical to produce than native apps, especially when done with Flutter. What makes Flutter finance apps worthwhile to test, though?

Assume for the moment that you choose to develop your new banking apps for iOS and Android natively. For iOS and Android, you will need to appoint two distinct development teams, each with expertise in Swift / Objective-C and Java / Kotlin, respectively, as programming languages. You will need to add the next group of professionals to the team in order to scale the product with a web application.

In summary, the native approach necessitates the usage of separate codebases for each device, requiring multiple teams to develop and maintain the program. High fixed expenditures and less flexibility in introducing additional capabilities or modules are the outcomes of the native method. Every new design, enhancement, or solution needs to be created from the ground up for every device.

Concurrently, the cross-platform framework Flutter makes it possible to construct banking and financial applications for wearables, desktop, online, and iOS and Android devices. One development team can quickly create a Flutter app thanks to the common codebase and large libraries of reusable parts.

How can Flutter reduce the development cost in banking & fintech applications?

If you decide to use the Flutter framework for your banking or finance app development project, you can anticipate a considerable reduction in software development costs as a result of many in-process improvements, including:

Three distinct Android, iOS, and web development teams are not necessary for developing a Flutter financial app; instead, you just need to employ one Flutter development team.

Code reusability: Up to 90% of the code can be used across platforms by developers thanks to the shared Flutter codebase. Drawing on our prior work, creating an application for a different platform in Flutter typically takes no more than two weeks.

Quick testing: Flutter developers can evaluate any changes in the frontend as soon as they make improvements to the code, all owing to the hot reload capability. Budget burndown is slowed down and the Flutter financial app testing process is greatly enhanced by hot reloading, or hot restarting for Flutter Web.

Quick MVP and proof of concept development: With Flutter, an MVP or PoC may be produced in as little as two to three months. The cost of developing a complete Flutter finance app is about 30% less than that of developing two native apps.

Due to Flutter’s development efficiency, Google Play and NuBank—two major players in the financial space—selected Google’s framework. As you can see, Flutter is a great option for big businesses as well as startups, as it may save millions of dollars.

2. Flutter banking apps unlock future competitiveness

The transition from web 2.0 to web 3.0 is occurring in real time. The modern world is become increasingly digitalized, conscious, and dependent on technology in many aspects of daily life. In the banking and fintech industries, the importance of a well-planned and efficient digital strategy cannot be overstated compared to other industries. Amidst intense rivalry, clients demand exceptionally tailored services.

Banking and fintech businesses should always be creating mobile and web apps using customer data that has been safely gathered and handled. In an era where consumers may quickly and easily switch banking service providers, any small error, glitch, or interruption could lead to an irreversible loss in the digital race.

Why is Flutter the key to the innovation of your digital product?

As we’ve already covered, Flutter enables banking and finance companies to swiftly design and test new features and modules on every device at the same time. However, what role does this play in innovation and competitiveness?

Flutter developers have access to a large number of regularly updated libraries as well as the encouragement of a vibrant community. Even while native libraries continue to provide additional options, there ought to be a library for every typical use case because the Flutter ecosystem is now developed enough.

Second, Flutter stands out for how quickly it can create user interfaces. Google’s SDK makes it possible to easily add modifications to the Flutter financial app’s features and design in order to satisfy user demands. Also, compared to native solutions, all of this may be completed far more quickly.

Do you require additional proof? Many developers who were open to investigating cross-platform opportunities took up the UI challenge during Flutter’s early days. The most intricate Dribbble shots were found by Flutter developers, who then included them into the framework. In the native edition, projects that could have taken up to a month to complete were finished in less than a week. Thanks to Flutter for everything!

3. A multi-module approach in Flutter unlocks unprecedented scaling capabilities for finance applications

For businesses that currently have native banking or fintech apps, one of the most important advantages of the Flutter fintech app is its multi-module approach to software design. Because of its modular design, Flutter enables developers to integrate cross-platform modules with pre-existing native applications. This makes it possible for fintech businesses to swiftly test or deploy new features like:

  • Digital Money Savings Accounts
  • Purchase now, pay later, quick payments, and plenty more!

The ability to use a modular software architecture in Flutter makes it possible to develop several new, creative features at the same time, especially when scaling and developing projects quickly. Many teams are able to work on multiple features at once because of Flutter’s modular design. Because of this, businesses who choose to use Flutter banking apps are able to test, implement, and enhance new features well ahead of their competitors who use native OS-based software.

What is the practical implementation of Flutter’s multi-module approach?

Our cross-platform development team recently worked on a sizable project for a client in the banking sector, gradually integrating Flutter into native applications. Many cross-functional teams worked on different parts of the creative application scaling plan at the same time. We were able to construct hybrid flows using Flutter, wherein native applications function as a medium for communication between Flutter modules and native applications.

What outcomes did our work lead to? The Flutter fintech app’s displays proved to be exactly identical to native ones for end users, even those who were acquainted with the original native application, because of the multi-module strategy. Better performance and reduced failure rates define the redesigned mobile application. Not to add that millions of users of one of the biggest banks in Asia are currently using new modules.

4. Flutter provides flawless application performance

Performance has a direct bearing on user retention and customer engagement in banking and fintech apps. The risk of losing users is increasing with each second of latency and each unfinished component of the application. For this reason, the banking and fintech sectors depend heavily on perfect product performance and quick content load times.

Fast performance, up to 60 frames per second (fps), is a defining feature of Flutter finance apps. It is even feasible to achieve 120 frames per second (fps) on devices with 120 Hz update capabilities, which is equivalent to native solution metrics.

Technical aspects that impact Flutter financial app performance

With regard to app performance, Flutter appears to be the greatest option when compared to other cross-platform frameworks like React Native. Why? A bridge between JavaScript and native modules is always required for React Native. With Flutter, the majority of the components are already included in the framework.

Gestures are handled by React Native using both native and JavaScript code. It is less effective due to the bridge that connects these two. With Flutter, this is limited to the native side. Because every operation in the Flutter finance app is totally native, it operates significantly more quickly.

Not to mention, Flutter tools (DevTools) make it simple to access an app’s performance. Developers can get information about the app’s performance using the performance view by:

  • Use the Flutter Frames Chart to obtain details about each frame.
  • See the timeline events chart to learn about every event taking place within the app.
  • CPU profiler: to find out how much CPU is being used by an application.

5. Flutter facilitates future maintenance

The journey of a fintech or banking product doesn’t end with the public release of an application or one of its modules. Following a successful release, it’s critical to maintain the application, respond promptly to any malfunctions, and track user feedback. Applications for banking and fintech must be continuously improved in order to keep ahead of the competition and to guarantee their faultless operation.

The seamless upkeep of banking and financial applications built with Flutter is a crucial cross-platform attribute that is widely recognized and utilized. The ING Business app’s developers freely acknowledge that one of the factors influencing their choice to employ Flutter for their ambitious project was the ease of app upkeep.

How did Flutter help the ING Business optimize app maintenance?

One of the first banking apps to be rewritten for Flutter in 2020 during the SDK’s early beta stages was ING Business. ING Business’s banking app, Flutter, was an enormous commercial success. The app won the Global Finance prize for the best mobile banking solution in 2020.

But keep in mind that Flutter was still a very new framework in 2020. Back then, as improvements were made gradually, libraries would become incompatible or code parts would stop working. Why then did ING choose to employ Google’s platform even though it was still having issues with the beta version?

  • The ING Business developers selected this SDK because
  • unified interface for iOS and Android
  • Decreased application development expenses
  • Implementing new features quickly

Not to mention, the application maintenance procedure has been made simpler.

Flutter’s one shared codebase makes it possible to quickly test new features and fix bugs across all platforms. Because of hot reload (and hot restart for Flutter on the web), Google’s SDK makes it possible to fix problems immediately. Additionally, the straightforward code structure makes it easy for engineers to locate bugs. Without a doubt, Flutter is a cutting-edge solution for streamlining the whole application development process, from maintenance to MVPs and Proofs of Concept.

6. The banking and financial apps on Flutter are safe.

Sensitive data and transaction security are critical requirements for fintech and banking apps. When creating mobile applications, fintech organizations need to consider a number of variables, including:

  • Identity administration
  • Data safety
  • Online safety

requirements for both regional and international security, including FCA, APPI, GDPR, KYC, and many more.

Ensuring the security of the code is just as important as attending to the proper application functionalities and authentication techniques. When comparing Flutter to native solutions, this is another area where they differ. Why? mostly because to the peculiarities of Dart, the programming language used by Flutter.

Why are native applications less safe than Flutter fintech apps by default?

Even after code obfuscation, hackers can utilize reverse engineering to recover the source code for native apps. Since Dart is compiled straight into machine code in the Flutter situation, creating reverse engineering tools is far more difficult. Reverse engineering in Dart is a somewhat underdeveloped area when compared to native programming languages like Java for Android. Consequently, this makes the Flutter code—and any Flutter finance app—less vulnerable to reverse engineering.

Flutter makes it possible to take advantage of the platform’s security features for apps.

Apart from Flutter’s cross-platform features, Google’s framework enables developers of banking software to leverage the complete range of native platform functionalities. Cross-platform developers can utilize native APIs, such as the Android KeyStore system or iOS Keychain services, to protect the Flutter fintech app. Applications developed with Flutter may also leverage all the most recent library implementations of widely used data encryption techniques, as well as biometric authentication with Face ID, Touch ID, or a fingerprint scanner.


fintech app development in 2024 presents a strategic advantage. Its cross-platform capabilities, extensive pre-built components, and robust community support offer unparalleled opportunities for building cutting-edge fintech solutions. By leveraging Flutter, you can ensure faster development cycles, seamless user experiences, and stay ahead in the dynamic fintech landscape.

Fintech is always changing, and making an app like an e-wallet requires a lot of careful planning and the newest technology. Using Appic Softwares as a guide gives you a strategy plan to get through the tough parts, which encourages innovation and makes it possible to create groundbreaking fintech apps in 2024 and beyond.

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