Step-by-Step Guide To Build Your Fintech App In 2024 ⋆ Appic Softwares

Step-by-Step Guide To Build Your Fintech App In 2024

Step by step guide to build your fintech app in 2024

The global FinTech market is expected to reach $460 billion by 2025. Digital banking, mobile payments, and other FinTech services have made financial transactions faster, easier, and more accessible.

If you want to create a FinTech app, you must know the processes. This guide covers FinTech app development from ideation through launch.

Everything from market research through user experience design, technology stack selection, feature development, testing, and deployment will be covered. This guide gives startup founders, product managers, and developers the skills to build successful FinTech apps.

Let’s Learn How to Create a Fin Tech App!

Table of Contents

What Is Fintech App?

Fintech smartphone apps offer online banking, investment management, budgeting, and digital payments. Fintech apps simplify financial management for individuals and businesses through smart technology and innovation. These apps provide real-time account balances, transaction histories, and financial insights on smartphones, tablets, and other mobile devices. User-friendly interfaces, cheap costs, and time and money savings make fintech apps popular.

Definition of Fintech App Development

Fintech app development involves creating a financial mobile app. Software engineering, user experience design, and financial expertise are used to construct fintech apps that suit consumers’ demands. The development process usually involves:

Defining app goals.

User interface design.

Building backend infrastructure.

Testing app functioning and security.

Blockchain, artificial intelligence, and machine learning can be used in fintech app development to protect and streamline financial transactions. Fintech app development seeks to provide a seamless and convenient user experience while protecting financial data.

Fintech Mobile App Types

Blockchain, banking systems, and budgeting apps are fintech. To help your development grasp your idea, determine a product’s consumer worth. Fintech uses various apps:

1. Insurance Mobile Apps

Consumer Finance

The name implies that these insurance apps speed up claim processing, policy administration, and fraud reduction. It can be a simple insurance website CRM. A typical insurance app includes payment processing, claims filing, quotations, policies, and policy searches by parameters. An insurance app could cover these categories:

  • Personal or Life Insurance
  • Auto insurance
  • Home insurance
  • Property Insurance
  • Marine Insurance
  • Fire Insurance
  • Liability coverage
  • Guarantee Insurance
  • Disability income insurance
  • The health insurance
  • Auto insurance
  • Renters Insurance
  • Identity theft protection
  • Consider These References for Insurance App Development:
  • Geico Mobile
  • geico

The auto insurance software has digital ID cards for assessing insurance plans, a virtual assistant for answering questions, and a parking locator that can find and reserve parking.


The Lemonade app is designed for homeowners and renters. Its USP is that it charges a maximum business fee above any premiums paid to charities in a year.

2. Stock, mutual fund, and cryptocurrency mobile apps

Investment Apps

Most stock market users use these apps. These apps let consumers research and invest in assets and boost investment efficiency. An investment app must contain multi-currency, savings, credit management, asset comparison, real-time notifications, and client support. Some investment app ideas:


Robinhood is a trading app providing quick stock page access, instant delivery of the first $1000 deposited into the account, and a news blog channel.


One of the top stock market games apps. It combines stock picking and social networking so you can see what your family is buying.

How To Create A Stock Trading App

3. Mobile banking and finance apps.

Banking Apps

Bank apps let consumers manage their accounts and verify financial activities without visiting the bank. Since customers prefer mobile phones for financial transactions, banks favor mobile apps.

Banking apps support Google Pay, Apple Pay, and Paypal. The best ewallet app references are:


Starling bank

Customers can open Starling accounts without fees or documentation. They can budget, handle overdrafts and savings, and transfer funds.



Newly arrived expats in the UK use this app. Even without a UK address, credit history, or steady income, anyone can open an account in Europe and the UK.

4. Regtech Apps

Regtech Apps

Regtech is Regulatory Technology. These apps help companies comply with regulatory laws. They can track tasks, regulatory changes, transactions, reduce erroneous non-compliance warnings, and provide reports. You must focus on identity, risk management, and financial crime identification in these apps. Best Regtech app examples:

6 Clicks


6 clicks automate risk identification, evaluation, and analysis for all risk management stakeholders.



Passfort automates compliance checks using KYC Principles. Make CLM (Closed Loop Marketing) processes digital and automate onboarding.

5. Money-lending mobile apps

lending apps

Lending applications let you lend money without a bank or credit union. You can lend money from your armchair. They are popular Fintech tech. No loan brokers, banks, or other financial institutions participate. No intermediaries mean lower interest rates and more profits for investors. Their features include credit score, loan application, billing, payment, etc.

Popular money lending apps include:



Earnin leads Fintech because of its minimal fees. This software stands out since it doesn’t charge for loans.



The app gives salaried professionals short-term personal loans within 5 hours of applying. Affordable interest rates and simple EMIs.

6. Mobile Budgeting and Personal Finance Apps

Consumer Finance

These apps may not process payments. These apps help users save money, budget, and predict future expenses to avoid overspending. These apps usually provide financial goals, bill tracking, investment analysis, fraud warnings, etc.

Considerations for consumer finance apps:


Budget, payment, and enrollment monitoring are included in this free software. Credit cards, bank accounts, and PayPal can be synced.

The Money Patrol


This software helps you manage your transactions, savings, and finances, identify fraud, and more.

7. Budgeting Apps

Budgeting Apps

Mobile budgeting fintech apps help users and small businesses manage their budgets. Apps like this let users manage their income and expenses, establish spending restrictions, and receive warnings when they go over budget.

Budgeting fintech apps may allow users to categorize expenses, track spending trends, and generate reports to identify spending patterns.

Budgeting fintech applications assist users manage their money by showing their income and expenses and helping them stay to a budget.

Some popular Fintech budgeting apps:

You Need Budget 


YNAB helps users budget by assigning every money to a category like rent or groceries. The app tracks goals and gives real-time information to keep users on target.

Personal Wealth 

Budgeting, investment tracking, retirement planning, and more are available in Personal Capital. The app offers paid financial counselors.

8. App for accounting.

Accounting App

Fintech accounting apps let small businesses manage their finances and bookkeeping on the go. These apps offer invoicing, cost tracking, receipt management, bank reconciliation, and tax preparation.

Financial management tasks like data entry and transaction classification are automated by fintech accounting software. This saves time and avoids errors, letting small business owners focus on other tasks.

Some popular Fintech Accounting Apps are:


QuickBooks is the most popular small company accounting app. It offers invoicing, cost monitoring, bank reconciliation, and tax preparation.


Fintech App Development Features

Features in general

1. Registration

Fintech apps need registration to let users create accounts and use their features. Registration should be easy, secure, and compliant with banking requirements.

2. The Personal Account

Personal accounts are vital to fintech apps because they let users manage their funds, track transactions, and access additional financial services.

3. Payment Gateway

It allows secure transactions. It connects users to payment processors to transfer funds from their bank accounts to recipients’ accounts.

4. Financial Management

By adding this functionality to your fintech app, you can give customers a complete financial management solution to help them reach their goals.

5. Create or Connect Bank Cards

This feature lets customers link their debit or credit cards to their fintech account for easy access to all account information.

6. Notification

Fintech apps’ notifications deliver real-time financial transaction and account activity data. With this function, users can receive fast smartphone notifications for deposits, withdrawals, payments, and purchases.

7. Transaction and interaction history

This feature records all app-related financial transactions and interactions to provide a complete financial history. This tool displays prior deposits, withdrawals, payments, and purchases. They can also view transaction dates, times, amounts, and account balances before and after transactions.

8. System Onboarding

The Onboarding System enables Fintech apps swiftly onboard new customers and get them using their financial services.

9. Chatbots

A chatbot in a fintech app can help financial organizations enhance customer assistance, cut expenses, and analyze client wants and behaviors.

Advanced Features

  1. A biometric scan

Biometric scanning can improve fintech app security, user experience, fraud prevention, compliance, and data analysis and optimization.

  1. Two-factor authentication

Users can implement this functionality in many ways to suit their tastes.

  1. KYC

This capability also helps fintech organizations learn client wants and preferences to deliver customised services and products.

  1. Cashback

Customers can get a percentage of their purchase price back by utilizing the app. This encourages people to use the app for financial transactions and boosts loyalty.

  1. Card Scanning

Adding a card scanning capability to a fintech app lets clients quickly add payment cards.

  1. Cost-tracking

This function also gives clients specific spending tips to help them make better financial decisions.

  1. The Referral System

Users feel a feeling of community and use the app more often using the referral system, which can boost customer engagement and retention.

Major Fintech App Development Needs

Since the Fintech industry is complex, you must first analyze the elements that will help your firm prosper. Here are some key Fintech App Development features:

1. Security

In Fintech, security comes first. Users will remove your software without hesitation if they encounter security difficulties. The following elements improve Fintech app security:

Two-factor authentication

Secure fingerprint or face scan

OTP login

CVV2 Dynamic Codes

Secure your system with app penetration testing. You will learn how hackers can break into your app and brainstorm ways to avoid it. You should also update, manage, and secure the app.

Remember, Fintech has restrictions. Developing a Fintech app requires compliance with PCI-DSS, PSD2, FCA, and privacy legislation including CCPA, GDPR, and PIA. Security should be implemented early in Fintech app development.

2. Integrations

API is the cornerstone of financial apps. APIs connect apps and portals. APIs can command 3rd-party service workers in Fintech.

API is economically favorable. This Fintech startup will connect apps to bank accounts if you use Plaid API. Users can check balances, make payments, and more with their bank accounts.

APIs streamline e-commerce payments and checkouts. Your Fintech software can link with PayPal, Braintree, Stripe, etc. so users can shop worldwide.

3. Simplicity

Be straightforward and user-friendly to succeed with your Fintech app. Fintech users can utilize your app easily. Fintech app development creates interface-friendly analytical tools for financial data collection and program creation.

Users or corporations may easily see their revenue, expenses, savings, etc. through real-time analytics and statistics. Simple, understandable Fintech apps attract more users.

4. Support

The whole Fintech sector uses confidential data. Thus, you must use consultants to address consumer inquiries rather than third parties. Technical training is needed to work under tight safety guidelines.

Create a chatbot if you can’t hire a 24/7 finance app developer. Thus, customers can trust your app and learn about their money or bank offers.

Fintech App Development Phases

Fintech app development requires advanced technological skills. Hire a finance app development company with experience building such apps. Learn about Fintech app development’s main stages. Stages are:

  • Niche in Fintech
  • Deal with Compliance
  • Features Consideration
  • Form a project team
  • Create App Design
  • Create an MVP
  • Analysis of Quality
  • Details on each stage please.

1. Select Fintech Niche

Choose a Fintech specialty first. After assessing the target market, you can determine whether to design a Fintech solution from scratch or upgrade an existing one by adding features, UX, etc.

Develop a complicated Fintech solution to survive in the competitive Fintech industry. You must stand out. After choosing a niche, legalize the app.

2. Deal With Compliance

From the start of your app, you must examine various Fintech legalities.  KYC and AML track compliance. To protect and limit access to consumers’ financial data, follow privacy rules (CCPA, GDPR, LGPD, PIA).

Privacy laws vary by country, and some have no particular regulatory organizations. You must consider regional requirements for your audience. In the US, there is no Fintech regulation, but you must follow various state and federal rules. Legal standards must be followed or you may be questioned.

3. Features Consideration

The type of Fintech app determines its functionality. Assess your audience’s needs. You can build a Fintech app from an existing solution and improve it. You might still examine these typical features:

  • Fingerprint, face, or voice recognition secure login
  • Push Notifications
  • Budget and savings tracking
  • Money transfers, digital payments, balance checks, etc.
  • Scan QR code and card number
  • AI-powered chatbot or virtual assistant
  • Non-traditional financial services like gift cards and donations.
  • Cashbacks, Deals, and Offers

4. Form a Development Team

For Fintech app development, outsourcing is the best option because it saves time and money and provides a team of highly skilled developers. They will answer all your questions and meet all scope criteria.

Team size depends on schedule, technology, and project size. For example, a cross-platform Fintech app for iOS and Android requires Flutter or React Native developers. Development will take longer, but you’ll get two apps for two platforms.

The Fintech app development team includes these.

2 Frontend/Backend Developers

The Business Analyst

A Project Manager


QA Expert

Check the company’s fintech experience, hourly rates, and developers’ experience before hiring a team to develop your app. Communication with the project manager is crucial, therefore language fluency helps.

5. Fintech App Design

After security, design will attract and maintain people on your app. Design something beautiful but straightforward for easy usability.

If you want to develop a banking app, don’t make huge forms that clients will struggle to fill out for bill payments. Users should be able to transfer money or pay bills without entering payment details.

6. Create an MVP

MVP development is a fantastic way to determine if your idea will sell. MVP includes app basics and development without extra expenditures, saving money. With commercial success, you can add sophisticated functionality to the program.

7. Analysis of Quality

After your app launches, things continue. You must undertake A/B testing to assess customer reviews before adding new sophisticated features and improving existing ones.

If you want to trail your competitors, your Fintech app should be smooth, safe, and user-friendly.

See also: Mobile app development cost

Fintech App Development with TechStack

  1. Android Fintech App Tech Stack:
  • Java/Kotlin programming languages
  • Android Studio or Eclipse IDE
  • MySQL, PostgreSQL, MongoDB, Cassandra
  • AWS, Azure, or GCP are cloud platforms.
  • Payment gateways: PayPal, Stripe, Braintree
  1. iOS Fintech App Tech Stack:
  • Swift or Objective-C?
  • IDE: Xcode
  • MySQL, PostgreSQL, MongoDB, Cassandra
  • AWS, Azure, or GCP are cloud platforms.
  • Payment gateways: PayPal, Stripe, Braintree

Top 2023 Fintech App Development Trends

Some of the biggest fintech app development trends for 2023 are:

  1. Integrating Blockchain Technology

Over time, more fintech apps will employ blockchain to boost security and transparency.

  1. Personalization, AI-Powered Features

Chatbots and virtual assistants that provide financial advice will make fintech apps more personalized.

  1. Expanding Open Banking

Open banking gives third-party developers financial data. More fintech apps will use open banking APIs to provide value.

  1. Increased Biometric Use

Fintech apps increasingly incorporate biometric authentication like facial recognition and fingerprint scanning for security and simplicity.

  1. The Rise of Decentralized Finance

Over time, more fintech apps will adopt decentralized finance (DeFi), which provides financial services without intermediaries.

  1. Focus on Sustainability: 

As environmental concerns develop, more fintech apps will include sustainability into their business models and services.

  1. Neo-bank expansion: 

Neo-banks, which offer digital-only banking, are predicted to expand in popularity, making banking more convenient and accessible.

Follow these trends to remain ahead of the curve and fulfill consumers’ changing needs with creative financial app solutions.

How Fintech Apps Profit?

Fintech app monetization depends on nature and audience. These financial app monetization methods are common:

Subscription Model — Some fintech apps charge a monthly or annual fee for premium functionality.

The freemium approach offers the app for free, but some features and services require a paid upgrade.

Transaction Fees — Fintech apps can charge transaction fees for payment processing, foreign exchange, and investment management.

Advertising – Fintech apps can make money by showing users customized ads based on their financial activities and preferences.

Referral Programs — Some financial apps reward users for referring friends and family.

Fintech apps can sell insights or analytics to third parties to monetize user data.

Cost of Fintech App Development

Fintech app development costs depend on the app’s complexity, features, functionality, development platform, and team location.

Fintech apps cost $50,000–$500,000 or more to develop. Complex programs with rich functionality might cost much more than simple ones.

Location of the development team might also affect development costs. Developers in North America or Europe may charge more than those in Asia.

Remember that development is only part of the cost of establishing a fintech app. Maintenance, updates, marketing, and customer support should also be considered.

Consulting with professional developers from our team and getting a full project proposal that describes the scope, schedule, and expenses will help you estimate the cost of establishing a fintech app.

Why Appic Softwares?

Appic Softwares, a renowned South-East Asian mobile app developer, has developed Fintech apps for nearly 10 years. We sign a well-structured NDA with our clients, thus we can’t discuss our work.

Our competent and experienced mobile app developers, project managers, QA analysts, designers, and other team members will create an amazing Fintech app and help you with the initial business consulting. Let us know your needs.

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