The Price of Fintech App Development in 2022

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Technically, there is not much left until 2022, so you’d better know about the types of fintech apps

A month ago we have published an article about the price of Fintech app development in 2022. Technically, there is not much left until 2022, so you’d better know about the types of fintech apps, the features you will need for a modern and secure product, and the estimation flow you will go through when asking the vendor about the cost.

Fintech app development cost estimation

Let’s start with the basics. What features do you need in your app? What trends you should monitor? How much it will cost?

Fintech app development cost estimation. By UppLabs

1. The financial apps

These are financial technology solutions made by companies that provide financial services to end customers with the help of software solutions.

Large corporations and startups provide numerous financial services nowadays: online money transactions, internet banking, billing services, personal finances real-time tracking and management, and more

2. Types of fintech applications

Types of fintech applications. By UppLabs

Some of the main popular types of fintech apps include insurance and lending apps; digital banking apps; payment processing & tax filling apps; apps for money management and more.

3. Banking & finance apps’ features

There is no standard list of functions and features to rely on when creating a fintech app. Everything depends on your goals and business objectives. Just make sure that your product has high performance and provides the latest features to meet the expectations of your customers.

But below you’ll find some essential (the vital and most common ones) features and functions that you need to implement in your banking and finance app:

  • Sign-up and sign-in screen
  • Card details
  • Transaction history
  • Checkout
  • Cashback
  • Money installment
  • Saving management
  • Deposit Machines
  • Bank Details and more.

4. Cost to build different types of fintech apps

There is no Fintech application that meets the needs of all businesses. As a result, there is no standard price to build a fintech app for your business.

For example, to create a basic app that provides a safe, transparent, efficient, and convenient way to transfer online payments, you will need a minimum budget of $40,000 and a timeline of 3 to 4 months.

Find price examples for a financial application with basic functionality and a simple user interface for a single platform & for an advanced solution with more functionalities and modern technologies here.

The average prices depending on the different types of Fintech App:

Cost for different types of Fintech App. By UppLabs

If you want to enable advanced features of your app, such as real-time credit rating tracking, data analysis, EMI calculator and so on, it will require more budget than expected.

Also, your choice of the team greatly influences the price of the development. See the average app development cost for the product (if we presume that the local agency is based in the USA and the outsourcing company is located in Eastern Europe) here.

Another important aspect that influences the price of the Fintech development — the location of the development company. UppLabs compared the prices in different countries and, based on different types of apps, estimated the average price to build a fintech app in 2022.

This price is estimated for the average size, the moderate complexity of the product, and the hourly rate of the team of 4–7 specialists (business analysts, project managers, developers, QA, designers) and the period of 4–9 months of the app development.

Fintech app development cost, based on location. By UppLabs

From the table above, we can see that Fintech app development in Eastern Europe can be available even for small companies.

5. Fintech application development stages

When you find your development team and choose the app type, it’s time to start the Fintech app development.

Fintech app development stages. By UppLabs

You can find here the main 7 stages of Fintech app development and main features that should be implemented in your app. (Data analysis and personalization, API, AI, and more).

6. Fintech product development product challenges

Critical fintech challenges. By UppLabs

The most critical fintech challenges nowadays:

  1. Digital identities
  2. Data ownership
  3. Cloud migration
  4. Third-party components
  5. Compliance with security protocols

Find the description of each of the fintech challenges here.

7. Where to start

The choosing of a fintech application development company can be hard, but if doing it right, you’ll be rewarded with a trusted partner who can guarantee you the use of the best technologies, trends, features, and functionality for your financial solutions. This allows you to efficiently and cost-effectively manage your business operations.

If you’re looking for a Fintech development partner — here we are! UppLabs is a perfect companion to lift you Upp!