Most people still remain questioned about how much financial resource is needed to spend on FinTech app development.
Anyway, there is no one exact and universal answer. The development cost usually depends on two fundamental things: developers’ qualification and total creation time.
However, additional features or specific requirements may significantly change the volume of needed resources.
Global FinTech Market
FinTech is an industry that fell under enormous progress throughout the past decade, and the whole case becomes more existing to observe.
The global FinTech market will reach $350 billion in 2025.
The FinTech industry often attracts attention because of its modern and progressive solutions. Such solutions include AI, API, and Blockchain.
Such colossal demand is also conditioned by increasing requests for digital payments, FinTech strong data protection, and Blockchain implementation.
But besides a considerable scope of advantages, there are possible difficulties to be aware of, such as certain mistrust among financial companies, the technical aspect of Artificial intelligence and Blockchain implementation, etc.
Kinds of FinTech Applications
Various solutions are covered under the term ‘FinTech. However, here is the selection of five main types of FinTech apps, that include:
- Lending apps
- Consumer finance management
- Investments apps
- Insurance apps
- Banking apps
Banking App Development Time Estimation
The cost of the banking app includes client-side and admin panel development.
Customers receive a functional service that allows quick payments, 24/7 access to accounts, and scheduling and making p2p payments.
While the admin panel lets you manage and observe clients’ transactions and accounts.
One of the most widely known and successful examples of such an app is Monobank. It is known for multiple gamified features, such as shaking your phone to send money, rewards for certain financial operations, free money transfers, and accessible loans.
This gives users a joyful experience while interacting with the banking system.
The approximate time to build a p2p payment app like Monobank, in total, makes up 1264 hours, including features like:
- Bill payments
- User profile
- Administration panel
- Customer Support
- Setting
- Cards management
- General security
- Transfers, etc.
Lending App Development Time Estimation
Lending apps meet the demand of people who borrow and the ones who are ready to lend.
ZestFinance takes the leading position among other lending apps. Their secret is a heavy implementation of AI and machine learning technologies that allow them to make the lending process more accurate.
The loan lending app development time, including some additional features like p2p lending, loan management, withdrawals, etc., is approximately 1232h.
However, it may increase if you’d want to follow after ZestFinance and start implementing AI technologies.
Insurance App Development Time Estimation
The main goal of insurance apps is to make clients’ experience solving insurance issues easier. Thus, the insurance industry includes a set of niche services like:
- Insurance brokers apps
- Claims-settlement apps
- Travel insurance apps
- Car insurance apps
- Sales management apps
Anyway, every niche-specified application type may contain unique goal-oriented features.
The basic insurance app includes essential features like available policies, health and car insurance options, files upload, etc., and will take 1317h to build.
Investment App Development Time Estimation
Using investment apps, users can track their current investments and make new multiple ones.
Acorns is an example of how to invest wisely. The app traces your card operations and makes automatic micro-investments from change. This is a brilliant solution for beginners in the investment industry.
However, such platforms as Robinhood are directly pointed at more serious investors. Users receive access to factual cryptocurrency market data and are regularly informed about changes through notifications.
Such kinds of solutions include features like investment portfolios, dashboards, withdrawals, and deposits. The approximate investment app creation time takes around 1255h.
Consumer Finance App Development Time Estimation
This type of app helps users learn finance management skills, allowing them to compose and stick to advantageous strategies.
Unconditionally, Mint can be considered exemplary service. It significantly simplifies users’ income and expenses management by cooperation with credit cards.
Adding such features as reminders, financial advice, financial stream tracking, etc., will take approximately 1179h to develop.
FinTech App Development Price by Types
The average software development rate in Northern/Central Europe is $50/h. If we multiply the creation time by the team’s hourly rates, we receive the following results:
- Banking app – $160,000
- Lending app – $120,000
- Insurance app – $140,000
- Investment app – $125,000
- Consumer finances management app – $130,000
These numbers are approximate and include only MVP expenses for development. If you’d wish to make your financial service more advanced (by adding more specific features), you would most likely have to prepare more money to spend.
Author bio
Yuliya Melnik is a technical writer at Cleveroad. She is passionate about innovative technologies that make the world a better place and loves creating content that evokes vivid emotions.
