The United States of America remained the country with the largest FinTech market where there were 10,605 startups that existed in February 2021. The number of users using digital payment systems is projected to grow to 307.08 million users by 2026.
FinTech apps are automating traditional financial processes with more consumers, businesses, and financial institutions taking a part in this technological evolution.
Fintech applications are using modern-age technologies like Blockchain, Big Data, Machine Learning, Artificial Intelligence, and more to implement upgraded functionalities.
Fintech products have helped technology leaders to provide user-friendly, personalized, and scalable applications that enrich traditional financial operations.
From accepting online payment, sending royalty fees, purchasing real estate, availing of premium services, and providing other financial benefits to the end-users, the Fintech market is transforming from top to bottom.
A fully-fledged FinTech product requires the inclusion of multi-dimensional features that provide an industry-wide exposure to the audience.
The more feature-rich and personalized your Fintech app is, the higher that development costs shall be.
This blog post discusses how much would it cost to develop a Fintech app.
Calculating the Cost of FinTech App Development
The cost estimation for Fintech app development may fall anywhere between $50,000 to $300,000. The calculation of costs can be based on several important parameters, such as the type of app, engagement model, and even the geographical location of the service provider.
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Cost for Different Fintech App Types
From personal loan apps to digital banking apps, the Fintech market is expanding exponentially. There are several types of Fintech apps available in the market. As the market becomes more diverse and competitive, the type of app becomes an important cost-driving parameter to consider in the development process.
Here are some important Fintech app types with respective cost ranges;
These apps are used to perform certain banking operations focusing on the evolving app user demands and personalization needs. Some of the primary operations covered within these apps include statement generation facility, payment transfer, and payment schedule.
The cost of developing a banking app may fall anywhere around $170,000.
Trading and investment fascinate many of the Fintech enthusiasts seeking to grow with the market. With an interactive interface and diverse features, many passionately use these apps to put their money in their favorite places, the investment apps.
To turn your investment app idea into a reality, you may need to spend anywhere around $60,000.
Using a consumer finance app, individuals can manage their digital financial resources and leverage a pattern-based financial structure. Such apps not only simplify and fasten their financials but also saves plenty of bucks.
If you looking to develop a consumer finance app, it may cost you anywhere around $80,000.
Insurance applications have provided app users the facility to easily make important calls on choosing the best policies and manage the premium, claims, and a lot more.
The cost of creating an insurance app may be around $100,000.
There can be several other financial operations that can be initiated and managed using a mobile application. If we consider a standard range of Fintech app development, it stands between $50,000 and $200,000.
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Cost for Types of Resources You Hire
You have a Fintech idea but how you are going to shape your vision into an app is the question of the hour. There can several ways through which you can build your Fintech app with the help of some experts.
You can hire an in-house team of Fintech app developers which can cost you from $90,000 to $200,000.
Another important way is to hire a Fintech development company which may charge from $50,000 to $120,000 with any additional support required for your project.
If you hire a freelancer, you can save a lot of bucks. It may cost you around $30,000 to develop a Fintech app with help of a freelancer. However, while working with freelancing, you do not get assured post-development support, professional process structure, and other important organizational benefits.
Outsourcing is another popular option used by business owners to develop their applications. It may cost you about $40,000 to outsource your Fintech app project.
Cost for Different Locations of Service Providers
Most business leaders prefer hiring resources from south-east Asian countries like India, Nepal, Pakistan, Bangladesh, etc., as they get affordable resources.
So, does the geographical location of the service provider really matter?
To a large extent, it does as different countries have a different economical structures which they follow to obtain desired results.
If you hire a Fintech app development company in the USA, you may need to invest $200,000 to $500,000 which falls down significantly to $50,000 to $1,75000 when you hire an India-based Fintech development company.
Now that we have discussed the considering different scenarios, the discussions you may have with a service provider on the mobile app development cost can be simpler, constructive, and comprehensive.
It is best recommended to consider all important parameters along with the cost to build a Fintech app.