FinTech software development company

A financial app, also called a FinTech app, is a software solution developed with the aim of managing and optimising various financial processes. Those can include digital banking, personalised money management, market investments, insurance activities, and many other different operations. The popularity of financial apps has risen significantly in recent years as mobile banking has become the new norm, and the FinTech app industry is only predicted to continue to expand in the near future.

The cost of your FinTech app can vary depending on numerous factors, some of which will have more of an impact on the final price than others. The basic questions that will help to estimate the cost of your project are:

• How complex is the app idea?
• What features do you want the app to have?
• Which technology stack should be used to build your app?

Having that in mind, the development of a fully functional minimum viable product takes about three months. If we look at average rates for leading software houses in Central Europe, without taking things like design, project management, and app maintenance into account, you can easily estimate that the cost of such MVP developed for one platform (Android or iOS) will be close to around 30 000 GBP.

Unsure of what your financial app features should be? Consult us; our experts will advise you on what’s best for your unique product idea.

The most commonly used language when it comes to banking app development is Java, which has been the preferred option by the FinTech industry for over two decades. Mobile banking apps for Android are most often developed using either Java or Kotlin, which is considered to be the more modern solution, while Swift is used for iOS.

As with most such questions, analyzing a company’s particular business needs is the key to a clear answer. There are many companies that would be perfectly satisfied with an out of the box solution. However, if you’re looking for a unique, scalable product, then custom app development is the way to go.

Pre-made FintTech apps have one major asset on their side, which is a significantly lower cost. However, you have to take into account that pre-made solutions come with major drawbacks when it comes to scalability and customization. And when it comes to additional costs along the way, a custom solution may actually prove to be the cheaper choice in the long run. Custom app development allows you to stay ahead of competition as it offers the possibility of making various changes and adding multiple new features.

First things first, you should have a clear understanding of the problem that your app is supposed to solve. The key to a successful digital product is pinpointing current user needs and knowing exactly how to respond to them. The first step on this journey should focus on answering the question: is there any demand for what I’m offering?

Secondly, you should get to know your potential user base and whether or not they’re likely to use the app. Thorough background research is essential in order to verify a product idea. Try to estimate the number of users your app is likely to have and find out if there are similar options already on the market. If so, think about the benefits of your app that would make users switch to a new solution. Ideally, you’d have a list of features for your new app and be able to compare them with what the competitors have in store. To assist you in achieving your business goals, at Miquido we offer a range of Product Ideation & Strategy services that will help you to refine your app idea and make sure you’re on the right track.

Of course, the real test comes once the app goes live. There’s always a risk, and that’s why we recommend starting with a minimum viable product in order to gain real insight into your users’ needs and receive the much needed feedback on your app idea.

Throughout recent years, AI has helped to automate and optimise many banking processes. For one, Artificial Intelligence plays a huge role in ensuring transaction safety and preventing credit card fraud thanks to thorough AI-based customer behaviour analysis. Banks are also able to perform loan risk assessments more efficiently by using AI to examine the data about potential loan recipients and pinpoint the associated risks. A massive benefit of using AI in banking comes in the form of virtual assistants and chatbots that can significantly improve customer service while also reducing the need for phone calls and personal visits at the bank. Thanks to AI, banks can also upgrade customer experience by recommending services to the users based on their behaviour.

The most obvious answer to this question requires only one word: personalization. Using AI to analyze and process enormous amounts of data can help you better understand your users and give them a personalised experience, which makes for better user engagement and loyalty to your digital product. It is also worth noting that the use of AI powered speech recognition technology is currently on the rise, and is only expected to grow in the upcoming years. Taking into account the recent tech trends, equipping your app with AI features may be crucial when it comes to staying ahead of the competition.