With a boost in demand for mobile phones, developers are coming forward with new kinds of mobile apps. The Fintech app is one of the most popular kinds of mobile apps used by many people for checking financial operations. You can use a Fintech app on any Android or iOS device.
This blog describes Fintech mobile app, its features, types, and the process to develop an app. We will also discuss why the Fintech app is very popular among users.
Meaning of Fintech app
A Fintech app is a kind of app that helps to perform online financial transactions. It is used by many businesses, banks, and enterprises to check their financial operations with the help of technology and algorithm.
This app is becoming very popular in the current times. It works on smart devices, PCs, and even laptops.
History of Fintech app
After discussing the meaning of the Fintech app, we will further discuss the history of this app. Fintech apps were introduced in the 21st century and used by only a handful of financial institutions. But now, this app is widely used in different sectors such as education, the stock market, asset administration, and retail banking.
The concept of a Fintech app is becoming customer-centric these days. It is very profitable to invest in the development of a Fintech app. Even many companies are coming forward to invest in the development of Fintech apps. It is estimated that the global financial market will generate around $324 billion by the year 2027.
Fintech apps are better than traditional banks. They are easy to install and use by any person without financial knowledge. Apart from that, the app also increases the speed of financial transactions and runs on an automated system. This app does not include any hidden costs or extra fees.
It is very affordable to develop a Fintech app. This is the reason why many small companies and enterprises invest funds in developing a Fintech app.
Kinds of Fintech Apps
Now, we will discuss the different types of Fintech apps in this section.
1. Mobile payment app
The first kind of Fintech app is a mobile payment app. It is a type of app that helps you to do payments from your mobile phone without going to the bank. You can conveniently receive and transfer funds via a mobile payment app. Some of the best examples of mobile payment apps are Google Pay and PayPal. These apps will show the full history of payment and receipt to the users.
2. Personal Finance app
Another type of Fintech app is the Personal Finance app. This app will allow users to view their spending history. It will also help you to spend within your budget and save money every month. You can manage funds every month by using a personal finance app.
3. Lending app
As the name suggests, the Lending app makes the lending process easy. This app mainly focuses on simplification of loan procedures. You can easily get a loan by submitting all your personal information in this app. Lending apps will show various details such as the amount borrowed, the remaining debt, and payment due dates.
4. Mobile banking apps
A mobile banking app helps you to do transactions through a smartphone easily. Many traditional banks develop mobile banking apps to help their customers with daily banking transactions. The person does not have to visit the bank branch to deposit or transfer funds. He can easily manage cash with the help of a mobile banking app.
5. Wealth app
Wealth apps help you to buy stocks online from your mobile phone. The apps are easy to use and show the most profitable stocks to invest in with recommendations. They also show the trending stocks to choose for gaining a good amount of profit in the future.
6. Insurance app
An insurance app is an app on which the users can manage Insurance related work. This app helps to make an insurance strategy by balancing the dealings between insurance companies and customers. Insurance apps are developed with the help of modern technologies such as machine learning and AI.
How to develop a Fintech App?
Now, let us have a look at the steps to develop a Fintech app for Android or iOS devices:
- Choose the niche
The first step is to choose the niche for developing a mobile app. Then you have to complete all the legal formalities and comply with regulations.
- Choose monetization model
Now, you have to find ways to monetize your app. One of the best ways to monetize your app is through in-app purchases. Some other ways to monetize your app are advertising and paid downloads. You must choose the model that goes with your business and which is easy for your users.
- UI/UX
While developing the app, you must design an attractive interface. An easy interface helps the users to find what they want quickly. Apart from that, you must also choose a good color scheme and font to make your app look unique.
- MVP
A minimum viable product is the version of your app before the testing version. MVP helps to test the app and make minor adjustments before the launch of the app.
- Launch and get feedback
Finally, you have to launch your Fintech app and get feedback from the users. It is necessary to get reviews and make improvements in the app if it is needed.
Cost of Fintech Mobile App
The cost of developing a Fintech app depends on the type of app that you need for your business model. The price will vary according to the technology stack, features to be added, and other things.
If you want a professional company for developing Fintech apps for your business, you can contact Mypcot Infotech. Our company is a trusted mobile app development company with good experience and an excellent team of professionals. We provide customized app development services based on customers’ requirements.