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A Guide To Understanding Fintech Software Development

A Guide To Understanding Fintech Software Development

11 December, 2023 by img Jatin Panchal in Fintech
A Guide To Understanding Fintech Software Development

Quick Overview: The new technological reforms have taken the finance and banking sector on waves. It has introduced Fintech software development in the industry. Such software has emerged as a solution to traditional financial operations. Continue reading to learn about what Fintech software is, its features, tech stack, development process, and cost.

Worldwide, the market of fintech has been creating hype over the last few days and will reach $324 billion by 2026. The demand for building fintech software is growing with regard to digitalization. So, Fintech has raised the market standard for newcomers. Compared to other industries, such as food, transportation & healthcare, financial software development necessitates a highly secure environment.

However, financial experts also emphasize Finance market growth. The evergreen popularity will never fade for a certain period. So, do you also want to develop Fintech software? Are you wondering how much the fintech software costs in a Software Development Company? In this blog, you will learn everything about fintech software to create a robust one.

Developing a high-quality Fintech software development application for a business automatically drives trustworthiness. It is crucial to boost your sales rate and the company’s reputation. In addition, integrating software will streamline your financial services. So, it offers more convenience than visiting a financial institution.

However, the software contains multiple crucial features, and it allows faster access. If you plan to build fintech software before knowing how much it costs, you need to understand its meaning first. Let’s get in-depth information about Fintech software development in 2024.

What is Fintech Software? 

The Fintech software development solutions are known for incorporating technologies that aid in organized and digital financial management. So, these software are used in multiple industries & simplify the way of handling multiple issues. With this application, you can keep track of your funds & process payments.

Here you can maintain a crypto wallet, & a bunch of other insurance types, and many more. Such applications can be used daily because they can accelerate the complex process. It minimizes the requirement of multiple paperwork. Some great examples of Fintech applications are Revolut, Coinbase, MoneyLion, Mint & Finch.

Let’s Talk About The Perks & Drawbacks-Fintech Software Development

Benefits Of Using Fintech Apps

Benefits of Fintech App

1. Convenient Choice

Mostly, developers choose Fintech software for building applications. Because it can simultaneously access multiple operations. Everything can be done within a minute without any paperwork, from getting insurance to the money transfer.

2. Insightful Information

These applications allow you to understand & manage finances with better understanding. You can save more funds & make a profitable investment.

3. Fewer Chances Of Fraud

The fintech apps are used to deal with the multiple private data of users. So, the software is more secure because of the multiple data integration system.  Accordingly, it can prevent fraud on your fintech software.

4. Minimize The Errors

With Fintech software, you can minimize the chances of mistakes. For example, during a money transfer, online banking verifies users before performing transactions. This software offers autofill features that allow you to enter the data correctly.

Fintech Apps Drawbacks

Fintech App Drawbacks

1. Storage Consuming

Fintech apps consume a lot of data storage which might be a problem for users with limited capacity.

2. Signal Issues

The app stops working if you don’t have a stable internet connection. Hence, you can’t perform a financial transaction without the Internet.

3. Dependent On Technology

If you plan to make a significant purchase & need some urgent help regarding bank requirements, this app can be risky. Sometimes this app also undergoes maintenance issues & may not be available for some time.

5 Points To Consider During The Development Of The Fintech Software

Developing a convenient Fintech Software Development app is a challenging task. The developers & creation team can go through various uncertainties. Therefore, let’s look at some of the most reliable considerations to follow during the app production process.

1. Pick The Right Stack

Before starting with development, you must know about the pros & drawbacks of programming language & development tools. To build a successful app, you must inspect what your app needs. So, before you reach the stage of developing a site, analyze the tools you want to use & comply with whether they work for you.

2. UI/UX Interface

The app should be elegant in function to make your application stand out. Because of the impeccable design and an easy-to-use interface. Easy UI and navigation are what make your app unique from others. For the app’s proper functioning, ensure it has intuitive solutions.

3. Protection Of Sensitive Information

In this digitalization, the chances of cyber hacks & data hacks are also increased. As the number of hackers increases, protecting the user’s sensitive data becomes hard. A survey found that 82% of software supply chain systems are vulnerable, which gives data thieves more chances to commit crimes.

4. Regulatory Compliance

The regulation for fintech business varies from different countries. As a developer, you must not violate any user rights; for this, you must go through complete regulatory compliance. However, some of the regulations of fintech software include the Federal Commission Trade, GDPR, the Electronic Fund’s Transfer Act, and anti-money laundering terms.

5. Implementation Of AI & Big Data

The fintech app covers AI & big data framework, which opens up bigger opportunities for the business & users. Thus, these fintech solutions allow users to choose the suitable lender, stock portfolio, and investment options.

By following the above considerations, a developer from a Software Development Company can easily build a convenient & reliable website form.


Read MoreHow To Opt For The Beneficial Software Development Company?


Top 5 Fintech Software Examples

The market has a diverse range of Fintech software options that offer multiple finance services. Let’s take a look at the most common financial solutions types.

1. Banking Software – Chime 

The banking application helps balance bank accounts, transfer & receive money, and track transaction history. Moreover, the banking application helps with processing international payments, receiving greater insights, requesting bank statements & much more. The most popular example of a Banking app is Chime and Revolut.

2. Investment Software – Robinhood

With the help of the investments app, users can deal with multiple investment deals in the real-time stock market. It recommends deals you can close instantly. Hence, it helps to keep track of all your previous investment plans. A popular example is Robinhood.

3. Lending Solution – Lenme

The lending application allows users to search for reliable lenders from whom anyone can earn money. It allows multiple search options following the location, the amount of borrowing, and the interest rate. So, the most well-known lending app made with a fintech solution is Lenme.

4. Consumer Finance – MoneyLion

The fintech app helps to balance personal funds & save excessive amounts for daily spending. Also, the consumer finance solution reflects users’ spending habits. It shows which thing you spend most of the money on. Here you get valuable tips for improving money management systems. So, to access these features on your phone, you can pick the MoneyLion.

5. Insurance Solution – GEICO

The fintech insurance app helps to manage, get & pay for insurance. Through this, you can save time and prevent unnecessary paperwork. Such a solution allows users to choose multiple insurance types as per their needs. Choosing GEICO over any other app is the best decision.

Do you want to develop any of the above-discussed Fintech software app development options? If yes, you must know about the must-have features of Fintech apps. Let’s look at the features one must have in their application!

What Features Must You Include to Develop Fintech Software?

If anyone wants to develop a convenient fintech app & grab a bunch of positive reviews and trusted customers, follow the below features to include!

1. Security & Alerting

Losing personal data, funds, and financial information is the first aim of developing apps with fintech software development. Data theft and information leak is the biggest issue arising from a too-digital transaction. So, as a business owner, you must verify many safety precautions to protect your business and the customers. You can ensure your customers’ data is safe by implementing 2-factor authentication. Hence, the developers can also add some extra safety features, for example, Touch login, Extra password login & Face ID login.

2. Managing Bank Accountancy

Do you seek to build a banking insurance application? Multiple solutions are there that fit with other fintech companies, but there is no such option that fits with all. So, you must initiate with the basic one. For better management of bank accounts, you must integrate a budgeting system.

Through this, your customer can get access to check their payment history & balance in real-time value. You can also add the breaking down of spending feature that notifies the users where they spend most of their money and the cash flow based on week, month & year. Furthermore, you can also include the option: of a personal profile section, money processing tool, or customer support desk.

3. QR Coding Payment

With this advanced technology, the QR code processing system reaches another level. The QR code system is the most convenient step of transaction processing & login with the application. With the addition of this feature, you can manage the financial matters of your clients and make them faster & easier. It also works as an additional security system for the customers.

4. Bill Payments

You need to deal with multiple tasks on your phone. Going to the bank to pay bills gets older. With such options, you can help your users save time & effectively manage their budget. However, it is the most eco-friendly solution that reduces the need for paperwork.

5. Customer Help Desk

Solving the payment-related task is painful, especially when you have a faulty system. That is why ensuring your app’s chatbot support feature is necessary.

6. ATM Locators

Digital payment is the most convenient procedure, but you need cash elsewhere. Searching for an ATM is a challenging task, especially when you are traveling to a new place. Hence, adding this feature to your application can help the users quickly search the company’s ATM, where they can instantly withdraw their funds.


Read MoreLatest Fintech Industry Trends for 2024


How to Create Fintech Software? 

Creating a fintech software is slightly similar to other app development. You need to follow certain development stages mentioned below.

1. Do Explore & Choose A Team

Developing software requires lots of research & market analysis. So, initially, you need lots of research and search for the best team to complete your software. Hire the best web development team to save you money & time.

2. Define The MVP Scope

Discuss the most required features in your app/software from the development team. Accordingly, you can develop MVP to highlight the crucial points and pick the right tech stack.

Related Guide: How to Develop MVP App?

3. APIs Build

API is an excellent option for implementing basic functionalities. It ensures smooth access to your website & helps for adding essential features to it. For example, tracking bills & budgeting on a real-time basis.

4. UI/UX Design

You must develop a convenient solution that can only be possible with the UI/UX interface. So, add buttons, icons, and transitions to make it more attractive.

5. Move To Release & Make It Live

At the end of the stage, you must move with the releasing procedure after testing. Now, launch the final version and enjoy the outreach.

Tech Stack for Robust Fintech Software Development

Selecting the right technology stack is crucial to delivering secure and scalable financial software development. So, it demands to incorporate an error-free and streamlined process. To make it easier for you, here is the essential technology stack for your software development.

Programming Languages

  • Java
  • C++
  • Python
  • Ruby

Frameworks

  • Spring
  • Django
  • Ruby on Rails

Databases

  • MySQL
  • PostgreSQL
  • MongoDB

Cloud computing and hosting

  • Amazon Web Services (AWS)
  • Microsoft Azure
  • Google Cloud Platform (GCP)

Security Tools

  • Security information and event management (SIEM)
  • Two-factor authentication (2FA)
  • Firewalls
  • Intrusion detection and prevention systems (IDPS)

Moreover, utilizing these efficient technologies will ensure your fintech development success. You can offer your software package to teh upcoming fintech organizations to build an application.


Read MoreTop Fintech App Ideas To Build Profitable Fintech Start-Up


How Much Does it Cost To Develop Fintech Software?

Creating a fintech software would always cost higher based on the app’s complexity, features you want to include, programming languages, and many more! The cost range also depends upon the different requirements of clients. Moreover, you must know about the app’s maintenance & after-support costs.

To make your product upgrade, you need to upgrade this in a constant phase. Along with this, you must talk about the developers and ask if they charge any additional development cost or not. Certain companies offer after-support services free of cost also. So, try to collect every necessary thing before you develop a fintech software.

Are you also looking for fintech software development? If you are, you must talk with the experts of software developers from the best software or web app development companies. You should consult with a convenient team who can understand your business & budget expectations. Before hiring any web app development team, you must look at their portfolio to see whether there is any good fit.

How to Hire the Right Fintech Software Development Company?

After the overall development process, it is necessary to look for the right fintech developers. Hiring experienced developers is the key aspect of creating fintech software. You have to watch out for some of the major factors well in advance. So, it will assist in choosing the best fintech software development companies. Let’s dive into them.

Work Portfolio

To examine the knowledge of the software engineers, consider previewing their work portfolios. It will show you their past work including which industry they have served. Also, you can hire dedicated developers, who exclusively work for your fintech project. So, choosing developers from past fintech project experience is preferable.

Number of Projects Delivered

The total number of projects that the company has delivered is also essential. It will help you to evaluate their expertise level. Furthermore, it will make you go with a company that has delivered similar projects to your industry.

Authentic Client Reviews

Overseeing the company’s ratings and reviews will be a good way to determine the company. You can check out Clutch, GoodFirms, and similar authentic platforms. It has genuine client reviews and ratings. Thus, your financial software development will be successfully driven with a top-rated company’s assistance.

Over to you!

You can understand the fintech software development process using the above-discussed parameters. We have compiled the facts very interestingly, giving you a clear idea about the Fintech software industry in 2024. For further information, you can schedule a call with our fintech experts.

 

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Jatin Panchal

Jatin Panchal is the Founder & Managing Director at Rlogical Techsoft Pvt. Ltd. For more than a decade, he has been fostering the organization's growth in the IT horizons. He has always bestowed personalized approaches on .NET, PHP, Flutter, and Full-Stack web development projects. From startups to large enterprises, he has empowered them to accomplish business goals. By delivering successful industry-driven solutions, he is encouraging the capability of AI, ML, blockchain, and IoT into custom websites and hybrid mobile applications.

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