FinTech signifies the development of finance using technology in day-to-day financial operations.
FinTech is quite a broad terminology that includes various sectors such as banking, insurance, lending, investment, and many more.
FinTech is a robust industry compelled by the latest technologies, for example, Artificial intelligence, financial data security, digital banking, and blockchains. The Fintech market is predicted to surpass $305 billion globally by the end of 2025.
So, you must be wondering how much will it cost to develop a FinTech app?
I will discuss the cost-driving factors that will affect making a fintech application. Let’s read.
Cost-Driving Factors Of Fintech App
1. Project Necessities
The foremost factor that mainly affects the cost of a FinTech app is the project’s needs. It includes the technical intricacy of the project like AI, Blockchain, APIs, Big Data, etc. Moreover, non-technical requirements like reliability, security, ease of use, performance, scalability also matter.
The basic FinTech app may contain a financial solution prototype. It will cost $30000 or more to build a basic financial application.
It will be a user-friendly personal budgeting app or an MVP of a more intricate FinTech app. The budget for this type of app would start from $70000 and go beyond.
A financial app that comprises advanced functions such as integrations with third-party apps, real-time synchronization, analytics, custom UI/UX design, and so on will cost more than $200,000.
2. Technologies And Tools Used
The cost will also depend on the technology stack and tools used while developing a FinTech app. You can choose what programming language and tools to use for your FinTech application development project.
While selecting your tech stack, you must consider the project’s non-technical requirements. If you can not decide which tech stack you should implement, you can take the assistance of a FinTech app development company.
3. FinTech App Development Team
Your preference for the team significantly influences the cost of the development.
- In-house team- $90,000
- Freelancer- $30,000
- Outsourcing company – $50,000
You can go with your preferred choice; however, assembling an in-house team can cost you many. Moreover, there are lesser chances that you will get a reliable and trustworthy freelancer. So, you should hire a professional FinTech app development firm and save costs.
4. Cost Determined by Types of Applications
You will have to spend more on the budget than expected if you like to implement advanced qualities in your FinTech apps like data analysis, EMI calculator, and credit score tracking.
Let’s see the average price range based on the various types of Fintech apps.
- Banking App- $30,000-$70,000
- Lending App- $35,000 to $55,000
- Insurance App- $40,000 and $70,000
- Investment App- $55,000 and $130,000
It’s challenging to provide a definitive answer as it relies on many factors.
To develop a FinTech app that delivers a secure, transparent, effective, and easy way to transfer online payments, you will require a budget ranging from $30,000 to $130,000.
The proper selection of a FinTech app development firm can ensure you use the best technologies, trends, and functions for your financial solutions. You can read the complete FinTech app development guide on building FinTech apps in detail.