The financial technology industry, commonly called FinTech, is experiencing rapid growth, with the global FinTech market projected to reach $460 billion by 2025. The rise of digital banking, mobile payments, and other FinTech services has made financial transactions faster, more accessible, and more convenient than ever before.

If you’re thinking about developing a FinTech app, it’s essential to understand the process and steps involved. This article will provide a complete guide on developing a FinTech app, from ideation to launch.

We will cover everything you need to know, including market research, user experience design, technology stack selection, feature development, testing, and deployment. Whether you’re a startup founder, a product manager, or a developer, this guide will provide you with the knowledge and tools you need to build a successful FinTech app.

So, Let’s Dive in And Explore How To Develop a Fin Tech App!

What Is A Fintech App?

A Fintech mobile application provides financial services like online banking, investment management, budgeting tools, and digital payments. Fintech apps leverage smart technology and innovation to offer a more convenient and accessible way for individuals and business owners to manage their finances. These apps can be accessed through smartphones, tablets, or other mobile devices and typically offer features like real-time account balances, transaction history, and financial insights. Fintech apps are becoming increasingly popular due to their user-friendly interfaces, low fees, and ability to save time and money for users.

What is Fintech App Development?

Fintech app development is the process of developing a mobile application that provides financial services to users. Fintech app development involves a combination of software engineering, user experience design, and financial expertise to create a functional and user-friendly app that meets the users’ needs. The development process typically includes the following:

  • Defining the app’s objectives.
  • Designing the user interface.
  • Developing the backend infrastructure.
  • Testing the app for functionality and security.

Fintech app development can involve various trending technologies such as blockchain, artificial intelligence, and machine learning to enable secure and efficient financial transactions. Fintech app development aims to create an app that offers a seamless and convenient user experience while ensuring the security and privacy of users’ financial data.

Types Of Fintech Mobile Apps

Fintech comprises technologies and financial sectors like blockchain, banking platforms, and budgeting apps. If you want your development to understand your idea, you have to determine the value of a product to consumers. There are different types of apps involved in Fintech:

1. Insurance Mobile Apps

Consumer Finance

As the name indicates, these apps are for the insurance industry to speed the claim processes, and policy administration and reduce fraudulent activities. It can even be a basic CRM for an insurance website. Some of the common features of an insurance app should be payment processing, claims filing, quotes, policies, searching policies as per different parameters, etc. A few categories for which you could develop an insurance app are:

  • Life Insurance or Personal Insurance
  • Auto Insurance
  • Home Insurance
  • Property Insurance
  • Marine Insurance
  • Fire Insurance
  • Liability Insurance
  • Guarantee Insurance
  • Disability income insurance
  • Health insurance
  • Auto insurance
  • Renters Insurance
  • Identity theft protection

Here Are Some Good References that You Can Consider for Developing an Insurance App:

Geico Mobile


It is an auto insurance app with core features like digital ID cards for assessing insurance policies, a virtual assistant for answering policies or other queries, a parking locator which can find parking for users and allow them to a made reservation.



The Lemonade app is specially curated for homeowners and renters. Its USP is that it takes a maximum fee for running a business over any premiums that get distributed between different charities during a year.

2. Investment Mobile Apps – For Stock Trading, Mutual Funds & Cryptocurrency

Investment Apps

These apps are mostly used in the stock market. Using these apps users can’t just research assets and invest in them but it can also increase the efficiency of investments. If you want to create an investment app, then you have to include core features such as multi-currency, savings, credit management, comparison of assets, real-time notifications, and client support. Some ideas for an investment app are:



Robinhood is a trading app with features such as quick access to the stock page, a trading quick start by the instant delivery of the first $1000 deposited into the account, and a news blog channel.



It is amongst the best games apps on the stock market. It combines stock picking and social media, so you can see a feed of stocks your kith or kin are choosing.

Also Read: How To Develop A Stock Trading App

3. Banking & Money Management Mobile Apps.

Banking Apps

Banking apps allow users to quickly manage their bank accounts and check financial transactions without going to bank premises. Generally, mobile apps are the first choice of banks as people prefer to use mobile phones for financial transactions.

You can use payment systems such as Google Pay, Apple Pay, or Paypal in a banking app. The best references for ewallet apps are:


Starling bank

In Starling, customers can open accounts without any fee and without any documents. They can manage overdrafts, and savings, create a budget, and transfer funds to other accounts.



This UK-based app is for ex-pats who have recently moved to the UK. They can open an account from anywhere within the European continent and the UK, even if they don’t have a UK address, credit history, and fixed income.

4. Regtech Apps

Regtech Apps

Regtech stands for Regulatory Technology. These apps are used by companies to meet compliance with the law stated by regulatory bodies. They can monitor tasks, regulatory changes, transactions, reducing false non-compliance alerts, and build reports. In these types of apps, you must give attention to include the ability to identity and risk management, and financial crime identifications. Here are the best good Regtech app examples:

6 Clicks


6 clicks automate and manage risk identification, assessment, and analysis of all stakeholders of the risk management lifecycle.



Passfort follows the KYC (Know Your Customer) Principles for automating compliance checks. It allows you to transform CLM (Closed Loop Marketing) processes into digital automated onboarding tasks.

5. Lending Apps – Money Lending Mobile Apps

lending apps

The lending apps allow you to lend money without the involvement of a traditional bank or credit union. You just can lend money sitting on your armchair. They have become amongst the most trending tech in the Fintech world. There is no participation of intermediaries such as loan brokers, banks, or any other financial institution. As there are no intermediaries, the interest rate is not as high and investors gain more profit. They have features such as credit score, loan application form, billing, payment, etc.

The Examples of Popular Money Lending Apps Are:



Earnin charges very low fees and that’s why it is a leader in the Fintech industry. This app stands out as it doesn’t charge any fee when you borrow money.



On this app, the salary professionals can get short-term personal loans within 5 hours after applying for a loan. The interest rates are very affordable with very convenient EMIs.

6. Consumer Finance Apps – Budgeting & Personal Finance Mobile Apps

Consumer Finance

These apps don’t necessarily come with payment processing services. These apps help users manage their expenses, save money, and forecast future expenses so they will not spend more than planned. The common features in these types of apps are financial goals set, expenses and bills tracking, investments analysis, fraud alerts, etc.

Here are some considerations for consumer finance apps:



This app is free to use and allows for budgeting, tracking payments, and enrollments. You can make it sync with credit cards, bank accounts, and PayPal.

Money Patrol


This app lets you manage your transactions, savings and will help you to make wise financial decisions, reveal fraudulent transactions, and much more.

7. Budgeting Apps

Budgeting Apps

Budgeting fintech apps are mobile applications designed to help users & small businesses to manage their budgets. These apps typically allow users to track their income and expenses, set spending goals and limits, and receive alerts when they approach or exceed their budget.

Budgeting fintech apps may offer additional features, such as the ability to categorize expenses, view spending trends over time, and generate reports that provide insights into where money is being spent.

 Overall, budgeting fintech apps are designed to help users gain greater control over their finances by providing a clear picture of their income and expenses and helping them to stick to a budget.

Some Popular Fintech Budgeting Apps are:

You Need a Budget (YNAB) 


YNAB is a budgeting app that focuses on helping users live within their means by assigning every dollar to a specific category, such as rent or groceries. The app provides real-time updates and goal tracking to help users stay on track.

Personal Capital 

Personal Capital

Personal Capital is a comprehensive financial management app that offers budgeting, investment tracking, retirement planning, and more. The app also provides access to financial advisors for a fee.

8. Accounting App.

Accounting App

Fintech accounting apps are mobile applications that help small businesses manage their financial accounts and bookkeeping processes. These apps provide a range of features, including invoicing, expense tracking, receipt management, bank reconciliation, and tax preparation.

Fintech accounting apps typically automate many of the manual processes associated with financial management, such as data entry and transaction categorization. This saves time and reduces the risk of errors, allowing small business owners to focus on other aspects of their business.

Some Popular Fintech Accounting Apps are:



QuickBooks is a small business’s most popular accounting app. It provides a range of features, including invoicing, expense tracking, bank reconciliation, and tax preparation.



Xero is a cloud-based accounting app that provides a range of features, including invoicing, expense tracking, bank reconciliation, and payroll processing. It also offers a mobile app for on-the-go financial management.



FreshBooks is a user-friendly accounting app with invoicing, expense tracking, time tracking, and project management features. It also integrates with other financial management tools like payment processing systems.

Hire mobile app developers

Fintech Applications Development Features

General Features

1. Registration

Registration is a crucial feature for fintech apps, as it allows users to create an account and access the app’s features and services. The registration process should be simple and user-friendly while also ensuring security and compliance with financial regulations.

2. Personal Account

The personal account feature is an essential component of fintech apps, as it allows users to manage their finances, track their transactions, and access other financial services.

3. Payment Gateway

It enables users to make secure transactions. It acts as an intermediary between the user and the payment processor, allowing them to transfer funds from their bank account to the recipient’s account.

4. Financial Management

By integrating this feature into your fintech app, you can provide users with a comprehensive financial management solution, empowering them to take control of their finances and achieve their financial goals.

5. Connecting or Creating Bank Cards

With this feature, users can easily link their existing debit or credit cards to their fintech account, allowing them to access all of their account information in one place.

6. Notification

The notification feature of Fintech apps is designed to provide users with real-time updates and alerts related to their financial transactions and account activities. With this feature, users can receive instant notifications on their mobile devices regarding various financial transactions such as deposits, withdrawals, payments, and purchases.

7. History of Transactions and Interactions

This feature maintains a record of all financial transactions and interactions the user makes through the app, providing a complete picture of their financial history. This feature lets users view their past transactions, including deposits, withdrawals, payments, and purchases. They can also view the date, time, and amount of each transaction and the account balance before and after the transaction.

8. Onboarding System

The Onboarding System feature helps Fintech apps quickly and efficiently onboard new users and get them started using the app’s financial services.

9. Chatbots

Using a chatbot feature in a fintech app can help financial institutions provide better customer support, reduce costs, and improve their understanding of customer needs and behaviors.

Advanced Features

1. Biometric scanning

Incorporating biometric scanning features can enhance the security and user experience of a fintech app, prevent fraud, ensure compliance, and provide valuable data for analysis and improvement.

2. Two-factor authentication

This feature can be implemented through various methods, allowing users to choose the option that best suits their preferences.

3. KYC

This feature also helps fintech companies to better understand their customers’ needs and preferences, enabling them to offer personalized services and products.

4. Cashback

This feature helps in providing customers with a percentage of the purchase price back as a reward for using the app to make purchases. This feature encourages customers to use the app for their financial transactions and can increase customer loyalty.

5. Card Scanning

A card scanning feature is a useful tool for developing a fintech app that enables customers to quickly and easily add payment cards to their accounts.

6. Cost Tracking

This feature can also provide personalized recommendations to customers based on their spending patterns, enabling them to make more informed financial decisions.

7. Referral System

The referral system feature can also increase customer engagement and retention, as it creates a sense of community among users and encourages them to use the app more frequently

Major Requirements Of Fintech App Development

As we already know, the Fintech ecosystem is quite complex; thus, you must initially consider the features that will help you succeed in your startup. Here are the significant features of a Fintech App Development:

1. Security

In the Fintech industry, security is the foremost concern. If users face security issues even once, they will not blink an eye while uninstalling your app. Some of the important features which will enhance security in your Fintech app are:

You should make your app penetration testing for ensuring the system’s security. You will come to know how hackers can break into your app, and then brainstorm for the steps to prevent it. Also, you should update, maintain, and check the app for security.

Remember, there are certain regulations in the Fintech industry. If you have decided to develop a Fintech app, then you have to comply with the app with regulatory measures such as PCI-DSS, PSD2, FCA, and privacy laws like CCPA, GDPR, or PIA. The security techniques should be implemented in the initial phase of the Fintech app development.

2. Integrations

The foundation block of building a fintech app is API. Application Programming Interfaces or APIs can link different apps or portals to each other. In the Fintech industry, APIs can issue commands to 3rd party service workers.

API is also cost-friendly. Suppose you use Plaid API in your app, then this Fintech technology company will allow connecting the apps to bank accounts. Thus users can interact with their bank accounts, check the balances, make payments, and much more.

APIs are responsible for the smooth payments, checkout processes in the e-commerce industry as well. You can integrate your Fintech app with payment methods like PayPal, Braintree, Stripe, etc. so that the customers can do shopping from any corner of the world.

3. Simplicity

If you want your Fintech app to succeed, then make it simple with a user-friendly design. The Fintech users don’t need to delve a lot to use your app. The idea of fintech app development is to create analytical tools for collecting financial data and creating financial programs with a simple interface.

There are real-time analytics and statistics which always display so that the users or companies can easily discover their revenue, expenses, savings, etc. For attracting more audiences, the Fintech app should be simple and intelligible.

4. Support

The whole Fintech industry involves the use of highly confidential data. Thus, you can’t rely on any 3rd party customer service instead you must have consultants to handle customer queries. They should be trained technically to operate under very strict safety rules and requirements.

If you are not able to hire a fintech App Development Company who is available 24 x 7 then create a chatbot. Thus, users can trust your app and can find out about their finances or bank’s offers.

Fintech App Development Stages

To develop a Fintech app, you will require very high technical knowledge. You must hire a fintech app development company who is having expertise in building such apps. Let’s know about the major stages which are involved in the Fintech app development. The stages are:

  • Choose a Fintech niche
  • Deal with Compliance
  • Features Consideration
  • Make a project team
  • Create the App’s Design
  • Develop an MVP
  • Quality Analysis

Let’s know about each stage in detail.

1. Choose A Fintech Niche

First, you have to decide in which Fintech niche you want to enter. You can start with analyzing the target market, and then decide whether you want to develop a Fintech solution from scratch or improve an existing Fintech solution such as UX improvement, adding new functionalities etc.

If you want to sustain yourself in the competitive world of Fintech, it would be better to develop a complex Fintech solution. You have to be unique. After deciding the niche, you have to legalize the app.

2. Deal With Compliance

As we mentioned above, there are many Fintech legalities that you have to consider from the first phase of your app.  The financial protection systems such as KYC, AML are designed to track compliance. You should also comply with the privacy laws (CCPA, GDPR, LGPD, PIA) to ensure that users’ financial data is protected and has limited access.

The privacy law choice depends upon your region, even in some countries there are no specialized regulatory bodies. You have to consider the requirements per your target audience’s region. For instance, there isn’t a Fintech regulator in the USA, but you must comply with many state and federal laws. Legal requirements are not something you can take casually, if a breach occurs, you will be liable for questioning.

3. Features Consideration

The features of the Fintech app depend upon its type. Analyze the requirements of your target audience. You can create a Fintech app based on an existing solution and consider how to improve it. Still, some features are common that you can consider:

  • Highly Secure Login: Fingerprint, facial or voice recognition
  • Push Notifications
  • Tracking of budgets and savings
  • Financial operations such as transferring money, digital payments, checking balance, etc.
  • Card Number and QR code scanning
  • Virtual assistant or an AI-powered Chatbot
  • Unconventional financial services like buying gift cards, donations, etc.
  • Cashbacks, Offers, and Deals

4. Make A Development Team

Generally, the best and most fruitful way of Fintech app development is to outsource because it will not just save your time and money but you will get a team of highly experienced developers. They will be answerable to all your queries and meeting all the defined requirements of the scope.

The size of the team will depend on timing, technology, and project size. For instance, for developing a cross-platform Fintech app for both iOS and Android platforms, you will require Flutter or React Native developers. The development process will take more time but you will get 2 apps for two different platforms at once.

A Fintech app development team comprises of these

  • 2 Developers (Frontend and Backend)
  • Business Analyst
  • Project Manager
  • Designer
  • QA Specialist

While hiring a team to develop your app, check the company’s experience in the fintech industry, hourly rates, and experience of the developers. Communication with the project manager is equally important, thus language fluency also matters.

5. Designing Of The Fintech App

After the security, the design will play a major in attracting the users and retaining them on your app. Make an appealing yet simple design so users have a smooth usability experience.

E.g., if you want to make a banking app, then don’t make large forms that customers will find strenuous to fill for paying bills. Also, there must be an option by which users don’t need to enter payment details for transferring money or paying the bill.

6. Develop An MVP

Minimum Viable Product or MVP development would be a good decision to identify whether your idea will succeed in the market or not. MVP consists of basic features of the app and development without extra costs and saves money. If it succeeds in the market, you can include advanced features in the app.

7. Quality Analysis

After the launch of your app, things don’t stop. You have to conduct an A/B testing stage to check your users’ reviews, based on which you will include new advanced features and improve existing ones.

If you want to lag your competitors far behind, then your Fintech app should run smoothly, securely, and easily adaptable for users.

Also Read: Mobile app development cost

TechStack Used To Develop Fintech Apps

1. Tech Stack for Android Fintech Apps:

  • Programming languages: Java or Kotlin
  • Integrated Development Environment (IDE): Android Studio or Eclipse
  • Databases: MySQL, PostgreSQL, MongoDB, or Cassandra
  • Cloud platforms: Amazon Web Services (AWS), Microsoft Azure, or Google Cloud Platform
  • Payment gateways: PayPal, Stripe, or Braintree

2. Tech Stack for iOS Fintech Apps:

  • Programming languages: Swift or Objective-C
  • Integrated Development Environment (IDE): Xcode
  • Databases: MySQL, PostgreSQL, MongoDB, or Cassandra
  • Cloud platforms: Amazon Web Services (AWS), Microsoft Azure, or Google Cloud Platform
  • Payment gateways: PayPal, Stripe, or Braintree

Here are some of the top fintech app development trends that are expected to shape the industry in 2023:

1. Integration with Blockchain Technology

Blockchain technology can be used to improve security and transparency in fintech apps, and more apps are expected to integrate blockchain in the coming years.

2. Personalization and AI-Driven Features

Fintech apps are expected to become more personalized with the help of AI-driven features like chatbots and virtual assistants that can provide personalized financial advice.

3. Expansion of Open Banking

Open banking allows third-party developers to access financial data. More fintech apps are expected to use open banking APIs to provide more value-added services.

4. Increased Use of Biometrics

Biometric authentication methods like facial recognition and fingerprint scanning are becoming more common in fintech apps, providing improved security and convenience for users.

5. Growth of Decentralized Finance (DeFi)

Decentralized finance aims to provide financial services without intermediaries, and more fintech apps are expected to embrace DeFi in the coming years.

6. Focus on Sustainability: 

As environmental concerns continue to grow, more fintech apps are expected to incorporate sustainability into their business models and services.

7. Expansion of Neo-Banks: 

Neo-banks, which are digital-only banks, are expected to continue to grow in popularity, providing customers with more convenient and accessible banking services.

By following these trends, fintech app developers can stay ahead of the curve and provide innovative solutions that meet the evolving needs of users.

How Fintech Apps Make Money?

Monetization strategy for fintech apps can vary depending on the type of app and its target audience. Here are some common monetization strategies used by fintech apps:

  • Subscription Model – Some fintech apps offer a subscription-based model, where users pay a monthly or annual fee to access premium features or services.
  • Freemium Model – Under the freemium model, the app is offered for free, but some features or services are only available to users who upgrade to a paid version.
  • Transaction Fees – Fintech apps can earn revenue by charging transaction fees for payment processing, foreign exchange, or investment management services.
  • Advertising – Fintech apps can earn revenue through advertising by displaying targeted ads to users based on their financial activity and preferences.
  • Referral Programs – Some fintech apps offer referral programs, where users can earn rewards for referring friends or family members to the app.
  • Data Monetization – Fintech apps can monetize user data by selling insights or analytics to third-party companies.

How Much Does Fintech App Development Cost

The cost of fintech app development can vary depending on several factors, such as the app’s complexity, the features and functionality required, the development platform, and the location of the development team.

The cost of developing a fintech app can range from $50,000 to $500,000 or more. Simple apps with basic features may cost less, while more complex apps with advanced features can cost significantly more.

The development cost can also vary depending on the location of the development team. For example, North America or Europe developers may charge higher rates than those in Asia or other regions.

It’s important to remember that the cost of development is just one part of the overall cost of building a fintech app. Other costs, such as ongoing maintenance and updates, marketing, and customer support, should also be considered.

To get a more accurate estimate of the cost of developing a fintech app, it’s recommended to consult with experienced developers from our team and get a detailed project proposal that outlines the scope, timeline, and costs involved.

Why Choose Emizentech?

Emizentech, a top-notch mobile app development company in South-East Asia, having experience in developing top-notch Fintech apps for nearly 10 years. We always sign a well-structured NDA with our clients thus can’t share about our existing projects.

We have highly talented and experienced mobile app developers, project managers, QA analysts, designers, and other team members who will develop an astonishing Fintech app and help you in the initial business consultation. Let us know your requirements.

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CTO at Emizentech and a member of the Forbes technology council, Amit Samsukha, is acknowledged by the Indian tech world as an innovator and community builder. He has a well-established vocation with 12+ years of progressive experience in the technology industry. He directs all product initiatives, worldwide sales and marketing, and business enablement. He has spearheaded the journey in the e-commerce landscape for various businesses in India and the U.S.