January 29, 2021


Leena Sanap


Today, the world is witnessing a digital revolution like never before. Who could have imagined a time when almost everything would be available to us through just a click of a button! Technology has permeated every sector of our economy, and the finance sector is no exception to it. As financial institutions seek ways to empower their customers digitally, the popularity of fintech app development has reached an all-time high.

Fintech is the term given to the amalgamation of finance (fin) with technology (tech). Money transferring apps, budgeting apps, insurance, loan, or wealth management apps, all of them fall under the broad category of fintech or financial technology.

Did you know that a majority of smartphone users use a fintech app? According to a report by the mobile app and marketing company Liftoff, the past five years have seen the usage of finance apps by the customers rise to a whopping 354%! Consequently, fintech app development is being increasingly leveraged by businesses all over. Presently, the fintech market is booming, making it the most suitable time for you to start building one. There is a growing demand for Fintech Web Application Development as well as Online Investment Platforms as money governs a large part of everyone’s life.

Why Think About Fintech App Development?

Lack of feature-rich fintech apps

More than 5.5 billion smartphone users in the world use various cutting-edge apps for a variety of purposes. But a fully functional Fintech Solution is still a rarity. There is so much that can be accomplished by you in this realm apart from managing bank accounts and making online payments.

Increase in appetite for a better payment solution

Currently, there is a cut-throat competition among businesses to offer a world-class experience to their customers. An app that provides a highly convenient payment solution is the need of the hour. Fintech app development can be successfully utilized for this purpose.

Driving force behind the growth of small and medium-sized businesses

Fintech Application Development is crucial to the growth of the proliferating small and medium-sized businesses. They need a great solution to address issues like development costs, and manpower to manage finances. A fintech app made for them will instantly put them on track for reduced costs and higher productivity.

Fintech App Development – 9 Steps to Success

Define the scope and features of your app

Identifying and defining the functionalities and scope of your app is the first step to a sound fintech app development process. For this, you need to undertake thorough market research. After research define the scope of your project. It can be Fintech Web Application Development for Android or iOS app development.

Pick your technology stack

You can either choose native technologies for Android and iOS or build a progressive web app. Alternatively, you can also go for cross-platform app development. Carefully weigh the pros and cons of each of these options before choosing one.

Choose an app development platform

A great app development platform helps you to build high-quality apps, improve their quality, and make you achieve your business objectives. An ideal fintech app development platform is Firebase. It can be used to effectively authenticate and manage users, and report crashes. You can extract the maximum value of this platform with its key integrations with other Google products.

Facilitate the checking of credit score

Frequently checking your credit scores is essential for keeping your financial well-being intact. So, it is a good idea to integrate this feature into your Fintech Web Application Development. Check out Experian's API for accessing credit scores and reports to get inspired.

Enable the app’s connection with the bank account

It is only because of APIs that banks can empower customers with the ability to access their bank account information. A Plaid API in a fintech app is one of the easiest ways by which people can connect to their bank account. Further, implementing this secure API requires only a few lines of code.

Automate customer service

Integrating a chatbot is crucial to imparting a great customer experience. Incorporate an NLP and machine learning chatbot API to develop a bot and efficiently manage complicated tasks in an instant.

Integrate a payment gateway

Payment gateways are used by various eCommerce giants to facilitate seamless transactions. One of the most popular providers is PayPal. It offers split payment transactions, easy payment, and invoicing procedures.

Earn users trust by protecting your user’s data

Take steps to protect the user’s financial data by formulating a privacy policy and developing a business continuity plan. All this will boost the credibility of your app.


Fintech Web Application Development is rapidly gaining a foothold in the financial sector. It is continuously expanding with Machine Learning and Artificial Intelligence. A new era of Fintech Website Development and App Development looks set to optimize financial services like never before. It's either get on board or get overshadowed by widespread competition.

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