Are you looking out for the simple steps to build a fintech application for your startup? You are in the right place. Here, we have provided you seven simple steps by following which you can build a fintech application. Check them out below:
Planning is the first stage of any app development process. Collect all the ideas and do thorough market research to check out the latest trends, competitors, and targeted audiences’ expectations. This will help you to figure out whether your app would be able to resolve the problems users are currently facing.
Planning also helps in determining the marketing strategies as well as an estimated cost of the app development. Moreover, it also gives the designers and developers a clear insight into the purpose of the app. Deciding on the major features of the app also comes under this phase. Right planning ensures that the project will move in the right direction.
Preparing UI/UX design
UI/UX design plays a pivotal role in fintech app development. To ensure that the app conveys a clear message to its audience, make sure the design is sophisticated. Another two key aspects that should be in your mind while preparing the design are to maintain transparency and providing ease of using the app.
Begin the development process
This phase comprises of frontend and backend development. The former deals with converting the user interface into the functional code, while the latter with security, server-side configuration, and security of the app.
It is the key responsibility of the frontend developer to verify that the code functions and runs well in all web browsers and mobile app platforms. The developer might use tools like HTML5, CSS3, Angular, jQuery, and Bootstrap to prepare the frontend of the app.
A backend developer is responsible for ensuring that the app functions are exactly as expected. Moreover, the developer also needs to provide CMS-based content and hold accountability for the backend development technology stack. It includes choosing the right server, database, and middleware.
The selection of the tech stack should be according to the particular fintech app requirements. If you don’t choose the right tools and technologies, then your app might not be able to serve its purpose completely.
Testing is an essential part of every mobile app development process. A reliable fintech app development company would not skip this step at any cost. Application testing ensures that the written code is functioning correctly. Moreover, it also ensures that the app would deliver an unmatched customer experience. Testing is performed to:
- Verify the functionality of the app
- Check the UX and usability
- To ensure that the app is performing as expected
- To make sure that the app meets all security standards and guidelines
For testing, the application testing engineer or the quality assurance tester has a follow a systematic procedure. This procedure includes collecting data, figuring out testing requirements, collating fintech app test cases, and conducting functional, database, and security testing. After this, the QA tester has to conduct usability and performance testing.
Marketing and promotion
Since there are many fintech applications in the market, you need to invest in marketing and promotion of the app before its release. Choosing the right marketing and promotion tactics will help to grab the attention of your targeted audience and increase the chances of your app’s success. It is similar to offering your audience the trailer before the official movie release.
Depending on the feedback collected through your marketing campaign, you can make changes to your fintech application. And, if everything is fine then proceed to release the app on the Android or iOS store. For releasing the app, you need to check the App Store or Play Store guidelines.
Maintenance & Support
To maintain the flawlessness of the app even after the launch, you need to pay attention to the maintenance and support part.
How much does it cost to build a fintech app?
According to various Fintech app development services providers, you need to answer a few questions to have an estimated cost of the development:
- Which platform do you want to release your app on?
- Which tools and technologies you want to use for development?
- What will be the complexity of the app?
- What is the size and location of the company?
For building a simple fintech app, you might need to spend USD 30,000 to USD 75,000. A fintech app with a medium-level of complexity needs USD 100,000 to USD 200,000. USD 200,000 to USD 500,000 is the estimated price range for building a complex fintech app.
Read this article to know the stepwise procedure to develop a fintech application. Also, check the factors that need to be considered while determining the estimated cost of development. If you want to build a fintech app for your startup, contact a reliable mobile app development company today.