In the first half of 2021, global investments in fintech reached a record $98 billion. For comparison, the industry attracted $121.5 billion in the entire previous year, according to KPMG Pulse of Fintech research. The need for the digital transformation of corporations and expansion of opportunities to attract customers, as well as the reserves of cash and highly liquid assets, contribute to the record growth of investment levels. Investors continue to see fintech as an attractive and lucrative niche, which has set the stage for “unicorns.” 163 companies in the first six months of 2021. In this article, we’ll take a closer look at what the fintech niche is and how much it costs to develop your fintech app. In the course of the article, we will be guided by the Persol fintech development company’s expertise.
What is a fintech app?
Fintech (financial technology) is the provision of financial services using digital technology. It is about big data, artificial intelligence and machine learning, blockchain, cloud technology, biometrics, and others.
Simply put, a fintech app is software that makes the relationship with money more accessible, faster, and more reliable. The following software falls into this category of applications:
- Wallets & Benefits
- Embedded Finance
- Digital Assets & Crypto
- AI in Finance
How to build your own fintech app and how much does it cost?
Developing your own fintech app is quite a complicated process, which, as a rule, makes no sense to do internally. For example, the platform must be stable. All connected functions should work properly 24 hours a day. There is nothing worse for a business when at peak load – for example, during a sale or a raffle – the platform goes down and customers can’t connect. There’s a financial loss as well as a reputational one.
In addition, cybersecurity needs a lot of attention. If important data fall into the hands of fraudsters, the business could suffer major losses. It is necessary to develop with a higher level of security. You also need to ensure that the platform is certified to PCI DSS payment card industry standards.
The best thing to do in this case is to turn to a good fintech app development company. The company must be experienced and expert enough to take on complex products and provide quality service confidently. With such specialists on your side, you can count on the creation of a turnkey fintech app. For example, Perfectsol offers its clients fintech app development in the following stages:
- Analysis. Once you contact us our experts will thoroughly listen to your ideas and according to your business needs will create a development plan for your fintech app.
- Design. Fintech app development experts will make the application visually pleasing and user-friendly.
- Development. Frontend and backend specialists will create the code for your fintech app.
- Support. Fintech app specialists will make sure your app runs smoothly.
The cost of a fintech app is strictly individual and depends only on your business needs and functional requirements. However, here is a rough calculation:
- Basic Fintech App $30,000 and $50,000
- Average Fintech App $50,000 and $80,000
- Complex Fintech App $80,000 +
So app development for starters will cost you $30,000 if you order development from Perfsol.
Because of the pandemic, e-commerce has achieved the growth that analysts were only expecting in 5 years. Closed mall stores have helped online shopping grow by 250%. And, according to forecasts, this is not the limit. As a consequence, entrepreneurs have taken a keen interest in new financial solutions. It’s about time you got your own. Just contact the experts at Perfsol and we’ll take care of the development of your fintech app.