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Consumers are rapidly adopting fintech. About 96% of global buyers have at least one fintech app installed on their smartphones. Traditional financial institutions such as banks, lenders, and insurance companies are also embracing fintech on a large scale. They are all working hard to build fintech applications that help automate and simplify business processes. From the modernization of legacy systems to identity and privacy management, fintech plays a key role in creating digital capabilities for these institutions.

In the not-too-distant future, every major industry will incorporate fintech solutions into its enterprise infrastructure. Therefore, businesses of all types, even those that do not currently have any fintech connection, will have the opportunity to build and profit from fintech applications. That's why building a mobile app for fintech is a great entrepreneurial opportunity not to be missed.

The fintech industry offers a plethora of options to choose from. Artificial intelligence Applications, machine learning, robotics, and the Internet of Things are just a few of the state-of-the-art technologies being used to address various fintech challenges. If you've been wondering how to develop Mobile Application for fintech solutions that are both effective and relevant, one of these technologies is sure to be the solution. So, creating a fintech startup promises to be not only lucrative but fascinating.

Benefits of Fintech Applications

1. Loans

Consumers can get the privilege of applying for loans using their mobile phones. Traditionally, banks have relied on manual labor in the underwriting process and risk assessment. Fintech companies have automated these processes. This helps speed up the loan application process.

Fintech applications can make better use of data while assessing credibility. In addition to credit history, it also analyzes customers' regular financial transactions. This helps ensure the customer's financial ability to repay the loan.

2. Transaction

Investing is as easy as creating an account on Facebook. Through fintech app development, any individual with an internet connection can invest. Simple login and KYC procedures allow them to invest from the comfort of their home.

In the early days, trading activity was limited to specialists. This knowledge and platforms are only available to a limited number of people. With Fintech, anyone can learn about trading through a demo account.

3. Personal Banking

Traditional banking methods require individuals to visit the bank from time to time. However, with fintech, your customers can perform many processes online. The mobile app allows customers to update their bank accounts in real-time.

The functionality of a digital wallet will enable your customers to process payments quickly. Also, banking chatbots help resolve customer dissatisfaction. A fast and improved user experience will attract more customers to your platform.

Read: How can AI change the banking sector

4. Data Security

As the rate of cybercrime increases, data security becomes more and more important. Fintech brings an efficient way of securing data through blockchain technology. Developers of various fintech applications, assisting financial institutions in protecting their data.

5. Customise

Fintech app development is an ongoing process. It allows the institution to make the necessary changes according to the client's request. This in turn improves the overall user experience.

The FinTech revolution is changing the financial industry. Manually implemented processes can now be performed from a mobile device. This saves financial institutions and clients a lot of time and resources.

How to develop a fintech application like Capital One

How to build a fintech app that thousands of users will use? Our team has prepared a detailed guide where we will introduce you to each stage of fintech application development.

Point 1: Develop and describe your idea

First, you should create and outline the concept of your intended product. Describe every detail. This is crucial. This is the first stage of your development strategy. And planning is required to keep the work of the project in order.

Also, an accurate explanation of your proposal will help your future team understand the results you expect to get.

Point 2: Marketing Research and Product Discovery

From this moment, product development work begins directly. Generally, this stage includes the following:

Market survey

Technical adaptation

Agile Methodology

You should research the market and existing fintech applications in the market. We recommend that you consider in detail the strengths and weaknesses of already-running fintech applications to make your product even better.

Product discovery will help you understand if it's worth creating a new product and whether people will use it. Here are the main steps of product discovery:

Improve your ability to empathise with your customers by becoming familiar with their underlying needs and emotions.

Crowdsource your team's various perspectives to get a complete picture of your customers.

Pay attention to what your customers say. Consider the source of the customer's problem rather than rushing to find a solution.

Collect customer feedback from multiple communication methods (e.g. social media, email, customer service, user research, customer advisory boards, etc.).

Be objective. Is the suggested remedy consistent with the problem, or are you biased? Remember that not every concept will be adopted.

Point 3: UX Design: Prototyping, Product Logic, and Navigation

Then, you can start creating UX designs. If you don't have a solid UX design process, you're less likely to produce solid UX products. On the other hand, a well-defined and well-executed UX process can create an amazing user experience.

Point 4: Testing

Once your UX design is ready, you need to test it. At this stage, you should understand whether you have built the product logic correctly, whether users understand everything in the product, whether it is suitable for them, etc.

Once you receive the test results, you will know if something needs to be changed in the UX design.

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Point 5: UI Design: Design Systems and Elements

How to build a visually appealing fintech app? Build great UI designs. User interface (UI) design is about building interfaces, with an emphasis on aesthetics and interaction. The goal of a UI designer is to build an interface that is both easy to use and pleasing to the eye.

The aesthetic decisions that designers make when creating a product, such as images, buttons, menu bars, or footers, are known as UI design. All of these factors affect user engagement. Therefore, they should be carefully considered.

Point 6: Initiate the FinTech Application Development Lifecycle

You should now convert the design into a functional product. The complete development life cycle process is divided into multiple parts. Let's take a closer look.

Cost to develop Fintech Application Like Capital One

Since every business operates at a different pace and pursues different goals, there is no single fintech application that can meet the needs of all businesses. Therefore, there is no standard price for building a fintech application for your business. Budget applications require a deep understanding of their purpose, functionality, and applicable regulations.

However, you need a rough estimate of the base budget and time to properly plan the development of the application. So, to create a basic application that provides a secure, transparent, efficient and convenient way to transfer payments online, you need a budget of at least $40,000 and a 3 to 4 month timeline.

A single-platform Financial application like Capital one cost with basic functionality and a simple user interface can cost between $30,000 and $50,000.

However, creating an advanced solution with more features and modern technology will cost $50,000 to $65,000.

Basic fintech application $30,000 and $50,000

Average Fintech App $50,000 and $80,000

Sophisticated fintech application $80,000 +

These are rough estimates and may vary widely based on various aspects such as platform details, features, API integrations, complexity, development teams, hourly developer rates, interaction patterns, and more.