66.7% of bank executives believe that FinTech will impact wallets and digital payments globally. Digital finance is rapidly expanding. It is convenient, fast, reliable, and secure. FinTech app development services are, therefore, on the rise.
FinTech applications are diverse. For example, there are apps for digital banking, wealth management, stock trading, personal finance, crypto trading, insurance policies, and much more. Therefore, FinTech application cost varies from app to app.
With Blockchain implementations multiplying, FinTech app development solutions are seeing tremendous growth. AI, ML, and Big Data are also transforming how FinTech operates. Today, Fintech app development focuses more on delivering a personalized experience.
So how can one estimate the cost of FinTech app development? Well, it depends on the type of application, features, teams, locations, and more. Let's look at the major factors in detail.
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Types of FinTech Applications
Today, there are multiple types of FinTech applications. Some of them include:- Insurance Apps:
- Many companies offer insurance applications for claims processing, user query resolution, policy comparison, etc.
- Policy bazaar is a leading Indian insurance app that is a prominent FinTech application example in Insurance.
Apart from that, there are other types of FinTech apps taking charge. Digital wallets, e-portals, and more are the latest trends. One-stop shopping apps like Amazon Pay and PayTM are proliferating as well.
Features of FinTech Applications:
Needless to say, FinTech application cost for business depends heavily on the features. However, every type of application calls for different features. An insurance app will have distinct functionalities from a personal finance app.
But every app needs to have a couple of essential features. They are used by users of all types of apps. They help in FinTech application cost comparison among various app types.
These are the 5 basic features that every FinTech app needs to have. Apart from that, there are data analytics, security, and other features that provide FinTech app cost ideas.
Now let's look at how to identify the cost of FinTech App Development.
How Much Does a FinTech Applications Cost?
Now we know that FinTech app types and features play a major role in determining its costs. However, when companies hire FinTech developers, they are looking at more than that. In fact, a software development company will charge differently from a freelancer or an in-house FinTech app developer.
Here are a couple of things to consider for estimating the cost of FinTech application development:- Timeline:
- And finally - time is of the essence. The time to deliver will heavily determine the cost of the application. Rapid prototyping and development will require more team involvement.
- Therefore, the cost will be more against the team that infrequently works on the project with a longer delivery timeline.
The cost of FinTech application development, therefore, depends on the above features. For a simple, efficient app with a basic UI, the cost will be around $30,000 to $50,000. As the complexity increases, FinTech app costs for enterprises can range anywhere between $50,000 to $250,000.
Read More: How AI and ML are Transforming the FinTech Industry
Conclusion
It is not an easy task to determine the cost of FinTech development. There are lots of parameters to consider. However, hiring or outsourcing to a software development company can save a lot of time, money, and effort. BoTree Technologies is a leading FinTech app development company with expertise in different types of FinTech apps.
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