How to Create a Fintech App in 2025?

Have you read about the fincrime cases of the following cases:

• The Danske Bank case: Money Laundering;
• The Equifax Data breach: Cybercrime;
• The Martha Stewart Case: Insider Trading;
• Shell Companies: Money Laundering;
• BCCI Case: Money Laundering;

The costly lesson learned from these financial crime cases is that we urgently need robust compliance and financial systems to help prevent these incidents. In each case, the vulnerabilities that led to the loss of more than a billion dollars underline the importance of constant vigilance, audits, and a compliance financial system in place. However, the question that concerns us is: How can we achieve vigilance and streamline operations? Will Fintech app development be the solution to this? Yes, a Big Yes!!

The financial industry experienced a tectonic shift post-COVID. With people preferring to stay at home, the demand for mobile banking and digital payments is rising. From managing coins in purses and paper money to managing finances online, we have now reached a completely new Fintech level. 

We now have a mobile app for tax management, money exchange, stock market investments, Insurtech apps, and everything that involves finances. Fintech apps bring unparalleled convenience, robust security, and real-time data integration to streamline financial activities.   If you also want to develop a fintech app in any of the niches, you must read this blog. In this blog, we will talk about fintech app development. Types of fintech app development, and everything around it. 

Starting with,

What is Fintech App Development?

Fintech app development is the process of strategizing, developing, and launching a mobile or web application that provides any of the fintech services or solutions. 

The fintech app development uses advanced technologies such as AI/ML, IoT, Blockchain, and Big Data, to facilitate financial activities. 

However, to develop any of these innovative solutions, you will need a fintech app development partner that can focus on your goals and help you develop one. 

You can get in touch with our team to discuss your requirements. 

Understanding the Fintech Industry:

Fintech emerged back in the 1990s, with the advent of online banking. Here is a list of a few fintech apps that gained traction over the years. 

Today, we have reached a stage where it is difficult to get away without a fintech application. So, why are you waiting? If you have a brilliant fintech app development idea, come and discuss it with us. 

Benefits of Developing Fintech Apps

Here are the benefits that might compel you to develop a fintech application. 

• Accessibility and convenience:

Fintech app development increases your accessibility and reach to a broader range of audience. Fintech apps will enable conducting financial transactions from any part of the world.

• Increased efficiency:

Fintech apps will streamline multiple financial processes providing enough time to bank employees to focus on other important tasks than being burdened with tedious paperwork. Reducing the need for manual processing will significantly increase the overall efficiency of the financial institution. 

• Enhanced security:

By introducing blockchain technology, encryption, and biometric authentication, the FinTech app ensures enhanced security of financial transactions. 

• Data-driven insights:

Fintech applications empower businesses to leverage valuable insights by capturing user’s data. While strictly adhering to the regulatory standards, these insights help uncover user’s financial behaviors and patterns. Based on that you can improve financial offerings and make informed decisions. 

• Innovation:

The fintech industry is continuously evolving. Financial institutions are finding ways in which they can improve their offerings. This rise in demand will open up new opportunities for you to enter. 

Fintech Market Overview:

• The global fintech market is growing exponentially and the financial assets value will reach $16,652.68 billion by 2028.
• The compounded annual growth rate of the financial sector is 13.9%. 
• According to Statista 2021 reports, two-thirds of Americans use online banking. 
• As per 2023 reports, there are a total of 26,300 fintech startups.
• The global fintech market is projected to reach $37 billion by 2026.
• The Americas dominated the scene, accounting for four out of five $1 billion+ fintech deals in the first half of 2024. 
• The number of mobile banking users is expected to exceed 4 billion by 2026.

Types of Fintech Apps:

Fintech today encompasses a broad spectrum of operations. From managing investments to streamlining payments, there’s already an application for virtually every financial need. Here are a few fintech app types that you can explore for application development.   

Digital payment app:

Digital payment apps have become a great substitute for cash. People are moving towards online payment systems, or currencies to initiate any purchase. The benefits of developing a digital payment app are:

• People can pay at their convenience using their mobiles;
• Facilitates cross-border transactions
• It has simplified checkout processes for customers;
• Uses encryption and tokenization to secure a transaction

Insurtech apps:

Insurtech apps refer to the process of using technology for insurance processing. Such apps speed up the following processes.

• Claim processing;
• Information analysis;
• Risk assessment;
• Increased reach;
• Automate multiple tasks;

Financial planning apps:

Financial planning apps are usually capable of integrating multiple bank accounts. Users can manage their accounts, credit cards, investments, etc using the same. It lets users set up a portfolio and monitor performance using financial planning apps. 

Neobanks:

Neobanks are fully digital financial institutions that provide users with 24/7 accessibility and seamless online banking experiences. Unlike traditional digital banking solutions tied to physical banks, neobanks operate independently and offer a wide range of benefits tailored to modern user needs: 

• Neobanks promises faster development;
• Intuitive and user-friendly interfaces;
• Lower fees and better exchange rates;
• Neobanks might also offer early access to direct deposits;
• It offers molecular control over card usage and various security features;

Digital banking apps:

The most common type of finance application that you can develop is a digital banking app. Digital banking apps are capable of managing accounts, tracking expenses, and offering security features. 

What are the must-have features of fintech applications?

Irrespective of the fintech app type you choose to develop, certain features are essential across all fintech applications. Here are a few common features that go with any fintech app development process. 

• User registration and authentication:

Secure the user signup process by implementing OAuth 2.0 or other encryption methods or hashing. You can also integrate biometric authentication for quicker authentication. 

• Account management:

Let users manage their accounts, check balances, and perform the basic operations involved. 

• Payment gateway integration:

Allow users to transfer money seamlessly and securely between different accounts. Integrate reliable payment gateways like PayPal or Stripe to ensure smooth and hassle-free transactions. To enhance security, incorporate advanced measures such as tokenization and 3D Secure 2.0 protocols.

• Security features:

Fintech application’s success heavily relies on the security features you integrate into the app. As an application owner, you must implement end-to-end encryption using AES-256, two-factor authentication, and fraud detection capabilities in the application. 

• Dashboard:

A comprehensive intuitive financial dashboard provides a visual representation of all the activities performed by individuals. The dashboard provides insights into users’ spending, upcoming bills, savings, portfolios, etc. 

• Push notifications:

The Fintech app should keep the users updated about their account activities. It should send them alerts on any unauthorized activity detection for them to take action. To ensure this, you can implement Firebase Cloud Messaging, silent push for background updates, and actionable buttons. 

• Customer support:

The application needs to provide in-app assistance to the users. To ensure that support happens seamlessly, you can integrate chatbots plugins NLP, or provide an email id for quick communication. 

• Voice assistance:

You can integrate voice assistants like Siri or Google Assistant using which customers can quickly access the services. 

• Multi-currency support:

The fintech app facilitates transactions in multiple currencies. By implementing multi-currency support, you enable customers to seamlessly transact in their preferred currencies without any hassle.

• Gamification: 

Acquiring customers is one thing, but engaging them to stay on the app is another. You can implement gamification features to compel users to stay for it. 

•  AI/ML integration:

Integrate AI/ML capabilities in the application to tailor the application’s offerings.

What is the mobile app development process for fintech app development? 

Fintech app development requires a very strategic app development process that can cover multiple things, from features to compliance and maintenance. It is better to go with a mobile app development partner that offers comprehensive suites of fintech app development services. 

At IT Path Solutions, we follow a strategic app development process that comprises the following steps. Read the blog for more details. 

Technology Stack for Fintech App Development:

How much is the cost of fintech app development?

The cost of developing a fintech application varies drastically depending upon the features you choose, the technology you select, and the integrations you initiate. 

You should discuss your application’s offerings with your prospective app development partner. 

If  IT Path Solutions is to give you an estimate, the cost of app development with basic features is $30,000-$50,000. However, as you move forward with more customization, the pricing goes on increasing. Get in touch with us to discuss your application idea. 

Parting Thoughts:

Fintech app development will solve critical business challenges by increasing security, automating processes, and enhancing overall customer satisfaction. It’s time to harness the power of advanced technologies and excel with your fintech app development vision. IT Path Solutions has expertise in developing fintech applications that are scalable, reliable, secure, and tailored to your specific business needs. Contact us to discuss more about your project.