Today, fintech is one of the hottest industries that rattled many spheres of people’s lives. According to statistics, the global fintech market was worth $127.66 billion in 2018, and it is expected to reach $309.98 billion at a CAGR Of 24.8% through 2022. Thus, this niche is rapidly growing and extremely profitable, which makes it attractive both for lean start-ups and fintech giants.
If you are up to building a fintech app, we’ve got you covered. We provide various fintech development services and deliver mobile banking apps, payment apps, and financial management applications to help our clients get ahead and stay there.
In this article, we will share interesting tidbits about the main types of fintech development services, a development process, and describe the approach we stick to.
Types of Fintech Apps Development Services
Yojji has talented and experienced specialists on board, so we offer a wide range of various fintech application development services.
- AI and machine learning
We integrate artificial intelligence and machine learning technologies. They will be indispensable parts of your financial application because they allow for more accurate behavioral analysis, pattern recognition, anomaly detection, and trend prediction.
- Testing and security audit
We conduct thorough audits and various types of testing to analyze the data security of an existing solution or develop a robust data security system from scratch.
- Fintech consulting
Our team includes first-class consultants who analyze your product and offer the most effective scenarios for implementing those technologies that are not only necessary today but will also be relevant tomorrow. Thus, your product will always be relevant and competitive.
- UI/UX Design
The formula for success in the fintech industry is a balance between security and simplicity. Our UI/UX designers build attractive and intuitive app designs. They pay special attention to the customer journey, make sure your clients don’t face an information overload, and focus on stable app operation and a high level of security. Besides, they make sure all design elements are in sync, the color of the background is pleasant and not intrusive, make animation an elegant detail of your app, and offer a well-balanced mixture of vibrant colors and contrast.
- Web and mobile application development
Our top-notch specialists have extensive experience in developing fintech applications with the most efficient development approach and use of the latest technologies. We offer highly advanced security features, perfect user-friendliness, ultra-fast data storage, and first-class quality.
Fintech Apps Development: A Step-by-Step Guide
Usually, a typical fintech development process comprises six steps. Below, we will briefly outline them.
At this stage, the needs of the market, and your competitors’ offers are analyzed, and brainstorm ideas for your future product are brainstormed. Then a development plan is created, including the technologies used, APIs, and code libraries.
2. UI/UX Design
This stage involves prototyping, optimizing the user experience, and creating an attractive design and visuals that appeal to users.
This stage is dedicated to the meticulous work on the product. The development team is guided by Agile principles, which means that they are always in touch with the customer to make sure the product will meet all the business goals. The product development stages are divided into sprints (usually one sprint lasts about two weeks), and each sprint is dedicated to the development of a different product component. Throughout the entire phase, a special focus is placed on PCI compliance, functionality, and data security.
4. Quality assurance (QA)
The product is tested using different types of testing: manual and automatic testing; performance testing, loading speed, responsiveness, and security. In addition, branding compliance and broken links are checked. All flaws are corrected in this phase.
In the final stage, the product is launched and the developers provide the source code.
6. Post-deployment maintenance
This phase includes further maintenance of the application: updating, fixing bugs, and maintaining its functions.
Our Approach to Fintech App Development
Yojji is ready to solve all the challenges your business may have. We have enough knowledge and experience to build cutting-edge mobile solutions that cater to your business needs. Our specialists have flexible development capabilities and use an Agile approach to fintech application development. This incremental development approach means that the development process is divided into certain sub-models, also known as mini-projects. Thanks to using this iterative approach, you get a risk-free application of high quality because every module is tested after it is completed. Besides, the development process can be customized at any stage. On top of that, this approach puts a strong emphasis on collaboration, so that developers have a unique opportunity to work closely with customers to understand their vision to deliver the best results. Last but not least is that due to a well-planned and carefully executed development process, you can easily plan your budget.
Frequently asked questions
- What is the tech stack you work with?
- Why should we cooperate with Yojji?
Being highly professional perfectionists, we make sure every single piece of your fintech application is impeccable. Here are some benefits you’ll get if you decide to partner with us.
One vendor carries out the whole development cycle of an application. We provide consulting services, take care of design and coding, as well as delivery and further maintenance.
We implement the most reliable security measures when developing a web or mobile application. Besides, we always comply with the major industrial standards (e.g. GDPR and CCPA).
Yojji can develop any type of functional and secure fintech application. We work with native, hybrid, or cross-platform applications.
- How much does fintech apps development cost?
The average cost of developing a FinTech app varies from $50,000 to $300,000. However, the exact figure depends on various factors, such as app complexity, tech stack, the number of specialists involved, etc. You can contact our managers to learn more about the exact cost, based on your business’s parameters.
- How long does it take to develop a financial app?
Everything depends on the app type and complexity. Usually, it takes 3-6 months to build an app.
- Native or cross-platform fintech application development: which is better?
Everything depends on your business goals. Generally, it is believed that cross-platform applications require more security enhancements, so if it is up to you to choose, then native apps are better.
Thus, financial applications are a must-have for all companies that plan to grow and improve conversion rates. Yojji develops different kinds of applications to meet the needs of your business. If you have any questions, you can contact our managers for all the information you need.