How to Develop a Top Fintech App: Step-by-step Guide

How to Develop a Top Fintech App: Step-by-step Guide

The global digital era requires safe financial transactions. The world’s consumers expect financial transactions to be fast, secure, and simple. The COVID-19 pandemic caused bank and payment app sessions to increase by 26% on average in the first half of 2020.

Additionally, the World Bank study shows that most fintech companies in 169 countries reported greater growth than they were a year ago. On average, transactions increased 13% last year in payments, digital asset exchanges, wealth management, and savings companies. It’s a good time to build a personal finance app or a fintech app.

Surf helped Russia’s big banks develop several innovative fintech products. A step-by-step guide to building your fintech app covers everything from picking a niche to understanding cost estimation.

Are you curious about how to develop a fintech app? Let’s get started!

Step 1

Find Out What Niche you Should Go For

You have to decide what niche you’re in before starting fintech mobile app development. In the world of fintech, there are a bunch of opportunities for newcomers:


Come up with creative ideas or improve the existing ones. Also, you might be able to expand into a market with few fintech solutions in a country with many underdeveloped markets. Developing countries are booming with fintech app developers. Although the Middle East and North Africa have both experienced growth of up to 40% by 2020, North America grew by only 21%.

Step 2

Find Out What Legal Requirements Your App Needs to Meet

To keep consumers safe and prevent fraud, fintech apps must adhere to strict legal regulations. Big banks and big financial companies handle a lot of private information. To stop cybercrime and terrorism, the regulators keep revising and expanding their rules.

Then there are the privacy and compliance rules of every country. GDPRs (General Data Protection Regulations), privacy agreements, and consumer privacy policies are common fintech legal regulations. There are a few common compliance practices: anti-money laundering, PCI DSS (payment card industry data security standard), Know Your Customer, and digital signatures.

As a result, you need to make sure that your fintech app complies with legal requirements and compliant practices.

Step 3

Get a Handle On The Market

If you’re going to build a fintech app, make sure you know what you’re looking for. Answer the following questions:

A business analyst and a product manager might be needed at this stage.

Step 4

Figure Out What Technology to Use

If you’re developing apps for iOS and Android separately (also called native app development), you can do so with a single code base (cross-platform development), or you can build a PWA (progressive web app). Fintech apps can cost a lot and take a long time to develop, depending on which technology stack you choose. Here’s a quick breakdown.

Step 5

How Much Does it Cost to Build a Fintech App?

It takes a lot of money to build a fintech app. You have to spend a lot of money and effort to hire a qualified team. Salary for app developers varies a lot, depending on their skills, their location, and how much experience they have. Your budget plays a huge role in who you hire. It’s still the US, where salaries are highest and India’s lowest.

Step 6

Make Your App Easy to Use

There aren’t many customers that know how to code, so they want an app that’s easy to use. After security, fintech apps need a smooth user interface. In other words, the dashboard should have everything the user needs, not too many other things.

Don’t put too many features in your fintech app – you just need a few to make it great. You might be able to find something cheaper, faster, and easier to use by studying what your competitors are doing. But you still need a few basics:

Step 7

Start With a Minimum Viable Product

A minimum viable product (MVP) is a simple version of the app. It only has the essential features. You can gather feedback from users and investors with it. Also, an MVP lets you see where you’re lacking and what you’d like to add in the next update. You can build the full-scale version after the minimum viable product gets reviewed.

Bottom Line

Fintech apps should have advanced security features and be user-friendly.
It’s not a good idea to build a full Fintech app right now. Create a minimal viable product and get feedback from users first.

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