here the question is; How Fintech Apps Are Creating a Bigger Revolution? Banks have moved on and have adapted technology just as any other field has. Our phone is capable of doing so much more than the ordinary and the way we look at banking has changed alongside as well.
Once we integrate both – the growth of smartphones and the revolution in the banking industry, notice that we get the perfect solution.
Fintech apps. Where technology and finance merge together to create an unparalleled experience for consumers. If you look at fintech apps – you would see that they are quite similar to a game development environment and are not boring like usual banking apps.
The idea of fintech apps is to create a space where consumers could proceed with transactions in a less complicated and faster way. Stripe, Robinhood, and even well-known companies like Visa and Mastercard are examples of fintech companies.
Over the years – if we look at stats – everyone has used a fintech platform at one point or another. Over 64% of consumers globally have used a fintech app and continue to rely on it for everyday use.
Keep reading as we take a closer look at the industry and uncover everything about the industry.
What a Fintech App Does
Fintech apps are built for the people foremost. After installing an app, you can do online payments, invest somewhere, do peer-to-peer payments, and look at your transaction history and get insights into the trends.
The most important factor in all of this is the security aspect and how well the company takes care of it. App testing, data safeguarding, and end-to-end encryption matters.
If you find an app that meets all these requirements – go for it. Fintech platforms are usually connected to a larger entity and like a bank or different payment systems.
Positive Points of a Fintech App
The Growth Cycle
In the fintech ecosystem – the more competition there is – it is better for both consumers and providers. In the system, transactions get easier as more people connect together.
Taking cash out of an ATM is a slow process. Once everyone is financially enabled through fintech apps and become a part of the bigger system – it is easy to pass money around.
At a restaurant, when a bunch of friends want to split the bill, they can just Venmo each other and go home. Even the waiter takes tips through a fintech app these days. Be ready.
Plus, look at the news. As technology becomes more driven by cryptocurrency and NFTs – we are looking at a world where blockchain would matter and everyone would highlight their wallet. For fintech solutions – this is an opportunity to capitalize.
Easy Wealth Management
If you settle for a fintech app as your primary way of performing transactions – everything will be aligned and tracked and you can be better in terms of personal finance.
After the pandemic, we have seen how the economy is going through all sorts of troubles. It is better to stay ahead and be better at planning.
A fintech platform provides you with the necessary details and at times – you even get forecasts. Know how the economy is progressing and how spending habits are evolving.
Even in terms of risk – fintech apps are a reliable and safe option. The decentralized architecture leads to security-rich features. Your privacy stays intact. Even certain authorized stakeholders can access your personal data and that too – with your consent.
Cost of a Fintech App
The cost of a fintech app varies just as much as any other category and there is no one clear-cut answer to this. Depending on the business and the features instilled in an app will define the final cost. To give you a rough estimate – here’s an overview:
- The simple most fintech app with minimal features will cost around $10,000 to $15,000
- If you advance further and include different features and reach a mid-tier level, expect to pay around $20,000 to $80,000
- Now, an app that is somewhat similar to banking – will come at $50,000 to $150,000 (back-end development included)
- An insurance app packed with features policy making features starts from $100,000 to $200,000
- A blockchain-integrated fintech app starts off from $40,000 and can up to $300,000
Still. There are a lot of details to uncover and this is just the tip of the iceberg. iPhone apps development Miami companies know how to come up with the right cost estimation and how to streamline the entire process.
Also, more than the feature you incorporate – the location of the development team matters a lot. Let us explain. If we look at wages, the per hour rate in North America or Europe is definitely higher than South Asia or any other developing region.
To put it more precisely, $50-$300 is the standard rate in North America. In India or Pakistan – it is $20 to $100 and the quality remains intact.
Monetization Model of Fintech Apps
There are numerous ways for companies to generate sources of income through their app – here are the 4 most popular choices:
- Freemium app: the app is free-to-download and has an approachable reach. Users can sign-up and fully utilize the potential of the app without any hurdles initially. Later on, they can either subscribe to a monthly service or opt for a premium app where there are no ads and extra features for exclusive customers.
- Advertising: Digital advertising has come a long way and companies are willing to place their ads in the form of a banner or multimedia. On an app, the ads could be displayed anywhere and the user experience isn’t harmed in any way.
- Premium subscription: when fintech companies are linked to other companies, a fintech platform could be marketed as an additional point for consumers to ease their way of finance. It could be promoted as a premium service from the very start. Depending on the features and how you want to scale the app – you can set a certain price like Netflix.
- Commission-based earnings: similar to usual banking, fintech platforms could charge their customers a certain fee on every transaction and offer discounts along the way as well. It’s a win-win situation. You retain customers and the revenue continues to progress.
And that is about it. You can always go through the article again and highlight certain points that would help you in the game development or any kind of app development process. Get in touch with a leading digital transformation company and see how things go forward.
Fintech is continuing to take over the digital space right now and as we go further – there is going to be exponential growth. Look over your business and see how you can align fintech into your revenue stream