Evolution Of FinTech Mobile Development In This Digital Space
The acceleration of digital transformation has brought a radical change in the financial sector. Money transactions, Point-of-Sale (PoS) payments, Loan lending processes, Insurance claiming, and Investments in cryptocurrencies have been emerging with Fintech technology. Driven by the potential capabilities of advanced FinTech, people are enjoying the convenience of banking and finance services.
With digital payments and digital assets as core drivers, the transaction value of the global Fintech industry is anticipated to grow from $121.7 billion in 2022 to approximately $294.5 billion by the next five years. The figure below depicts the market growth of the Fintech industry from 2017 to 2027.
The above figure reflects the rapid and constant growth of the FinTech industry in the near to long term. To meet the rising financial and investment needs of users, the number of Fintech startups is growing exponentially. As for top market research companies it is anticipated that the Fintech investment landscape in the years ahead would create great opportunities for Fintech mobile app development.
Moreover, driven by the emergence of Artificial Intelligence (AI), Machine Learning (ML), Blockchain, and Cloud technologies, the Fintech industry is anticipated to reach new heights and generate value-driven business while improving operational efficiencies.
Are you planning to excel in your Fintech startup business?
Then, you must invest in FinTech app development (Android/iOS) to reach a more targeted audience, deliver seamless digital financial services, and boost brand credibility.
In this article, we would like to give you a guide on top trends in FinTech app development, and the estimated cost of developing Fintech applications like Venmo.
Top Trends In FinTech App Development
- Switch To Digital Payments
Online payments at point-of-sale (in-store) and e-commerce portals are some of the significant trends that are offering incredible opportunities for Fintech apps. People switch to online purchases and hassle-free cashless digital payments are increasing the scope for Fintech mobile apps or digital wallet apps in this digital era.
PayPal, Venmo, and Revolut are a few top and most downloaded Fintech applications that are making P2P payments more secure and faster.
- Crypto Craze Is Another Trend
Digital investments in Bitcoin and Shiba like popular cryptocurrencies are on the rise. The rising market value of cryptocurrencies is increasing the scope of Fintech app development worldwide. Robinhood is one of the best and most used cryptocurrency exchange apps that is offering top-notch financial products and services to app users.
- Blockchain In FinTech
Besides of Artificial Intelligence, Machine Learning, and NLP technologies, Blockchain technology is also making revolutions in the digital industry. Without Blockchain technology, there is no Fintech application. Yes, Blockchain is key for developing powerful and robust Fintech application development.
Driven with its decentralized ledger management potentialities, integration of Blockchain capabilities in Fintech apps encrypts every transaction and improves security level. Hire top Blockchain app development companies and create results-driven Fintech solutions at affordable budgets.
Recommend to Read: Blockchain In FinTech: Is It A Future For FinTech Apps Development?
- Demand Cyber-secure FinTech Apps
The FinTech industry stores, processes, and manages a vast set of confidential finance data of customers. Since the scope for cyber-attacks is high in the banking, finance, and FinTech industries, adding advanced AI-based network monitoring and tracking features makes Fintech solutions more efficient and unique. It helps companies to get alerts on unauthorized access to the entire FinTech network.
Recommend To Read: Cybersecurity In Fintech: The Challenges And Solutions
- In-app Virtual Assistance
In-app virtual assistance is one of the most trending concepts in the mobile app development industry. Mobile app developers are integrating in-app customer support chatbot features to instantly provide support services to end-users on their queries. It will improve the service reliability and augment service quality.
How Much Does It Cost To Develop A FinTech App?
The cost of FinTech app development is expected to range from $40,000 to $150,000. However, Fintech app development costs will vary from region to region. Based on the market price, experience, and hourly price of the mobile app development company you hire, the cost of a Fintech mobile app development can be calculated.
Further, the cost of Fintech apps will also vary based on the features and functionalities, technology stack used in the development process, mobile app development platform, and the complexity of the app design. All these factors will impact the cost of FinTech app development.
FuGenX is one of the top Fintech app development companies in India and has a strong presence in USA and UAE markets. We create the best Fintech apps with unique features that make your application standalone in the app stores.
The FinTech industry is moving forward profitably with great acceptance by individuals and seasoned investors. Driven by the rapid growth in the usage of Fintech apps, Fintech app development is anticipated to create a profitable business for organizations in the years ahead. If you have plans of developing FinTech apps, you are in the right place.