Fintech Application Development Complete Guide

According to analysts at Report Linker, the fintech market is expected to be worth $37 billion by 2026 at a CAGR of 9.6%. This growth is driven by a number of factors:

  • the demand for financial technologies in various industries;

  • the demand for payment systems and funds;

  • a high level of investor confidence in the market's startups;

  • the relative stability of the industry;

  • development of the niche and its security components.

According to Statista analysts, investments in IT solutions, including blockchain-based fintech, will reach $19 billion by 2024.

Android and iOS are considered key platforms for fintech. For example, more than 97% of millennials say they use mobile banking, according to a survey by Insider Intelligence

All this shows that the industry is actively evolving. New players are appearing, and startups that did not survive the competition are leaving. At the same time, investments in the sphere are attracted, and their sums sometimes reach billions. Not a bad incentive to start fintech app development and enter the market, is it? 

At Lampa, we follow industry trends and actively implement the best of them in our digital solutions. Today, we will briefly discuss the nuances of developing IT products for the FinTech sphere and consider the key challenges and benefits. From the material, you will learn:

  • what technologies are better to use in apps;

  • what IT solutions are available in the industry;

  • what functionality the system requires;

  • whether it is possible to work with the MVP version;

  • how much it costs to build and upgrade such software.

Get ready to launch your fintech startup with the help of Lampa experts.

What is a fintech app?

The classification of fintech includes several definitions:

  • mobile banking;

  • payment systems;

  • financial accounting software;

  • expense planners;

  • commerce resources;

  • accounting software;

  • digital assistants;

  • currency converters;

  • cryptocurrency and digital wallets;

  • exchange services;

  • transfer systems.

These apps belong to the financial sector, so they are subject to risks and security threats. Advanced technologies such as decentralization, blockchain, encryption, and other security models are used to mitigate them.

Most of the modern IT products of the industry, during fintech app development, apply advanced tech solutions. They can provide not only a personalized user experience but also protect user data or funds.

The emphasis on the combination of UX and security stands out here. With their help, you can perform transactions, use the services of banks, financial institutions, and work with personal or credit funds without risk. 

What problems do fintech apps solve?

The key task of fintech applications development is ensuring the safe handling of digital money. Since it causes some risks, developers implement multi-level security systems in programs to secure money and customer data.

There are a number of problems in today's financial segment:

  • transaction processing speed;

  • binding accounts to banks and physical cards;

  • low level of user trust;

  • legalization of payment services and systems;

  • lack of centralized regulators;

  • weak UX of classic apps;

  • high fees for financial transactions;

  • transfer of user data to third parties;

  • lack of good user support.

All of the above is partially offset by third-party digital solutions developed by consumers for consumers. The user experience helps developers mitigate the shortcomings of classic fintech IT products. 

We also achieve a high level of application interoperability by introducing advanced fintech application features.

Fundamental features of fintech apps

Fundamental features of fintech apps

The app development of the fintech industry has the basic functionality that is necessarily implemented in all digital products, regardless of their type or classification. It provides a high level of usability and security for IT solutions. Traditionally, it includes eight functional elements. 

Sign Up and Sign In

The authorization and registration panel is the most reliable way to prevent fraud with other people's money. Each account is securely protected by linking it to an email address, phone number, or primary device ID. In addition, you can use authenticators, biometrics, or other login confirmation methods.

This set of account security methods keeps each user's information and funds safe.


A multi-range dashboard is the main navigator between functions and app screens. It displays recent transactions, frequently used functions, account status, and balance. It gives users comprehensive information on the main screen and quick access to the necessary tools.  

This panel provides a high level of UX and speeds up the client's experience with the app.

Payment Gateway

A payment gateway is a digital component of a payment system that enables both direct and sequential transactions. It connects to banks or other financial institutions via API and verifies the processes of debiting or crediting the account, card, or digital wallet.

It uses security algorithms that increase the security of all financial transactions on both sides of the transaction. 


High security of fintech products is achieved by implementing advanced security algorithms. The most advanced and reliable in the fintech industry are decentralization, encryption, blockchain, and multi-factor authorization. By combining them all, application owners provide their customers and their funds with the highest level of digital security.

This is the surest way to protect personal data and digital money from hackers. 

Push Notifications

Push notifications are the best way to remind users of pending transactions and payments received. You can also use them to notify customers about the launch of promotions, integrations, or collaborations with stores or third-party services. This is a useful tool in fintech software that provides constant communication with the user, albeit one-way. 

Users can personalize or silence the app's notifications if they receive too many promotional messages.

QR Code Scanning

Financial app trends emphasize the use of all modern smartphone components in operation. Digital solutions contain all the sensors and devices that are present in smartphones. These include NFC, camera, and GPS. For example, with the help of the camera, users can perform some operations, including payment for services, fares, and goods. To do this, it is necessary to add support for QR codes to the app and integrate them into the other components of the system: payment or navigation.

QR codes are now actively used in public institutions, restaurants, hotels, etc., meaning their support in the finance app is obligatory.


A key trend in the mobile development industry is personalization and a high level of UX. This means that users should be able to reorganize app screens, assign display styles, and customize software usage scenarios. Fortunately, almost all modern frameworks work natively with iOS and Android interfaces, providing the highest level of app customization.

Along with disabled notifications, personalization of navigation and usage scenarios is considered one of the mandatory components of fintech software development.

Tips and Explanations

The native feel of the interface and navigation is only available to younger generations. Millennials and older users need guides on how to use the software. Therefore, abandoning the help sections in fintech solutions is considered a mauvais ton and reduces the potential audience of the applications.

To expand the audience of an IT product, you need to take care of the usability of the software and provide customers with a decent user manual.

Major requirements for fintech app development

A fintech development app estimate is a set of factors and characteristics implemented in the software. Building a fintech product requires meeting several criteria and specific industry requirements. The priorities for IT solutions in this segment are security, integrability, and usability. By ensuring these parameters, you will succeed in the financial niche of the technology market. 

Security measures

Security threats are seen as a characteristic risk in the fintech market. That is why the development of digital solutions should focus on:

  • implementation of data protection algorithms;

  • creating security protocols;

  • two-factor and biometric authentication;

  • decentralization of the transaction chain;

  • encryption of communication protocols;

  • connection security.

Create a highly secure digital product and protect your customers from the information or financial theft by meeting these requirements.

API management

The industry is subject to frequent changes in technology, trends, and services. Therefore, your digital software needs to be as flexible and extensible as possible. API management is what gives the platform the adaptability that allows you to:

  • implement new technologies in software;

  • connect third-party services, gateways, and protocols;

  • integrate additional functionality into the app;

  • implement cross-platform data synchronization;

  • adapt trending solutions for software;

  • edit key functions and algorithms.

If you want to successfully and systematically scale your digital product, do not ignore the platform's specifics when developing an IT solution. Use the most flexible and adaptable resources for software implementation.


The easier your digital product is to use, the larger your audience will be. To make software easy to use for your customers, you need to:

  • use simple but robust frameworks;

  • implement a simple but efficient interface;

  • provide maximum support for target devices;

  • create a cross-platform adaptive interface;

  • include MVP functionality;

  • improve program performance.

For maximum audience reach, you should focus on creating a simple, fast, and easy-to-use interface that works equally well on flagship and low-cost devices.

Customer support

Support is mandatory in all digital products, regardless of their niche and specifics. Therefore, you need to concentrate on working with customers and solving their real problems with the software. To do this, we recommend you to:

  • organize a line of communication;

  • assign specialists to work 24/7;

  • connect a chat-bot or other kind of support;

  • create a FAQ block directly in the software;

  • conduct continuous testing and debugging;

  • regularly collect customer feedback and work on bugs.

Follow these points to ensure that your product has a long digital life and that your company has a steady flow of customers and the potential to scale.

All digital solutions in the fintech industry are subject to strict control by various regulators: banking, government, as well as checks by publishers: App Store, Google Play, App Gallery, etc. Therefore, you need to comply with key requirements for the development process:

  • integrate security algorithms;

  • implement a transparent transaction policy;

  • adhere to the laws of the countries where the service operates;

  • connect technologies and functions considering the requirements of regulators;

  • ensure interoperability with banking and financial institutions;

  • implement certificates and security protocols.

When working in this niche, prepare for the legal and financial risks of dealing with customers, companies, and regulators. Focus on control over the development and compliance with key industry requirements.


When developing software for the fintech segment, you need to ensure that your IT solution is compatible with third-party services and products. For example, with banking apps, native payment systems, and mobile devices. You also need to:

  • integrate services into the OS;

  • cross-platform adaptation;

  • support of parallel work on smartphones and web apps;

  • connect payment gateways and protocols to third-party resources;

  • adapt the interface and technological platform;

  • data synchronization with banking or other financial systems.

When implementing a digital product for the financial technology niche, you should consider its compatibility with other popular IT solutions. The type depends on the target audience and their preferences.


When bringing your app to market, be prepared to support it. You will need help from the original developers or third-party app development companies. The support package traditionally includes:

  • fixing bugs that occur;

  • work with user problems;

  • continuous product debugging;

  • updating protocols and security algorithms;

  • product platform upgrade;

  • scaling and expansion of functionality upon request.

Therefore, it is important to determine in advance not only the developer but also who to delegate the support of the digital solution in the future. We recommend hiring the same app developers who created your IT solution. This will save you a number of problems; for example, you won't have to explain the nature of the app and its tech stack to new employees.

Types of fintech apps

Types of fintech apps

Contrary to the common belief that the industry is niche, there are several main types of fintech and payment apps. Each specializes in certain operations, although they can combine several services within one system. Let's look at the key positions of the segment and their characteristics.

Insurance apps

Apps for working with all types of insurance. You can use them to draw up or renew contracts. The key feature of these products is a large base of local service providers. Most often, people use them to insure:

  • health;

  • life;

  • vehicles;

  • property;

  • real estate;

  • business.

The apps combine access to insurance offers, discounts, and promotions from service providers.

Investment apps

With this digital product, you can manage your investments directly from your smartphone. Their key feature is that they work with any amount and type of investment. Users can invest not only in banks but also, for example, in promising companies specializing in startups, technology, the financial sector, the defense sector, education and science, and the software development industry.

All investments bring passive or active income, depending on the terms of cooperation. Also, monetizing this type of software through commissions from users and companies is relatively easy.

Banking apps

Mobile banking app is one of the most used types of software worldwide. With its help, banks can provide services to customers, and users get convenient access to services, such as:

  • deposits and savings accounts;

  • loans and financing programs;

  • personal accounts and card balances;

  • opening or closing digital accounts;

  • currency exchange at current exchange rates;

  • digital financial transactions, transfers.

This digitization of banking services helps users work faster with their finances and provides remote access to all key transactions. The app is monetized through advertising and commissions. 

Regtech apps

This app is relatively young but already represents a promising segment of fintech products. With its help, companies get the opportunity to work with documentation, organizing the entire process in a single system. It is essential for:

  • digitalization of documentation;

  • compliance monitoring;

  • financial reporting;

  • working with financial sector standards and protocols;

  • maintaining business statistics;

  • monitoring the current state of the company's finances.

With the help of this app, organizations can better organize their work with legal and regulatory documents, implement convenient reporting, etc. 

Loan apps

A popular type of software that specializes in lending to people. Typically, investor companies use them to offer users micro-loans for a short, medium, or long period. These digital products also allow:

  • keep records of borrowed and returned funds;

  • track the company's turnover in real time;

  • automate the process of granting loans;

  • speed up loan approval through the rating system;

  • work with difficult clients;

  • involve third-party service providers.

Even when working with small amounts, the final turnover can reach more than $1 million. That is, implementing such an app is a good investment in passive income, although very risky. 

Personal finance apps

Personal financial software is a separate class of app that helps people with fund accounting. You can use it to:

  • link payment cards;

  • keep statistics of income/expenses;

  • work with financial service providers;

  • track credit and deposit terms;

  • calculate payments/accruals;

  • plan finances.

By implementing this type of software, you take care of users and monetize it well through advertising, paid features, and premium accounts. 

Budgeting and financial planning

In addition to personal applications, there are family applications where you can manage the finances of all family members. With their help, it is convenient to keep track of your income and expenses and plan savings for a long period of time. Other features of the software include:

  • credit organizer with interest and term calculations;

  • income planner, considering all revenue channels;

  • expense planner with categories and priorities;

  • automatic financial analyzer;

  • account monitoring service;

  • a personal accountant for issuing statistics.

This is a great option for working with a personal or family budget. You can control your finances and see where small amounts go.

Robo-advising and stock trading

Automated assistant for any trader. Its main tasks are to collect and analyze information and help with investments. The functionality of the software includes:

  • collection of data and statistics;

  • analysis of selected industries;

  • monitoring of price changes on the market;

  • collecting forecasts for a certain period;

  • generating recommendations to buy or sell;

  • working with stocks, cryptocurrencies, and commodities.

This software is an indispensable tool in the arsenal of successful asset and liability traders.  

Digital Wallet

The best type of application used by almost all smartphone owners for mobile payments. The purpose of this software is to link payment cards and use them for their intended purpose. In general, the functionality goes beyond the simple management of payment cards and includes:

  • work with credit and debit accounts;

  • discount card management;

  • work with personal certificates;

  • connection of savings services;

  • integration of transport and air tickets;

  • introduction of a system of bonuses for transactions.

By implementing this software, you get the appreciation of the audience and many ways to monetize the IT solution.

Steps to create a fintech app

Traditionally, this software development requires a dedicated team, a high level of industry experience, selecting necessary app features, and cost estimation. At Lampa, we approach this process more thoroughly, providing our clients with the best development services on the market. 

Conduct market analysis

First of all, you need to assess the current state of the market and identify its key players and their strengths. This will help form a strategy for developing and scaling your digital product.

Choose the application type

You've probably already decided what type of product you want to market to your target audience. If not, we can help you find out by conducting a full industry analysis and risk assessment.

Find the right development team

Of course, you can entrust your project to any other contractor. But only by working with Lampa do you get access to industry experts, quality assurance, and relatively low development costs. 

Create UI/UX design

The application development process is not just about coding and technology implementation. The key success factor is the combination of UI/UX. We will implement the best solution on the market, which 100% meets your customers' expectations.

Ensure compliance

When you start a project, ensure all specifications and requirements are met. We'll provide you full access to the work plan and tech stack so you have complete control over the product build.

Choose your monetization model

Choose the optimal monetization model or even combine several to maximize your profits. Depending on your choice, the ROI and overall fintech app development cost can be leveled as early as the first year of operation. 

Develop an MVP

The first stage of a digital solution is the MVP. Focus on basic functionality to minimize risks and calculate further investments. This allows you to spend your budget more efficiently and maximize your profits.

Test your App

Conduct a full testing cycle of the digital solution with the in-house resources of the development team. Then run external testing by connecting users to the service and collecting their feedback on its performance.

Launch your App

Publish your digital product in the relevant stores for mobile platforms: App Store, Google Play, and AppGallery. With a Lampa developer account, the process of moderation and validation of the app will take less than a week.

Gather feedback and improve your app

After launching your IT solution, focus on collecting user feedback and comments. They will help you improve the product and develop it in the right direction.

Bottom line

Building and maintaining apps for the fintech industry is a complex but profitable process. To maximize your profits, you need to:

  • delegate the project to Lampa experts;

  • choose trending technologies;

  • connect a reliable platform;

  • plan the functionality;

  • decide on the product and target audience;

  • choose a monetization model.

We will organize the technical part of the work ourselves. Invest in fintech and improve business efficiency with Lampa's digital solution development services.

Need professional assistance gathering all the required artifacts to build a mobile app? Order product ideation services from Lampa!


1. How much does it cost to develop a FinTech app?

Each project is calculated individually based on several factors: complexity, scale, features, integrations, and the company's price tag. The average price ranges from $50,000 to $300,000.

2. How do Fintech apps make money?

There are three ways:

  • A software provider offers services to customers.
  • Monetization comes from:
  • The software is available for a fee.

3. How to find the best fintech software development services?

In the age of total digitization, this process is relatively easy. All you need to do is study the reviews of companies on specialized resources, discuss the work with managers, and choose the performers who meet your requirements.

4. What is FinTech architecture?

Developers create or connect a central SaaS platform to which target services are implemented through an API. They can be built from scratch or implemented based on other solutions.

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