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The Financial sector has always been at the forefront of digitization. It has been developed at a rapid pace and will continue to do so with the augmentation of the latest technologies. According to [the Global Fintech Market Size](https://www.prnewswire.com/in/news-releases/global-fintech-market-size-is-projected-at-a-cagr-of-23-84-during-the-forecast-period-2019-to-2025-valuates-reports-887660231.html), Status, and Forecast Report 2018-2025, the Fintech market will grow to $124.3 billion at a compound annual growth rate (CAGR) of 23.84% by the end of 2025. 

Fintech Application is offering more freedom, stability, security, and user satisfaction to banking and other financial institutions. It is making banking accessible to all users even across geographical boundaries. 

Moreover, the **Fintech app architecture** consists of a hybrid digital core. It can either run as an independent core or a legacy core. It can also  run as a white-labeled highly customized frontend or microservice-based middleware layer. 

If you are planning to create a financial or banking-based application, read this blog and follow the step-by-step guide-

<h3>What is a Fintech app?</h3>

Fintech stands for Financial Technology that optimizes, improves, and streamlines financial solutions for businesses by leveraging advanced technologies. 

Fintech Application development plays a crucial role in enhancing security practices and making authentication simpler. Hire professionals to avail of the best in class **[Fintech app development services](https://radicalloop.com/)**. 

<h3>Types of Fintech Applications</h3>

**Artificial Intelligence**

AI contributes crucially to analyzing real-time data and building a sharp and reliable Fintech Application. It can smartly solve Fintech challenges and detect fraudulent practices. 

**Blockchain**

Blockchain-based Fintech Application contains time-stamped block series of data. It can’t be deleted or edited and guarantees security. 

**Stock Market**

RadicalLoop has developed a Fintech Application – [Pecoonia](https://www.pecoonia.com/) where users can buy and sell their stocks with virtual money. You can count on data security and authenticity.
 
**Banking**

Banking Fintech Application bridges the gap between unbanked citizens and financial institutions. It helps everyone to have access to secure, convenient, and affordable banking services. 


<h3>What does the Fintech app development cost?</h3>

The cost of developing a Fintech Mobile Application often depends upon the selection of features and plugins, the complexity of the application, the technology stack, and various other factors. You can contact RadicalLoop now to get an estimated quote for Fintech App development. 

<h3>Step-by-Step Guide</h3>

**1. Identifying the niche and target audience** 

Before seeping directly into the development process of Fintech App development, you must identify the right niche. Ask these questions-:
- In which area do you want to focus in Fintech?
- Can you specify the type of app that you wish to build?

Determine whether it is an application for mobile banking, global money transfer, crowdfunding, personal finance, or any. 

Prepare a customer segmentation based on tastes, preferences, and specific regions. Clarify if you are launching a Fintech App locally or globally. 


**2. Conducting market analysis**

After identifying your niche and targeted demographics, research and learn about your competitors, market structure, and potential users. 

The Fintech Industry is vast and growing at a breakneck pace. Therefore, to establish your foot in the market, it’s important to understand the intricacies of the market. 

You can also conduct a PEST and SWOT Analysis - Strengths, Weaknesses, Opportunities, and Threats for an in-depth inspection of the market. 

**3. Defining the scope of MVP (Minimum Viable Product)**

It’s important to define the scope of MVP so that errors and flaws can be detected at an early stage. Go through these steps-:

- Conduct extensive market research related to your product’s field 
- Have discussions with your team to decide on the must-have features in your application
- Use a prioritization matrix for highlighting the most important features. 

**4. Test the validity of your idea and then start working on your prototype**

Once you define the scope of your MVP, select the most suitable technology stack (basic technologies like Kotlin and Java for Android, Swift for iOS.)

You can also go with Progressive Web Apps (PWA). This is a good feature but you don’t have access to some of its built-in features like biometry. 

One more option – using cross-platform application development. Here, a developer will have to write one codebase for both Android and iOS (quite cool, no?). Through this form of app development, you can easily save almost 50% of your total cost. Sounds effective, right?

**5. Selecting APIs for basic functionalities**

Do you own an online store? 

Does your business require bill tracking, budgeting, and account management functionalities? 

Cover these basic functionalities of API in your business store. Also, if you own a startup, you will have to build them from scratch. 

APIs deliver a smooth user experience all across the website. Additionally, you can- 
- Use Swagger to record your API
- Use Postman for testing and development 
- Use MongoDB, PostgreSQL etc.. for a strong database solution

**6. Ensuring legal compliance**

Before you start working on the features of the Fintech Application, make sure you abide legally in this domain. Since every company has its own legal system, therefore it’s important to understand the legal matters pertaining to Fintech. 

Some of the prominent examples are-:

- PCI DSS – Payment Card Industry Data Security Standard
- Digital Signature Certificate
- KYC – Know your Customer
- AML – Anti Money Laundering
- GDPR – General Data Protection Regulation compliant

If you do not comply with the protocols for data security, anti-fraud laws and other regulations, these policies can put you into trouble. 

**7. User Experience Design (UX): Prototyping, and Navigation**

If you don't have an excellent UX design process, you may fail to release a unique and impressive UX product. A sophisticated and well-executed UX procedure often delivers a unique user experience. Check the navigation buttons and route to make your app look clutter-free. 


**8. Testing. Launching. Update** 

While designing the UX of your application, make sure you stand thoroughly for product logic. However, the process doesn’t stop after developing the full fledged application. Conduct A/B testing to ensure that your audiences have understood your product and its specification. 

Based on their reviews, add or remove features and make necessary changes into the design and functionality. Look after these KPI indicators-:

- Monthly + Daily active users 
- No. of downloads in a month
- No. of users that completed sign up
- Average time to make the first transaction 
- Actions taken from push notifications 
- No of taps or swipes (unresponsive gestures)
 

**Must have features in your Fintech App Development**

- Management of finances
- Payment gateways
- Transaction and interaction history
- Add or create bank cards
- Voice help 
- Notification button
  
**Why choose the best Fintech Application Development Company?**

The Fintech industry is reinventing the world of banking and finance. It is completely transforming the methodology of adding security and authenticity to transactions and personal information with modern technologies. 

Hire the best **[Fintech app development company](https://radicalloop.com/)** now and build a Fintech Application! 

RadicalLoop is the most trusted Application Development Company in India that offers incredible features to boost your online store smoothly. Call us now to work on your dream project.

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Planning to build a financial or banking-based application? Check this 2023 updated guide and follow the steps. Hire the best Fintech app development company.

How to Build Fintech Application? Step-by-Step Guide 2023

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