How to Build a Fintech Mobile App: A Step-by-Step Guide

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How to Build a Fintech Mobile App: A Step-by-Step Guide

If you were waiting for the most fruitful time to invest in Fintech app development, it is now. The COVID-19 mania has made the whole world go digital, and right now, the market is so ready to take up new challenges. There is a lot to work on, and tools and resources are easily approachable (most are just a click away!)

Now you don’t have to spend sleepless nights dreading the long queues in banks (when all you ever wanted to do was to deposit a cheque, can you imagine that?!). The mobile technology business is booming. Banking app developers are having the time of their lives. There are no more queues, and guess what? People are willing to pay for convenience. According to PR newswire “The Global Fintech Market is expected to reach a value of $305 Billion by 2025” ”  

With the advancements in mobile banking app development, the banking scenario has changed drastically. Technologies are being regularly upgraded to meet new challenges and trends emerging in the market and to fulfill customers’ expectations.  

In the old times, a bank was considered prestigious if it owned a big office in a posh area (yeah, sweet 90’s!). As for today, good banking requirements have changed. Now, a bank can only survive the competition if it has a sound running official website and a mobile banking app where the customers can reach their accounts without any hindrance or delay. 

This called for the compulsory up-gradation of banks to Fintech app development to stay in business. It is not only convenient to use but also ensures the providence of the best available services to customers. Remember, meeting customer expectations is definitely the newest trend in the banking sector. 

So, let’s have a look at an easy step-by-step guide to building a Fintech mobile app.

Step-by-Step Guide To Build Your Fintech App


Step 1: Do your research

Fintech software developers have a lot of research to do before they begin the process of building an app. You have to make a map to outline a plan to finalize the outlook of the interface and the features that it is going to offer. Also, the scope of MVP (Minimum Viable Product) and all the features should be clearly stated.

Step 2: Form a team

As I have mentioned earlier, you got to have a team of professionals to start building a Fintech mobile app. You can either use outsourcing facilities or build an in-house team. Just make sure that the purpose and process of building the app are properly communicated to each member of the team, and they are familiar with the basic working of the Fintech app development company. You’ll need experts in the following niches:

  • UI Designing
  • Web developing (Node.js skills)
  • Android Developing (Java Skills)
  • iOS Developing (Swift Language)
  • Software Testing
  • DevOps Engineering

Step 3: Define MVP (Minimum Viable Product) scope

You have to define the scope of your MVP (Minimum Viable Product) and overall app. You can do this by going through these steps:

  • Do your market research, especially regarding your product’s field
  • Have sessions with your development team and clarify which features are a must-have in your app
  • Use tools like Prioritization matrix, etc., to highlight the selected features

All the features should be clearly stated. Make sure to check the validity of your basic idea, and see if whatever you require to give it shape is readily available.

Step 4: Select your technology stack

What is the technology stack? Let me tell you. There are various languages that can be used to build and design apps. You can go for the basic technologies (Java and Kotlin for Android, Objective C, or Swift for iOS). But as I have mentioned earlier, it would cost you more if you go for two separate app developments. There is another approach to take too. It is called Progressive Web App (PWA). It is a good option although it doesn’t let you use some of the in-built features of your mobile, for example, biometry.

Disappointed? Here’s the deal. There is a third option too. You can use cross-platform app development to build your app. This way, you will have to write just one codebase for both iOS and Android (cool, no?). Wait, it gets cooler! By using this approach for designing your app, you can save up to 60% of your total cost. My opinion? Totally recommended!

Step 5: APIs for basic functionalities

Your fintech app has to cover various functionalities like bill tracking, budgeting, etc. you can utilize these basic functionalities if you own a business that is already offering these services. For a start-up, you have to build them from scratch.  

Whatever way you go, it is necessary to build APIs for smooth and fluent access across the website. My recommendation? Build REST (Representational State Transfer) APIs. This would include:

  • Record your API with tools like Swagger
  • For Testing and development, use tools like Postman
  • For API development, make sure that you are using strong database solutions like MongoDB, PostgreSQL, etc.
  • Rules and regulations for API responses and requests should be intact
  • Enable authentication and data encryption for secure APIs.

Step 6: Design UI/UX

Here’s the part where your inner artist needs to show up! Choose vibrant colours for your app. Add user-friendly functions. Avoid filling your interface with unnecessary features. But, keep in mind, all necessary features should be readily available on the dashboard, without the user having to go into a time-consuming search. Read a comprehensive guide to UI/UX design, if you want to learn the basics. 

Step 7: Test launch

Before you launch your app, it is important to launch a Beta version. You can make it accessible only to your local customers, or to people at your workplace. The feedback will help you improve a lot of irregularities. When it is bug-free, your app is then ready to be launched officially! Yayyy!

Step 8: Update your application

There’s something new every day in the IT world. With so many innovations, you have to update the app on a regular basis.

Done with the step-by-step guide? Now let’s pocket some extra knowledge about Payment Solution apps, particularly Fintech app development. By the end of this, you will know a lot more about Fintech, I promise.

Related: How to Develop eCommerce Websites with Shopify

Why Use Payment Solution Apps?

The advantages of using payment solution apps are numerous. Let’s have a look at a few of those benefits to get the whole idea of online payment solution apps.

Better Cash Flow

This is beneficial both to the bank and the customers (who doesn’t want fast cash flow, huh?). With Fintech mobile app development assisting, every stakeholder in a transaction is aware of every step in the process. Checking in and checking out has never been easier.

Reduced Workforce and Costs

Small businesses can take immense advantage out of payment solution apps. By cutting costs of bank transaction costs, surcharge fees, hiring staff to monitor transactions, etc., small businesses and start-ups can save lots of effort and money.

Increased Brand Popularity

It is almost impossible to spot a millennial without a smartphone device now. With such amazing popularity, smartphones have become the ultimate marketing hub for brands.

Sales Demands

When a brand is popular, the demand for its products obviously goes up. Most payment solution apps are user-friendly, which makes them more attractive to use among a large number of people.

Why Should Businesses Opt for Fintech Applications?

So, what’s so special about Fintech applications?

The growing demand for Fintech apps has made record ascend during the past decade. You must have noticed this around you too, that bank apps are no more limited to youngsters or ‘techies’ (as we used to call them), but even the older generation is taking advantage of it equally. Every financial app development company focuses on the user-friendly aspect while developing apps (including all age groups). That time is not far away when these apps will become the traditional norm for transactions.

Now, let’s have a look at all the advantages of opting for Fintech apps.

Affordable Development and Maintenance

Fintech software development not only focuses on a user-friendly app but also reduces the development and maintenance costs for companies. For example, if a company builds a Fintech app using cross-platform options like Xamarin, React Native, and Cordova, it can cut costs. On the other hand, if the company uses a traditional method of building separate iOS and Android apps, it would cost them much more. Although it is important to know that Cordova and Xamarin are a bit costly, so most of the developers prefer using React Native to offer a cheaper alternative to their customers (up to 60% off the total cost!).

Beneficial to Economic Growth

It is not even a matter of question that Fintech apps give a huge boost to overall economic growth. Small businesses and start-ups, although not very obviously, are the most important part of the economic growth process. It takes a lot for these small businesses to survive and grow. The Fintech app can cut the cost of hiring extra help for finances, bringing fluency to the cash flow process. Fintech apps can provide a single platform for synchronizing data from different financial sources, which visibly cuts compliance costs.

Better Customer Care

With fluent and hassle-free transactions come satisfied customers’ feedback, which makes the interactive process super productive. Fintech apps make it easier for customers to reach through multiple smart devices (mobile phones, tablets, etc.) which improves the service quality double-fold.

Fruitful User Interference

Fintech apps offer the Push Notification feature, which informs users about their transactions and withdrawals. This way, companies can also reach the target market to convey specific marketing information.

Now that we have covered all the benefits of Fintech, let’s have a look at the key features of Fintech mobile apps!

What Are the Key Features of Fintech Mobile Apps?

The success-measuring parameter of Fintech apps is the same as all other apps: Customer reviews. So, based on the data collected by us, here are the key features that make Fintech apps stand out among other online payment solution apps.


Above all, Fintech apps are user-friendly. Fintech app development company works on the principle of providing advanced services to its customers in the most user-friendly interface possible. If we say that this feature is the secret behind the success of Fintech apps, it would not be an exaggerated statement.  

Fintech aims at providing simple analytical tools to organize financial data, to list transactions. It also builds financial programs that help users enjoy an easy interface experience. It should be mandatory for all Fintech apps to have real-time analytics to record and trace finances. This will make it easier for companies to generate more revenue.

ID analytics should also be induced in the app to rectify user risks. Features like money-borrowing can grab much more attention from clients from the financial sector, especially banks. Standard bank credit applications are old school now.

Data Security Regulations

Financial app developers have to be a little extra more careful because financial data is more often prone to theft and cybersecurity risks. Fintech apps are specially designed keeping in mind all the risks involved. The protection of sensitive data is their utmost responsibility. 

In this era of cybersecurity threats, providing the topmost cybersecurity should be the Fintech app development company’s top priority.

Keeping in mind the security risks, Fintech app development should include the following security features in its apps.

  • The user should be required to re-enter the password if he/she wants to upgrade any profile information
  • Three failed login attempts should lock the user profile. But the limit can be doubled to facilitate PCI complaints
  • For obvious risks, only the last three digits should be visible when any Credit/Debit Card information is typed.
  • Facial features and voice recognition should be integrated into all Fintech apps.
  • Fingerprint/two-factor Authentication should also be integrated.

Integration of API

You must be already familiar with API: Application Programming Interface. It is impossible to build an app without it. Fintech takes advantage of this technology to integrate different platforms of a large application, which emits the necessity of them rebuilding themselves repeatedly. As an end-user, you might be unaware of the fact that Fintech can integrate a new online form or SaaS using the same ecosystem. When you click on Geolocation to locate the nearest ATM, API is the technology working in the background. API is also the working force behind meticulous AML/KYC processes.

Customer Support

Companies and individuals usually refer to apps in case they need something. It should be made sure that a live chat or support option is available 24/7. Some people are comfortable talking to fellow humans, some are not. Include the option of chatbots to facilitate those who are not. Or you can also combine these options to build a dependable customer support platform that can be readily reached in the time of need.

Liberty to Customize

Every business company has different requirements. But stepping up to a level where you understand the taste preferences of your customers guarantees success. The Fintech mobile app development should offer an amazing experience to your customers. Fintech software development services should include helping companies and businesses in accumulating customer style preference data. Keeping companies updated regarding the latest buyers’ trends is not a bad idea either. Fintech apps can be integrated into social media apps and associate with personal users’ accounts to access the user data, which helps in building strong personalized bonds with customers that last long.


So, we have to agree upon the fact that the shift to online payment solutions from traditional payment methods is inevitable. Online payment solutions cut short efforts and costs, and Fintech mobile apps can prove to be one of the best solutions for all your online financial requirements. Fintech apps are user-friendly, low maintenance, and offer state-of-the-art cybersecurity. But, building a Fintech app requires technical expertise. Your best shot would be hiring a team of professional experts to walk you through the process.

Liked what you read? Also, have a look at how we at InvoZone work on designing Fintech apps. You can also hire fintech development experts from our panel to get your app built to perfection.

Recommended read: See how you can outsource mobile app development