How to Build Fintech Apps

Build Fintech App

How to implement new technologies and trends in building a fintech app and navigate the app creation process from the discovery stage to running the full app version. Also, we introduce the main features in the processes you need to pay attention to building a fintech app.

Almost half of all consumers in the world use digital fintech platforms for everyday operations. 78% of American millennials will shift to online banking by the end of 2022. This data explains the high demand from the financial sector in creating competitive fintech applications for their businesses.

The Future of Fintech Market Apps

After the introduction of Apple Pay in 2014, the market of online payment apps proliferated. The Business Research company predicts that the fintech market will reach $309 billion by 2022. COVID-19 pandemic also influenced the market, as more companies switched to new mobile technologies in payments. PwC researched that in 2017 82% of financial companies were planning to invest in top fintech startups in the next three to five years. These numbers illustrate the demand for app development for startups and big corporations.

Furthermore, the main trends in building fintech apps are implementing blockchain technology, using big data, AI, and increasing mobile pay technologies in the market.

Before the App

If you think about how to build a fintech app, you need to define the goals and purpose of the project. Fintech is a broad term for all technologies that have something to do with finance. Banking apps, blockchain, or even personal finance managing apps are part of the fintech industry.

There are several approaches to building fintech software. First, we will look at the preparation stage before coding. Next, we will analyze developing an MVP version and focus on launching the app.

There are a few common steps before coding the app:

    • searching for the niche
    • assessing legal requirements
    • defining the project goals and vision

STEP #1. Searching for the Niche

First, you need to understand who is the target audience of the app. Fintech apps can be used for managing personal finance, trading, insurance, or others. Each type of app will have its development strategy. Focus on the best decisions in the chosen niche to find new fintech app ideas for your product. This stage consists of analytical work, as you need to realize what the customer needs and how your app can be helpful.

STEP #2. Assess Legal Requirements

There are some general requirements for fintech services and specific rules in some countries. For example, in the European market, General Data Protection Regulation (GDPR) compliance is a number one rule for all fintech software developers. It would be best if you thought about users’ data safety even in the beginning. Also, it can be CCPD, ePrivacy regulations, anti-money laundering (AML) compliance, and other rules you need to know.

STEP #3. Define the Project Goals and Vision

Then, establish a general strategy to understand what product you need at the final stage. You need to look at the app’s development goals with the customer’s eyes, realize what problem this app will solve, and influence its business goals.

STEP #4. Choose the Tech Stack

There are a lot of technical stacks and approaches you can work within creating a fintech app. At the same time, the cost of the final product will depend on your choice. You can build a native, cross-platform, or progressive application.

Native apps (coded in guidelines of a particular OS) can be expensive and take more time. But they have a great user experience, easy to combine with other mobile technologies (cameras or GPS).
Cross-platform apps are usually coded for use in any OS. It can take less time, but the cost can be the same as building an app in the native OS environment.

Progressive web apps (PWA) are also created on a single code base. The ready app is downloaded to the server, and there is no need to buy a license for the app store. The biggest problem with this type of app is that it can not access some features on its mobile.

STEP #5. Launch the Minimal Viable Product (MVP)

The next step is to create an MVP to test the basic features of future fintech solutions. MVP is good for getting users’ feedback, making the fintech software development more accurate in fitting the business goals. It is also a good step for developers who are going to find investors. They can see the future product and test it before the main launch. In this step, you need to check the main features in a fintech app, such as allowing you to get notifications, API integration, and QR and scanning options, which we will discuss later in the text.

Launching the App

The next step to build a fintech app is to launch the final product to the market. After you create a fintech app, you need to keep improving and updating it. You must ensure that the final product helps to improve the business, but not to make all the financial operations more complicated. Also, you will need to make security updates, check the legacy part and update the libraries and third-party services you use in the fintech app.

Features to Pay Attention to in Fintech App Creation

Creating fintech apps is a complicated process, but some features can increase their quality and make them more enjoyable for future users. All the components are built on the latest digital trends and best practices.

  1. Focus on app security. This approach must be the most essential in launching a fintech app. The sign-in must be not only simple but also protected from hacks. You can use two-factor authentication with fingertips, voice, face, or messages. Be sure that only the last numbers of the user’s card are displayed in the app.
  2. QR code and card scanning. This option will reduce the time spent on taping the card number in the app and make the finance operations more accurate.
  3. Customer notifications. People need to know about transactions and bonuses from the app. Turning on the notifications allows you to have detailed metrics and increase conversion rates.
  4. AI-chatbots. Customers need to have 24/7 support, and AI-powered chatbots can ensure it. Also, using a chatbots app, users will not overload the company’s communication channels.
  5. Cashback. Users will use the app often if they benefit from it. Implementing loyalty features will help to build positive relationships with customers.
  6. Education of the users. This feature can be used in cryptocurrency app creation (for example, it is used by a Credit Karma app with 100M+ subscribers). With this approach, you introduce a sophisticated topic of blockchain to users and give them an instrument to test their knowledge.


You can create fintech apps for a personal finance startup or develop a usability platform for banks and other financial institutions. At the same time, there are some typical steps in the coding process you can follow to increase the benefits.

The app creation process consists of the preparation (analytical) part, creating an MVP, launch, and a post-launch phase. Data science and AI technologies influence the market and can be used for building advanced software. And if you need any help in building fintech apps, ask a Cprime development expert today. With more than 20 years’ experience, we know what to do.

Max Travers
Max Travers