As a C-level executive, you’re likely wondering how to assess the feasibility, ROI, and strategic alignment of building a fintech app. This guide will explore how a fintech app can benefit your business, breakdown the 6 simple steps to create one, and help ensure your fintech solution delivers results while minimizing risks. Let’s get started!
Why creating a fintech app is a smart move for your business
As mentioned earlier, fintech apps are changing how businesses and consumers manage money – and the market is booming. Companies that build fintech solutions can tap into fast-growing industry and see massive returns. For example:
- Digital wallets like MoMo and Revolut are gaining millions of active users by offering seamless online payments.
- P2P lending platforms connect borrowers and lenders directly, creating new income streams while solving market gaps.
- Digital banking apps like Timo attract customers who prefer convenience over traditional banking.
So, what is in it for your business?
A fintech app can make your business more efficient, profitable, and future-ready. Here’s the details:
Profitability
A well-built fintech app can generate income through subscriptions, transactions, or service fees.
Successful apps like Revolut and Chime show the potential. For example, Revolut reached a $45 billion valuation in 2024 by attracting millions of users who needed easy digital banking.
Cut costs
Fintech apps automate tasks like payments and invoicing, cutting expenses and reducing manual work. Some businesses save up to 30% on transaction fees with digital solutions.
Market expansion
A well-built fintech app helps you reach more customers, locally or globally, by providing solutions that people actually need.
More examples of fintech app success:
- PayPal: Reported Q2 2024 revenue of $7.9 billion, an 8% increase year-over-year.
- Chime: Valued at $25 billion in 2021, now the third largest neobank in the United States
- Coinbase: Held $137 billion in assets under custody as of Q3 2024.
- Venmo: Processed over $275 billion in payment volume in 2023, contributing significantly to PayPal’s ecosystem.
Clearly, building a fintech app to serve businesses or individual customers is a smart move. It offers numerous advantages and positions your business for long-term growth.
Best tech stacks to develop a fintech app
Choosing the right technology stack for your fintech app is crucial—it directly impacts performance, scalability, and security. But with so many options, how do you decide? This guide will walk you through the best tech stacks for fintech development, whether you’re building a native, cross-platform, or hybrid app.
Native app development
1. iOS-based Fintech app
iOS-based fintech apps are developed using languages like Objective-C and Swift, which offer object-oriented capabilities and dynamic libraries, respectively. Apple XCode, a comprehensive development environment, is used for user interface and debugging tools. The iOS Software Development Kit (SDK), in combination with XCode, facilitates the writing of iOS apps.
2. Android-based Fintech app
Java and Kotlin are two options for languages for developing Android-based fintech apps. Java is known for its security features and comprehensive tools, while Kotlin addresses some of Java’s flaws and offers cleaner solutions. To build an app, developers can use Android Studio and the Android SDK. These platforms provide flexible systems and extensive development tools, ensuring a smooth and efficient development process.
Cross-platform app development
For a cross-platform fintech app, React Native, an open-source JavaScript framework, is preferred. It supports multiple platforms, including Android, iOS, Windows, and macOS. While C# is another significant language for cross-platform development, allowing the use of device-specific APIs.
Hybrid app development
To build a hybrid fintech app, the suitable technology stack includes HTML5, a popular and convenient technology for hybrid applications, and PhoneGap, a widely used framework for hybrid mobile app development that provides an economical solution to users.
Other effective technologies for Fintech app development
There are several other technologies that can greatly contribute to the development of a robust fintech app:
- Python: This versatile programming language is widely used in fintech app development due to its simplicity and readability. It offers a wide range of libraries and frameworks that can expedite the development process.
- React Native: This popular framework allows developers to build a Fintech app that is compatible with both iOS and Android platforms. It offers a rich set of pre-built components and allows for efficient code sharing.
Below is a comparison to help you decide based on your specific needs.
| Tech stack | Best for | Key benefits |
|---|---|---|
| Native (Swift, Kotlin) | High-performance fintech | Better security, seamless UX, offline access |
| Cross-platform (React Native, C#) | Faster development, lower cost | Code reuse, single team for both platforms |
| Hybrid (HTML5, PhoneGap) | Budget-friendly solutions | Web-based approach, runs on multiple |
Now that you are aware of the best tech stacks to develop Fintech apps, in the section below, let’s discover more about the process of how to create a Fintech app with six easy steps.
How to create a fintech app in 6 easy steps
Developing an application is a process that cannot be accomplished overnight; it demands both time and financial resources. Hence, the foremost consideration for Fintech businesses should be to develop a unique idea, identify a specific market segment, and follow the next steps involved in the development of a fintech application. Here are the complete guides about how to create a Fintech app with 6 easy steps:
Step 1. Define your Fintech app niche & plan features
Start by deciding what type of fintech app you want to build and the specific market you’ll serve. Focus on a niche that solves real problems for users, whether it’s digital payments, personal finance, or P2P lending.
Once you’ve picked your niche, plan the essential features your app needs. Keep it simple—too many unnecessary features can overwhelm users. Prioritize must-haves like security, personalization, and push notifications, and think about adding one standout feature to set you apart from competitors.
At the same time, research local laws to ensure your app complies with regulations in every region it will operate. Legal compliance is crucial to avoid fines and build trust with users.
Also, estimate your budget early on to avoid delays or issues later in the development process. A clear financial plan will help keep everything on track.
Step 2. Build a fintech development team (In-house vs. Outsourcing)
In this step, you need to create or hire a team or individual with technical expertise in various areas, including:
- UI Designers
- Web Developers
- Project Managers
- Quality Assurance Specialists
- Android/iOS Developers
- Business Analysts
- Front-End Developers
- Back-End Developers, and so on
To ensure the development of a high-quality app and the optimal utilization of your invested funds, it is essential to assemble a team of highly experienced professionals. Hiring an experienced fintech app development company can prove to be immensely beneficial, as it saves both time and limits mistakes.
The size of your development team will depend on the scale of your project. Larger projects will require more team members. However, if your project is relatively small, you also have the option to hire fintech developers individually based on the specific skillsets you require.
Step 3. Design a simple and user-friendly experience
The design of your fintech app is the first thing users interact with, so it’s important to make it easy to use and visually appealing. A good user interface (UI) and user experience (UX) can make or break your app’s success.
Here are some tips for creating a great design:
- Keep the layout simple and easy to navigate.
- Avoid clutter—don’t overload the app with unnecessary features.
- Make sure users can quickly find what they need.
- Use clean, intuitive designs that feel natural to use.
- Pick balanced colors that are easy on the eyes—not too dark or too bright.
Creating prototypes can help you test and improve your design before launch. Also, an experienced design team can make this process smoother and ensure your app is both functional and visually appealing.
Step 4. Build an MVP (minimum viable product)
Before fully developing your app, it’s smart to test your idea with a Minimum Viable Product (MVP). An MVP is a simple version of your app that includes just enough features to see how it performs in the market.
This approach lets you:
- Test your app idea and get feedback from real users.
- Make improvements without spending too much money upfront.
- Reduce the risk of costly mistakes by fixing issues early.
If your MVP succeeds, you can scale it up to attract more users, boost revenue, and ensure your app runs smoothly while delivering real value. It’s a cost-effective way to refine your idea and set the foundation for long-term success.
Step 5. Test and evaluate your Fintech app
Testing your fintech app is essential to ensure it works smoothly and meets user expectations. Check every feature to make sure it functions correctly and fix any bugs before launch.
Key steps to follow:
- Test the app on different devices and screen sizes, especially for iOS and Android.
- Ensure everything runs smoothly, no matter the platform.
Remember, launching your app isn’t the end of the process. Regular updates and improvements are necessary to meet changing user needs and keep up with fintech regulations. Adding new features over time will also help keep your app competitive and valuable to users.
Step 6. Release the fintech app & collect feedback
Once your app is fully developed, tested, and ready to go, it’s time to launch it to the public. Release it on app stores for both iOS and Android, and let your target audience start using it.
After the release, it’s important to collect feedback from users. Pay attention to what they like, what they find difficult, and any issues they face. This feedback will help you improve the app and make necessary updates.
The fintech app’s journey doesn’t end at launch. Keep listening to your users, and continue improving to make the app even better over time.
Now, let’s find a partner that can help you all with the development process.
Building Fintech apps with Synodus
When you partner with Synodus for your fintech app development, you’re choosing more than just a service provider—you’re gaining a trusted partner who will drive your business forward. Here’s what you’ll get by working with us:
- Get to the market faster with our efficient development process and quick MVP development.
- Save money without losing quality with our affordable rates of $16-$30 per hour and our extensive experience in Fintech.
- Get expert guidance at every stage of the project from our strategic advisors.
With over 6 years of experience in the fintech world, we’ve worked with companies across all areas of financial services, including banking, payments, insurance, wealth and asset management, and capital markets.
At Synodus, we offer a wide range of fintech app development services to meet your needs:
Our clients include major names like BOC Aviation, KPMG, Vietcombank, Techcombank, MB, and many more. Together, we’ve achieved:
- 3x faster project launches without compromising on quality in an E-wallet project.
- $300,000 secured in seed funding for an ICP blockchain project.
- 150% increase in user engagement for a crypto exchange white-label project.
- 226,818,268 DFY Tokens sold before listing in a P2P lending platform development project.
We’re immensely proud of the team’s progress and eagerly anticipate future collaborations.”
As said by Jinny Park, Product Owner of Arctx Solutions, who’s been with us for 2 years
And we understand that keeping up with the with the fast-changing world of financial services can be tough. Let us be your partner in this journey. We can handle the tech challenges your business faces as you grow and reach millions of users. Plus, our flexible team structure means you can add or remove team members as needed.
Summary
In a nutshell, “How to create a fintech app” is a detailed process with 6 steps that necessitates the creation of numerous features and capabilities to cater to the needs of users. The demand for Fintech application development is continuously increasing and is poised for further growth. To stay competitive with IT companies and digital banks, traditional banks need to adopt modern and sophisticated Fintech apps. It is evident that even the most prominent global banks are investing in Fintech to transform their internal operations and explore customer engagement strategies more professionally.
We trust that the article has provided full information and is useful, equipping you with comprehensive knowledge about how to develop a Fintech app. If you have any inquiries regarding Fintech app development, please feel free to reach out to us.
