Are you planning to launch a FinTech company? Or are you looking for the best FinTech startup ideas by developing your own app for a financial business? The banking and financial application development industry is one of the fastest growing industries globally, offering high-level security and convenience compared to traditional forms of financial services.
FinTech applications use technology to simplify financial management. These apps make it easy for users to transfer and receive money while enabling budgeting and tracking expenses.
The financial technology (Fintech) sector provides various services, including personal income management, digital insurance, trading, mortgage servicing, risk management, auditing, and cryptocurrency exchange.
The FinTech industry is also changing thanks to cutting-edge technologies such as AI, ML, blockchain, and big data. As a result, you'll need a fintech mobile application development company in Frisco to build a trusted app that offers a personalized experience.
Key Features of Mobile Banking Apps Like Chime
Businesses planning to build banking apps need to make sure they meet customer expectations. Here is a list of the key features of mobile banking apps like Chime that can help you deliver a growth-driven business app.
1. Transactions and Balance
The basic activities that users perform while browsing a banking application are checking their balance and recent transactions. It is not like this? So this is one of the mandatory features of mobile banking apps. So don't forget to include this feature in your banking app.
2. Check Deposit
Another great feature of a baking app is that it can save customers time and effort to visit the bank i.e. deposit checks. With the help of this feature, users can click a photo of the check from both sides and upload it via the banking app.
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3. Manage Cards
This feature allows users to block credit or debit cards and assign them to different accounts. Additionally, users can set limits, change PIN codes, and perform other activities supported by their bank. The management card is essential to experience a smooth online banking experience, so don't forget to include this feature.
4. Custom Push Notifications
It is a very basic feature that every mobile app and website possesses. Notifications can also request authorization for a scheduled transaction to provide account status updates, which users can grant with a simple tap. That's the ideal method to encourage someone to sign up for pre-scheduled automatic payments.
5. Track Expenses
Keeping track of expenses gets hectic when it comes to offline banking services. Agree or not? This feature of a mobile banking app like Chime is helpful in resolving these types of issues. It helps users to track their spending with just one tap and make financial plans accordingly.
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6. Payments
Digital payment is something that everyone prefers when using online banking applications. Integrate with as many service providers as you can. It will allow its consumers to pay off loans and mortgages, pay everyday expenses and send money to friends and family.
7. Bio Authentication
Security is everything, especially when it comes to personal finance or developing a peer-to-peer payment app. Make your consumers feel secure and comfortable at the same time by introducing support for FaceID and fingerprint login. Such features will allow everyone to quickly tap or scan their phone to log in.
What is the Cost of Developing a FinTech Application?
The expense to develop a mobile application is highly dependent on a wide range of components. To get a nasty idea of what it would take to design a FinTech app from scratch, you can take a look at the average salary for programming designers, the number of people needed in an app-building company, and to what extent that task. it would take
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There are other factors that also affect development costs:
The number and multifaceted nature of recalled features for an application will essentially affect its cost. Some monetary organizations may ship apps with only essential features from the start and then add more features later.
Regardless of whether the app will work with Android, iOS, or both, it also factors in the costs. Making an application that deals with both is getting more and more expensive.
- Native apps are made for a particular programming language, while cross apps are basically sites meant to be used within an app. On-premises apps are much more expensive to grow but offer improved performance.
- The consistency and security prerequisites you must meet will also influence costs and will depend on the characteristics of the application, the type of association, your area, and other elements.
- Various third-party APIs incur charges, and generally, the more combinations you need, the higher your costs.
- The dynamic substance empowers personalization and two-way correspondence. Most fintech applications will incorporate unique substances, which increases costs.
How much does it cost to develop an app like Chime? There is an average cost of app development as it ranges from $10,000 to $1,000,000 or more. In our experience, financial apps are complex and challenging solutions costing over $500,000, but it all depends on the features, integrations, and technologies involved.
Conclusion
At USM Business Systems we have been developing FinTech solutions for large and small companies for more than 23+ years. As a banking software Mobile application development company in San Jose, we have a deep understanding of the current market landscape and the most effective technologies and frameworks available and can draw on our experience to develop an application tailored to your specific business requirements. If you have an idea for a future banking app, we'd love to hear from you. Feel free to contact us to discuss how we can help you bring your vision to life.
