Last Updated: 25 Oct 2021 | 11 min read | Category: Blockchain Solutions |
FinTech apps are all the rage right now. If you’re planning to build one to help Americans manage their finances better, you should learn about the most widely-used ones in the USA first.
The concept of financial technology or FinTech has taken the world by storm. Mobile applications are contributing to this particular form of technology more than ever. Thanks to technological advancements, FinTech applications are currently helping hundreds and thousands of business owners, as well as households.
FinTech solutions have been around for some time, but they never received much attention. However, right after the events of 2020, folks started realizing the importance of maintaining the highest levels of finance management. That’s why FinTech apps started finding their spot among the mobile devices of innumerable folks in North America and other parts of the world.
Now, if you’re thinking about hiring a mobile app development company in California to build a FinTech application, you should know that this field is now highly competitive. Of course, you can get your foot in the door, provided you’re aware of the features and abilities of the apps that are already in circulation.
As you’re about to cross the threshold and enter the world of FinTech for the first time, it’s best for you to start from the beginning. So, what is FinTech anyway? As already mentioned earlier, the term “FinTech” is an amalgam of “finance” and “technology.”
It primarily helps business owners and commoners to utilize technological solutions for building, improving, or automating financial processes and services. The term includes several things. Now that the industries are expanding rapidly, new applications and services are popping up every year.
Just think about it – things like cryptocurrency, InsurTech, investment applications, mobile banking are more are already here. All these systems are the different faces of FinTech. You shouldn’t make the mistake of believing that these technologies are popular among startups only. Conventional finance organizations are also using them.
While the concept of FinTech isn’t exactly novel, it’s definitely one of those industries that evolved extremely quickly. Then again, technological enhancements have always been a prime supporter of financial divisions. After all, everyone has been using ATMs, debit cards, credit cards, and internet banking facilities for a long time.
FinTech applications can differ significantly from one project to another. Nonetheless, most of them utilize data science, machine learning, and other cutting-edge systems like blockchain. By combining these technologies, FinTech applications carry out numerous tasks.
You have been going through this write-up diligently and patiently from the beginning. You should be aware of all the fundamentals of FinTech solutions. However, before you start looking for react native app development services, you should take a look at the apps that the people of America are already using.
By gathering more information about these apps, you’ll have an idea of what to build to be equally popular if not more.
Robinhood isn’t anything less than a disruptor in the online industry of brokerage. Currently valued at $11.7 billion, this free-of-charge stock trading solution based in the USA lets users invest in public business firms. They can also invest in funds for exchange trading present on the list of the stock exchanges of the country.
MoneyLion is a FinTech mobile application in the USA with a current value of $1 billion. It gives users financial advice, as well as loan accessibility. It’s a startup that has been operating for the last 6 years in the spheres of savings, lending, and finance management.
The app of Chime is growing swiftly in the USA as a mobile-only banking facility. Based in the USA, Chime has a market value of $14.5 billion, and it lets users handle their expenses and save accounts without any hidden transaction fee. Providers of react native app development services believe that it’s one of the best tools for budgeting available right now.
The mobile app development cost of building a FinTech application like Mint is perfectly justifiable when you take a look at its abilities. Originating in the USA, Mint currently enjoys a market value of $140 million. Its specialities include gathering relevant data concerning the card accounts and transactions of its users.
Coinbase, based in the USA, helps its users navigate the world of cryptocurrency and blockchain. With a current market value of $1 billion, Coinbase is now the largest online cryptocurrency exchange platform available in North America. Other than buying and selling recognized digital currencies, it keeps track of them in one centralized location.
Tellus is yet another FinTech solution that definitely deserves a place on this list, as well as the attention of entrepreneurs willing to pay the associated mobile app development cost. Tellus fosters seamless environments for transactions for tenants and landlords. Users can collect or pay rent, maintain information of all tenants in one place, perform tenant screening, etc.
Founded by William Hockey and Zach Perret, Plaid gives users a straightforward frontend module that has the power to streamline the whole experience of onboarding. Implementation is even easier with just two to three lines of code.
Here are the features your FinTech application will need.
Now, it’s time for you to take a look at how your FinTech app developed by the best mobile app development company in California will help your users.
FinTech utilizes the connectivity-related abilities of mobile devices to augment the efficiency and convenience of making transactions over the web.
Entrepreneurs or companies investing in FinTech app development usually incorporate data analytics systems. This feature allows users to track and manage their individual requirements. Businesses can also use the prowess of these apps to deliver customized experiences.
FinTech applications can enhance the accessibility for users to reach various finance-related products. They can even increase the approval rate. By using them, it’s possible to complete some of the most complicated approval procedures within a day.
“Financial institutions must be able to deliver an easy to navigate, a seamless digital platform that goes far beyond a miniaturized online banking offering.”
All FinTech applications possess the power of security. Developers always prioritize this particular feature over everything else, and it’s quite obvious why.
A FinTech organization can bestow the advantage of fee reduction upon their customers because they don’t have to worry about paying rent or advertisement costs. Customers won’t get this feature from a conventional bank.
Here are a few pieces of statistical information to prove why it’s worthwhile to hire the services of a mobile app development company in California to get a FinTech app created.
The data provided above should be enough to prove the capabilities of FinTech applications. Now, you just have to decide on the kind of FinTech app you wish to build.
FinTech is dictating almost everything associated with the field of mobile payments. These applications can cross the barricades blocking conventional strategies. Among mobile payment platforms, mobile wallets are one of the most heavily used systems.
Regular payment basically means paying inevitable expenses. Thanks to FinTech applications, users can pay their utility bills while sitting on their favourite couch at home.
Most of the traditional banks are willingly embracing mobile technologies to improve their services. With react native app development services, you can build a FinTech app for a banking institution.
This particular section of FinTech solutions concentrates only on augmenting wealth management procedures for commoners and business owners.
The term “InsurTech” may not be familiar to all. It basically means the applications of FinTech for insurance companies. Hundreds of insurance firms are opting for digital solutions to take customer experience to the next level while increasing operational efficiency at the same time.
Blockchain systems, such as smart contracts, peer-to-peer transactions, unchangeable records, trading platforms backed by blockchain, and decentralized ledgers are now crucial elements of the overall finance landscape of today.
FinTech is already rebuilding the sector of trading. FinTech solutions designed specifically for this field can reduce the expenses of trading internationally. Moreover, these apps can increase transparency and even contribute to trade finance facilitation.
This area is all about building different solutions that can provide lending abilities to consumers and businesses. The ultimate objective of this FinTech department is to streamline the whole process to give it a touch of accuracy and personalization.
Another lesser-known term associated with FinTech is RegTech. The Financial Conduct Authority laid the foundation of RegTech 6 years ago. This subject focuses on building technologically enhanced solutions to improve the regulatory requirements of delivery.
What should the mobile app development cost for FinTech applications amount to? Something with the very basic functionalities and simplistic UI for just one platform will cost you about $20,000 to $35,000.
On the other hand, building a best-in-class solution will amount to almost $70,000, especially if it’s for Android and iOS.
Now that you’re at the end of this write-up, you probably have a theoretical idea of what to do to create such an application. Just remember that an idea isn’t going to be enough because it won’t contribute to the success of the app.
You need constant updates and new-age technological interventions to make it successful. You’ll also require services that only the best app development companies can offer.
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WThe client was pleased with the quality of final product, which was delivered on time. Moon Technolabs was responsive throughout the project.
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The updated app has yet to launch, but Moon Technolabs Pvt Ltd met every milestone ahead of time without sacrificing quality. Customers can expect an experienced team that provides speedy service and prompt responses to questions or issues. Their timeliness despite time zone differences stood out.