How To Create a Fintech App – 8 Step Guide

Finance is at the core of the economy. Every transaction is associated with money nowadays. The rise of fintech applications has removed the barriers to transactions and made it easy for everyone to conduct various types of financial transactions from the ease of home. 

The creation of a fintech app is a journey filled with many obstacles. To reach the final destination, one must walk on this path with a microscope in one hand and binoculars in another.

According to McKinsey, the Fintech market is worth $550 billion. In the last decade, many fintech companies such as Venmo & Stripe have revolutionized the fintech landscape. The new-age applications have the potential to disrupt the existing financial market or create an all-new market.

What are Fintech Apps?

Fintech Applications are Mobile applications that deal with finance. In the last couple of years, the boom of smartphones has paved the way for organizations to connect with their consumers. Today, mobile phone applications are striving to be like the websites that were hot commodities in the 90s. Today there are multiple types of mobile phone applications available in the market.

Types of Fintech Apps

Type of ApplicationFunction
Finance ManagementHelp to manage personal finance for individuals. 
InvestmentOffering multiple investment instruments such as Stocks, Mutual Funds, and Fixed Deposits
PaymentPeer to Peer money transfer
BudgetThese types of applications help to create a budget and achieve financial goals.
CryptoTo buy cryptocurrencies such as Bitcoin and Ethereum.
InsuranceOffering different types of Insurance such as Health, Life, Travel, or Vehicle Insurance
NeoBankNew-age banks that do not have a branch in any physical location
Digital WalletAn eWallet that allows you to make payments electronically.

An 8-Step Guide to Creating a Fintech App

Guide to Creating a Fintech App

1. Conducting Market Research:

Conducting brief market research can help you check what your competitors are doing. This step helps to address the key challenges that you may face along the way. Lack of market research or decisions that are not analytically correct can lead to huge losses and imbalances in finding the right market fit. There are different types of market research such as primary, qualitative, quantitative, customer approach, product research, etc. 

2. Defining a type

Defining a type for the application is the foremost thing to understand which type of application you wish to develop. There are multiple categories of fintech apps and the user base of each application differs, hence it is important to figure out which user base falls in your target audience and what services the application will offer.

3. Plan a Budget

Planning a budget for a fintech application includes all the costs of making and maintaining the application. Many hidden costs come along with the journey of new application development. Having an approximate idea of a budget can help to know what type of capital will be required for the development. The cost to develop a fintech app varies majorly.

Some platforms offer No-Code-Applications which can be built in just a few hundred dollars. While these applications can serve as a good MVP, they sometimes don’t offer all the functionality that you wish to incorporate. Native (Works on one platform only) or Hybrid (Works on all mobile phone OS) applications can cost somewhere between $10,000 to $1,00,000. 

4. User Personality

Creating a user personality can help to learn and understand the target audience better. User personality can help determine what the spending capacity of that target group will be, what will be their preferred investment or payment choices and how often the fintech application will help them. The user personality has to be outlined and based on real people. The users can also be segmented and divided based on gender, average wealth, geography, and access to financial services.

5. Unique Features

Every application must have its unique feature that differentiates it in the market. Nowadays users download separate apps to use different functions. Having unique features can help elevate the chances of success for a fintech application. It also helps in having an edge over the competition. 

Sometimes the unique features can also be slight tweaks in the previously offered services. Eg. Venmo got famous because of its P2P networking and grew in popularity because it doesn’t charge money on transactions.

6. MVP for Blueprint:

Creating an MVP (Minimal Viable Product) helps to know what the final product will look like. MVP functions as a torchbearer of the final application. The MVP is like a blueprint structure of the final idea. It is important to follow the path where MVP is designed and iterations are executed.

Multiple large organizations have made the mistake of not creating an MVP first and directly jumping into the complex world of finance with final products. This leads to less user-friendly products. Eg: Many Bank Applications offer Bill Payments and Mobile Recharge facilities but consumers still opt for new-age third-party applications because of the ease they offer.

7. Future Ready

Create a future-ready application using AI/ML. Artificial Intelligence and Machine Learning offer ways to personalize the user’s experience. Gone are the days when a singular approach was used to cater to every individual. Nowadays every online experience is personalised in one way or another. Just like Instagram’s or X’s feed is personalized to make the user’s experience better and make them stay for longer periods. Personalization in a fintech application can give users belongingness and tie them to the app for a longer period.

8. Final Launch:

Once all the above checkmarks are met, it is time for final launch. The final launch includes publishing the application in iOS and Google Play Store. Spreading the word about it and increasing the user base. All the efforts of creating the app finally pay off when users use it and appreciate the hard work of the creators and distributors. 


In conclusion, building a fintech application is a tiring but rewarding process. There are multiple types of fintech applications available in the market that are trying to dominate the whole financial landscape. A majority of the niche in this market is still uncovered and under-serviced. If you intend to build such a niche application or offer a unique feature that has the potential to disrupt the market, you can consider building an MVP (Minimal Viable Product). Once your idea is validated then you should start your journey towards building a full-fledged application.

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