How to Build a Fintech Mobile App: A Step-by-Step Guide

4 min readApr 20, 2022

Fintech Mobile App Development is on a rise these days. Big businesses are investing billions of dollars to design a fintech app. According to PR newswire “The Global Fintech Market is expected to reach a value of $305 Billion by 2025”.

Banking app developers are having the time of their lives. The banking scenario has changed drastically, with the advancement in banking app development. Technologies are being upgraded on a regular basis to keep updated with the latest trends and challenges emerging in the market.

In this article below, we have discussed a step-by-step guide to building a fintech app. If you want to get a top-notch app designed, hire the best Fintech Mobile App Company in the region.

Step-by-Step Guide To Build Your Fintech App

Step 1: Do your research

This is the first and most important step in the process of Fintech App Development. Developers have a lot of research before beginning the process of fintech app development. You have to make a timeline and plan to finalize the outlook of the user interface and the features that the app will be offering.

Step 2: Form a team

You have to come up with a team of professionals that is highly compatible with building a fintech mobile app. You can either hire an in-house team or outsource them, just make sure to properly communicate the goals and objectives of the fintech app to each member of the team, also they must be familiar with the basic workings of the fintech app development company. Your team should comprise of the following:

UI Designing
DevOps Engineering
Android Developing (Java Skills)
Web developing (Node.js skills)
iOS Developing (Swift Language)
Software Testing

Step 3: Define MVP (Minimum Viable Product) scope

You have to design the scope of your MVP (Minimum Viable Product) by going through the following steps:

Conduct your market research, especially about the product’s field.
Have meetings with your team and identify what are the must-have features of your app.
You can use tools like Prioritization matrix, to highlight the selected features.

Step 4: Select your technology stack

Let us first understand what actually a technology stack is? It is the programming language that you are going to use to build your app. You can go for basic technologies (Java and Kotlin if you want to build an app on Android, Swift, or Objective C for iOS). But this option might cost you high. You can go for the second option, which is Progressive Web App (PWA). It is a good option too, but you can’t use some of the basic features with it like biometrics.

If it doesn’t suit your needs then you may consider cross-platform app development like React Native Development. This way, you have to write a single codebase for both platforms, i.e. Android and iOS.

Step 5: APIs for basic functionalities

Your Fintech should cover the basic functionalities like bill tracking, budgeting, etc. For a start-up, you have to build them from scratch. But if you already own a business, that is offering these services, you can utilize these functionalities.

Whatever way you choose, for fluent and smooth access across the website it is necessary to build APIs. My recommendation is to build REST (Representational State Transfer) APIs, which will include:

Record your API with tools like Swagger
For API development, make sure that you are using strong database solutions like MongoDB, PostgreSQL, etc.
For Testing and development, use tools like Postman
Enable authentication and data encryption for secure APIs.
Rules and regulations for API responses and requests should be intact.

Step 6: Design UI/UX

It is the place where you need to show up your inner artist. Choose eye-catchy colors for your app. Add user-friendly functions. Do not overpopulate your interface with unnecessary features. But at the same time, all necessary features should be available on the dashboard, so that customer does not have to go through a time-consuming search.

Step 7: Test launch

Before launching a final app in the market, it is important to test your app with a beta version. You can make it accessible to limited people like your local customers, or your workplace. The feedback will help you to improve your app’s performance and make it bug-free. When you have cleared all glitches, now your app is ready to be launched!

Step 8: Update your application

You have to keep updated with the new updates and innovations every time. Because there is something new every day in the world of IT.