Most fintech software development projects make our lives easier and open up new opportunities: investing, buying and selling cryptocurrency, ordering a cab and paying for it online, and most importantly, managing our finances with a banking app.
Being able to manage our finances with one smartphone and still be anywhere is something that can save us time. According to Insider Intelligence surveys, 89% of those surveyed use a banking app. Nearly 100 percent of people born after 1981 use a smartphone to manage their finances. In this situation, fintech software development becomes a necessity for businesses that want to stay relevant. In this article, we will consider what you need for fintech software development and also name the approximate cost.
Table of Contents
What is fintech software development?
Before you start fintech solutions software development, you should clearly understand what exactly should be in your application. Fintech applications can be classified as follows:
- Applications for digital payments;
- Mobile banking applications;
- Other banking applications (digital lending, investments, insurance, finance).
They solve the following tasks:
- Personal finance
- Money transfers
What do you need for fintech software development?
In total, you need an idea, finances, and a good fintech application development company. If you have a professional fintech software development team, they will be able to conduct the following work:
- Requirements analysis: request for proposal, software specification, functional and non-functional requirements collected and described based on the initial data;
- Creation of a technical solution architecture: high-level and low-level technical solutions that meet the requirements identified in the previous step;
- Prototyping: analysis and demonstration of the applicability of solution options. Allows small efforts to test different solutions and choose the most acceptable one. It can be used as a basis for further development.
- Fintech software development: code writing according to the technical solution, creation of unit tests, correction of defects revealed during testing and acceptance.
- Deployment: installation packages, scripts and instructions for synchronizing the solution with test and production platforms.
- Support: correction of defects identified during operation, making operational changes to the system.
- Technical solution audit: analysis of compliance with non-functional requirements, consistency of approaches used, search for ways to optimize.
- Documenting: creation and adaptation of technical and accompanying documentation.
How much does fintech software development cost?
The cost of fintech software development is determined by a number of key factors. In particular, we are talking about the cost of the specialist’s work hour and the number of hours spent on the fintech software development. In the United States and Western Europe the average developer fee is around $70 per hour. As for the time costs, they are distributed approximately as follows:
- FE: up to 240 hr/mo
- BE: up to 240 hr/mo
- PM/BA: up to 80 hr/mo
- UI/UX: up to 80 hr/mo
- QA: up to 80 hr/mo
- DevOps: up to 80 hr/mo
Based on the figures above, the cost of fintech software development will be about 50-80 thousand dollars. However, there is a way to reduce the cost by turning to offshore fintech software development companies. For example, if you order a fintech software development from a company in Ukraine, where an hour of a specialist will cost about $40, you can reduce the cost to about $30,000.
How often do you visit the bank? We think that most people limit their visits to infrequent occasions because in 2022 all everyday financial matters can be solved with the help of a simple application on your smartphone. Any modern bank that knows how to adapt to a new reality has an app.
Fintech software helps businesses attract new customers, increase audience loyalty, and improve the quality and speed of services. Fintech software can also act as a new channel for marketing and a tool for detailed analytics of user actions. Contact Perfsol fintech software development company and our experts will help to arm your business with a powerful trump card up your sleeve that will become a significant competitive advantage.