The fintech app development cost has many factors influencing the final budget. Some of these factors are the location of the developer, technologies integrated, and more.
The first point that worries any developer is the expected financial app development cost of the app. Be it small or large, an unplanned development cost plan can ruin or hold the entire project. Now there are multiple elements that affect the fintech app development cost. For instance, hiring an individual developer or a development company can be a crucial aspect. Other than that, it also matters if your business requires a native app or a cross-platform app.
To understand the cost of elements to develop fintech apps properly, we will discuss them individually. Furthermore, we will proceed to the calculation of estimation to answer the question- how much does fintech cost?
Elements affecting the fintech app development cost
Further, we will discuss the crucial elements that make an impact on your budget for building a fintech app. These elements will give you an approximate estimation of your fintech costs.
- Type of the fintech app
Generally, there are two types of apps ruling the market- native and hybrid apps. Native apps, as the name suggests, are developed specifically for one operating system like Android or iOS. However, Hybrid apps can be used on multiple platforms. Hybrid apps save development time by allowing developers to write codes once. The native apps, however, provide more freedom in terms of features and performance.
2. Location of the app development service provider
If you are planning for building a fintech app, you should also consider the location of the app development company that you are hiring. For instance, app development cost in the US is higher compared to India. As per a report by BusinessofApps, a simple fintech app development costs between $40,000- $60,000 in the US. Moreover, hiring an individual developer from the US can cost approximately $90,000 per year.
3. The complexity of the app
If you are still wondering- how much does it cost to develop an app of many features, then you should shortlist the features that you want in it first. More features and requirements make the app development process more complex. Thus, the fintech app development cost varies accordingly. The fintech startup costs for medium complexity apps range from $61,000 to $120,000. Complexity is also dependent on targeted OS and UI designs.
4. Size of the developer team
Either you hire an independent developer team or a mobile app development company, the size of the team decides the ultimate cost. Generally, the fintech startup costs are based on an hourly basis. Moreover, for each location, or according to the experience of the developers, these costs vary.
According to Upwork, average hourly rates vary depending on the experience of the developer. Basic iOS and Android developers charge starting from $45 and $35 per hour, respectively. On the other hand, PhoneGap developers using technologies like HTML, CSS, and JS charge from $16 to $55 per hour.
5. Purpose of the fintech app
The cost to develop fintech apps can also vary depending on the purpose these apps need to serve. For instance, payment and money transfer apps are costlier as they require better security measures. The same rules apply to banking apps as well. However, apps like money management or expense records do not use sensitive information.
How much does fintech cost?
Now, let’s pick some data from experts to find out tentative fintech app development costs.
- In India, app developer services cost the least amount compared to the US, Canada, the UK, Germany, and Australia
- In the US, San Jose is the highest paying city for developers
- The app maintenance cost varies from 15 to 20% compared to the entire development process
- A web hosting service may approximately range between $70 to $320 per month
- In the US, for app advertisements, the US market charged $2.37 for per-app installation in 2020
- Developers require licenses for some technologies that can cost up to $120,000 per year for 50 devices
- India is the cheapest country for quality and robust fintech app development services compared to the US, Australia, or the UK
Well, these were a few points that can be counted as answers to the question- how much does fintech cost? Anyway, the fintech app development cost varies from one financial software development company to another. The fact is that in the US itself, there are more than 7,000 app development companies. Thus, the competition is high. You can find two different developers charging different fees while working from the same area.