1. Development
  2. 19 May 2021
  3. 9 min read

How to build a perfect fintech app

How to build a perfect fintech app

A couple of years ago, to top up your phone balance or pay bills, you had to go to the bank. Now the Internet solves all our problems. You can link your credit card to an app and do any transaction with your phone.

The fintech market is expanding, and companies are incorporating the latest innovations: AI, ecosystems, microservices. Such apps help financial services and companies manage the financial aspects of a business.

Fintech app types

Digital Payments

Digital payments are one branch of the fintech industry. According to Statista, the value of global digital payments will reach $6,685,102 million by 2021. 

Digital payments enable cashless, fast, and secure money transfers and payments. Online payment systems, digital currencies, and e-wallets allow access to financial payments even where there are no banking institutions. For example, PayPal, Braintree and Payoneer are one of the popular platforms. We talked more about the best payment services in this article.

Digital Banking

Digital banking has become a way for customers to manage their bank accounts and perform financial transactions. 

Mobile banks typically offer features such as quick money transfers, access to customer service, expense counters and statistics, ATM and branch locator, and QR code payments. To improve service, mobile banks are adding features for account sharing, cashback, ticketing, and more. N26 and Revolut banks are an example of creating fintech applications in digital banking.

Digital Lending

Lending is one of the most popular areas based on the possibility of lending without the involvement of banks. 

From simple apps and websites to complex automated platforms, digital lending apps process loan requests and enable easy and fast interactions between lenders and borrowers. Both independent digital lenders and traditional financial institutions use these kinds of apps to simplify credit procedures and manage them efficiently. Examples of digital lending applications include Calyx Point and Kabbage.

Digital Investment

Digital investment platforms include robot advisors, digital brokers, micro-investment platforms, and personal finance management software. They work to automate and make the market accessible to retail investors. Such type of applications allow investors to research and invest in financial assets. Users can improve their investment performance through the analytics provided and make decisions regarding their investment plans. 

Digital investment platforms are valued because of their predictive analytics and robotics. Examples of such platforms are Hedgeable and Addepar.

Consumer Finance

The goal of consumer finance apps is to help consumers manage money, budget, and track spending. This way, future account balances can be predicted so that the user doesn’t spend more than he or she planned. Consumer apps often sync with bank accounts and payment services. These kinds of apps also include financial literacy apps for children and teens. Examples of consumer finance apps include Mint and MoneyPatrol.

What features fintech app must have

Of course, fintech apps should have basic financial transactions, such as electronic payments, money transfers, mobile deposits, or balance checks. Users should be able to perform as many transactions as possible through the app. 

For example, a nice bonus in the app would be the availability of loyalty programs and the opportunity to benefit from purchases made through it. Or scanning the QR code and card number will make life much easier for users. Scanning instead of manually entering all the numbers is a significant advantage for users. 

And here are a couple of other important features in the fintech app.


One of the criteria for the fintech application success is the ease of use. The idea behind any such app is to provide simple analytical tools for collecting data, displaying transaction history, etc. The app should have real-time analytics and statistics to help users and their companies. Consequently, the app should be as simple as possible and users don’t have to struggle to navigate. This is very important because simplicity guarantees time savings in learning and using the app. 

Push Notifications

Also an important feature for user interaction. Push notifications help in effective communication between bank employees and customers. They promptly inform users about new credits, transfers, rules, discounts, etc. This is how financial service providers stay in touch with customers and keep them up-to-date on the latest news.


Understanding the customer’s taste makes any product unique. Therefore, when fintech apps are combined with artificial intelligence, personalization becomes an additional positive feature. AI analyzes user patterns, preferences, shopping trends and provides them with information about new updates, policies, and benefits of banks and other financial institutions. Also, the integration of such apps with personal apps and social networks creates a strong trusting relationship with the user.


Fintech applications handle confidential customer data related to financial transactions, and any data breach could cost users a lot of money. Therefore, applications must implement multi-layered features to ensure a high level of security for users and financial information.

A great solution is an integration of voice and face recognition and fingerprint authentication and two-factor authentication. Soon biometrics will become a mandatory feature in Fintech applications. Profile locking is also used after the third failed login attempt and re-entering the password when the profile information or the app itself is updated. 


Chatbots, artificial intelligence-based virtual assistants, and 24/7 online chat play an important role not only in attracting customers, but also in serving them. They can simultaneously answer a host of questions for hundreds of customers who need help whenever they need it. Also, these tools will greatly reduce the workload on service centers and allow the team to focus on more complex inquiries. 

fintech app

Steps to create a fintech application

Choose a niche 

The first step is to determine which area of fintech you will focus on. Also, you need to decide what your target market is and what their needs are. Since many countries still lack good FinTech solutions and technologies, you have a chance to enter these markets with fresh and relevant solutions.

Ensure legal requirements

Next, you should make sure that the fintech application will have reliable legal validity. They must comply with privacy laws such as GDPR, ePrivacy regulations, CCPA, and others as determined by the countries for which you created the app. 

Define a project vision and features 

At this stage, define the vision of your product, what purpose it is created for, what problems it will solve, what functions it will perform. In addition, you should estimate your budget before you begin development. Development and quality control specialists are also involved here to determine the technology stack and implementation constraints. The end result should be a development plan with a negotiated budget and timeline.

Create or hire a team

You need a team of specialists for quality application development. The number of team members will depend on the project size. The larger the project, the more members you will need. While hiring your team has its advantages, it will cost more in terms of time and money. Therefore, many companies outsource development to professional teams to create a project from scratch and maintain it after release.

UI/UX Design

The user interface should be simple and friendly at every stage of interaction with the application, from registration to task completion. Functionality should be easy to use and include only necessary features. Also, users should have no trouble finding options. Because users love simplicity, transparency, and a pretty picture.

Develop MVP

Before you release an app, you need to test your idea. And the MVP serves this purpose. It is a basic version of the app with the basic components and features. It’s enough so that users can already try out the app. It’s also a chance to attract new investors. With MVP, you get feedback from real users, which will show if there are any shortcomings and what features should be added. That way you minimize the risk of the idea not paying off.

Support a Fintech App

Once developed, the fintech app should be improved and updated regularly so that it performs its job correctly. Maintenance of a mobile app means updating the app to the latest operating system versions, updating the libraries and third-party services used, fixing bugs, checking security and updates, and updating obsolete parts of your app.

How we built a fintech app

We try to help clients develop good fintech applications. That’s why we want to tell you about one of our latest projects – Algo

In brief, Algo is a stock trading bot, which opens trades according to certain rules and closes trades according to risk rules. Algo is divided into 4 services: CMS frontend, CMS backend, IB service (interactive broker) and algo service.

  • The frontend contains form graphs and data tables for asset management, displaying statistical data, etc and written using ReactJS.
  • The backend contains an API service which creates a connection between all the services and written in NodeJS.
  • The IB service implements an ib client and provides API and TCP socket connection that returns the ib results.
  • The algo service runs a rule based algorithm on the CMS and the code. It analyzes and makes decisions for opening and closing transactions.

We have set the rules by which trades will be opened and closed. The system opens the deals according to the rules that meet the terms. The service takes quotas (i.e. the current price) for the trades in real-time. It constantly monitors this, and when the rules trigger to close, the trade is closed.

Also, our role was to develop the project strategy, update the algorithms, quality control and error handling. We did a great job, and the client was satisfied with the outcome.

As a result, we have a service that helps to execute trades and ensure the trader maximizes profits without missing opportunities.


Fintech applications are conquering the financial world, becoming one of the opportunities for better experiences and financial transactions. If you decide on a fintech app, you stand a good chance of creating a successful and profitable business. 



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Andrei Ivanov