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FinTech software development refers to developing applications pertaining to Financial Technologies. FinTech consists of diverse areas of financial instruments such as personal finance, accounting system, financial advice, mutual crediting, non-bank loans, and others. Recently, crypto trading software development has disrupted the FinTech industry as it uses blockchain — a more transparent solution.
It has added another dimension to the FinTech landscape, which keeps getting evolved with tremendous potential. Seeing the rise in the potential it holds, many startups and businesses have planned to venture into this sector with high hopes. However, they still lack the necessary information on FinTech/Crypto Trading software development.
Having developed a crypto trading platform for Nasdaq listed company, ashutec offers a detailed guide on FinTech/Crypto Trading software development process, costing, and tech stack to use. So, without further ado, let’s start.
Every new FinTech startup faces certain challenges in the beginning. The biggest challenge is to come up with a software application that outperforms its competitors and financial institutions in every aspect. For them, it’s difficult to know where to start. Let’s get you started with the development process for the FinTech application development:
The first and foremost step for startups is to determine what area of FinTech they want to target. You can find flaws in the current FinTech scenario and come up with the solution to enhance it or you can generate ideas that fit into existing FinTech categories. Also, there are many good opportunities to invest in building trending FinTech applications such as crypto exchange and trading platforms.
Once you have chosen your niche, the next is to gather and analyze the requirements. Doing so allows you to validate those requirements and how they can fit perfectly into your software application. Create a document if necessary to map the requirements involved in the development of your FinTech application development.
Here, you’d have to come up with a unique set of features that help your FinTech app stand apart from the rest. How? Start with the market research, competitor analysis, and find what hooks your target audience. For that matter, employ skilled analysts and product managers that help you structure the vision of your FinTech app and define key features.
A detailed plan for going forward aids you in cutting costs for developing a high-class FinTech app and also reduces time to market in the long run. Here are the most sought after set of features that would stop your users from deleting your app:
Designing and wireframing of the app is based on the selected niche, data gathered, and market research. At this stage, your developer team or the team you outsourced the project to determines the hardware and system requirements for the software application.
Further, the team also defines the general system architecture for developing a prototype of the app. Based on the prototype and changes required, your FinTech app is further designed incorporating a simplified user interface and intuitive user experience elements. The designs are then tested for improvements and performance enhancement.
Determining the budget and timeframe for the development is essential for the successful project completion. A seasoned team of professionals such as ashutec can help you deal with the budget and timeframe of the FinTech app development.
Our team of experienced developers for crypto trading platform development will help you identify challenges and implement resolutions for them. As a result, you’ll have a well-thought-out development plan that suits your budget and time-to-market requirements.
It’s always good to test your FinTech app development idea by launching a minimum viable product (MVP) first or testnet in the case crypto trading platform. Minimum Viable Product serves the purpose of finding user feedback for further improvements in the app development.
Testnet is also launched to test out the whole platform, how it works, and what end-users will be capable to do with it. It provides a basic overview of the platform for users to understand what they can expect out of it. Also, doing so ensures your users are getting value from the FinTech app you’ve created. Moreover, it is a great way for you to create interest and attract investors to your app.
After you have got initial feedback, it’s time to mold your FInTech app as per user suggestions. Developing and launching the FinTech platform is not enough, constantly improving and upgrading it is of high importance. Support is another key aspect where your team should always be quick to answer and be polite to communicate.
Make it efficient and streamlined for users to reach out to you to get a quick fix to their problems because even if you fall short by an inch, it can have an impact of a mile on user experience. And if you are a startup, offering faster, stronger, and cohesive support becomes significantly important for you to outwit your competitors.
The cost of developing a FinTech web application depends on various factors such as the number of features, complexity level, technological specialization needed, and the hourly rate of your development team. All these factors contribute to the cost of the FinTech or Crypto Trading Application.
The hourly rate for development varies from country to country. To give you an idea, here are the core development regions and their hourly rates:
Depending on the development stages such as niche discovery, UI/UX design, frontend/backend development, feature development, time required to complete each stage, and the cost of the FinTech app development may vary from $30,000 to $45,000. And if you plan to develop a mobile app additionally, the cost would accumulate to $60,000 to $80,000.
It is essential to utilize the right tech stack for any FinTech app development, especially for crypto exchange and trading apps. Using the right tech stack is vital for the success of your FinTech app.
There are many popular technologies, languages, frameworks, databases, etc. that aid in the development process. However, FinTech software are unique and have different challenges which need to be resolved.
This is why you must invest in the right kind of technology stack to achieve the specific purpose. Further, the tech stack for developing web applications differs greatly from developing mobile applications. Here’s the tech stack for developing the web app of the FinTech/crypto trading platform:
There’ll be plenty of challenges on your path once you have decided to develop a FinTech/Crypto Trading software application. You’d have to overcome challenges such as niche to choose, technologies to utilize, features to include to make your FinTech app stand apart from the rest of the market competition.