
Fintech App Development
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There is no surprise that the financial sector has also experienced digital transformation and advancement.
The fintech industry has emerged for user convenience and for easier and more secure online transactions.
According to Statista,
- In the digital payment segment, the number of users is expected to increase to 5,480.33M users by 2027.
- Total transaction value in the digital payments segment is projected to be US$8,4 88.00bn in 2022.
- The market’s largest segment will be digital payments with a total transaction value of US $8,488.00bn in 2022.
Future fintech apps are expected to gain more popularity with the rising demand for mobile apps and online transactions.
Here we have described all the ins and outs of fintech app development.
How to make a fintech app from scratch?
Fintech app development is not an easy task to do! It is important to have all the information about fintech apps, the market and the development process before jumping to a conclusion.
Let’s dive into the process of making a fintech app from scratch:
Step 1: Types of fintech apps
To make a successful fintech app, define its type and purpose. It is important to choose the right type of fintech according to the business/app development purpose.

- Digital banking
Avail all the banking services at your fingertips - this is what digital banking is all about! It is a kind of online bank where users can find all the bank services within one mobile app.
Generally, banking sectors choose to make this type of fintech app to provide more convenient, secure and accessible bank services.
Examples: AxisBank, YONO SBI
- Digital payments
It is one of the largest segments of the fintech industries. Digital payment apps are developed for secure and fast digital transactions between the app users.
This type of application is what everyone will use! Everywhere everyone is using some app to transfer their money online and this trend is not going back.
Examples: PayPal, Paytm
- Lending apps
Process of lending money has become more convenient with this app type. From submitting requests for a loan to getting a loan and paying EMIs - All have been digitized with online lending apps.
Independent lenders and financial institutions have shown major interest in developing lending apps.
Examples: MoneyTap, PaySense
- Insurtech
Just like digitalisation in the lending process, this type of app has made the whole process of getting insurance online. It speeds up the policy management and claim processes.
Insurance companies are highly looking forward to developing such apps.
Examples: Policybazaar, ACKO
- Investment apps
Investing in companies/funds/schemes and buying/selling shares is made online through digital investment apps.
There are so many apps available for investing and trading. These apps are being popular day by day as investing has become easier.
Example: Groww, Zerodha
- Regtech apps
Process of enhancing regulatory and compliance processes within the financial industry. Apps which have been managing these processes online are known as regtech apps.
Companies invest in regtech apps to save time and money to keep up with all the compliances.
Example: Avacom, RuleZbook
Choose wisely from the above-mentioned types according to your preference and then move on to the next step to make a fintech app.
Step 2: Research & define the target market
It is important to research the current market and current trends going on.
But before researching on any other thing, know all the regulations that go behind the fintech app launch:
Financial businesses always have to comply with governmental regulations.
So, before doing anything one needs to research legal compliances and rules related to the fintech industry.
- Know the other companies in the same field as yours and try to understand their process and learn from them.
- Use a cloud-based regtech software to keep up with government compliances.
- Hire a lawyer who is a specialist in fintech government laws and compliances. Also having a lawyer helps you in the secure financial business.
Gather the team and brainstorm all the ins and outs of fintech app development. Understand other top fintech applications, and study them carefully.
Know the success story of top fintech apps. Do a thorough case study before starting the development process.
Know other market competitors' strengths and weaknesses and bridge the gap by providing customers with what other apps can not provide.
Research what people are looking for in their chosen fintech niche and by targeting the right set of audiences based on that, move ahead to the next step.
Step 3: Wireframe & prototyping
Now, it's time for an actual start. This is where some high-budget fintech applications are making mistakes.
First, choose an app flow and navigation process in which the app will work. In order to make a successful app, make an app flow as easily to navigate as possible.
If users won’t find your fintech app easy to use then they will stop using the app and switch to another app.
Make rough sketches, upgrade them, and turn them into wireframe and prototyping documents. After finalizing one app design and app flow, move on to the next step.
Step 4: Choose the right tech stack
Before we move on to choosing the right tech stack, know some latest technology trends in fintech and advanced technical terms.
Latest fintech trends:
Before the development process starts, know about the latest fintech trends that you must have to look out for.
- Cloud Computing: It helps the fintech industry with data aggregation & management, security, cost and many more. Some of the most important use of cloud computing is in self-service applications like PayPal, Zelle, etc.
- Biometric Authentication: Biometrics are safer than passwords & pins. No need to remember a long sequence of alphabets and numbers. Confidential information will remain safe even when your smartphone or laptop is stolen.
- Blockchain: Banks are leading towards investing more in blockchain technology than insurance and credit organizations. Blockchain protects the bank from fraudsters because every transaction is recorded and can not be changed after. It also allows international payments and safer transactions.
- Artificial intelligence: Virtual assistants are created with the help of AI. It also helps with automated chatbots, customer support, fraud detection, insurance management, financial assistance, etc.
- Voice Payments: Voice payments are likely to be reliable on user’s voice biometrics and they would be executed with digital assistants. Users will be free from manual entries. This would be the greatest alternative to chats, managers, call centre operators etc.
As per the current trends and fintech app requirements, our CTO has listed down some popular and well-suited programming languages, frameworks and databases.

Programming languages:
It is a key factor while developing any fintech app. We have listed out some best programming languages for you to select from:
- Python: It is the most popular programming language nowadays. It is a dynamic yet scalable language for developing your fintech app. It is useful in trade management, pricing, risk management and more.
- Java: It offers the best capabilities to develop a full backend-fledged fintech app. In terms of security, Java provides the next level of data protection with the help of classes, objects and their access modifiers.
- Ruby: It offers simplified yet dynamic and interactive fintech app development. Its simplicity helps the development process to be fast. It is used in asset management, e-wallets, digital payment, etc.
Frameworks:
To choose the right environment for developing your fintech app is very important. Frameworks offer structure and environment to the programming languages. Here are some popular frameworks for fintech app development:
- Django: This framework offers an amazing interface and structure for successful fintech app development. Django is known as the primary framework for fintech app development. It offers various facilities such as Django REST API, Sentry and many more. Also helps in AI & ML integrations.
- Spring: It is a java-based framework to develop fintech apps. It offers ready-to-use components and robust methods for authentication and authorization. Simplifies the development process and offers scalability.
- Ruby on Rails: For quick MVP development, RoR is known as the best choice. It reduces development time by 25% to 40%. It also offers scalability and flexibility. Coinbase is being developed using RoR.
Databases:
Fintech applications contain the most sensitive user data, so it is important to choose the right database management system for your fintech app development.
- MySQL: It provides high-performance cross-platform functionality. Its complex algorithms make the database secure.
- PostgreSQL: Known for its rapid responses to queries. Comes with advanced analytical capabilities along with the support of numerous programming languages.
After deciding on the right-tech stack, you need to have strong development skills.
Step 5: Choose the right development team
Without robust app development and a skilled development team, it is a waste of time and money.
Hire experts for the fintech app development process.
To develop a fintech app, there are 3 possibilities:
- In-house development
- Hire freelance developers
- Hire a dedicated team
But we recommend that you choose a full-fledged development team to develop your fintech app because a specially dedicated team with subject matter expertise will develop your fintech app.

Bonus tip: It is important to update your fintech app time by time to keep up with the latest trends and technologies. Why?
- After some time, It becomes necessary to update the app version and make it more flexible and efficient with the latest technologies.
- Through app updates fix bugs and other errors for all the app users at once.
- After a while, One needs to make some specific changes in UI UX as well because of trending design trends.
- It also builds users’ trust that their transactions and data are safe as there is constant upgradation in security levels too.
This is why post-deployment support is also a factor to consider when choosing a fintech app development company.
Hire a dedicated team for your fintech app development at Coruscate: Why?
Let us answer your question with our fintech app case study.
Requirements:
- Our clients wanted us to develop a P2P lending solution that could make the whole lending process user-friendly, automated and easy for both parties.
Our Solution:
- Based on the preference criteria of lenders, the system will invest in such loans on the behalf of investors directly.
- With the help of a pre-defined algorithm, all documents can be verified through the system.
- Advantage of pre-payment based on the predefined criteria.
- In another scenario, we developed a secondary marketplace where lenders can meet other lenders and transfer the loans.
- Payment gateway integration has made the payment process easy.
- Timely updates in the app through our post-deployment support.
Results:
- There has been an increase in the number of borrowers by several manifolds.
- The customer acquisition rate has been increased by 2x.
- Client generates at least 100 queries in a week.
Read the full case study here!
If you are looking for a development partner for your fintech app development and want to know more about time and cost estimation then contact us.