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Examine the development costs of FinTech applications in 2023

by Techies Guardian

FinTech enables innovative services to users, allowing efficient communication between financial institutions and customers. Since FinTech is systematically developing, the financial investment in developing such applications is decreasing. The FinTech market will become much more significant, increasing the number of digital banking users.

How much will it take to create a FinTech application?

FinTech application

It is impossible to say what costs are necessary because each developer company imposes conditions that affect the cost of creating a FinTech application. The development cost is influenced by various factors: type, functionality, period of creation, location of the developer company, and much more. The minimum app development budget starts at 10,000 USD. The more complex the application’s structure and functionality, the more expensive its development will be. Feel free to learn more on QArea website.

Varieties of FinTech applications and estimated cost

FinTech applications

Depending on the purpose of the application, the cost of its development depends. Below we will consider the existing types of FinTech applications and their cost of creation.

Applications for banks

Various financial offers are made online using digital applications – register, transfer money, get a line of credit, etc. It eliminates the need to visit a bank branch. Therefore, these services are performed quickly, without waiting in queues. The cost of creating an application for the banking system varies between 30,000-300,000 USD.

Applications for lending

P2P lending technology is rapidly increasing its user base. Lending companies provide the opportunity to make loan requests using digital technologies. It ensures the speed of operations by eliminating errors, but artificial intelligence necessarily identifies a person in various ways. With the help of such applications, it is easier to control the borrower’s income, determine the amount of collateral and monitor loan repayment. The cost of creating a loan application is in the range of 50,000-150,000 USD.

Apps for your finances

It is necessary to manage your finances. Users are allowed to control their profits and costs and the implementation of the budget plan. Such an application will enable you to handle all transactions. The development price is 50,000-300,000 USD.

Applications for insurance

Insurance FinTech organizations are now actively engaged in digitizing the services provided. Thanks to the application, most services become more accessible to the user audience, which has access to insurance policies. This approach increases the efficiency of cooperation, speeding up the processing of transactions. The cost of creating an insurance application will cost 45,000-200,000 USD.

Applications for investments

This type of application invests in various services for organizations and individual users. Here are examples – trading applications, applications for cryptocurrency platforms, and so on. Development of investment applications will cost between 60,000-120,000 USD.

What affects development costs?

The product development process is complex, and various factors influence the price of its creation. We will consider some below.


One of the main factors in determining the cost is the application requirements, which consist of two components:

  • Scope of work, including the feature set and the effort involved in its development: the size of the project and the amount of time spent to create it.
  • The degree of complexity refers to the program’s characteristics, scalability, testing, performance, reliability, and security.

You should write out the terms of reference in advance and determine what main functions the software should perform, interface features, and many other characteristics.

Interface for users

The user interface should be as straightforward to use. It is necessary to consider the type and size of fonts, page colors, menu structure, etc. The more efficient the application is in use, the more user demand for it.

Developer Location

The hourly cooperation rate will depend on the country where the developers are located. For comparison, specialists from America will cost more than those from India. Here are some examples of developer hourly rates:

  • Europe 35-65 USD;
  • USA, Canada 25-35 USD;
  • Africa 25-30 USD;
  • India 15-20 USD.

Therefore, the choice of the location of the developer company can significantly affect the cost, especially with the vast hourly cost of creating an application.

How many hours will it take to develop?

Naturally, the more complex and multifunctional a FinTech application is, the more time it will take to develop. The type of application affects the timing:

  • Banking 2000-3500 hours;
  • Your finances 1500-2500 hours;
  • Credit 2000-2500 hours;
  • Investment 1500-2500 hours;
  • Insurance 2000-3000 hours.

The development speed depends on many factors and can reach from several months to a year and a half.

The impact of the use of innovative technologies on the cost of development

All the advanced technologies used in the development also affect the cost of creating a FinTech application.

Digital analytics allows you to track and analyze financial transactions and provides access to purchase information—the more complex the analytics, the higher the development cost. It ensures the transparency of transactions and their fast execution. Blockchain allows data to be exchanged between platforms through an interface.

Artificial intelligence provides the ability to process information with a high degree of complexity. For example, it ensures transaction security and reliability and protects confidential information. Functions integrated into the application. The greater the number of parts and the more complex they are, the greater the development cost.


Thus, the cost of developing FinTech applications is influenced by many factors that should be considered. But the main thing is that the application must be in demand, function smoothly, and the desire to reduce costs should not affect the development quality.

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