New financial technology is springing up all over the Middle East. Mobile payments and peer-to-peer lending are just two examples of how these apps are revolutionizing personal finance. However, have you ever thought “how to build a fintech application for the business you run?” Then maybe you should consider developing a financial app as an opportunity to shake up the industry. Additionally, it helps people take charge of their financial security.

By 2030, the fintech market is projected to have grown at a compound annual growth rate (CAGR) of 17%, from a 2022 valuation of $257.26 billion to $882.30 billion. North America's market worth was $89.61 billion in 2022. 

This depicts a greater need for fintech apps, which is why businesses are looking to invest in fintech app development. So, if you fall into that category as well, you will truly enjoy this blog.

In this blog, we'll dissect the essential methods to build a fintech app, assisting you in realizing your creative concept.

Now let's get started.  

Current Market Stats of Fintech Apps! 

• The worldwide fintech industry is expected to generate $188 billion in revenue overall by 2024, according to projections. 
• With an AUM of US$453.20m in 2024, Digital Assets will be the largest market.
• In the digital assets sector, the average annual maintenance income (AUM) per user is expected to reach US$164.10 by 2024.
• In 2025, the market for digital assets is projected to develop at a rate of 14.87% in terms of revenue.
• It is anticipated that there will be 9,194.00k users in the digital payments sector by 2028.
• Digital Assets Market Total AUM is expected to reach US$453.20 million by 2024. 

5 Most Popular Fintech Apps in Middle East

An increasing number of technologically savvy customers and a favorable legal atmosphere have led to a boom in fintech adoption in the Middle East in recent years. As per the digital wallet app development company, below are the top five fintech applications currently gaining traction in the area. You must check out each of them for a reference to build a fintech app: 

1. LuLu Money 

The LuLu Money app for mobile phones makes sending money to over 170 countries quick, easy, and safe. It has competitive exchange rates, low fees, and instant transfers. Users can effortlessly send cash, make payments, and refresh their phones. The app focuses on clarity, validity, and effortless use.  

2. Pyypl 

Pyypl is a peer-to-peer lending app that lets users make payments easily anywhere in the world. It's simple for users to send money, pay their bills, and add more mobile credit. Its safe platform protects privacy and ease of use with features like reading QR codes and sending money right away. Pyypl makes money management easier for both people and businesses.

3. Al Mulla Exchange Appl 

The Al Mulla Exchange App is a mobile app that makes it easy to send and receive money and change currencies. Users may watch exchange rates, send money abroad, discover nearby banks, and convert currencies with ease. It provides a seamless experience for financial transactions while on the road with its user-friendly UI and safe transactions. 

4. MyFawry

MyFawry is a fintech app that lets users in Egypt make safe internet payments. It's easy for users to send money, buy products and services, and pay their bills. MyFawry makes financial transactions easier with its intuitive design and strong security features. So, if you are planning to build a fintech app like MyFawry, then you must consult with a banking app development company. 

   
5. Al Ansari Exchange Mobile App'

With the Al Ansari Exchange mobile app, it's easy to get to banking services. Users can convert currencies, send money, pay bills, and do a lot more using safe and real-time rates. The user-friendly layout and functionalities of the app simplify financial operations. It offers a smooth and convenient experience for people who manage their finances on the go.   

Essential Features to Build a Fintech App 

When you build a fintech app for your business, the first aspect that hits the mind is what features must add to attract users. Well, it is quite complex as it requires a good amount to spend on it. So, you must take assistance from a fintech app development company who can assist in choosing the best features for your fintech app. Now let’s have a look at the below features. 

User Panel

• Registration & Profile Management    

It is possible to generate user profiles, control personal data, establish preferences, and modify shipping addresses. 

• Financial Management Tools    

Users may keep track of revenue, budget, and expenses; they can also create goals and obtain custom financial insights. 

• Financial Account Linking    

Make purchases with their debit/credit card or bank account by securely linking them. 

• Product Discovery & Search    

It is possible to browse and search for various financial goods like investments, loans, or insurance. You can take help from a loan app development company to integrate a loan feature when you build a fintech app.  

• Money Transfer    

It is possible to transfer and get money within the app or between account holders, if that's possible. 

• Bill Pay    

Through the use of the app, you can immediately arrange and pay bills to a variety of providers.

• Security Features    

Set up biometric login using face ID or fingerprint, view past transactions, and manage dual-factor authentication. 

• Investment Management

As well as doing trades, you may view portfolios of assets, analyze markets, and monitor earnings.

• Customer Support    

You can offer feedback, read frequently asked questions, and contact assistance through message or chat. 

Merchant Panel 

• Product Management    

When you build a fintech app, it is essential to include, manage, and make changes to the financial goods or services that are being offered. 

• Account Management    

Perform tasks such as managing business profiles, accessing performance data, and updating service details. 

• Customer Management    

Browse through the profiles of customers, manage applications, and chat with customers about the products or services you offer. 

• Risk Management Tools 

To manage the prevention of fraud, analyze creditworthiness, with legislation, use the appropriate technologies. 

• Transaction Processing    

You are responsible for managing settlements, approving or rejecting transactions, and tracking financial activities.  

• Customer Support    

You must know that in cryptocurrency app development, it is quite essential to integrate AI chatbot features. Besides, use the app's chat or messaging features to handle customer inquiries.    

• Analytics & Reporting    

Get reports on consumer behavior, product performance, and general company data.
 

Admin Panel

• User Management    

Assign responsibilities and permissions, keep an eye on user behavior, and add, manage, and edit user accounts.

• Security Management

    
Manage access by users, set up security parameters, and keep an eye on the security of your apps.

• Data Analytics & Reporting    

When you build a fintech app, it is essential to provide reports on user conduct, usage of applications, company results, and trends in the market.  

• Financial Management    

In addition to managing payment gateways, you ought to oversee transaction fees and the overall fiscal condition of the app. 

• Push Notifications    

Whether it be for offers, statements, or updates, send customized push alerts. 

• Third-Party Integrations    

The management of interfaces with external services such as credit bureaus, marketing platforms, and payment processors is a responsibility. 

Step-by-step Process to Build a Fintech App

If you're planning to build a fintech app, review your pre-flight criteria before starting. You may broadly divide the steps involved in the Fintech app development process as follows.  

Choose your Niche

You should have already worked this out, or you wouldn't be reading this thing in the first place. It may be necessary to bring on a business analyst so as to investigate the market in search of unoccupied niches and opportunities that others may have missed. You are prepared to build a fintech app once you have a broad notion of what you might do. 

Define Your Monetization Model 

When making the MVP version to build a fintech app, never try to include as many methods to make money as possible. You should select the one that is most suitable for the pilot, and you can add more in the future as you discover new opportunities and establish new revenue generation streams. Make the decision that makes the most sense and requires the least amount of effort to adopt for the time being. 

Understand Compliance

When it comes to build a fintech app, compliance goes beyond just following the rules set down by Google Play and Apple's App Store. So as to determine any legal obstacles and limitations, you must perform conformity research based on your intended audience. Once found, change your development approach for compliance. This may also require stricter security and testing for penetration quality assurance. 

Create MVP Features 

Define the fundamental user narratives and core values that will serve as the foundation for the development of the initial release's functional scope. Maintain a lean approach, freeze it, and avoid allowing scope creep to take hold, which will result in unneeded delays. In the future, you will have the ability to include feedback from customers, A/B testing, and your changing vision of the product into the process of expanding the functionality of the app. 

Hire Mobile App Developers 

If you don’t have an internal team who can build a fintech app or some of its parts, partnering up with a trusted custom fintech software development company is a good idea. They will be able to suggest open-source components that will get you started in the most expedient and cost-effective manner.

Develop Your Fintech App 
      

If you want to put all your eggs in the product realization basket, this is the stage for you. It will take the longest and cost a great deal of money. Fintech app development best practices must be followed. Check with SMEs or you can hire one of the best finance app development companies and determine the app's goal. Also, make sure the team knows FinTech app development, as well as the business model and terminology.

Consider employing the greatest tools, not the newest, for your tech stack and technological selections. Select suitable tools and services. Your app must be tested and easy to check, and it must not use suspicious dependencies. 

Testing and Quality Assurance 

A crucial component of your development process is to include quality assurance and software testing. Creating and carrying out a comprehensive test plan is essential while developing a FinTech app in order to guarantee security, lucidity, and resilience. 

You can use the many testing tools and mobile testing techniques that are readily accessible to that. You must at the very least have quality gates that guarantee that any code that is released satisfies security coding standards and performs basic sensibility tests. 

Final Launch  
                            

So, you finally released an app that ticks all of the regulatory compliance boxes and test cases. However, you need to be aware that your work is still not finished. Actually, one might say that the real work starts from here. The development team now finally launches your fintech app on the app stores respectively by following all the guidelines.    

How Much Does It Cost to Build a Fintech App?

A variety of variables affect how much it will cost to build a fintech app. These include the app's intricacy, the capabilities and features that are needed, the app that will be used, and the location of the mobile banking app development team.

Creating a finance app might set you back anywhere from $8,000 to $20,000. However sophisticated apps with technological advances can cost greatly more up to $30000, simpler apps with basic functions might cost less. 
  

Moreover, it's critical to keep in mind that when you build a fintech app it involves many expenses, of which development costs are only one. It's important to take into account additional expenses for things like marketing, customer service, and continuous maintenance and upgrades.

Therefore, it's advised to speak with one of the top fintech app development companies like IMG Global Infotech to obtain a more precise estimate of the expenses associated with creating a fintech app. It helps in obtaining a comprehensive project proposal that details the prices, schedule, and scope of the work.

  
Ready to Develop A Robust Fintech App! Let’s Connect! 

When you build a fintech app, it becomes a thrilling project with the potential to completely transform the financial industry. You may confidently manage the difficulties of fintech app development and create a solid fintech app that fulfills user expectations by following the methods given in this blog. 

Throughout the process, keep in mind to give security, user interface, and innovation top priority. By availing our personal finance app solutions, you can build a fintech app with IMG Global Infotech.  It proves users' financial well-being and stands out in the market with commitment and a clear vision. Together, let's go off on this adventure!