How Long Does It Take to Develop Fintech App?

Back in 2023, the total revenue of the fintech industry was estimated at $79.38 billion, with the prospect of multiplying nearly twofold by 2028. As of 2024, there are more than 13,000 fintech startups in the US alone, nearly 11,000 in the EMEA region, and about 5,900 in the Asia Pacific region, and these numbers continue to grow because more entrepreneurs see a promising opportunity in developing their fintech apps. 

This article will be helpful if you are one of such entrepreneurs and looking to develop a fintech app, but not sure how long it will take. 

From this text you’ll understand the basic phases of a successful fintech app development project, including timelines, as well as discover factors impacting the overall duration of the project and the development effort needed. 

Fintech App Development Phases And Their Duration

Pro tip: If you don’t have an in-house dev team or you simply lack development resources, you will need assistance from an external provider of fintech software development services. Make your choice wisely, as the team working on the project has a predominant impact on its success.

The scope of work for every fintech project is unique and should be defined individually. However, let’s explore the main fintech mobile app development phases of a general flow of fintech software development, the potential scope of work within them, and the approximate timelines:

#1 Discovery Phase

It is the most crucial step in determining an app development timeline. It centers on both the development team and the clients. This stage assists in determining and setting expectations for developing a project strategy. 

Here are a few things that your development partner with will do:

#1. Market and competitor analysis

On the one side, researching the target market and key competitors helps to understand better what target customers need to address. On the other side, it allows to define gaps in competitors’ offerings, covering which you can gain an edge. 

Altogether, marketing and competitor analysis will form the app’s positioning and feature set.

#2 Gathering preliminary requirements

In this initial stage, the focus is on defining the basic parameters and expectations for the fintech project. Here are some key aspects that your tech partner will cover here:

• Functional objectives
• Target audience and user needs
• Budget constraints
• Technology preferences
• Timeline estimates

#3. Defining the technology stack, development approach, management strategy, and means of communication

Now, it’s necessary to decide how the upcoming stages will be approached from technology and organizational perspectives. Basically, deriving from the type of app to be developed, web, native, or hybrid, budget and other constraints, parties confirm what technologies and frameworks to use. 

Parties also agree on how they manage the team operating on the project and how the communication between stakeholders and the team is handled. 

Approximate time for the discovery phase: 2 to 5 weeks.

You can discover how the DashDevs team approaches the product discovery stage from our service page.

#2 Planning and Requirements Phase

Once the preliminary data is gathered, now you can proceed with writing down specification for your fintech solution and and drafting an approximate development roadmap.

#1. Drafting comprehensive requirements

Agreeing on and writing down requirements and specs is what sets up the pace for the entire project and defines how the other phases will be conducted. Here are a few examples of what the development team will do in this part of the project:

• Creating technical requirements to application
• Developing metrics for project success and completion
• Creating quality assurance and testing plans
• Planning the deployment strategy
• Planning for ongoing maintenance
• Evaluating legal requirements

#2. Creating documentation

Once the requirements are gathered, it’s essential to create detailed documentation that outlines the project’s scope, features, functionality, and technical specifications, or in other words, Software Requirements Specification (SRS). This documentation serves as a blueprint for the development team and ensures that everyone is aligned on the project’s goals and expectations. Key requirements falling within the scope of SRS include:

• Functional requirements
• Non-functional requirements
• Business requirements
• User requirements

#3. Solution evaluation

In this stage, the proposed solutions are evaluated to ensure they align with the project’s objectives and requirements. This involves assessing the feasibility of the proposed technology stack, development approach, and design concepts. It may also include a cost-benefit analysis to ensure that the proposed solution provides value for the investment.

Approximate time for the planning and requirements phase: 2 to 4 weeks.

Should you need consultation from an expert fintech development team, don’t hesitate to reach out to DashDevs. 

#3 Design Phase

During this stage, you create and iterate on the product’s design. This process resulted in a blueprint that was given over to software developers to begin developing the app.

The design phase encompasses the following aspects: 

#1. Gathering a UI kit

Then, a UI kit is compiled, consisting of reusable design components such as buttons, input fields, and icons. This kit helps maintain consistency in the app’s design and speeds up the design process by providing ready-to-use elements.

#2. Creating high-fidelity UX/UI design

High-fidelity wireframes provide a more detailed and closer representation of the final app design, including color schemes, typography, and UI elements. They help in visualizing the user interface and the overall look and feel of the app.

#3 Prototyping

Interactive prototypes are created to simulate the app’s functionality and user interactions. These prototypes allow for testing the app’s design and usability, enabling designers and stakeholders to identify improvements before development begins.

Approximate time for the design phase: 3 to 5 weeks.

#4 Development Phase

With a blueprint, you have a clearer vision of how to develop a fintech software. The process of development mostly consists of front- and back-end as well as the integration of third-parties modules through Application Programming Interfaces (APIs). Implementing security measures and ensuring regulation compliance is also done in this stage. 

#1. Backend development

The backend, or server-side, of the app is developed to handle data financial data management, server interactions, and integration with databases and APIs. This phase ensures that the app has a robust foundation for storing and processing user data securely.

#2. Frontend development

The app’s front end is the part of the application visible to users. Front-end engineers create every element with which a user interacts, from architecture to layout to performance to data and content. It is usually done with CSS, HTML, and JavaScript. Hence, this type of development is responsible for an app’s interactivity and functionality.

#3 API integration

Most applications, especially complex ones, require integration with third-party APIs to add functionalities such as payment gateways, social media integration, and data analytics. This allows the app to leverage external services and enhance its capabilities.

#4 Security implementation

Security measures are implemented to protect sensitive data and ensure the app complies with fintech industry standards and regulations. This includes encryption, authentication protocols, and regular security audits.

#5 Non-functional requirements implementation

It’s worth noting separately that the inclusion of data handling and cybersecurity measures should be aligned with the PCI DSS, or GDPR standards as well as local regulations. It depends on what laws are applicable in the region the potential users of the app are from. Compliance is obligatory, and potential fines for being PCI non-compliant range from $500,000 per case.

Approximate time for the development stage: 3 to 6 months.

#5 Testing Phase

The testing phase helps ensure that the app’s functionality, performance, and security meet the highest standards. This stage involves rigorous testing of the app to identify and rectify any issues or bugs. It may additionally involve testing with a small group of users. 

Here are the core testing approaches to be utilized on this stage: 

#1 Functional testing

The app is tested to ensure that all fintech app features and functionalities work correctly and as intended. This includes the following testing methods:

• Unit testing
• Integration testing
• System testing
• Regression testing
• User Acceptance Testing (UAT)

#2 Performance testing

The app’s performance is evaluated under different conditions to ensure it remains responsive, stable, and fast. This includes:

• Load testing
• Stress testing
• Scalability testing
• Volume testing
• Soak testing

#3 Compatibility testing

Compatibility testing ensures that the fintech app is compatible with various devices, operating systems, browsers, and network environments. It helps to ensure that the app provides a consistent user experience across different platforms. This includes:

• Cross-browser testing
• Cross-platform testing
• Device compatibility testing
• Network compatibility testing

#4 Regression testing

Regression testing is performed to ensure that new changes or updates to the app have not introduced any new bugs or issues. It involves re-running previously conducted tests to confirm that the existing functionality remains unaffected by the new changes. This is crucial for maintaining the stability and reliability of the fintech app over time.

Approximate time for the testing stage: 2 to 4 weeks.

#6 Launch Phase

The launch phase involves final preparations for the app’s release, including app store submissions. Post-launch, the focus shifts to monitoring the app’s performance, gathering user feedback, and providing ongoing support and updates to ensure the app’s continued success and relevance in the market.

#1 App Store submission or releasing the application to the product environment on the web

The app is prepared for launch, which includes finalizing the app’s metadata and creating promotional materials. Then, it’s submitted to app stores or deployed on a web server for public access.

#2 Monitoring and support

After the launch, the app is monitored for performance issues, user feedback is collected, and support is provided to address any problems or queries. The development team continues to update and improve the app based on user feedback and market trends.

Approximate time for the launch stage: 1 to 2 weeks. Monitoring, if necessary, is continious.

Approximate total project timeline: 5.5 to 11 months.

You may be interested in exploring the white-label product for the fast creation and launch of neobanks — Fintech Core by DashDevs. 

Factors That Affect The Timeline Of Fintech App Development

The constraints that can affect the timeline of fintech app development are numerous. Gathered all together, they boil down to three main factors:

#1 The overall scope of work

The primary consideration is the full range of activities and features planned for the fintech app. From basic functionality to complex integrations, the more packed the software is, the more time-consuming and demanding to expertise it becomes. So, the scope of work sets the boundaries and expectations for what the app will achieve as well as primary timelines. 

The overall scope of work for fintech app development includes development and integration of:

• Specific functions. Digital payments, transfers, account management, investment tracking, loan applications.
• Security features. Encryption, biometric authentication, two-factor authentication, fraud detection algorithms.
• Additional modules. Customer support chat, analytics dashboard, financial education resources, budgeting tools.
• Third-party APIs. These include integrations for KYC checks, credit scoring, banking data aggregation, payment processing.
• User roles and permissions. Establishing admin, regular user, auditor, and other permissions.
• Compliance and regulatory requirements. GDPR, PSD2, AML directives.
• UI/ UX design. Finished software screens, prototyping and wireframing, responsive design, accessibility features. 

#2 Technology and development approach chosen

Programming languages, frameworks, and methodologies selected for the project can greatly impact development efficiency. While some technologies feature performance and scalability, others can benefit the time-to-market. 

The main choices of technology and development approaches are:

• Programming languages. Java for Android, Swift for iOS, Python for backend.
• Development frameworks. React Native for cross-platform mobile apps, Flutter, Angular.
• Methodologies. Agile for flexible, iterative development, Scrum, Kanban.
• Infrastructure choices. Cloud services like AWS or Azure, containerization with Docker, Kubernetes.
• Database technologies. MySQL, MongoDB, PostgreSQL.
• DevOps practices. Continuous integration and delivery, automated testing, infrastructure as code.

#3 Expertise and experience of your technology partner, management, and clear communication

It’s essential to know the capabilities and track record of the development team or company you partner with for your project. Their proficiency directly impacts the quality, timeline, and success of your fintech app. Besides, the way the project is managed as well as the means of communication and reporting in place, also can impact the duration of the project either positively or negatively. 

You can discover how to choose a software development agency for your project from another blog post by Dashdevs.

The primary timeline-impacting considerations for expertise and expertise of provider, communication, and management include:

• Specialization in fintech solutions. Experience with mobile payment apps, personal finance apps, digital banking apps, banking platforms, tech insurance apps, wealth management tools.
• Previous projects and client testimonials. Successful launches, case studies, references from well-known clients.
• Certifications and awards in technology and innovation. ISO certifications, fintech industry awards, partnerships with tech leaders.
• Team composition and expertise areas. UX/UI design, backend development, data security, blockchain, AI and machine learning.
• Collaboration and communication tools. Slack, Jira, Trello, GitHub.
• Support and maintenance services. Ongoing updates, bug fixes, technical support.
• Changes and revisions. Iterative design, feature updates, bug fixes, performance improvements, compliance updates. 
• Project management. Project planning, risk management, team coordination.

How to Reduce Time of Fintech App Development

Custom development of a fintech app from scratch can indeed be time-intensive. However, you can opt for an alternative way — white label, modular development. 

White label, modular development allows you to build your unique, branded software from pre-created functionalities and using pre-integrated providers of fintech services, such as digital banking.

Here at DashDevs, we have our own white label modular product — Fintech Core. It’s used for the fast creation and development of neobanks. 

Discover more about Fintech Core by DashDevs from our product page. 

Looking to create a neobank or a digital banking platform or integrate banking functionality in your product? This way, the development with Fintech Core can be a more investment and time-effective solution compared to custom development. It also doesn’t compromise the quality or performance of the finished product. 

Here’s how timelines for custom development and Fintech Core-based development of a neobank correlate: 

Explore what the development roadmap with Fintech Core looks like and discover why Fintech Core is better than Revolut from another blog post by DashDevs. You can also take a look at a success story by DashDevs — Pi1, a digital banking platform created with FintecCore. 

Final Take

In today’s world, a financial company may be a very successful business. As you are aware, developing fintech applications is a lengthy and involved process that may appear daunting at first. However, the process’s complexity won’t be a major concern to you if you have a trustworthy, supportive team of professionals who can develop a fintech app for you, guiding you through all project phases.

DeshDevs is a software firm with over 12 years of experience on the market delivering solutions to businesses and 500+ projects under our belt. Our substantial expertise allows us to offer end-to-end fintech app development of any complexity to companies from across various industries. Don’t hesitate to request our assistance should you need a trusted provider. 

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