Back to blog

How Long Does It Take to Develop Fintech App?


6 min read

This article will be helpful if you want to understand the basics of creating a wonderful fintech app and choosing the best fintech app development company, as well as other insights about how to develop a software application.

Many transactions are conducted online in today’s world. Online banking, webpages, applications for investing, loans, and other financial transactions are rapidly evolving. For the time being, fintech application development is an extremely important path for financial service providers and an appealing alternative for entrepreneurs.

Fintech App Development Phases and their Duration

After you find a fintech app development company, you should analyze each of the main phases independently when developing and evaluating a project:

  • Planning
  • Design
  • Development
  • Testing

As a result, you must evaluate the time how long to build a fintech app it will take for each stage, beginning with the app concept.

1. Planning Stage

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. It takes about three weeks.

During this app development phase, you gather and evaluate data about the product, the industry, your competitors, and your target audience.

The duration of the discovery stage differs. Here are a few things you should consider:

#1. Specifications and Requirements

Writing and managing specs could take several weeks. Here are a few examples of what you should include in your brief when discussing how to make a fintech app:

  • Metrics for project success and completion
  • Solicitation of proposals (RFP)
  • Price range
  • Non-disclosure contract
  • Estimated delivery date

#2. Wireframes

Low-fidelity wireframes are the first graphical examples of the product’s concept. It provides designers and clients with a clear image of the design and functions of the product you want to be created.

They are extremely adaptable and streamline the process while maintaining the beginning prices low and contributing to a relatively shorter application development time.

#3. Define the Technology Stack

It is vital to examine the technological stack that will be required for the development of an MVP. Wondering how to build a fintech software? The development of mobile apps is divided into three categories: web, native, and hybrid.

A native app is a mobile OS application (Objective-C, Swift, and Java for iOS apps and Kotlin for Android apps), whereas a hybrid one is a web app made with Flutter, React Native and others.

The discovery phase might take up to 80 hours of the application development period. At DeshDevs, for example, the average fintech app development time for the discovery process may take up to 70 hours, depending on the project’s complexity.

2. Design Stage

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.

#1. High-Fidelity Wireframes

High-fidelity wireframes offer users a depiction of the finished product. To begin, low-fidelity wireframes are used to connect narrative with digital strategy. So it generates high-fidelity wireframes for the app’s style and structure.

#2. UI Kit

The UI elements of the UI kit offer people additional functions. A UI kit contains application components such as icons, a navigation bar, checkboxes, and other cool features.

Most significantly, UI kits include all UI design features, so you do not need to create them from scratch. They indicate that the mobile app creation deadline must be strictly followed.

This stage is essential, so if we talk about the amount of time, how long to create a fintech app do you need? The design phase requires between 40 and 80 hours to complete. Nevertheless, both the planning and design processes might take anywhere from a few weeks to one month.

3. Development Stage

With a blueprint, you have a clearer vision of how to develop a fintech software, which will take approximately 3-6 months. The process of development mostly consists of front- and back-end. Custom development projects also require project managers to make sure the development team completes all the tasks properly and on schedule.

#1. Backend Development

The backend of an application is the invisible component responsible for data storage and protection. It works as a server.

#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. Testing

Testing is considered to be the final and most important stage of the process of app creation. It might take you around one month.

Factors that Affect the Timeline of Fintech App Development

As seen above, the total average duration for the software development process is between four and twelve months. However, it is critical to note that, according to statistics and our company’s experience, 90 percent of software development projects do not fit within the time limitations mentioned during the planning stage.

Timelines are Heavily Influenced by the Scope of Work Needed

Because of the varying nature of distinct projects, each with its own set of criteria, estimating the precise time to develop fintech app is challenging. These factors that impact the process may include the incorporation of specific functions, security features, modules, APIs, or external resources. The duration of the development timeline is also determined by how the product must be linked to and integrated with current software systems, like legacy systems.

If the testing team discovers errors or software problems, fixing them might take an additional week or two. However, the size of the project ultimately determines whether it can be completed quickly or not. Other factors to consider include the difficulty of core functionality, migrations of database programming code, support for various platforms, whether the programming language is adaptable and much more.

Faster does not Equal Better

The programming language is indeed considered and selected while deciding on the strategy for software development. Although a scripting language may be easier to create than a genuine object-oriented language like C# or Java, the corporate solution will almost certainly require a more sophisticated development language to achieve long-term business objectives. For applications, speed versus performance and reliability are critical considerations.

Time Frames Largely Depend on your Partner

Finally, whether a company employs its own technical resources or outside developers from a company or a freelancer to construct the application in question is an important consideration for bespoke software development time frames. Utilizing your own corporate software engineers provides benefits since they are likely to have a thorough grasp of the business needs and the technologies to be integrated with.

Using the talents of a team that deals exclusively with software development means utilizing the capabilities of a company that focuses on custom application development, which may eventually drastically reduce time limitations, overhead, and possibly maintenance expenses.

Conclusion: How We Estimate the Development Time at DashDevs

In today’s world, a financial company may be a very successful business. As you are aware, developing a fintech application is a lengthy and involved process that may appear daunting at first. However, the process’s complexity does not have to concern you if you have a trustworthy, supportive team of professionals who are interested in developing a strong fintech app for you and guiding you through all phases of development.

DeshDevs is a software firm that provides digital solutions that help businesses thrive. We’ve helped scores of businesses pursue bespoke software development. Suppose you’re willing to know more about fintech development. In that case, the DashDevs team will walk you through the app development process, provide an app development cost estimate, and discuss what that really requires to build a successful fintech app.


How long does it take to finish software development?

The whole development process typically takes between 4 and 9 months. The total time to build fintech app is determined mostly by the project’s complexity and scope.

How long does it take to develop an app?

  • Simple Application Development: 2-4 months;
  • Average Application Development: 4-6 months;
  • Complex Application Development: more than nine months.

Share article

Table of contents