How to Build a Fintech App for Android and iOS
- Kishan Mehta
- 8 hours ago
- 6 min read
Mobile banking, payments, and finance management have become everyday needs. People now want faster ways to send money, check balances, and invest. That’s why building a fintech app for Android and iOS is a solid business move for many companies.
With the rise in demand, Mobile App Development Services are playing a major role in shaping secure, user-friendly, and fast financial apps. In this guide, we’ll go through each step involved in fintech app development. From planning and features to tech stack, cost, and publishing—everything is covered to help you get started the right way.
What Is a Fintech App?
A fintech app allows users to carry out financial tasks using their smartphone. These apps can help with banking, loans, investing, budgeting, and more.
Some popular types of fintech apps include:
Digital wallets (Google Pay, Paytm)
Personal finance apps (Mint, YNAB)
Stock trading apps (Robinhood, Zerodha)
Cryptocurrency wallets (Trust Wallet, Coinbase)
Lending platforms (Upstart, MoneyTap)
Each of these apps solves a specific financial need. That’s why the first step is to decide your app’s purpose.
Understand the Key Requirements
Before starting development, you need to plan around three key areas: regulations, user needs, and business goals.
Compliance and Legal Rules
Fintech apps deal with sensitive data. You must follow financial laws based on your target location.
For example:
In the U.S.: Follow FINRA, SEC, and PCI-DSS
In India: Follow RBI rules and KYC norms
In Europe: Follow PSD2 and GDPR
You’ll also need secure data storage, user identity checks (KYC), and transaction logs.
User Expectations
Your app should be quick, simple, and secure. Users want easy login, real-time balances, and alerts. Design your interface to match the habits of mobile-first users.
Clear Business Model
Decide how your app will make money:
Subscription plans
Transaction fees
Ads or in-app offers
Affiliate partnerships with financial services
Key Features of a Fintech App
The features you add will depend on your app’s goal. However, most fintech apps share these core functions:
1. User Onboarding
Let users sign up with phone/email and complete KYC quickly. Add biometric login options for Android and iOS.
2. Account Dashboard
Show current balance, transactions, bills, and investments in one place. Keep it clean and easy to understand.
3. Money Transfers
Enable UPI, bank transfers, and peer-to-peer payments. Set limits, add security prompts, and notify users in real-time.
4. Notifications
Keep users informed about spending, deposits, withdrawals, and offers. Use push notifications and SMS alerts.
5. Spending Analytics
Allow users to track where their money goes. Use graphs and simple tags to group expenses.
6. Card Management
If you offer debit/credit cards, let users view card details, set limits, and lock cards instantly.
7. Support System
Add chat or call options for users to get help. AI bots can handle basic queries like balance checks or payment status.
Advanced Features for Better Engagement
You can stand out by offering features that save time or build trust.
Voice search for transactions or balances
QR code scanner for instant payments
In-app loan applications
Investment tools with real-time data
Multi-currency wallets for global use
Tax calculators and reports
These extras improve your app’s usefulness and help retain users longer.
Security is Non-Negotiable
People won’t use your app if they doubt its safety. So strong protection must be part of your plan from day one.
Use These Security Measures:
SSL encryption for all data
Biometric authentication (fingerprint/Face ID)
OTP verification for key actions
End-to-end encryption on messages
Anti-fraud detection systems
Also, run security audits before and after launch.
Tech Stack to Build Your Fintech App
Choosing the right tools will help your team build faster and maintain better performance.
Frontend (User Interface)
Android: Kotlin
iOS: Swift
Cross-platform: Flutter or React Native (if budget is limited or you want shared code)
Backend (Server-side)
Languages: Node.js, Python (Django), or Java (Spring)
Database: PostgreSQL, MongoDB
Hosting: AWS, Google Cloud, or Azure
APIs: Razorpay, Stripe, Plaid, Twilio, Firebase
Pick tools that your team is familiar with and that can scale well as users grow.
Step-by-Step Development Process
Let’s break down the full process into clear stages. You can follow this flow for Android, iOS, or both.
Step 1: Choose the Right Fintech Use Case to Build
Pick a specific goal. Whether it's a loan management tool, mobile banking app, or a personal finance tracker—narrowing the focus will help reduce cost, time, and confusion during development.
Step 2: Decide Between Native or Cross-Platform Build
Choose between building separate native apps for Android and iOS or using a cross-platform framework like Flutter. Native apps suit high-performance banking apps; cross-platform suits MVPs or budget-friendly builds.
Step 3: Include Features That Match Your Revenue Plan
Select features that support your business model. Add in-app payments, transfer history, user verification, and service fees only if they align with your revenue plan. Avoid adding features just because competitors have them.
Step 4: Keep the Onboarding Flow Short and Secure
Design a fast sign-up process. Use mobile number verification, quick KYC, or biometric options. Every extra step in the onboarding flow could lead to drop-offs.
Step 5: Add Banking-Grade Security from Day One
Start with core security features—data encryption, 2FA, session timeout, and fraud detection tools. Security must be built into the foundation, not added later.
Step 6: Work with a Fintech-Focused Development Team
Choose a team with real experience in finance-related apps. Request past case studies in banking, payment apps, or lending portals—not just generic mobile projects.
Step 7: Test with Real Scenarios Before Launch
Before rollout, test the app in live conditions—various devices, network speeds, and use cases. Fixing early saves later spending on hotfixes and damage control.
Step 8: Track KPIs After Going Live
Monitor key business indicators like active users, average transaction value, retention rate, and cost per acquisition. Make feature updates based on what drives results—not assumptions.
Costs Involved in Fintech App Development
The cost depends on how complex your app is, and whether you want it built from scratch or with pre-built APIs.
Here’s a general idea:
Feature Level | Estimated Cost (USD) | Timeline |
Basic Wallet App | $20,000 – $30,000 | 3–4 months |
Mid-Range App (Banking, KYC, Support) | $35,000 – $50,000 | 4–6 months |
Advanced App with Trading/Investments | $60,000 – $100,000 | 6–9 months |
You’ll also need to budget for server hosting, license renewals, and future updates.
Challenges You Might Face
Fintech apps are more demanding than other apps. You’ll need to:
Deal with strict financial laws
Handle sensitive data responsibly
Prevent fraud attempts
Gain user trust in early days
Solving these issues early will prevent app bans, security leaks, and user loss.
Post-Launch: What Comes Next?
Your work doesn’t end after publishing the app.
Monitor and Improve
Fix bugs and publish updates every few weeks
Check if users complete tasks easily or leave midway
Improve onboarding and add features gradually
Get Feedback
Ask users to rate your app
Collect feedback via surveys or chat
Marketing the App
Run app install ads on Facebook, Google
Offer referral bonuses
Use app store keywords (ASO) for visibility
These steps help you grow your user base steadily.
Why Cross-Platform Support Matters
Building for both Android and iOS means better reach. Android dominates in Asia, Africa, and South America. iOS has a strong user base in North America and Europe. Many businesses choose Mobile App Development Services that support both platforms to save time and reduce development costs.
Using frameworks like Flutter or React Native lets you build once and publish on both stores, saving effort and cost. However, if you need advanced native features like Apple Pay or Google Pay integration, it’s better to choose native app development for maximum performance and compatibility.
Conclusion
Building a fintech app for Android and iOS takes careful planning, secure coding, and a user-first approach. From compliance to design, every step plays a role in gaining trust and delivering value. Whether you start with a basic wallet or aim for a full banking platform, success depends on making the right choices early. With the right development team and tech setup, you can bring your fintech idea to life and serve users across both platforms with confidence.
Why Choose Shiv Technolabs for Fintech App Development?
If you're looking to build a secure and feature-rich fintech app for Android and iOS, Shiv Technolabs is ready to assist. We specialize in custom Mobile App Development Services tailored to meet industry compliance, performance, and user expectations.
What We Offer:
Android and iOS app development using Flutter, React Native, or native stacks
End-to-end security with data encryption and two-factor authentication
Support for payment gateway, KYC, and third-party API integration
Scalable backend infrastructure built with Node.js, Django, or Java
Dedicated project managers and developers for each client
Regular testing, updates, and support even after launch
Whether you're building a wallet app, a loan platform, or an investment tool—we’ll help you launch fast and scale smart.
Contact Us to start building your fintech app today.
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