Do you want to hire fintech app developer? Fintech app has become quite popular among the populous and thus, they are considered to be a big business opportunity across the world. This is the reason why a lot of businesses, investors, as well as start-ups are developing their own fintech apps and deploying them in the market.
When done right, fintech app development can help you enter the billion-dollar market. For instance, the fintech market revenue is expected to reach 188 billion euros by 2024. This is something every business looks towards.
Now, there are a lot of companies that can help you with fintech app development. However, a question still remains. And the is concerning the cost of fintech development. You see, doing a simple Google search won’t get the exact price. And if that is what you are still looking for, this blog is just right for you.
Here, we shall be looking at the cost to develop a fintech app and factors that can affect the same. This will give you an idea of what you should be expecting in terms of cost. Nevertheless, without wasting any more time, let’s get right into it:
The Average Cost to Hire Fintech App Developers
Let’s first look at the average cost to hire dedicated developers for fintech app development. You see, there is no fixed or set cost for fintech development. Reason being that there are various factors that can affect the mobile app development project in various ways.
While sometimes one factor affects the cost, other times, it can be a set of factors. And since each project is unique in its own right, thus the cost can be different. For this reason, it can be almost impossible to determine the cost of a fintech app development project without knowing its specifications of the same.
This can be quite troublesome for people who want to learn about the development cost while considering developing an app. Now, while it is not possible to accurately determine the cost, we can come up with a range.
Therefore, you can expect the cost to develop fintech app to range from $30,000 to $90,000. The cost of your project can be anywhere between this. Now, if you are looking for a closer estimate, it is recommended that you consult a fintech app development firm as they can help you with the same.
Moving on, now that you know about the range of development costs, it’s time to discuss the various factors.
Factors That Affect The Cost To Hire Fintech App Development Company
As we discussed, there are various factors that can affect the cost to hire fintech app development services. While the factors themselves can be different as per different projects, we have made a list of some that are common in the majority of them.
Going through these factors will give you an idea of what you should be expecting. So, with this being said, let’s get right into it:
· Platform
The very first thing to talk about when discussing mobile app development costs is the app development platform. Also known as the operating system of the mobile, it is a platform over which the mobile apps are built.
As such, you can choose to hire android app developers or iOS developers depending on your project needs. As far as the cost is considered, the android app development is considered to be a little more expensive when compared to iOS development.
Speaking of development platforms, there is yet another option for hybrid app development, which gives you the best of both worlds. And contrary to popular belief, the hybrid app development cost is actually cheaper when compared to native app development. But this is a topic for another blog.
· Tech Stack
Tech stack refers to the technologies like app development frameworks, programming languages, libraries, and other components used for fintech mobile app development. Now, there are various tech stacks that you can choose from. For example, a popular tech stack is MEAN Stack.
Moving on, depending on which platform you choose, the development cost can highly differ. So, this is something to keep in mind when you are developing a fintech. You can ask your development partner for the cost associated with the different tech stacks.
· Developer’s location
If you want to hire on-demand app developers, you should also check their location. The reason being that, the development cost is also affected by the location of the developer. This is something that you should pay special attention to.
· Type of App
Another factor that can affect the development cost of the fintech mobile app is, the type of app. See, whether you are looking at android or custom iPhone app development, the type of app you are developing can highly affect the cost.
Speaking of which, fintech is actually an umbrella term that contains a number of different types of mobile apps. This includes eWallet apps, mobile banking apps, and so on.
Depending on which type of app you are developing, it can have different development costs. Thus, this is something that you should keep in mind.
· Complexity
It goes without saying that complexity is a factor that highly affects the development cost for fintech apps. Now, the complexity depends on a lot of different factors themselves. This includes this design, the size of the application, the feature set, and so on.
And in simple terms, as a mobile app Development Company would tell you, the more complex an application is, the more time-consuming it is. In the world of business, time means money, it gets more expensive. The opposite of the same is also equally true.
Conclusion
These are the factors that can affect the development cost as well as the development cost to hire fintech applications. Moreover, if you are still having doubts, or want to know the exact cost of fintech app development, it is recommended that you should consult Fintech App Development Company.
