The FinTech app market is rapidly growing, and even launching new innovative mobile applications regularly to advance the market standards. However, cash advance apps were valued at $ 73.7 Billion in 2022, and are estimated to reach $138.5 Billion by 2032. The continuous growth in the industry is influencing new entrepreneurs to launch innovative FinTech apps for start-ups.
FinTech Apps are widely popular and known for their instant money transferring money withdrawals, budgeting, finance securities, and other financial services. These applications will continue to grow because the demand and need for such apps will rise. Consider here the real-time growing fintech app, “MoneyLion.” It is a quick-growing application, which earned great value in the market.
So, you also want to build a FinTech app like MoneyLion? Well, it is a good plan, but make sure you learn about its development, cost, features, benefits, and other important things. In this blog, we will explain all possible things to help you before development is initiated. So let’s get started with a discussion before getting into this fastest-growing industry.
What is MoneyLion?
MoneyLion is an application that enables users to manage their financial terms and solutions. Users can opt for various services; such as lending, investing, banking, and credit monitoring. The users are eligible to take personal loans and even maintain their credit score in the meantime. This application was introduced in the marketplace in 2013 and is very popular in the USA known for its financial advice and easily accessible loans.
MoneyLion generates revenue through its subscription fees, which is $19.99. The subscribed members can avail of multiple leverages; such as premium financial services and advanced cash facilities though.
Why Do We Need FinTech App Development?
Before you take steps for development, better you learn why it is so important. Here we can give you certain fact-based reasons to prove that investing in cash advance apps like MoneyLion is a worthy idea:
- The global FinTech market is estimated to be valued at USD 204.30 Billion by 2023. This market can reach USD 355.57 Billion by 2028 at a CAGR of 11.72%.
- A survey claimed that the FinTech market had a capitalization of $550 Billion in July 2023, which is 2 times more than in 2019.
- These apps have the potential to gain customer loyalty with ultimate transparency, therefore, building fintech apps is a profitable deal.
FinTech Apps are the requirements of today’s generation. Building such applications is the need of everyone’s life. Therefore, entrepreneurs are looking forward to building FinTech Apps.
Must-Have Features of FinTech Apps
When you are stepping ahead for the best fintech app development, then you better know some features like MoneyLion to add to your app. Here is a list of features you can opt for own development:
Secured Sign-In
It is the first and most important feature, which the developer should make with more security measures. MoneyLion and other cash advance applications, all are related to financial services. Therefore, you must be very careful while logging in or signing into the application.
Cash Advance Options
These applications offer cash advance options, where the users can lend money more easily and quickly. If any user wants to take cash in advance, these apps can raise funds for the users in real-time.
Low No Interest Rates
MoneyLion has very low or no interest rates, and you must consider the same feature for your fintech app development. That is how you can attract more & more users to your application.
Reward Programs
Reward programs in the application will incentivize the users; which allows them to save more money, and also they can achieve some financial goals. These apps provide some offers and cashback to sustain their users for longer.
User-Friendly Interface
We suggest you hire a top mobile app development company in India because they have expert professionals experienced in the development stream to build a robust app. The user interface includes functionalities, features, budgeting, reminders, bill payments, and account alerts.
Add-On Financial Tools
Make sure you include some other additional financial tools; such as budgeting planner, saving planner, finance management, reminders, credit monitoring tools, and more. These tools will add a remarkable presence of the app in the marketplace, and make it unique yet worth using by the users.
24*7 Customer Support
FinTech applications are involved with financial terms, so these applications are much more valuable for users. Therefore, developers must integrate a 24*7 customer support system, so that users can stay a bit calm and steady at the time some issues happen.
AI ChatBots
The application must have AI Chatbots too, because this feature will help users resolve their problems in real-time. It does not matter whether the users have bill payment issues, credit issues, reminder setting, budgeting plans, or anything else; AI Chatbots can resolve your issues at the same time.
Notifications and Alerts
The FinTech Applications must have a notifications and alerts feature, which enables the users to get notifications on every update such as budgeting faults, bill payment reminders, credit remaining if any changes are happening within the applications, or anything.
These are some most important, yet necessary features every cash advance app must have. Keep one thing in mind, the app development cost will increase if you integrate more advanced features in the app. So before you start development, ensure to know the budget and shortlist the righteous and required features to add on.
How to Develop a Fintech App like MoneyLion?
Building a FinTech App Like MoneyLion is not easy. It takes deep research, planning, processing, innovations, creativity, and a lot more. This all will together mix and help in creating the best app competitive to the market standards. Let’s know the process of developing:
Ideologies and Research
First, it is important to analyze the ideologies and concepts of the application. You must understand and learn about your app ideologies, and gain insights into the concepts. Once you are clarified with ideologies, then it will be easier for you to proceed with your app development. Additionally, don’t forget about the market research. When you do the market research, the competitor’s strategies and methods will help to understand what’s trending in the marketplace, what the customers are demanding, and what you need to add to your application.
Target Audience
Do not forget about your targeted audience. You must know which segment audience you need to target. You need to check how your audience is interacting with the application, what else they are expecting, what other needs you need to fulfill, and more.
Know the Features to Integrate
You must know what are the features you want to integrate. You can choose features from the other competitors, and also cross-check what new features to integrate for more interactions. These features are responsible for sustaining more & more users, which is why you need to choose the best yet simpler features to offer a seamless user experience.
Hire Mobile App Development Company
When you know what to build, then don’t wait any more at all. It is the moment you start looking for the best app development company because they have better fintech app ideas to suggest according to requirements. Also, the experienced developers know what to develop, how to process, what features will sustain in the market, and more. They can build a robust app, which can play an ultimate competitive role.
Monetization of FinTech Apps like MoneyLion
There are several ways through which the cash advance apps monetize their business; such as:
Subscription Model
You can put the application on a subscription model, which enables the users to access its premium features and more convenient services. This subscription fee can be on a monthly/yearly/on-time basis.
Interest & Fees
Cash Advance Apps can make money through interest and fees. They can charge a certain amount on the transactions, lend money, or any other services.
In-App Advertisements
You can call for in-app advertisements of third parties in your application, which enables you to earn more profits than others.
Late Payment Fees
If someone has not cleared their credited payment to the application, it can charge late payment fees, which is the earning source for cash advance apps.
Cost of Cash Advance App Development
Determining the exact budget of FinTech App Development is a bit complicated because it depends on the needs and requirements of clients. The average estimated fintech app development cost is $30000-$50000. Rest the total cost for your specific project depends upon several factors; such as:
- Deployment Factor
- UI/UX Designs
- App Development Team Size and Development
- Tech-Stacks Included
- App Support & Maintenance
- Features and Functionalities Involved
Conclusion
Building a cash advance app like MoneyLion is not easy. There are various things you must know before the development process initiates. Therefore, we have created this blog to let you know what you need to know. Hope these considerations will help you during development.
If you have doubts about the development, then you can get help from app development companies, which can suggest the best fintech app ideas, agile development process, features to integrate, and more. The advice from professionals will help in understanding the complexities, and finding out what’s best to build.
Konstant Infosolutions is a trusted Android app development company in India that is a pioneer in developing world-class applications for various industry niches. Their forte is to satisfy customers, industrywide and work towards greater satisfaction.
