Mayank Patel
Sep 2, 2022
4 min read
Last updated Apr 18, 2024
The covid era has given a new perception to the world And even financial sectors have felt the requirement. All business processes must be online in order to provide comfort to consumers.
Because of this need, the necessity for online financial applications is increased. The technology behind the concept is Fintech. So basically Fintech applications offer digital solutions to facilitate financial services.
With Fintech applications, now people are more comfortable with online transitions. Moreover the investment process becomes easier for the world now and if we say, Fintech applications have taken the financial and banking sector to the new world, that is fast and secure as well.
Hence the companies offering financial solutions are adopting the concept of Fintech application with the arrival of such a concept, the financial process became more secure and strong.
The creation of Fintech apps has been the most well-known success trend in various sectors such as the banking sector, credit companies, financial investment companies, insurance groups, and the consumer finance industry over the past several years.
This article will address the questions related to how to create a Fintech app. How much does it cost to develop such an app? What features does a fintech app have? We have also covered the topic of hiring Fintech developers in USA.
The financial sector has lots of sections and Fintech applications are applicable to all these.
The Fintech application is playing an important role in Internet banking, Billing Services, Tracking of financial transitions, Digital insurance systems, Trading systems, Expense management, Cryptocurrency, Bitcoin management, and many more.
As we know, Fintech applications are in great demand, and seeing such a craze, the development cost is also a concern. Are you also one of them who is searching for the cost of a Fintech application?
Actually, there are various factors that affect the development cost and the same goes with Fintech apps. Also, there is no fixed price for the Fintech applications because a single app cannot cover the needs of all businesses.
Budgeting revolves around the purpose, features, and requirements of the project.
We are an experienced software product development company in usa and hence we know the expectation of the industry. For example, if an application needs 4 months for development, obviously its cost will be higher than the application that needs only 2 months.
As per the international market, the cost of a Fintech application is $40,000 approximately if the project duration is approximately 6 months. As we have said above, the cost depends on various factors so you should keep this in mind during the analysis.
Furthermore, if you are looking to know the cost of a basic Fintech application, it may vary between $30,000 to $50,000. And the average Fintech application can be developed in the range of $40,000 to $50,000 and a complex one will be developed for approximately $80,000.
Market to market the pricing varies. In the Indian market, the budget may vary depending upon the requirement of the project. Being an experienced Fintech development company, we encourage people to adopt the technology.
Also, businesses get consistent growth if they keep moving with the evolving technologies.
Moreover, we have experienced Fintech developers who understand the requirements of the project from a very basic level. Also, we offer dedicated support for the technology, and hence feel free to contact us if any issue comes up.
When it comes to practical experience, we have developed lots of Fintech applications for our local and international clients. So if you are looking to hire Fintech app developers, Linearloop is your best companion.
Also read: A Complete Guide to Fintech Software Development in 2024
Maintenance is the major concern after the deployment of the projects. As we know technology is always updated with time and hence every project needs proper maintenance. Keeping this in mind, we should always consider maintenance costs.
Moreover, in order to maintain healthy relationships with clients, the Fintech applications must be responsive to users’ queries. To offer 24*7 support, the chatbot is important to be integrated because your user will never wait for long hours once he or she has generated the token.
So, while hiring a Fintech app development company in India or Fintech app developer in India, always look for all these facilities. Being a business owner, you must ensure proper maintenance from the company after deployment.
As we know, the concept of Fintech applications revolves around the financial approach, and because of this reason, security becomes mandatory. We have divided the Fintech application into three sections i.e. Basic, Average, and Complex.
The maintenance cost also depends on the type of application. For example, the maintenance cost for an average Fintech app will be minimal and gradually it will increase with the complexity of the app.
Also read: 3 Signs That Say It's Time for a Dedicated Software Development Team
So, guys, this is about the Fintech application foundation. Further, Linearloop offers services of Fintech app development and if you need a Fintech app developer in the USA, get in touch now. We study the requirement and propose the most prominent solution.
Also, we have tried our level best to answer the question of how much it costs to build a Fintech app in 2022. Our best practices for the development include the deep study of the project’s requirements.
Also, you can consult us if you are looking for the most reliable software development company in Canada.
User Feedback in Product Development: Why It Matters
Products are meant for the users. It does not matter how many features a product has, or how good a product is, if you don’t listen to your users and consider their feedback, it’s bad news for your product. There is no simpler way to put it in words.
When we talk about a product, what we mean is the right solution. It’s meant to solve a problem. To state the obvious, a solution is meant for the users.
User feedback is the voice of the customer. The feedback can be about anything. There is no limit to it. It can be as small as a small suggestion or an opinion about the product. Others can include the issues or complaints from the users.
At Linearloop, we believe in adding value through the right solutions. User feedback is an important part of our product development process. It’s valuable to us and a key to creating strong products.
In this post, we will share with you, how we use user feedback to improve our software development process and outcomes.
While we share the ways in which we develop products, it’s an opportunity for us to help you understand our process in the most convenient way. At the same time, we are excited to present the big picture of everything.
So, let’s get started! 😊
User feedback can come from various forms and channels. We believe in using a feedback loop throughout our product development process. These come in the form of direct or indirect user reviews.
Whenever we take up a project, it is important for our team to get detailed information from the business analysts and their research team. This information usually comes from real-world users and is provided to us by our partners. We carefully analyze those with our expertise to plan and develop our project in a strategic way.
Including user feedback in our SDLC process guides us in developing relevant and the most effective solutions. It makes the decision-making process much easier and this is how we do it:
Planning Stage 📝
It’s important for us to understand our target audience in the best possible ways through the feedback loop. The needs, preferences, and expectations have to be kept into account. This helps us plan accordingly come up with the most relevant solution and plan our project. We make sure that the product is aligned with the needs and feedback from the product owners and the analysts. This way we can prioritize features and functionalities to meet business requirements.
Design Stage 🎨
Scenarios, user journeys, and stories are created as per the requirements. Since we use agile methods in development, we test the designed wireframes, mockups, and prototypes including key project members and their feedback in an iterative way. Based on the feedback, a product is designed and the modifications are done if required as per the feedback.
Development Stage 🧑💻
Agile development is done in an iterative way with pre-defined sprint durations. Product owners and other team members are usually part of the scrum team keeping check of the updates and progress at all stages. They provide feedback more like the end-user. This helps us validate our development process in a much more organized manner. This also helps us in developing, testing, and debugging as soon as possible.
Deployment Stage 🚀
The deployment process is the most crucial one for all teams. Once a product is deployed by our team and available to use we make sure that the KPIs for evaluating and monitoring the product are in place. User feedback is a lifesaver at this stage since it helps us to fix issues rapidly.
Product development is not something that can be done just with the best practices and latest technologies. User feedback is one of the most effective ways to create a strong product collaboratively and we truly value it.
Read More: A Founder's Perspective: What it Takes to Build a Great Product
Synopsis
Univia is an agri-tech startup that aims to provide a phygital (physical + digital) agri-input distribution network to the farmers and retailers of India. Univia’s vision is to empower farmers with tech-driven farming solutions that can improve their productivity and profitability.
Their platform connects farmers with local retailers who can provide them with quality agri-inputs such as seeds, fertilizers, pesticides, etc. at competitive prices
We created a mobile solution that enabled seamless communications and transactions between farmers and retailers. Apart from English, the app supports regional languages as well like Gujarati and Hindi. We were very satisfied with our work like our partners. It felt so good to develop an app that helped farmers, especially in a country like India, where agriculture is usually done manually with limited access to advanced farming techniques and communication channels, unlike the developed nations.
We were very proud to contribute with our expertise for better farming leveraging technology. The app also enabled users to get and analyze data from the field for better farming and networking improving profitability.
Feedback played a very important role while we worked on the project. We believe that it’s an important component of creating great solutions. It helped us to understand the needs and expectations of the users.
Additionally, it enabled us identify to gaps and errors, and improve the quality and usability of the product. We follow a feedback-driven approach in all stages of development, from ideation to delivery.
In this case study, we will describe how we used feedback to create a mobile app solution for Univia.
Product Planning
In the starting phases of the project, we had detailed discussions with the concerned analysts from Univia to understand the goals and objectives. As per the discussions, we were able to funnel out and work on the information to create a clear plan. Once we had positive feedback, we started to roll out the development plans.
We gained insights into their business model, customer segments, pain points, and opportunities. We also conducted market research and competitor analysis to understand the trends and best practices in the agri-tech domain.
Based on the information gathered and feedback from Univia and the farmers themselves, we created user personas and user stories to define the features and functionalities of the mobile app solution. It helped us to empathize with the users and design the product from their perspective.
They provided suggestions on how to refine and prioritize the user personas and user stories. They also validated that our plans were aligned with their vision and goals.
Product Design
We used Figma to create wireframes and prototypes of the mobile app solution. We ensured that the wireframes and prototypes followed the best practices of user interface (UI) design, such as simplicity, responsiveness, accessibility, etc. We also ensured that the wireframes and prototypes supported local languages such as Hindi, Gujarati, etc.
We shared the designs with Univia for more user feedback. They provided their input on how to improve the UI design of the app screens and helped us validate the user flows.
Product Development
In the next stage, we started developing the solution. We used Laravel (a web framework) and Android/Kotlin (a mobile platform) to code and then tested the mobile app solution. We followed the best practices of development, such as modularity, readability, reusability, security, etc. Additionally, we tested the application to make sure that everything was in place and there were no issues with the app.
We followed an agile methodology, which is an iterative approach that allowed us to implement frequent changes and updates based on feedback.
Product Delivery
Next, we deployed the application on the Google Play Store. We ensured that the app was compatible with different devices, operating systems, and network conditions. We also ensured that the app was compliant with the legal and ethical regulations of the market.
We made the suggested changes in the last stages of the development lifecycle for final validations before delivery and launch.
Results
Once the mobile app was developed and deployed, an additional feedback loop was set up by our team and their management to see if our solution was able to do what they expected.
Post-launch the application was monitored and the bugs were fixed as they were reported by the management team and the users. Areas such as performance, usability, reliability, and security were also tested and feedback was collected regarding all of these.
Feedback was beneficial not only after development but also during the development phases. We have been on a successful venture utilizing these in all the projects that we developed.
User feedback helps us to break the complexities of developing an application into small components. It’s like breaking a big problem into smaller problems. After solving and validating these small problems, they are combined to develop the right solution.
Since we include the feedback loop throughout our SDLC, we remain confident about the product at all stages.
Let’s go through some of the ways in which user feedback contributes to a polished product:
Right Solutions
Users’ feedback helps us test user expectations in the correct way. It’s not only about what features we are providing, but it's also about what the user needs. What matters most is that the solution is right as per the users and nothing less.
Improved Product
This is the most positive thing in a product when users’ feedback is taken into account. Agile workflows make use of modern tools to implement updates to a product in a continuous way. Improved product means happy users. We consider user feedback to be the key to improved products.
Faster Issue Detection(and Faster Release of Improved Products)
Users’ feedback is a great way to identify issues rapidly. This also helps us to identify unforeseen scenarios and events. The limitations of the product can be brought to light and addressed accordingly. In a nutshell, an improved product can be released in a faster way.
Better Resource Utilization
User feedback helps us to allocate resources in a better way. This helps us to improve our productivity and not waste any effort. We value our partner’s time. This lets us to work in an efficient and organized way.
Identifying Market Gaps (and New Opportunities)
Users are the best judges of a product. Their feedback helps us to identify new market opportunities for the product, whether it's directly from the client or from the research and marketing teams. Even if a solution is already there, user feedback helps in identifying gaps. The right solution can help fill the market gaps. We are committed to creating new opportunities rather than waiting for one. User feedback helps to do these in the most effective ways.
Enhances the Brand Value
When a company responds to the users of its products, it shows that they care about users’ opinions and suggestions. Yes, businesses are meant for profits but not at the expense of their customers. It also helps the product to be easily recognizable in the competitive market.
Delivering with Confidence
Since we include user feedback in phases of product development, it boosts our confidence while we deliver them. It helps us to show our commitment to our business partners in the form of a polished product.
Happy Partners
Taking users’ feedback seriously is valuable to us. It builds a sense of trust and strengthens our relationship as business partners. We want our partners to be confident and happy with the product and we make sure of it through the right solutions.
Read More: The Role of Technology in Solving Real-World Problems
A solution is never too big or too small. It has to be right. It does not matter how much effort, time, or resources are put into developing a product, what matters most is how the users feel about it. There is no better way to test it than including user feedback in the entire product development process.
You listen to your customer; We listen to you to make the best version of a growth product.
We are on a great track by including user feedback in all steps of software development. We believe that user feedback is one of the most effective ways to make our products perform in the real world.
We appreciate all the user feedback that we receive, whether it’s positive or negative. It's a way for us to grow and learn in a competitive market. We value it more than anything.
We hope you enjoyed reading this post and learning about our development process. We would love to hear your feedback on it. Your feedback matters to us. It helps us improve our products. It’s a great way for us to get better at what we do and grow as a product development company.
Thank you for your time and attention.
We look forward to hearing from you soon.
Mayank Patel
Nov 2, 20235 min read
Why you should not ignore iPhone 15 Pro and iOS 17 App Development or Upgrade
In this ever-evolving world, if there is one such example that is capable of making everyone understand the definition of evolution, then it is natural that the evolution of the Apple iPhone, which is closely associated with the development of its iOS operating system and app creation environment, is an extraordinary example that comes to everyone’s mind.
The Apple iPhone’s history began with the release of the first iPhone in 2007. This cool new device combines a phone, an iPod, and an internet connection into one sleek unit. Multiple versions of the iPhone have been made over the years, each with better hardware, software, and design. iOS, Apple’s own mobile operating system, has been at the center of this change. It is always getting better and adding new features.
iOS isn’t just the iPhone’s brain; it also serves as a platform for app development. The App Store, launched in 2008, transformed the way we interact with our smartphones. It’s like a place where creative people from all over the world can make all sorts of apps, like games, tools for work, apps for chatting with friends, and even health apps. All these apps have made the iPhone really important in our daily lives. It’s like a handy tool we use every day.
As iOS and app development continued to evolve, the Apple iPhone became more than just a communication device. It evolved into a hub for entertainment, productivity, communication, and personalization, fitting the ever-changing needs and preferences of its users. The iPhone’s story shows how being creative and changing with the times helps things stay important in our ever-changing world.
1. Titanium Design: The iPhone 15 Pro features aerospace-grade titanium design known for its strength-to-weight ratio.
“ This makes it one of the lightest Pro models ever.”
2. A17 Pro Chip: Introduces the A17 Pro chip, designed for top-tier gaming performance.
3. Enhanced Gaming Experience: Offers an immersive gaming experience with detailed environments and realistic characters.
4. Advanced Camera system: Multiple focal lengths for more flexibility in photography.
48MP main camera for super-high-resolution photos with rich detail and color.
Automatic depth information capture for portraits.
The “iPhone 15 Pro Max” presents the all-new 5x telephoto camera with a 120mm lens for sharp close-ups from a distance.
5. Action Button: A new action button for quick access to favorite features.
Customizable actions include silent mode, focus, camera, flashlight, voice memo, translate, magnify, shortcut, accessibility, etc.
6. USB 3 Support: The iPhone 15 Pro is the first iPhone to support USB 3, enabling faster data transfer speeds and professional workflows.
7. USB-C Connector: Features a USB-C connector for charging, reducing cable clutter.
8. Wi-Fi 6E: Supports Wi-Fi 6E, offering up to two times faster wireless speeds for quick file transfers.
9. Battery Life: Despite its advanced features, it offers impressive all-day battery life.
Up to 29 hours of video playback on the iPhone 15 Pro Max and up to 23 hours on the iPhone Pro.
Read More: 2023 iPhone 15 Pro Series Technical Specifications
1. Phone and Messages
2. FaceTime
3. StandBy
4. AirDrop
5. Journal
6. Keyboard
7. Safari and Passwords
8. Maps
9. Privacy and Security
Read more: New features available with iOS 17
I hope you have gone through the 2023 iPhone 15 Pro Series and iOS 17 features thoroughly and now have an idea about the technical advancements. This is not the end; it's a new journey for entrepreneurs to adapt to how these features offer new capabilities for business apps. Go through the below section; it'll help you understand more.
The technological advancements in iOS 17 and iPhone 15 Pro Series are game-changers for app development. These devices offer more processing power, better graphics capabilities, and access to new APIs that were previously unavailable. For entrepreneurs, this means the potential to create more sophisticated and feature-rich business apps. Whether it's resource-intensive tasks, immersive experiences, or cutting-edge AI, these advancements provide the tools to deliver powerful solutions.
Also read: Flutter vs. Swift: Your iOS app development choice
One of the most significant advantages for entrepreneurs is the potential to elevate user experiences in their business apps. With incredibly detailed environments, realistic characters, and improved camera systems, users can expect a more engaging and visually appealing interface. Positive user experiences translate to better app reviews, higher user retention, and ultimately, more downloads, which is essential for business success.
iOS 17 comes with enhanced security features that are crucial for business apps. Data protection and user trust are paramount for any entrepreneur, and the new security measures offer peace of mind. Improved security can help businesses comply with data protection regulations, protect sensitive information, and build trust among users, making their apps more competitive in the market.
For entrepreneurs, the decision to update or develop new apps must weigh the costs against the potential benefits. The technological advancements, better user experience, and enhanced security brought by iOS 17 and iPhone 15 Pro Series can result in substantial benefits. These features can lead to increased user engagement, customer satisfaction, and, ultimately, revenue. Therefore, it's essential for entrepreneurs to consider embracing these updates to stay competitive in the market.
Also read: Cost comparison: React Native vs. Swift for iOS development
Is there a company that can provide product development services and take care of every need, all under one roof?
Linearloop is a product development company with a strong focus on iOS app development. Consider partnering with us for the following reasons:
Expertise in iOS App Development: At Linearloop, we have a track record of staying at the forefront of iOS app development. Our experience and understanding of the latest iOS updates enable us to swiftly adapt and implement the newest features, ensuring that we build cutting-edge apps.
Value-Driven Approach: Our approach to app development is rooted in adding real value to our products. By incorporating the latest iOS advancements, we provide entrepreneurs with solutions that not only meet but exceed user expectations, making their apps more competitive and valuable in the market.
Commitment to Innovation: Our commitment to innovation aligns perfectly with the ever-evolving iOS ecosystem. We understand that staying updated is essential to providing entrepreneurs with the most advanced and effective solutions for their business apps.
Users Come First: User feedback is at the core of our development process. We listen to our users and continuously improve our apps to meet their needs more effectively. Our user-centric approach ensures that the apps we create are highly user-friendly.
Get in Touch: If you're an entrepreneur looking to make the most of the latest iOS features for your business app, we invite you to consult with Linearloop. Together, we can harness the power of iOS 17 and the iPhone 15 Pro to create exceptional apps that will set you apart in the competitive app market.
Mayank Patel
Oct 31, 20234 min read
