The size of the digital lending market has grown significantly in recent years. It was estimated to be $5.84 billion in 2021 and is expected to reach a CAGR of 25.9% by 2030. So if you are planning to enter the fintech industry, it will be a winning decision to start with the loan application development process.
In this article, you’ll find a brief overview of the loan application development process and additional tips to make it more cost-effective.
What is a loan loan application?
The main details of loan lending platforms are the ability of lenders and borrowers to interact without the involvement of third parties such as banks or other financial institutions. Loan platforms are considered a universal fintech solution, since they can be used to cover any type of financial loan (personal, student, mortgage, etc.)
Development of loan applications of loans
As with any software development, creating a loan application is a comprehensive process that contains many steps, so plan everything carefully.
- Start with discovery and analysis: define your target audience and their needs, choose your target countries and regions, research your competitors and try to map out your competitive advantage, discover the market and assess the potential viability of your business idea
- Plan your software development project step by step, setting your main and intermediate objectives. Accurately assess all necessary resources: time, budget, required talent, etc.
- Choose your technology stack: Because every app is unique, it’s hard to say for sure which technologies are good or bad for lending app development. It all depends on your needs and budget. However, keep in mind that advanced technologies such as AI, blockchain or ML can be a great benefit for your project, as they not only improve the user experience, but also strengthen its security, which is extremely important for applications. fintech.
- Create prototypes – draft versions that can be changed as many times as necessary, so the end result is much more likely to meet your expectations.
- Code creation is the stage where your idea is transformed into something tangible and implemented in code.
- QA and Testing – This step is vitally important as its main goal is to ensure that the app runs smoothly, is bug free and ready for release.
- Launch to app stores.
How to save your budget to develop a loan application?
To make the loan application development process profitable, it will be much better to hire not just an ordinary technical team, but one that has deep experience in fintech development. For example, feel free to contact Perfsol, a fintech development company that creates innovative software solutions.
We recently submitted a loan application for one of our clients, so here are some thoughts we want to share with you.
MXNEY is a multifunctional fintech project from the USA. It took us 800 hours to create this app. Our app developer’s average rate is $40 per hour (in the US, this hourly rate is $80-$100). So we can conclude that the budget for this app was around $32,000. For comparison, the same project developed by US developers will cost a minimum of $84,000 (depends on the complexity of the project).
In short, software outsourcing can save your budget so that you can use it for application promotion or other important goals. Get in touch with our Ukraine fintech app development team to discuss your project, get expert advice on business and technology development, and take the first step towards building your dream app!
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Categories: Technology
Source: vtt.edu.vn