Your fintech app goes live and starts gaining traction. Users sign up quickly, money begins flowing through the platform, and then a security gap is exposed. But a breach occurs. In 2024, large fintech company Finastra faced a cyber attack that led to 400GB of sensitive client information being compromised, resulting in loss of trust and thousands of customers.

So, do your customers only want a mobile banking app that works? Customers expect responsive performance, promise of security, and a user-friendly interface from the moment they download. One downtime or a data leak, and you lose trust, reputation, and customers.

What truly distinguishes successful fintech application development is its ability to scale smoothly while maintaining the security of every transaction and data. You want an app that grows with demand. That means instructing your fintech mobile app development team to keep security at the core, including encryption, strong identity checks, and fraud detection, as well as building infrastructure for peaks and surges. When you get this right, you launch an app that customers believe in.

Why is security so important for your fintech app development?

When money is involved, trust becomes the deciding factor, and you need financial app development that serves this purpose. A polished design or a rich feature works when customers feel their data and funds remain fully protected. Effective security protects your reputation, maintains the confidence of regulators, and cultivates the trust that will make first-time customers become evangelists. When building your app, focus on:

Must-have security features

All fintech app development services must concentrate on the following security features:

Encryption

Encryption secures data transfer and storage, ensuring that personal and financial information is always protected. Implementing robust security measures is equally important.

Multi-factor authentication (MFA)

It’s an additional security layer to use with passwords. MFA makes it challenging to access accounts and minimizes the chances of unauthorized access.

Biometric verification

Fingerprints, facial recognition, and voice can be used to offer the customer a frictionless and secure method of logging in.

Fraud detection systems

Fraud detection algorithms monitor unusual activities and raise red flags, which prevent businesses from stopping threats before they spiral out of control.

Regulations and standards to comply with

Fintech apps operate in a regulated industry. Therefore, you should conform to the government requirements to develop credibility:

GDPR and CCPA 

Privacy laws, including GDPR in Europe and CCPA in California, require your app to publicly disclose the details of your data collection, storage, and management of sensitive customer information. By ensuring regulatory compliance, financial institutions avoid heavy lawsuits and build customer confidence.

PSD2 (EU)

PSD2 opened the door to open banking across Europe. It pushes fintech companies to add strong customer authentication while also creating more transparent and innovative fintech solutions.

PCI DSS

When it comes to card payments, PCI DSS is the gold standard. Meeting this benchmark means every transaction is protected to the highest level, essential for earning customer confidence.

Local licensing and banking regulations

Every market has its own playbook. In India, fintech companies follow RBI guidelines. In Singapore, it’s MAS. Aligning with local rules ensures compliance and also makes scaling into new regions smoother.

Pro-advice: Security is effective when it becomes an integral part of the mobile app development culture from day one. Threat modeling, regular audits, penetration testing, and a “secure by design” approach all contribute to building a fintech app that grows stronger as it scales.

How to Build a Scalable Fintech App Architecture

Apart from the UX, you need a fintech app that scales with your customers. The architecture in the background determines how effective the app is, how secure, and how easily it adapts to new requirements. 

Here’s to building a scalable mobile app architecture:

Choose between native vs. cross-platform vs. web apps

Developing applications on iOS and Android takes more time initially, but you get higher performance, smoother user experiences, and better security. This is why companies like Chime and Robinhood rely on building native at the initial stage. Native apps provide a sense of solid security and speed in responding to any sensitive financial data.

Frameworks such as Flutter and React Native enable you to work at a fast pace and share a single set of code for different devices. For example, Revolut initially planned to implement a cross-platform strategy but changed to a native strategy to enter multiple markets quickly.

Web apps are lightweight and easy to update. They’re often used for companion dashboards rather than core fintech experiences. For instance, Stripe provides a powerful web dashboard for business users while keeping its main payment flows natively.

Select the backend choices: monolith vs. microservices

Monolithic architecture keeps everything in one system. It’s easier at the start, which is why many fintech startups launch their MVPs this way. Microservices, however, scale much better. To serve millions of users worldwide, Revolut moved to a microservices model to allow every feature (payments, currency exchange, KYC) to scale independently.

Choose between a cloud, serverless, or containerized approach

You can scale through cloud native platforms like AWS, Azure, and GCP. Cash App relies on cloud services to handle spikes in peer-to-peer payments.

Serverless setups like AWS Lambda automatically handle traffic surges. For example, Monzo has a mix of serverless and microservices to support real-time banking features.

Containers (Docker + Kubernetes) give consistency and flexibility. N26 is a European digital bank that runs its services in Kubernetes Clusters to quickly roll out updates without risking non-compliance.

How Do You Design Fintech Apps for User Trust and Growth?

A fintech application handles transactions and influences customer attitude towards their money. All the features and design options convey trust, security, and reliability. The key to earning loyalty is to have the correct combination of what they need, the ideal roadmap of what to introduce later on, and the experience that will evolve with the audience.

How does user experience influence security and trust?

A personal finance management app should be both secure and easy to use. You build confidence through clear privacy messages, user-friendliness, and explicit handling of errors. Users have confidence in personal finance apps such as PayPal or Cash App due to a seamless and professional experience.

What’s the right balance between onboarding security and smooth UX?

You cannot avoid KYC and identity checks, but you can make them more organized. Monzo and other apps also have quick video verification and in-app instructions, making the compliance process a seamless experience. 

Which features should a fintech MVP include, and what can come later?

MVP includes account sign-up, KYC verification, wallet or transaction functionality, and real-time notifications—value-added products like enhanced dashboards, robo-advisory products, and investment solutions. An example of this is Robinhood, which began as a simple stock trading platform but has since become a platform that also deals with crypto and cash management.

How Does OpenForge Help in Fintech App Development on Mobile?

OpenForge is a fintech app development company that builds secure and scalable mobile applications into reality by merging design skills with considerable technical acumen. The team is dedicated to making mobile-first experiences intuitive and developing higher levels of security, like data encryption, biometrics, and fraud detection, to ensure transactions are safe. OpenForge helps you with iOS app development, using cloud technologies and microservices. 

The company ensures every mobile app complies with frameworks such as GDPR, PCI DSS, and PSD2. This end-to-end solution enables fintech companies to get their concepts into the market with confidence, knowing that their customers trust their app and are capable of scaling.

FAQs

What is fintech app development?

Fintech app development is the process of building mobile or web apps for financial services, like payments, digital banking, lending, or investments.

What is the process of building a fintech app?

Key steps of building a fintech app include:

• Using encryption to protect data and preserve it while it’s in storage and in transit
• Adding multi-factor authentication and biometrics login
• Integrating fraud detection software and implementing real-time monitoring software solutions
• Meeting compliance requirements such as GDPR, PCI DSS, or PSD2

Why does scalability matter in fintech apps?

Scalability often serves as the backbone of successful fintech apps. A scalable application can handle frequent downtime and performance issues without any problems. When your app experiences an unforeseen surge in traffic on payday or during the stock market’s peak activity, the scalable architecture supports increased usage.

What are the benefits of using cloud and microservices for fintech apps?

The benefits of fintech apps in cloud and microservice platforms include flexibility, resilience, speed, and global coverage.

What is the fintech app development cost? 

Your app’s scope, tech stack, compliance requirements, and the location of your development team all contribute to the cost of your Android app development. On average, a fintech MVP ranges from $50,000–$150,000. A fully featured product can be costlier.

Your Next Move

At OpenForge, we have seen fintech apps rise fast and fall just as quickly. The difference almost always comes down to two things: security and scale. Launching with a slick design is no longer enough. Customers stick with the apps that protect their data, perform under pressure, and adapt as their needs grow.

Some strategies help you launch quickly. Others set you up for long-term trust. A few, like strong compliance and risk management, are essential from day one. You need to match your tech stack, features, and security choices to your growth stage and audience.

Nail that balance using fintech mobile app development services like OpenForge, and your app becomes more than software. They’re a financial platform customers believe in. Schedule a free consultation to know more.