Natalie Monko Lead Project Manager

    Custom Investment Management Software for Individuals: Questions to Ask

    If you aim to develop investment management software designed specially for individuals, it is crucial to dig into the ins and outs of the product creation process. It is even more vital to estimate the approximate time and budget required to implement the project. In this article, you will find out the answers to all questions about creating investing apps that have ever bothered our clients. 

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    FAQs about investment portfolio management software

    Making investment management software for individuals  is a complex process requiring niche expertise. This domain is broad-ranging and highly specific. So, let’s dive into custom development issues to take note of.

    1. How much time does it take to build an investing app?

    As a rule, it takes 4–6 months to create a minimum viable product of an investing application but the business may need up to a year to launch a sophisticated fintech product.

    2. How much does it cost to create an investment solution?

    Making a fully-fledged investing app generally takes between 6 and 10 months, which is equal to nearly 3000 hours. If you hire a US-based contractor with $100 hourly rates, you should have a budget of $300,000. 

    To cut expenditures while saving quality, you should partner with a vendor from Western Europe or Asia where IT firms usually ask for $25–$50 per hour. Thanks to this, you will reduce expenses by 2–4x. Explore the top IT outsourcing destinations to delegate your project.

    app cost factors

    3. How can I cut costs?

    You can employ cross-platform technologies, this way avoiding the need to hire two development teams to build the applications for iOS and Android. At Surf, we use the Flutter framework that provides a lot of tools (e.g., for testing) and components. Released by Google, Flutter will enable you to cut costs by 30%–40%. It is worth noting that Flutter allows for creating web applications.

    Flutter development benefits

    4. What are the basic features of an investing app?

    You should identify and prioritize features based on your goals. This will depend on whether you are going to build  software aimed for an investment account manager or portfolio management, or brokerage systems, etc. However, there is key functionality each investment-related product should offer. To learn more, check out our guide to making an investing app that also includes time and budget assessments.

    investing app features

    5. How do I ensure data security?

    To achieve the confidentiality of sensitive data (enterprise/financial/personal information), software engineers can deliver features like two-factor authentication, data encryption, and biometrics. In addition, you can set up an AI-based network monitoring to track suspicious activities, prevent cybersecurity risks, and generate real-time analytics reports.

    Revolut screens

    6. What regulations must the app be compliant with?

    If the app will serve European citizens, it has to comply with the General Data Protection Regulation (GDPR). In case you plan to enter the US market, you have to register the product with the Securities and Exchange Commission (SEC), become a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC).

    A fintech solution also has to meet Know Your Customer (KYC) and Anti Money Laundering (AML) standards.

    7. How do I provide the best UX (user experience)?

    UX is about how customers feel when interacting with an investing app. By providing an engaging UX, you will boost customer satisfaction and increase profit. For this purpose, you should create a  unique branding theme with a convenient information architecture (IA) and a self-explanatory user interface (UI). 

    Mint app screens banking app mockups

    Furthermore, you should include educational content to attract people with little or no experience. Learn more about best practices to improve UX.

    investment app screens
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    Final words

    At Surf, we have solid expertise in making wealth management solutions, from investing apps and banking systems to cryptocurrency exchange platforms. Using advanced technologies and following best software engineering practices, we deliver secure products that meet the audience’s needs.