From idea to launch: Understanding the timeline of mutual fund app development

Developing a mutual fund app is a complex process involving many factors that can impact the development time, such as app complexity, design, features, third-party integration, security requirements, etc. So, let's understand the factors more deeply. 

• App complexity: The more complex an app, the harder it is to develop. For example, developing a simple app with features and functionalities such as account management, search, filter, goal planning, push notifications, or customer support can take a few weeks. However, complex functionalities such as creating a custom-made portfolio, goal, or risk-based investment will take longer to develop than an app that only provides basic features such as displaying performance.
• Design and features: The design and features of a mutual fund app are critical factors that can impact its development time. The app should include features like user management, portfolio rebalancing, customized recommendations, and advanced data analytics tools that make it easy for financial professionals to manage clients' portfolios. 
• Third-party integrations: Integration requires a thorough understanding of the third-party tools' APIs and other technical details. For example, integrating third-party tools like transaction API (MFU, BSE star, NSE NMF), schemes data API (Finvesto, Kite connect API), KRA API for KYC verification, video KYC, and payment gateway services.
• Security requirements: Mutual fund apps require robust security measures, which can take additional time to implement. The app must have secure authentication, encryption, data protection, and compliance with security standards such as PCI-DSS and GDPR.
• Platform compatibility: Ensuring the app works on different platforms (iOS, Android, etc.) can impact the development time of the mutual fund app. Developers must correctly provide the mutual fund app functions across multiple devices and operating systems for ease of use.
• Regulatory compliance: Mutual fund apps must comply with various regulations and laws, which can add to the development time. For example, 2FA authentication for order creation, nominee opt-in or opt-out verification, and KYC or AML compliance to verify the clients and ensure the transactions are legitimate.
• Team size and expertise: The development team’s size and expertise can affect the development time of the mutual fund app. For example, a small team with limited expertise may take longer to develop an app than a larger team with more experience.

• Gathering requirements: The first step in developing financial technology apps is to gather the requirements. This process involves understanding the business goals, user needs, and technical specifications guiding the development process. For example, mutual fund distributors, advisors, and stockbrokers apps may require functionality related to buying and selling securities. 
• Designing the user interface: The second step is to design the app's user interface (UI) once the requirements are gathered. It should be intuitive and user-friendly, emphasizing ease of use and visual appeal. This step often involves creating wireframes and mockups to help stakeholders visualize the app's layout and features. It is essential to design the UI with the customer in mind, ensuring it is accessible and meets their needs.
• Developing the app: With the requirements and UI design, the tech team will begin developing the mutual fund app. It includes selecting a programming language, a backend framework, and a front-end technology. Popular programming languages for app development include Python, Swift, and Kotlin, while popular frameworks include Django, Flask, Spring Boot, and Laravel. Developers can use technologies like React, Angular, and Vue for front-end development. Depending on the app's complexity, this step can take several weeks to months.
• Testing and quality assurance: After the mutual fund app's development, it must be thoroughly tested to ensure it functions as intended and meets requirements. It involves testing each app feature to identify bugs or issues. Quality Assurance is also essential to ensure the app meets quality standards. It involves manual testing, automated testing, or a combination of both.
• Deployment and maintenance: Once the mutual fund app has been developed and tested, it can be deployed to the production environment. This step involves setting up servers, databases, and other infrastructure components to support the app's operation. After the app is live, maintenance and updates will be required to ensure it remains secure, up-to-date, and functional. It involves monitoring the mutual fund app for issues, addressing them as they arise, and updating its codebase to improve its functionality or address new requirements.

The development time for a mutual fund app can vary based on two factors. Here's an estimated breakdown of the time required:

• Simple mutual fund app development: 4-6 weeks
• Goal or risk-based mutual fund app development: 8-14 weeks

It is important to note that these timelines are estimates and can vary based on the app's complexity, the development team's size, and other factors. It's also essential to factor in time for testing and debugging to ensure the mutual fund app works correctly.

Developing a mutual fund investment app can be complex and challenging. Still, it is crucial to have a reliable and experienced software development partner by your side to ensure the success of your project. At Evoqins, we have a team of experts who specialize in developing financial apps that meet regulatory requirements, provide an excellent user experience, and help users make informed investment decisions.

Whether you are a startup or an established financial institution, we can help you bring your app idea to life and guide you from idea to launch. So why wait? Contact us today to schedule a consultation and learn how we can help you develop a high-quality mutual fund investment app. Let's work together to create an app that revolutionizes the financial industry!