Fintech App Development: 10 Must-Have Features in Fintech App

Fintech App Development

The fintech technology (fintech) industry is transforming at an alarming pace. To meet the constantly changing needs and expectations of today’s consumers, a lot of new innovations are being introduced every now and then. Lured by the growth forecasts of this industry, many organizations have adopted fintech app development with unique new features to make their business stand out from the crowd. So if you are also looking for ways to gain an upper hand in the market with a highly practical and robust application, here are some tips for you.

Why should you invest in fintech app development?

The pandemic has brought about an influx in the development of customized business applications across different industries. The same holds true for fintech transactions and applications. According to Global Insight, global fintech investment has seen a remarkable rebound in H1 ’21, increasing from $87 billion in H2’20 to $98 billion inH1’21. People now prefer to stay home and manage their finances and banking through digital devices. Hence, fintech mobile applications are getting more attention than ever before. Currently, a huge number of organizations plan to jump into this potential segment by developing their own Fintech Apps.

So, here are some major reasons why you should invest in fintech app development:

·         To reduce service costs while automating financial operations and delivering effective business outcomes.

·         To make payments more comfortable and offer improved experiences through a wallet-less economy

·         To offer personalized offers and services based on user behavior and preferences.

·         Fintech app development also enhances cyber security and protects user data from malicious sites

Must-have features for fintech app development

1.       Personalization functionalities

Integrating features that deliver personalized experiences for each user is a great way to make your fintech application stand out from the competition. To offer personalized services, you can utilize your gathered data to predict user behavior and offer them services that will bring them back to the application. For example, if you are offering an investment app, then it should be skillful enough to lead your users in the right direction with personalized messages.

Find out how shifting to microservices architecture and enhancing personalization improved customer engagement for this financial company.

2.       Biometric sign-in

Fintech app development is not just about making applications that are more engaging and fun to use. In fintech apps, security is a vital component. After all, these applications deal with your user’s finances. And so, if there is any risk involved with your app, they will stop using it completely. Therefore, one of the best ways to ensure safety is to offer biometric authentication. It is inherently considered more secure and more convenient than traditional methods like passwords and pin numbers.

3.       Voice Assistants

Voice banking is a relatively new trend in mobile banking and offers a great user experience. Combined with virtual assistants, voice banking can help a lot of users manage fintech applications. The voice assistants can also send voice alerts to users to notify them of any malicious activity in your account. They can also support bill payments. Optimizing your app with a user interface for sound-driven search will improve customer insights, leads, and engagements.

4.       Simplicity

This might seem redundant. However, it is a crucial factor in your fintech app development. Financial operations and methods are often considered complex. So your app should be able to simplify the processes for the end-user and thus persuade the user to opt for your service over your competitor’s. In short, your app should be able to deliver value to the user in the simplest way possible.

5.       Artificial intelligence

AI has entered every industry and transformed the way businesses function. It helps organizations to automate operations, increase sales, improve customer experience, use predictive analytics, and identify threats. In fintech app development AI enables you with some more advanced technologies like,

·         Machine learning – to utilize predictive analysis by identifying user investment and purchase behavior to create personalized experiences.

·         Robotic process automation – to automate and streamline different financial operations for your employees and enhance their productivity.

·         Chatbot – to provide a better customer experience to the users by addressing their challenges and queries effectively and quickly.

6.       Cross-platform functionality

This aspect of your fintech app development implies usability and seamless operations across different devices on various operating systems. It also includes a large number of progressive and emerging technologies like the Internet of Things (IoT) and Progressive Web Apps (PWAs). Consumer habits are going to change in the future and therefore, your fintech software development company should be able to cater to their changing diverse needs as time goes by.

7.       User-friendly sign-up form

Designing a complex sign-up form is one of the most common mistakes designers make when undertaking mobile app development for the fintech industry. A sign-up form is one of the first things a user has to deal with after they install the application. And therefore, it plays a key role in keeping your users interested in your app. So, instead of making it complex, ensure that your sign-up process is simple, convenient, and integrated with multiple sign-up choices such as sign-up with emails and social media profiles.

8.       API platform

API in fintech app development offers multiple options to your customers to interact with your bank and finance service. APIs are leading innovations and improving customer experience in products, services, delivery channels, etc. This holds true for companies in the fintech industry as well.

9.       Push notifications

Using push notifications in fintech app development is crucial for effective communication with the users because they always offer a perfect solution to address the communication barriers that exist between them and their users. They offer multiple other advantages by creating awareness among users about various discounts and offers that come with a particular account privilege.

10.   Blockchain friendliness

When it comes to digital money, it looks like Blockchain is the future. It offers utmost transparency to the users by implementing transactions in the least amount of time. Users can conduct, record, and validate every transaction with the authenticity of the transaction record. With Blockchain in your fintech app development, you can reduce the transaction fee levied for domestic and international payments as well as increase the P2P payments. This will save a lot of money and time for everyone who is involved in the transactions.

The technology also offers you numerous other benefits such as quick and secure data sharing options across different platforms. This is conducted with the interface of intermediaries like banks, insurance organizations, and financial institutions. Integrated with fintech app development, Blockchain will essentially improve the effectiveness of the financial ecosystem for sure.

Conclusion

The modern-day fintech app development has a lot in store for us in the future with regards to the way we conduct financial transactions, handle our insurance, manage stock market trading and handle our overall financial wealth. The ease with which they enable us to conduct and manage our financial transactions is the biggest reason they have become so popular in the last few years. Fintech app development has grown exponentially in the last decade and the reasons for it are quite evident. These applications offer improved security, speed, ease of transaction, and personalization options among several other features. If you’re looking to get custom mobile or web app development for your banking or financial services organization, you can rely on Cleffex any day. We are a custom software development company with a decade of experience in building innovative digital solutions for clients across different industries and domains.

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