Fintech is a term used to depicto small start-ups which develop innovative technological solutions in areas such as online and mobile payments, mobile banking, big data, alternative finance, fintech services and financial management.
t the businesses operating in the financial technology sector. It relates majorly Fintech firms have revolutionised the world of personal finance and also finance in general with the help of emerging technologies, and this has benefited the consumers at large. There are already over 5700 Fintech firms in the United States alone, and they are growing at a rapid pace.
Offering an improved user experience and prominent control over different aspects of money management, fintech mobile apps are an efficient and practical way of looking after your finances. With users now spending around seven times longer on mobile apps than on mobile sites, and mobile use accounting for an ever-larger percentage of the time we spend online, investing in mobile apps is a natural step for the fintech industry.
Let us have a look at some of the important aspects that can help you in creating an efficient mobile app for your fintech solutions.
3 Important tips for fintech mobile app developers
Presently, new Fintech mobile apps are challenging the traditional ways of finance. More and more financial and banking institutions are looking to integrate Fintech operations with their regular offerings.
And, this demand will require an abundant number of mobile app developers, so here are some essential tips you should keep in mind to develop a fintech mobile app.
Understand and analyse what fintech is
You certainly are good with technology and with developing mobile applications but what you may not be great at is finance. Finance is a significant part of Fintech so understand and study what Fintech exactly is and what problem you intend to solve with your Fintech application.
The aim of a Fintech app should be to help its users achieve their goals with negligible efforts. Once you realise this and align your goals with that of your customers, then you can move forward with building a spectacular Fintech application.
You know that your users are going to trust you and share their confidential and personal data. If this kind of data is going into the catalogues of the wrong individuals, it is obvious that is going to be the end of your application. Your app is going to interface with the core systems of the bank and you just can’t ignore security at any cost. You need to invest a lot of time on developing a backend system with firewalls and proxy. Also, you need to make sure that no entryway is available in the front end.
If you are of the thought that the app is secure, you should try to open it to the community of hackers and challenge them. You will understand whether your mobile application is secure and if not then what are the loopholes available, with this type of challenge.
Digital platforms such as online banking and mobile banking apps have seen a rise in the number of users after they proved their security and won the trust of their customers.
Robots, as well as AI, are trending and people are constantly craving for the human touch. When you personalize the experience, you are humanizing all the offerings as well as satisfying the psychological needs of the users. When you allow the users to select various things that appear within the dashboard and you give them the permission of modifying the placement of different functions, you are providing them with the sense of ownership. This is going to assist you as well as the organization to build personalized offerings.
3 must-have features for your fintech mobile apps
Fintech is in the search of simplicity. The highly functional and advanced Fintech services permit uninformed users to perform their financial operations differently. However, the quest for simplicity is not only supposed to make the service problem-free, but it also aims to streamline the complete purchase process. Thanks to new technology, smooth implementation processes, make the applications based on Fintech more charming and equipped with a greater range of possibilities. The apps are also able to develop financial programs, display transaction history or an intuitive summary.
The app is to become a simple analytical tool for data compilation, thus it should be simplified as much as possible. Users can not only track their financial activities, regardless of their location, but they can also easily access relevant information and their transaction history. The increase in the popularity of fintech mobile banking applications creates an urgent requirement for domestically developed tools to understand the various types of transaction activities.
Integration with other fintech apps
Fintech stretches over to a wide range of sectors. Individual apps cater to customers that require diverse fintech solutions, from the ones to make mobile payments and transfers to less-mainstream requirements such as asset management and crowdsourcing. With a growing demand for integration among millennials, it is important that various apps can talk to each other.
API-led integration is important for both customers as well as business facing apps. For consumers, there are clear benefits of having a small number of integrated platforms from which to conduct a variety of tasks. Applications like Curve, allow users to combine all of their bank accounts into a single dashboard and card. For businesses, integration means that data will automatically populate across relevant applications, potentially sparing several hours.
Blockchain – recent development, although it has not reached yet widespread retail adoption, it is being utilized in more and more various Fintech applications. A blockchain is a series of blocks that records data in hash functions with timestamps so that the data cant’ be changed or messed with. This gives the products that depend on the blockchain technology an upper hand in the sense that most of the trust-providing proxies such as banks, money agents, custodians, from the regular Fintech or financial world can be exchanged to nearly costless automated algorithms and protocols secured by the cryptography as contradict to be secured by the costly or subjective regulatory bodies.
Dependence on the technology brings not only cost savings but can allow the formation of entirely new business models unheard of in the current financial ecosystem because of technical debt and obscurantism or simply cost prohibition. P2P micropayments directly between users, insurance, or loan products offered directly between retail customers that bypass rating agencies and other proxies are only a beginning. Innovation in the form of Central Bank Digital Currencies is also entering government levels. A few countries are looking at how the stable crypto-secured digital currencies could be implemented on the national levels.
Fintech is already revolutionizing the market, but many of its most useful and appealing features have just started to emerge.
Artificial intelligence (AI) will make a significant impact on the development of the fintech industry. It will influence personalization, automation, and security, improving apps for the better.
With the expulsion of transaction fees, Cryptocurrency will significantly improve payments and attract more users.
Aashish Yadav, Content-Editor, FintecBuzz
Aashish is currently a Content writer at FintecBuzz. He is an enthusiastic and avid writer. His key region of interests include covering different aspects of technology and mixing them up with layman ideologies to pan out an interesting take. His main area of interests range from medical journals to marketing arena.