The Fintech sector has been rapidly evolving and developing with the rise and fall of the pandemic that threw light on new opportunities for the financial sector.
With people now more aware, wary about covid-19 – they are turning to fintech apps for their personal financial management to stay home and manage their banking and finance without going to banks or other financial institutions.
If you are looking at developing any kind of fintech app, you should keep one of the most important things in mind for the financial world: great financial software development is mobility.
Here we have 5 features you should consider for your Fintech app development.
Simplified User Experience
Using a FinTech can sometimes be overwhelming. It is important that the FinTech app you are building is aimed at being simple to use.
The main goal for you to keep in mind during your Fintech application development process is a user should be able to use your app as a tool for data compilation, track financial activity no matter where they are and also easily access any data they need at any time (online or offline).
Simplicity is not just about creating a seamless user experience, you should also aim to streamline your user journey by considering things like optimising to shorten the onboarding process.
Data and not just random data, but robust data analytics built into your fintech app will allow users to get a good overview of all their finances.
You should incorporate simple functions like report generation that will permit a user to get an overview of the analysed data in one chart/report.
This is a significant feature to keep in mind as this feature allows users to access and track the financial activities they performed in the past.
Integrating data analytics in your fintech app, you can allow users to:
- Set simple goals on budgeting/spending or saving.
- Get access to transaction reports: They can easily track how much money they have spent across different categories
- Report management: A report generation feature will allow users to check weekly, monthly etc summaries of all their financial activities through report management,
AI has opened doors to a new age of development and user experiences.
AI helps businesses to automate business operations, increase sales, leverage predictive analysis, improve customer experience and detect frauds.
Advanced technologies to incorporate into your Fintech app development process include:
Machine Learning: Helps leverage predictive analysis by analyzing customers’ investment and spending behavior with your targeted users.
Chatbot: Offers better customer experience to the users by addressing their challenges or queries quickly and effectively.
Robotic Process Automation: Allows you to to automate and streamline different financial operations for your professionals to boost their productivity.
AI will help you boost your FinTech apps operational efficiency and accuracy of your team. It allows you to free up your teams from performing mundane tasks and investing their time into more creative activities.
One major concern that anyone developing a FinTech app has to keep in mind is security. A user needs to know their data is safe with you and they can use the app without the threat of fraud or data leaks.
Blockchain technology innovation offers extreme transparency to the users by performing the transactions in the least time.Users can administer, record and validate each and every transaction with the authenticity of the transaction record.
When developing your fintech app, you should consider your app development. By including blockchain technology you can reduce the transaction fee for local and international payments as well as increase the P2P payments. It saves a lot of money and time for everyone involved in the transactions.
Furthermore, Blockchain technology enables you and your app users with many benefits such as fast and secure data sharing across different platforms.
For your product to be in demand, give the users exactly what they need at that particular moment.
When you are building a fintech app, build it in to enable users with extreme personalization. For example: Integrating AI in fintech apps, you can track and analyze user’s spending and investment habits.
Not only that, with the help of AI you can also address the queries of customers more efficiently and effectively.
Data collected and analysed enables your professionals with detailed insights into each of the users. This allows them to address a users specific needs and can offer personalized recommendations for banking and financial services.
Wrapping It Up
Fintech app development has become pivotal in the financial market and have taken the world by storm by being one of the fastest growing sectors.
You need to be able to deliver great user experience to your target audience by enabling them with a robust fintech app where they can manage all their baking and financial investment and spending.
If you are ready to shake the fintech sector and develop an app with all the best features, it is an exciting journey to get started on and it’s important you start with the right team on the job.
Get in touch with us and we will help you get started!