How to Develop a Fintech App

Introduction

Today, consumers are adopting fintech at a rapid pace. Around 96 percent of buyers worldwide have at least one fintech app installed on their smartphones. Traditional players like lenders, insurers, and banks also embrace fintech on a big scale.

The finance industry has been using different technologies to develop a fintech app as per needs of clients for some time already. Financial technology is one of the fastest-growing industries across the globe because it offers convenience and high-level security over traditional kinds of financial services.

Develop a Fintech Application—Must-Have Features

A fintech app is a mobile or web app that deals with financial services. Fintech applications prevail nowadays because most financial services are being digitally carried out to fulfill them fast and in an efficient manner.

1. Seamlessness

Fintech applications deal with very important and sensitive information. Thus, the app should be as seamless as possible. Users should not have a hard time while navigating through the app and everything should be direct.

Seamlessness or simplicity is critical since it ensures that users don’t have to spend so much time figuring out the app and thus, will want to use it more. The app should have real-time statistics and analytics to help users.

It should be very simple so users will not struggle during navigation. This is extremely important since simplicity guarantees time savings in learning the app and using it.

2. Personalization

Paired with artificial intelligence, personalization becomes an added feature in a fintech app. Artificial Intelligence analyzes the patterns of users and provides relevant inputs regarding new policies, updates, and benefits that the financial company offers. Thus, considerable recommendations and updates are personalized.

Personalization helps in client retention and brings in new revenue as well as new audiences. AI chatbots boost the interaction with customers and could take a significant part of the human load in chats, providing immediate answers to the questions of users.

3. Push Notifications

Push notifications are a must for effective communication among bank officials and clients. Moreover, push notifications to ensure clients are informed about regular updates regarding discounts and new policies.

This feature helps providers of financial services to stay in touch with clients and make sure that they stay updated on everything. Pleasant user experience and notifications go hand in hand when it comes to apps. Users like to stay informed and of course, they want to have a personalized user experience. Notifications bring many advantages to a business since they boost conversion rates.

4. High-Security Level

An essential feature that every fintech application must-have. Since fintech apps deal with financial information, any breaches in data or security loopholes could cost users a big amount of money. Thus, different multi-layered features should be implemented to ensure a high-security level.

Data encryption and biometrics are great examples. Furthermore, features could also differ according to the type of fintech applications. For sign-in, consider integrating a two-factor authentication with face, voice, and fingerprint recognition.

5. API Integrations

The right APIs and third-party tools could do wonders when it comes to user retention. They allow incorporating features that could boost engagement. Integration is crucial in most apps. For instance, personal finance applications need connection with the bank accounts of users through the Open Banking initiative.

Without connection, users could not manage their money through the app, thus it will lose its main selling point. Some APIs are also important for offering app features that otherwise would be time-consuming, difficult, or not possible to pull off. One great example is the BaaS or Banking-as-a-Service architecture, which enables apps to use the existing services of a bank.

Conclusion

In many industries, the pandemic has led to the tectonic shift away from the familiar business paradigm and spawned various service models, new services, and approaches to addressing the needs of consumers. These contributed to the unprecedented growth of investment in the fintech market throughout 2021 and continue to do so this year.