Financial software development has become an essential part of the finance industry with the rise of fintech apps. Fintech apps are transforming how people manage their finances, and with each passing day, the competition is increasing. To succeed in this industry, it’s crucial to understand the main features of fintech apps and how they can benefit users. In this article, we will explore the essential features of fintech apps and their importance in financial software development. If you’re an entrepreneur looking to launch a fintech app or a user curious about the technology, this article will provide valuable insights into financial software development.
Fintech Market Apps Future
The future of the fintech market appears to be positive, according to the experts’ predictions. By 2030, market analysts project growth of 500 and more billion dollars (this means the field will reach a 650 billion valuation).
Technological improvements in fintech app development are likely to be significant too. Firstly, the services may become safer as many modern development frameworks constantly upgrade.
Secondly, new technologies generally improve the services’ ability to deliver high-quality financial help to customers. We expect the rise of AI, which will care about security and client experience. Moreover, the users are likely to see better integration of cryptocurrencies and blockchain. It will be increasingly easier to perform every financial activity using decentralized currencies. In short, broader coverage, better security, and greater flexibility are the future of the fintech sector.
Top 6 Fintech App Main Features
High level of customer security
The first significant factor for any fintech app is the ability to maximize security. Money is one of the most important aspects for everyday life. Without funds, it’s impossible to function properly in society: one can buy food or pay rent only via these means. This signifies that any service working with the customers’ money has to be maximally secure. An inability to preserve the security of someone’s funds guarantees massive reputation and financial losses to a fintech company. For example, the recent collapse of FTX, which led to massive financial losses for the clients, will likely end in the imprisonment of the site owners. Their risky investment of funds, which went against the promised security, destroyed this seemingly robust service. In this light, massive investments in security are a must. No company can feel safe without guaranteeing the consumers’ well-being.
Integration with multiple payment services
Most people in the modern world use multiple services for payment. Fintech app development must consider this factor to guarantee maximal comfort for consumers. What types of integration are crucial? Above all, one should be able to work with traditional payment methods. A user must be able to connect VISA cards, for instance, as they often serve as the primary framework for receiving income. Another vital integration is the ability to use various tokens on other payment websites. Integration with sites such as PayPal may be essential for the success of a particular service. Lastly, one should consider the ability to exchange cryptocurrencies. They’re becoming increasingly potent, so a client should have a method for working with Monero or Ethereum.
Artificial intelligence delivers an increasing number of positives for all types of human activities. Building a fintech app without an AI is no longer feasible. What uses can it have? One should push AI for the analysis of transactions. Fintech services work with a tremendous number of everyday activities. Humans can’t review them all; an AI does this easily and informs the relevant customers. Besides, AI integration is a perfect way to improve client service. AIs work as assistants capable of answering customer questions in a chat program. They also analyze the everyday expenditures of an individual and offer financial recommendations. In short, AI makes services more secure and convenient.
Dashboards with the key financial information
When you build a fintech app, an essential component to consider is financial management. People like to have full insight into their key everyday activities. This approach, for instance, helps with managing finances and preventing excessive expenditures. A dashboard that details the spending habits of a client is a perfect way to achieve this. Using it, a client can review the weak points in their habits related to financial management. If a fintech app provides some loans, this aspect is crucial for preventing late payments. The more information you offer, the more control individuals have over their financial situation.
Integrating accessibility features
Many users of financial apps may have some disabilities. In this light, investing in alternative controls for your application is essential. How to make a fintech app accessible? For example, provide the users with voice controls and offer voice directions on the site. Alternative design modes for color-blind people are also a potent option. Think how a user without sight or limbs can use your service. Countless services don’t deliver this vital factor; if you work on it, there’s always a major chance to boost your services. Some companies are already building a significant part of their image on the help for people with disabilities.
Free consultations for the users
How to build a fintech app capable of satisfying everyone? It has to deliver a service accessible to everyone. Above, we’ve mentioned the need to invest in accessibility for disabled people. This factor, however, isn’t the only one to consider. Sometimes, the customers may have special needs related to the unique treatment of their capital. In such situations, they should have an opportunity to consult with the experts from your com pany. We believe such consultations should be free: if the customers have any questions about your service a chatbot can’t answer, then you should provide the ability to speak with an office specialist. If your company can consider even the most complex customers’ needs, more people will be ready to use your service. After all, if it’s able to satisfy advanced needs, then a user will rely on the firm for all financial goals.