The modern fintech market is actively developing and reaching billions of dollars. The active expansion of many fintech companies has forced them to invest in innovative, multifunctional fintech applications, especially in the mobile sector, which in 2024 will be extremely popular among various categories of people.
Users nowadays are very digitally savvy, and modern fintech apps have higher user retention rates than other categories.
By ordering the development of this effective software solution from a fintech app development company, you will be able to implement a multifunctional mobile application with only those functions that you think should be successfully implemented in it.
Level Up Your Fintech App With These 5 Powerful Features
How to create a fintech app? Fintech applications possess different key strategies and provide different business opportunities, these solutions are critical to support customer success.
Whether you’re looking to achieve similar results or raise the bar even further, it’s important to know some of the key fintech app features that add value to your mobile software development strategy.
Types of Fintech Apps
There are completely different types of fintech software products. The field of Fintech covers a wide range of mobile application use cases that are changing the financial services industry. Fintech banks (neobanks) actively use fintech applications, which are a key element of the successful functioning of the financial system. Unique authentication and authorization technologies help:
- Open accounts;
- Collect funds;
- Reduce the number of fraudulent registrations, etc.
This allows fintech banks to offer flexible personal options, removing traditional fees that prevent people from achieving their financial goals. Digital payments use fintech applications to enable cashless payments between different users.
Since the beginning of the epidemic, the number of non-cash payments has increased significantly, correspondingly, the number of fintech applications that provide the ability to receive and send digital payments has increased.
Accepting direct bank transfers is significantly cheaper than using a credit card because it allows customers to register and authenticate faster and easier.
Fintech applications of this type help businesses pay digital bills, manage bookkeeping, and send payroll checks digitally and via ACH.
Personal Finance Management (PFM):
feature-rich fintech applications in the PFM industry allow users to consolidate financial data from multiple accounts into a single dashboard, making it easier to track their finances. These services help people manage, plan, and understand their financial assets.
The sphere of financial resources management. Fintech solutions effectively help financial advisors and asset management platforms collect account data and provide comprehensive financial advice for better development of assets under management. Fintech apps allow users to search and track all their investments in one place. They offer users easy and convenient access to investment, educational, and financial consulting products.
The field of lending. Fintech applications in this area help streamline the lending process by providing lenders with access to customer-verified banks, disclosures, and other information needed to make informed lending decisions. Fintech applications allow you to quickly and easily verify a borrower’s identity, assets, employment, and current income, carefully check accounts, check balances, and confirm financial obligations in real time.
The field of embedded finance is financial services that are provided through non-financial products and services in the everyday lives of consumers. Fintech applications in this area are helping to popularize this phenomenon through API integration that integrates financial services directly into non-financial consumer products and experiences.
What are Key Features Every Successful Fintech App Should Have?
How to make a fintech app? The key functions and features that every successful fintech application should have include the following important points:
- Easy registration. Simplify account creation, and ensure compliance and compliance with applicable security standards with simple registration functions that should be implemented in your fintech application;
- Maintaining a personal account. Users should be able to easily manage their finances, track transactions, and access leading financial services through personal account management features;
- Effective payment gateway. Integrate seamless payment gateway solutions to facilitate secure money transfers between accounts and improve the customer experience;
- Global financial management. This effective solution provides users with comprehensive financial management tools to achieve their financial goals;
- Consolidation of bank cards. Facilitates access to account information on the platform so users can link their credit/debit cards to your app;
- Real-time notifications. This key feature allows users to be informed with real-time reports on all financial transactions and activity on their account;
- History of transactions and interactions. This feature gives consumers access to their entire financial history, providing transparency and helping them make informed decisions;
- Easy interaction. This feature makes it easier for new users to connect and provides an intuitive and seamless experience with the app;
- Interactive chatbot. Integrate customer service chatbots to increase engagement, reduce costs, and understand the real-time needs of your customers.
You can develop a modern fintech application in full accordance with your current needs at the leading company Techvision, in which experienced specialists have relevant experience in the successful implementation of fintech applications with all important functions that must be successfully implemented in the https://techvision.global/.
Customer Support and Education
Customer support and training, these two important functions that should be implemented in a fintech application. To provide better and more comprehensive support to users, you should consider integrating customer support features such as live chat or a chatbot into your fintech app.
This feature allows customers to access support immediately without waiting for a response via email or phone. With the live chat feature, users of your fintech app can easily learn about various topics such as financial asset management, account monitoring, financial advice, and related information.
By combining the capabilities of artificial intelligence with chatbots, many fintech applications have gained the ability to provide informative answers to customer questions in real time, solve common customer problems, and offer personalized interactions.
Mobile Payments and Transfers
Easy, simple mobile payments and transfers are highly valued by fintech app customers. No financial services software can function properly without a digital payment method. With the financial application development and the increase in the number of users, it is necessary to expand payment options.
Today’s consumers expect convenience and flexibility in their financial transactions, and it is important to offer more payment options to meet these expectations. By integrating multiple digital payment options such as credit and debit cards, mobile wallets, mobile payments, and cryptocurrency payments, fintech applications can appeal to a wide range of users.
Not only do mobile payments and transfers dramatically improve the user experience, but this solution also removes the barriers to entry for potential customers who want to use certain payment methods. Multiple payment options in a fintech app increase user satisfaction, increase engagement, and contribute to the growth and success of your fintech app.
Biometric Authentication
Ensuring an adequate level of security is an important aspect of the fintech industry, as users of fintech applications may stop using them if they realize that their money is at risk. Biometric authentication has supplanted traditional authentication methods such as passwords as a key strategy for increasing the security of customers’ financial assets.
The main advantage of biometric authentication is that this solution provides a safe and reliable method of identifying a person using unique biological characteristics such as fingerprint, facial expression, and voice. Biometric technology offers not only unique protection, but also practical benefits beyond security.
A seamless, simple user interface eliminates the need to remember complex passwords. Users simply open the app and use facial or fingerprint recognition.
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Real-Time Alerts and Notifications
Real-time notifications are essential to keep customers informed of account activity, transaction updates, and security events. These features quickly alert users to unusual transactions, low balances, or upcoming fees, allowing them to take immediate action and make informed decisions, ensuring a safe and satisfied customer experience.
Real-time alerts allow users to immediately detect and respond to fraudulent or suspicious transactions, effectively manage their budget, avoid late payment penalties and fees, and make informed investment decisions.
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Intuitive Dashboard
Simplifying financial management with multi-functional fintech applications is key to success in this industry. It’s important to provide customers with an intuitive dashboard that displays expenses, payment history, and all data related to their financial assets. These visual tools effectively help clients understand their financial situation and make informed decisions about their assets more easily.
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Importance of Continuous Improvement and Adaptation
The importance of continuous improvement and adaptation of fintech application features plays a maximum role in ensuring the success of the application among a wide range of users. The functions that your fintech application contains must go through constant improvement, they must be adapted to the needs of your target audience.
Maximize your marketing efforts with multiple advertising channels. This helps to attract the attention of the target group to your fintech application faster. Remember, some time must pass from the launch of a fintech application to the functioning of a successful financial software platform, implementing all the necessary and innovative features in your fintech application will help to achieve high results.
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Summing Up
Although there are many FinTech applications in the market, it is important to take your place in this dynamic niche and develop innovative software solutions with the above-listed key features that a Fintech application should have.
The popularity of fintech applications is explained by the many untapped opportunities of banking and financial services. Developing FinTech applications in 2024 requires a deep understanding of current trends, best practices, and active use of advanced technologies.
As a high-quality software development company, Techvision can take advantage of cutting-edge technologies and combine them with innovative business ideas.
A team of experienced specialists can help you successfully implement FinTech software and provide ongoing support throughout the application development phase. If you want the best quality products, contact Techvision for an informative consultation.