Fintech, a term representing financial solutions empowered by modern technology, is now a multi-billion-dollar industry. Almost every major bank, financial organization and investment firm has a
fintech presence. For most financial companies it is the mobile apps that remain at the forefront of the fintech revolution they take part in.
While fintech apps will continue to grow and open new horizons of growth opportunities for financial companies across the niches, for new fintech startups it is often confusing where to start the journey from. If for your fintech venture you are considering
how to create an app from scratch, you first need to have a look at the most powerful and trending
app features for startups that define fintech app solutions.
Individual Data Analytics to Track Spending
In the context of fintech apps, data analytics plays a crucial role for many reasons. People can have more decision-making power corresponding to their spending, investment and financial activities when they have actionable data analytics in their grasp. Naturally,
individual data analytics becomes a key feature of the FinTech app offering a transparent overview of all the financial activities. This feature is particularly helpful for making an analysis of the financial data and delivering data reports for the app users.
Thanks to data analytics, fintech app users can do the following.
- Checking Financial Reports: Fintech app users can check all their financial transactions and activities through summary reports.
- Transaction Report: A specific report taking stock of their spending and transactions can inform where and how the users spent funds and in which categories.
- Setting Objectives: A fintech app allows customers to set specific financial goals, have clear objectives and set investment timelines.
Thanks to such robust analytics, the fintech app users can make better investment decisions, control spending and check habits that are having a negative impact on their financial growth and stability.
Artificial Intelligence (AI)
In fintech apps, cutting-edge innovations are brought mainly through artificial intelligence (AI) technology. Through the integration of artificial intelligence (AI) into fintech apps the capabilities of apps can be enhanced manifolds. A fintech app with integrated
AI ensures an array of advantages ranging from operational efficiency, optimum precision, streamlined customer support, efficient fraud detection, wealth management, and several others.
The biggest advantage of AI for fintech apps is the ease of automating customer support. Thanks to streamlined customer support through AI-powered intelligent chatbots a financial organization can create a lot of room for the professionals to take care of other
important tasks instead of solving customer issues.
Blockchain-Based Security and New Business Models
Blockchain, the decentralized database technology has been widely adopted by a lot of Fintech applications. A blockchain representing a chain of data blocks storing data with specific time stamps completely prevents data tampering efforts of all kinds. Blockchain
databases enforcing a write-only protocol makes it impossible to delete and tamper with any data. For fintech apps, it offers the ultimate security technology to safeguard transactions and data.
Dependence on Blockchain technology not only can ensure huge cost savings but it can also ensure the development of fresh new business models that remained unheard of in the current financial state of things. The ease offered by peer-to-peer micropayments within
the users bypassing proxy technologies opened up new avenues for financial business models.
Integrating Other Fintech Solutions Through APIs
Fintech apps typically cover a variety of sectors and customer needs to need a range of user-focused solutions. From allowing easy mobile payments to facilitating asset management and crowdfunding, the financial requirements and their corresponding features
are diverse. Fortunately, your fintech app doesn't need to offer all these features on its own. It simply can
integrate other apps through third-party APIs and make these features available.
Several major fintech apps allow users to bring together all their bank accounts and financial transactions with different entities into a single comprehensive dashboard and operate them. This integration brings a lot of power and ease of use for the users
of fintech apps. When it comes to companies, the integration of different apps sharing relevant financial data across several apps results in saving users from the difficulties and hassle of navigating across multiple interfaces. In more than one way this
ensures a comprehensive and single-window solution for the fintech app users.
Personalized User Experience
Quick satisfaction from the user experience that addresses their preferences and choices is something that most app users prefer these days. It is no different with FinTech app development. is no different. Tweaking UX design, allowing a custom choice of menu
options and providing app features focused on user preferences are some of the key ways a fintech app can push personalization and make the app stand out from the competition.
But such personalization can only be implemented dynamically when the app developers and designers have access to user data and data-driven insights. Big Data analytics and AI can help apps gather insights on user behavior, user interactions and user intent
for delivering an improved app user experience.
For FinTech app development now voice-recognition and voice interaction have emerged as cutting-edge features to improve security and enhance ease of use. The functioning of financial services becomes a lot easier as users can make voice commands for carrying
out transactions and accessing reports.
The personal virtual assistants enabled for voice commands like Apple Siri, Google Assistant, Amazon Alexa Cortona, and several others are being used to allow users to make voice commands for fintech transactions. They are playing an important role by allowing
users to inquire without making calls to banks and customer care services.
The ongoing fintech revolution converging with cutting-edge technologies represents a massive opportunity for financial companies to stay ahead of the competition through unique banking and financial experience. Irrespective of the financial niche your app
is targeting, the fintech apps equipped with state-of-the-art technologies are going to transform banking and financial activities in a multitude of ways.