By Raj Kamal
Sep 07 , 2020
Financial applications have become pretty exponential and sophisticated in today's time. The customers expect high-quality service and simple design. The financial apps are extremely beneficial and would play an important role in legitimate companies.
The wave of change in the financial industries is huge and therefore, it is extremely necessary for the businesses to know the consumer demographics so as to reach a larger audience. Comparatively, the millennials should be one of your main targets because they are the ones who use these apps extensively.
Features of Fintech app
Creating a Fintech app isn't easy, but it is also necessary to be focused on it. Some of the prominent features that a Fintech app must have in today's time include the following
1. Simplified user experience
Every Fintech app should be aimed at providing a seamless, simplified user-experience. Even the most complicated financial processes such as foreign currency transfers, POS sales, micro-investing and more have become pretty easy with the easy-to-use dashboards.
Several companies and banks have been allowing their customers to compete for the complex application thereby easing the access process. The app developers should use the latest technologies to bring the maximum boost. Multi-layered aspects can complicate the things which is why it is extremely necessary to ease the obstacles and bring more engagement.
2. API Integration
The customers expect the Fintech apps to offer diverse solutions for financial management. The customers can find extreme convenience with Fintech apps as it helps to ase mobile payments and ensures mainstream management via different sources such as asset management, crowdfunding and more. This has eventually become popular among the millennials.
API-integration has come as a blessing for both, customers as well as businesses. As far as customers are concerned, they will need to handle less platforms for the management of different tasks. As far as businesses are concerned, integration allows them easy access to data thereby ensuring better account management and appropriate transaction records.
3. Personalized Experience
Financial transactions are a very personal thing and when dealing with these financial transactions, one is managing the stakes. As a result, this leads to the development of a personalized relationship. The personalized and user-centric approach should be implemented into the Fintech apps to ensure everyone is connected.
Most of these banks aim at offering a customized experience with proper viewing of the financial board. This financial board would further help to summarise different aspects such as performance, activities and even other holdings. It is necessary to consult the experts for development of app to build personalized experience and trust between users and the respective financial institution.
4. Artificial Intelligence
With most of the things becoming inclined towards artificial intelligence, this has become an important aspect in the Fintech apps as well. Different apps have already integrated artificial intelligence with proper algorithms to ensure the overall savings of the users.
Further research has shown that millennials lack a lot in money management while the older groups are more careful and active. Fintech apps help to bring in limelight the negative appearance and set a good example with the use of apps. Hence, smart technology has eventually helped in the development of apps.
It is also one of the best internalised strategies to capture. You may opt for different services such as advanced machine learning, chatbots to limit the customer interaction.
5. Blockchain security
This is one of the latest developments in the mobile Fintech app technology. It has played an important role in bringing significant difference with how it applies to Fintech technology.
The coming of blockchain security has enabled data sharing securely across different platforms in an immediate manner. This technology has been adopted recently and has been offering security in different manners.
The Australian Stock Exchange has already adopted blockchain technology to boost their business. However, many businesses still consider blockchain technology to be in its initial stage as they believe only partial integration is done. But, others argue that significant developments have been made with proper transparency.
6. Accessible Analytics
One of the main reasons why Fintech apps are so popular among the masses because they allow the audience to view their financial activities. Different apps have garnered enough praise from the audience regarding the accessible Analytics of the app.
This is providing benefits for customers as well as for businesses. With the analytics tools, the customers can keep a close check with their finances for the long run. Also, these Fintech apps allow the users to gain access to particular information or records on demand based on their transactional activity.
7. Engaging visuals
Not only should the Fintech app be concerned about providing accurate data but also about how it appears to the masses. The app should have engaging visuals. Honestly, in today's time, mostly millennials are active on these apps and none of them would like to see monochrome charts or blocks of numbers.
Often it becomes difficult for the customers to access this kind of information, especially if it is complicated. The app visuals should be a clear takeaway to your customers so they can efficiently take actions based on them. If the customer wants to know their monthly transaction, the app should be able to provide it in a clear way to ensure better budget planning.
8. Increased focus on added-value for "traditional" banking apps
Times have changed and moved from traditional banking apps to fintech apps. Fintech apps can help to meet even the basic customer requirements. The banking apps have the same functionality as the older one, only few changes have been made in terms of spending, borrowing, and saving.
The new innovations have also helped to move ahead of the streamlined process. It is user-friendly and consumes less time. A few extra features have helped to improve user experience such as real-time transaction tracking and absolute transparency.
9. Progress to a goal and display recommendations
Managing finances with accurate data has always been the major requirement for business. The financial apps should be focused on providing accurate information with the Fintech apps. Moreover, a Fintech app should also offer end to end goals with proper opportunities and recommendations.
The graphics user interface of the app matters as well which helps to save money and proper budget management. Reporting data is crucial for businesses and customers. It entirely depends on the users how they plan to include it in the end goals.
10. Know your target audience
It is necessary to know who you are catering to. The popularity of Fintech apps have grown in recent times and they are targeted on reaching digital or millennial natives.
But why does the app target Gen Z and millennials? Although this generation has poor finance management skills, they are surely more tech-savvy. As a result, of you make a user-friendly app that is fast, it will become extremely easier for the millennials to enhance their skills.
The coming of Fintech apps is no less than a revolution because app developers have got the chance to create something extraordinary. They are ensuring inclusion of financial solutions with better third-party integration. So, every business must consider investing in these apps.