Why is there a need for Fintech Apps?
Businesses today are found seeking around for new options in regards to how to enhance their work environment and conduct seamless operations. Of course, technology is the sure-shot answer here! It may quite interest you to know that after the incorporation of the fintech market, businesses can implement solutions like never before, making their lives as well as the lives of their customers a lot easier. Further, I would like to mention certain reasons stating how fintech app development is beneficial for your business.
#1 Reduced Costs
One of the obvious benefits is reduced costs. Yes, you might consider fintech app development costly on the surface but here’s the key, think about the big picture and then decide your fate. Technically speaking, the more lines of code written means more chances of errors. This leads to slow performance, bugs and high maintenance due to frequent changes.
Now developing fintech apps is a bit different. Here app developers tend to reuse the code, decreasing the amount of time spent on writing new codes. In addition, developers can focus on their core competencies such as speed, security, performance, and design since lots and lots of time and energy are saved by reusing code.
#2 More Customer Engagement
Another reason for adopting fintech application development or hiring a fintech app development company is to enhance customer engagement and sales opportunities. You see at present, the competition is rising like never before, if you want to stand out from the crowd – all you have to do is hook your customers to a great extent.
By conducting a fintech app development project, businesses can come across new and unused ways for end-users to buy products or services on the go. By using fintech apps, customers can perform a wide range of functions all they have to use their respective mobile devices such as to make payments, check current account balance, transfer money, apply for loans and what not!
#3 Secured
Unlike earlier situations, today with the incorporation of technology the rise in safety and security seems to have increased. No kidding, your funds are way safer than earlier. Not just your funds but all the vital information that you include in the app will be secured and saved from hackers. So if you are considering a more safe, secure, faster, and more convenient way to manage finances for your business as well as end-users, consider fintech apps right away!
A Few Must-Have Features to include in a Fintech App
Further, I would like to mention certain features that must be included in a fintech application development. All these features will ensure that your developed solution not just survives in the testing times but also offers more convenient services to the end-users.
1. Biometrics and Security
In today’s times when security is the most important aspect, why should your fintech application not include it? Today, hacking happens every 39 seconds. Money is at stake, risks shouldn’t be taken at any cost.
So, biometrics and security must be the first and foremost part of your fintech app development project. Now, what exactly are these biometric features? Well, fingerprint access, facelock, passcodes, Heartbeat sensor, and human palm veins, just to avoid unauthorized access can be avoided at all costs.
2. Personalization
Another crucial aspect that must be taken into consideration is personalization. Of course, here we are talking about fintech apps but who says these apps cannot offer the feeling of personalization. Try having a minimal design and in addition try to give a slight control to the end-users by personalizing the UI.
For example, ask the end user whether they want to set push notifications reminders or not. This is not the same old pop-up asking end-users to permit them to send any such kind of message. Here users are privileged to select the reminders. Apart from this, managing cash flow or categorizing expenses can be extremely tricky or sometimes painful. Also, dealing with dozens of categories can be troublesome. By incorporating personalization, end users can remove any categories that are unnecessary and add custom ones too.
3. Millennial-specific Content
Today whether you are willing to develop a website or a mobile app, make sure you create keeping millennials in mind. After all, they are your precise target audiences. So make sure your fintech application must include everything from the copy to the design, and UI inclusive to millennials to grab their attention in the world of finance.
4. Voice Assistance
Another interesting yet intimidating feature that must be taken into account is voice assistance. Yes, using voice commands! In digital banking and fintech, voice-assisted technology is pretty much in vogue.
5. Artificial Intelligence
Lastly, artificial intelligence is pretty much in vogue these days. Although, by integrating artificial intelligence into fintech apps, you can offer a wide range of advantages such as operational efficiency, optimum precision, high customer support, efficient fraud detection, and so forth.
