Whether you have to transfer the money to your folks, make a quick payment after grocery shopping, or pay monthly bills, a well-structured phone app can tackle every challenge of frequent payments. But that’s not all a fintech mobile app can do. Several distinguished types of financial-technology applications can also be used for stock market analysis, health insurance, and other finance-related decisions. However, all these types must have some essential features to make the user experience as simple as possible. In this post, we will focus on those development features that make a fintech mobile app accessible for your target users.
Before moving further, let’s understand the significance of choosing suitable frameworks and platforms for fintech mobile app development. This way, we get to see a clear picture of users’ expectations and potential discrepancies newly built fintech apps can come across.
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Why Is It Important to Choose the Right Features for Fintech Mobile App Development?
The rise of competition in the fintech domain is tremendously high. We have all seen the constant strikes of innovations and the latest application trends. Your target customer has now plenty of other options to consider. So, you might want to gear up with a far more impressive user interface and exclusive features.
Moreover, these apps seemingly play a vital role in the global economy. Numerous apps even change the way people pay their bills or invest money these days. Simply put, the fate of your existing or upcoming finance-oriented business revolves around the selection of the right features for fintech mobile app development.
Let’s move to the next section and assess the main features of fintech mobile apps. These aspects will make or break the credibility of your brand amongst the users:
Essential Development Features of a Fintech Mobile App
1. Simple layout that doesn’t scare new application users away
Finance is already a very complicated concern for many people out there. A mixed-up mobile app with not-so-clear navigation & disarrayed layout is the last thing they would want to use. Therefore, you need to be extremely cautious while designing and developing a mobile app for your finance venture. Digital technology entails the simplification of everything that usually consumes a lot of time. You should be offering that ease of access with a simple fintech mobile.
Make sure that every banking operation should be visible to the app user in a well-sorted structure. Other than this, you can customize a single-click system for frequently used operations. The signup and login procedures on your fintech application should be quick, easy, and secure at the same time. Even though the authentication process can be near to an ordeal, but it will pay you in the long run by boosting the reliability of your brand.
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2. Discrete customization of data for effortless activity tracking
The essence of a successful mobile app lies within its customization and scalability. Whether you are developing an algorithm for data analytics or implementing an automated tracking system, don’t forget to customize the data flow to enable fast accessibility. Your fintech app should have a feature for analyzing the data and extracting the suggested query from that information hassle-free.
Lacking proper customization features, your fintech mobile app will not be able to meet the customers’ expectations in the upcoming years. To assure the flexibility of a fintech mobile app, you will need to create a systematic arrangement for report management, transaction data, and financial suggestions based on their existing details. Don’t forget to include the option of transaction summary, categorical spending, and saving goals in the application. A full-stack fintech application should be tailored to assist its users to make better financial decisions.
3. Using AI for Gradual Transition into the Depth of Technology
A sudden blast of technology can be too much for users with little to no experience in digital technologies. In that case, direct interaction with AI or complex software modules through the app can be a bad idea. However, you can plan the technological evolution of your app by introducing it as a standard mobile application. Once you obtain a certain customer base, you can switch to an improvised version with the help of professional app development services.
Artificial intelligence is a boon only if you know how to use it right. Launching a mobile app with direct AI features can be slightly obscure for some users. To avoid any inconvenience, you can consider introducing AI modules in the form of SaaS to streamline the transition. Also, you will need to spend some time testing the accuracy of various operations of the fintech app after the AI implementation.
AI technology can help banking organizations boost functional efficiency and automate personalized processes. Therefore, you will need to use your circumspect vision to assess the inclusion of AI features during fintech mobile app development.
4. Uninterrupted push notification system for seamless communication
The cycle of mobile app development can’t be completed without the configuration of push notifications. No matter how distinct your application type is, you will always need a proper communication system to notify your users about the latest mobile app changes and minor updates. These are also useful for sharing seasonal offers, discounts for consistent customers, account privileges, and awareness about several services with the user. It’s the only active way to stay in touch with those you have developed the app for.
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5. Voice assistance feature for resolving customers’ issues
Fintech mobile app development isn’t that different from regular software building, except for the part with the selection of pivotal features. The same goes for security measures, as finance-oriented applications are more vulnerable to cyberattacks and digital data stealing. Voice recognition is one of those highly effective methods that your fintech mobile app can leverage to assure the security of your customers.
In recent years, you may have seen the scale of transformation virtual assistants can bring to our daily lives. Siri, Alexa, Google Home, and Cortona are some well-known examples that showcase the user-friendliness of your platform in the most practical ways. Such pragmatic arrangements can help resolve customers’ grievances faster and more effectively.
6. Smart use of personalization and automation for hassle-free financial services
Repetition of certain tasks on fintech apps can be annoying, especially when customers have to do the same thing manually all over again. They don’t want to fill in the same information about their recent transactions 3 or 4 times a week. This kind of functionality can leave a negative impact on your financial services. To avoid such continuous issues, you can consider adding personalization and automation in recurring functions. The automation feature in a fintech mobile app can also streamline data analysis and notification management, suggesting personalized details for each user.
7. Acceleration of transactions using multi-tier functionality and API integration
Gone are the days when people used to access banking apps for convenience and less time consumption. Millennials as your target audience expect a little more than online transaction and billing alerts. To meet up with their preferences, you can use multi-tier features in your fintech mobile app during the development phase. This way, the transaction process, and other operations will take less completion time and result in potential lead generations.
Apart from multi-tier functionalities, you can also invest some time and effort in third-party API integration. It’s just another way to cater to the diverse needs of the customers. Using a suitable payment API on your mobile app will make online payment transfer, asset management, and crowdfunding easy for new and existing users. Top fintech mobile app development companies in India and overseas look up to business-facing apps and APIs that can discretely serve the purpose of seamless digital transactions.
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Final Thoughts – In addition to these features, a collective biometric authentication system is also a considerable choice for fintech enterprises in India. However, such developments can potentially take much longer than expected. Either way, you will be able to acquire a fully customized fintech mobile app that contains all crucial features for safe and sound online transactions. At Trank Technologies, you wouldn’t have to worry about these basic mobile app development problems. We have an experienced project management team to tackle it.