Fintech Apps: The Future of Mobile Banking

These days, people want to use the latest fintech solutions to simplify their daily financial activities. Fintech development services create apps and software that make everyday finance easier and faster. Commercial finance solution software enables companies to improve their offerings and deliver their services to clients around the world. Such innovative fintech solutions will open up new markets and business opportunities.

Fintech development covers many different areas, such as banking software that makes it easier to interact with consumers, comply with requirements, and offer new services. That’s why software development companies like these offer comprehensive financial technology software development services needed to build a sophisticated, robust, and feature-rich banking or money management software solution. If you are one of those software development companies, read something about “Guide to Shift Left by GuardRails” to learn more.

Today we will consider the main advantages of fintech applications, as well as the main types of their development and their types. Let’s get to the fun part!

Advantages of Fintech Applications 

Let’s find out what are the advantages of Fintech applications for banks and their customers:

• For banks. If the bank develops a high-quality application, this will help to reduce the cost of not only running the business itself but will also allow transferring part of the staff’s duties to the automated operation of the application. In addition, the presence of a high-quality application helps banks process various financial transactions much faster and automate many business processes, which also, in turn, has a positive effect on the attitude of bank customers to the service.
• For users. If we take into account the fact that most of the bank’s clients own mobile devices, then managing personal finances through a convenient application greatly simplifies the client’s interaction with the bank. In addition, thanks to such applications, bank customers get the opportunity to record their funds and control expenses without resorting to the need to contact bank employees. Thus, due to the fact that the transaction of customers becomes automated, the quality of interaction with the bank improves.

Types of Fintech Applications

And now let’s take a closer look at what types of Fintech applications are. 

Investments

The investment application allows bank customers to monitor exchange rates, stock fluctuations in the markets, as well as changes in cryptocurrencies. In addition, recommendations based on artificial intelligence help bank customers to invest their funds effectively.

Accounting for finances

Thanks to the application that keeps track of personal funds, bank customers can enter a detailed account of all their expenses. Also, users of the application can effectively analyze their financial expenses and, if desired, transfer part of the money to deposits or in a piggy bank automatically.

Financial transactions

Applications that focus on transfers of funds and various payments help users to enter the account of their finances. Such mobile applications usually support various kinds of transactions in both currency and cryptocurrencies. In addition, such applications use machine learning, which allows customers to assess the risks associated with each of their payments. And also similar applications allow you to automate money transfers or distribute money to several accounts.

Lending

An application that supports the lending function is based on chatbots that help to simplify and greatly speed up the process of obtaining a loan by a user. In applications of this kind of credit, the ability of customers is assessed automatically and through artificial intelligence that checks all available credit data for a specific user. In this way, bank customers can arrange installments or loans on their own and do not contact the bank staff only due to automatic verification of their solvency.

Main Stages of Fintech Application Development

And now we will find out what are the main development stages used by fintech development services. 

Choice of direction

Before you start developing a fintech application, you should decide in which direction you want this application to work. To do this, you should decide on the goals of your project, what it will be used for and who its target audience is. Thus, you need to select the main aspects of the application and decide on the niche in which the application will take its place. 

Market analysis

Next, you should carefully analyze the market to collect all the information about the target audience and the application that will compete with yours.

Creating a Layout

The next step in developing your fintech application is to create a layout. In this way, the main functions of the application tools as well as UX / UI will be developed. The main task is to make the interface as simple and clear as possible so that any user can handle your application.

Creating Design Elements

The next step in developing your application is to create all the graphical interface elements. At this stage, you should approve the overall visual style of the application and in the future adhere to the general style for a more pleasing appearance of the application.

Programming

Next, you need to decide on the implementation of the software part of the application. Thus, you should determine whether you want to create your application for a specific platform such as iOS or Android, or whether you want to make your application cross-platform.

How to Make a Fintech Application Demanded?

• The first thing to do is to analyze the application, taking into account the financial habits of users.
• Also, you should make your application unique, for example, introduce gamification elements or interactive elements to make it interesting for customers to use your application. 
• You should also collect customer feedback about your application so that you can monitor which features and interface elements are less important to users. In this way, you can optimize your fintech application for the best customer experience.

Conclusions

The financial applications industry is quite difficult and risky, as there are many features that can affect the creation of a quality product. Since you need to create not only a simple and attractive product but also a well-functioning app, you better rely on a quality fintech development service that will create an attractive and multifunctional product for you.

Photo by Mikhail Nilov from Pexels