There is no doubt that the future of FinTech is bright. Looking back in 2018, the investments of this industry reached the figure of around $112 billion. With the continuous growth of the finTech app and its features, the financial technology market is hot, and the competition is also hot. So during app development of your own service, you must focus on features that are currently in the market, potential feature functionalities, and also how you want to add value to the industry.
FinTech App Features to be Included
While developing a FinTech app you must keep in mind that it should have innovative UI/UX, so that your users can get the best experience whilst using the app. The design of your app must be seamless and hassle-free so that the collection and management of user data become easy. Integrating advanced features in your app during development makes your app easy to use and enjoyable for the user. Some examples of this include choosing the correct font style and size, using white space to focus on important information, and using selective color codes for important buttons.
AI for Personalization
Artificial Intelligence is in the trend to make the FinTech app more personalized for the user. Using complicated arithmetic processes like artificial intelligence and machine learning helps firms and start-ups to provide the best smart services and suggestions to users according to their needs. The integration of AI also helps in the marketing of the app according to user preferences. The correct app development process includes customization of products that can be easily delivered to users with the help of analytics and AI. So it is a must to choose a company that has knowledge about AI development, so users can receive improved customer service.
The most important aspects that must not be ignored during app development are data privacy and data security. Every user wants their personal data, and information to remain safe and be treated with care. Fintech companies are able to assure users that their data is safe and protected, as these companies have various measures and protection against cyber threats and attacks. To ensure this protection, companies hire highly qualified experts and developers that have well-versed knowledge in developing safe and secure apps. Another thing that must not be ignored is the importance of designing the authentication process with the highest security. Some of the things that can be followed is displaying only the last three digits of a payment card or requiring user verification for changing a password.
The fintech app should carefully analyze all the financial data of the user and provide it to the user. It should also allow the user to easily access and track all the financial activities directly from the app. If your fintech app focuses on asset management, then the analytics your app provides should be based on investment returns and suggestions on it. Getting details about data analytics will become more easy for users if your app provides a graphical representation of the data. Moreover, it can also help them to get insights about spending, savings, and investments.
Integration with Other FinTech Apps
As the fintech technology focuses on various industries like payment transfer, insurance, asset management, and many more, your app should be designed in a way that it can easily get integrated on various other platforms. The major advantage of this integration is that the apps can easily interact with each other for sharing information. For instance, connecting all bank accounts at a single place or getting all the information related to investments. Moreover, if the app is cross-platform compatible, and also supports wide functionality, then the integration will be more easy and hassle-free.
The initial registration process in the Fintech app requires the user to fill a lot of personal information. This is necessary because financial companies have to follow various rules and regulations, including KYC and anti-money laundering laws. You must design the app in a way that the user gets a positive experience whilst registering on the app. The design of the registration form should be in a way that it generates maximum details with minimum input from the user. The app should also convince the user for its reliability and value. So the app must be designed in a way that the registration form should clear the necessity of filling the details.
Why You Should Integrate Robo-Advisor in your FinTech App
What is Robo-Advisor?
It is a class of financial advisors that helps in providing financial advice. But it does not require the involvement of human effort, as it offers online investment management and financial advice. Robo-advisor can be developed easily just by implementing some robust algorithms that can read and analyze human nature to provide the best services.
Due to Big Data Tools and AI Technologies, various FinTech firms are planning to integrate Robo-advisers into their apps. The concept of Robo-advisers helps these start-ups to easily manage customer data, loans, and wealth. The following reasons explain how your business can benefit from Robo-advisor.
Cost Of Fintech App
If you are planning to start a FinTech business, then a professional advisor is one of the basic and important resources you should have to advise your customers. But having a professional advisor onboard costs a lot of money. If your business decides to outsource multiple business processes of the FinTech start-up, then it could end up costing less, but the cost will remain significant..
But if we talk about the Robo-advisor for the industry, Wealth-front will cost only around $500. The major benefit of integrating Robo-advisor is that it works with the highest accuracy rate and around the clock. Moreover, if you can build your own Robo-advisor for integrating into your FinTech app, it will be more cost-effective for you. Here at Nimble AppGenie, our developers can develop dedicated Robo-advisor for your FinTech app.
Personalized User Experience
The Robo-advisers follow algorithms that read and analyses the various factors like customer’s needs and interest before providing any type of financial services. In this way, users are always served according to their needs. This feature of personalized user experience keeps your users engaged in the app and surely results in increased revenue and profits.
Set up and Forget it
After integrating Robo-advisers in your FinTech app, there is no need for any kind of user involvement later. Whereas if you are hiring a human advisor for your app and later training him with the latest market trends and business aspects, then you need to spend a monthly budget on them.
Top 5 FinTech Apps of 2019 in Market
Before discussing the features and benefits of the FinTech app, let have a look at the top 5 Fintech apps 2019 in the market.
The US-based financial app provides financial advice to its users and also allows them to access the details about the loan. MoneyLion is basically a personal finance app that works as a part of wealth management, part lending, and part savings app. According to the latest news, this fintech start-up is on the way to becoming a “unicorn” for the finance industries. Till now, the current value of the start-up is just under$1 billion.
Robinhood is a US-based stock trading app that allows users to invest money in public companies. The app charges no commission fees in stocks, cryptocurrencies, and EFTs. Moreover, the app has its own clearing system and also allows the user to exchange-traded funds. Currently, the app is valued at $7.6 billion.
The app is growing in the USA at a rapid pace as a mobile-only bank. Without any extra or hidden charges, it allows users to easily manage their saving account and spendings. Its unique features like automatic savings option and large free ATM networking makes it an extremely convenient banking app.
The Brazil-based fintech app is one of the best FinTech apps as it provides access to spending, and also allows users to track spending by category. Moreover, the app also provides real-time information about Nubank rewards, saving balance, and Credit cards. According to surveys, the current value of this app is over $10 million.
When it comes to collecting information about the user’s transaction, cards, and transaction, Mint is the most successful fintech app in the USA. The app alerts users through notification about pending bills, and also offers advice on spending patterns. The data and information of the user are encrypted with 256-bit encryption and the data that user exchanges with the mint app are encrypted with 128-bit SSL.
The arrival of FinTech has not affected the basic need of humans. So, the applications must respond to the client’s request appropriately. Adding new features and new system improvements are a must. This will help in controlling expenses, saving money and taking loans will also become easier. Another important thing that should not be missed is that in order to save time whilst using the application, you must provide an intuitive interface. From the users’ point, it is also important to add new features that can expand or improve on the old ones. Bringing new features and updates in the market is the key to success. AI used by FinTech is the best example of this.
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Blockchain for New Business Models
Although blockchain is a new technology in the market, still it is being used in more and more FinTech applications. Blockchain is a set or series of a block that store data in the form of hash functions and timestamps so that the data cannot change later.
For the financial supplying proxies (banks, custodians, money marketers) from the ordinary fintech or economic world, blockchain offers close to costless automatic algorithms and protocols secured by the cryptography as opposed to the pricey or subjective regulatory bodies.
Blockchain allows Peer to Peer micropayments directly between users and coverage or mortgage products provided without delay between retail customers that pass rating organizations and other proxies is handiest a beginning. Innovation in the shape of important financial institutions’ virtual currencies is also coming into authorities’ levels. A few nations are searching at how stable crypto-secured virtual currencies could be carried out within their countries.
With smart speakers like Amazon Echo and Google Home, and virtual assistants like Cortana Google assistant, and Siri, Artificial Intelligence for voice recognition is growing exponentially. Currently, voice banking is gaining popularity, and soon we will be using virtual assistants for banking. This will help customers in ignoring annoying bank calls. Users will be able to get solutions to all their problems through online bots. Currently, the bots that are being deployed in FinTech apps are used for basic messaging and simple problem solving, but in the future, AI will widen the use of voice-assistant for banking.
Security is one of the most essential aspects of FinTech apps. Cyber-attacks and threats can destroy the user’s confidence in using online payment services. FinTech companies are planning to replace the unreliable password or pattern-based security systems with fingerprint or biometric input. Along with a facial recognition system, biometric systems that identify users with their heartbeat is also in the developing phase. In the future, you will be able to login to banking apps by the measurement of your heartbeat through a smartwatch or a smart wrist band. Moreover, palm-vein biometrics are also in their development phase. With this feature, you will be able to authorize the payment just by simply scanning your palm or hand over the reader.
To define rules of interaction, expected results, list of commands, and also for interaction with each other, Application Programming Interfaces are used by software applications. With the help of APIs, developers can build large application programs without re-building particular functionalities for each and every application. In terms of fintech, APIs are already closely used to offer partly computerized due diligence and KYC/AML strategies.APIs of structures like IBM WATSON are increasingly being used to simplify constructing AI and system-studying based solutions.
Third-party Apps Authentication
In order to secure your digital accounts, two-factor authentication is probably the best option. SMS verification is the most commonly used, but third-party apps can also be used for fintech app protection. QR codes and tokens to authorize users are used by Google Authenticator, LastPass Authenticator, Microsoft Authenticator, and Authy. Moreover, there are various other apps that depend on network and mobile operator components to provide secure authentication to the users.
To automate repetitive and manual tasks, AI will help developers to create FinTech Apps. With the help of Artificial Intelligence, users will be able to make decisions about their money. These decisions may be where to put their money, approving interest rates and loans, how to manage overdrawn accounts and so on. Artificial Intelligence will also take over notification management, so you will be notified only with the notifications that require your intervention.
Fintech is already revolutionizing the marketplace, but many of the standout benefits and attractive capabilities are just starting to emerge. Synthetic intelligence will make an extensive impact on the development of fintech. It will have an effect on personalization, automation, and security, improving apps for the better. If you are seeking to make a fintech app development let’s have a chat to brainstorm what we can do collectively.