A boom of technology in the financial sector is incredible as businesses and individuals are highly dependent on digital banking and other financial transactions. From online payment to transferring money globally, we are completely satisfied with technology inclusion in financial institutions.
This article focuses on fintech mobile app development that undoubtedly plays a vital role in routine transactions. From shopping online to paying utility bills, all we can process is just a few clicks.
What is Fintech?
The association of finance and technology refers to fintech or financial technology. Fintech has multiple types: banking, payment, wallet, personal financial management, lending, and Embedded finance. Similarly, many fintech solutions are based on advanced technology, such as blockchain, artificial intelligence, cloud computing, big data, machine learning, etc.
These technologies help build fintech solutions such as Fintech mobile app development, fintech web portals, Wallets, and payment gateways.
Moreover, a small process of the transaction can be a fintech solution. For example, if you play a game and get money, you will directly connect your banking account with the particular gate app. These are the mobile app APIs that can help integrate a single app with your banking app but check the security. A fintech app needs a secure environment and complexities that no ordinary developer can help you with.
If you are finding complications in understanding the in-depth process of making a fintech solution, then MMCGBL is here to assist you. We are a dedicated and certified mobile app development company that owns certified developers for completing the application development life cycle process. You can see our fool-proof project in our portfolio.
Apart from outsourcing your project to us, we want you to know more about the Fintech app. You need to know what features should be used in your fintech app, what cost you can expect, and what the monetization strategy for your fintech app will be.
Let’s get an in-depth look at the essentials you need to launch your first Fintech application for your business.
The Essentials For Fintech Mobile App Development
Intuitive User interface with great navigation
Whether you are developing an ordinary or a fintech app, a great user interface positively impacts a great user experience. The fintech app must be fully navigated with the user-centric approach with high-fidelity user interface design. Your UI should be simple and clear and easy to direct from one point to another.
As much as great experience matters, people extensively love to get a personalized experience. Personalized experience refers to knowing your customers better. Instead of treating them like customer classes or categories, customers expect businesses to recognize their specific interests and preferences and interact with them as such. This is made feasible by providing each consumer with messages, offers, and items specifically targeted to them. In fintech application development, personalization is also viable to improve the user experience and attract more customers.
Customer Service & Automation
In financial institutions, customer service or customer support is mandatory. Especially in the banking sector, the customer frequently calls for inquiries such as opening a bank account, credit or debit card information, blocking or reopening accounts, etc. Your fintech app must have an instant customer support solution that customers can easily access. In this era, a chatbot is one of the best-automated customer support that can be available 24/7 without taking a nap. It is an automated AI-based solution that can help businesses to provide better and continuous connectivity within seconds.
Alerts & Notifications
Instant messaging, newsletters, or security checks are highly appreciated in fintech apps. Security is the most important aspect in terms of finances, which is why sending alerts and notifications about their online accounts or applications is a must. If the notifications are overly frequent or invasive, customers may find them bothersome. Users should have the option to choose or customize the frequency, timing, and type of information they receive. Customers will profit from this feature since they won’t miss important alerts. The alerts should also provide options for making payments, managing bills, and other actions with unambiguous calls to action.
Secure Logins and Logouts
Fintech mobile app development resonates with complex algorithm-based coding to ensure mobile application security. It is a high risk to breach personal information and account details in fintech mobile applications. Sometimes, people are afraid to put in information because of the higher scams rate. Moreover, the secure logins and logouts help inform that your app is currently logged in through notification or email alerts. For safe signings, many digital security checks can integrate with mobile applications such as face recognition, biometrics, fingerprints, passcodes, etc. If mobile applications offer the highest level of security, users should be able to use their devices safely.
Paper money is becoming less popular due to the epidemic, and fewer people—if any—still carry cash. Peer-to-peer payments, sometimes referred to as P2P payments, let customers transfer money online between their accounts by utilizing a smartphone app. Adopting a mobile application with P2P payment capabilities ensures that cash is deposited quickly and safely, enhancing customer satisfaction. P2P payments made using mobile banking applications are free, more secure, and more reliable than payments made to third parties.
In addition, to create a unique user experience, it is essential to offer clients a tailored experience. Banks can thus provide a personal account management website that users can modify or edit according to their preferences.
Users may easily move money across their accounts, maintain checks on their transactions, and watch their balances. Thanks to this feature, users may now utilize the app more effectively without relying on the web-based version.
Spot the Nearest ATM Locator
As the transaction is so fast, the need and demand of ATMs are now transferring with necessities. With ATMs, withdrawing cash is more convenient than ever, and if the application helps people to find the nearest ATM can save a lot of time. An ATM locator, like a map, can be integrated with mobile applications so anyone can access ATMs wherever they are.
With all the above-mentioned features, you can build a fine-tuned fintech mobile application that will give an exceptional user experience. Fintech mobile apps can retain customers and provide real-time notifications, instant alerts, and a secure environment for every account.
You can join us if you are looking for a trusted fintech application. We have professionals and experts who are highly committed to their work. We provide mobile applications, web applications, ERPs, business automation, and almost every tech solution. Let’s get in touch with us!