All industries around the world are reeling with intense competition. The FinTech industry is the new addition to this long list. The evolution of technology has revolutionized various sectors and finance is no exception. Now, the new technology is deeply connected with the fields like trading, personal finance, equity apps, investment apps, blockchain apps, and many more.
Due to the advent of the new technology FinTech apps, people can easily access the required data and do various other tasks with just a click of a button. According to the 2020 edition of the survey, it was observed that the percentage of U.S. consumers who are using fintech apps swelled to 88% in 2021, as compared with only 58% in the year 2020.
These statistics are clearly showing that Americans prefer to use FinTech apps than video-streaming subscriptions and social media. Let’s discuss more FinTech apps and dive deep inside the features that a successful FinTech app needs to stand strong in this highly competitive market:
Must-Have Features to Build an Efficient And Secure FinTech App
Well, there is a long list of features that a FinTech app must possess. But here we are going to discuss top and must-have features of the FinTech app to elevate the overall experience of the users.
1. Personalization Functionality
Nowadays, customers want instant gratification, and the FinTech app is no exception. Thus, the FinTech app must be integrated with all those features that can deliver a personalized experience to the users. The personalization functionality must be able to perform by collecting data from users to predict the user behavior and provide them the good results which are beyond the expectations.
By adding the right personalization features, it is possible to bring back people to your app. Let’s take an example, the Fintech applications help in predicting cash flow in the business and let the business owners make the right decisions accordingly.
2. Data Security
During FinTech mobile app development, it is highly important to pay equal attention to privacy and security. In order to reduce the chances of legal trouble, it is important to add the right data security features. The regulations and policies should be uniquely specified and the authentication process should be simple so that every user can easily keep eye on their financial data details. The following features can help in ensuring the security of the FinTech app:
- A FinTech app must be capable to ensure that the users are really the people they claim to be. Thus, the FinTech App must be integrated with authorization, authentication, and identification features.
- Code should be secure and there should be no loophole. Hiring a renowned app development professional will ensure the security code for your app.
- Encouraging users to use complex passwords to open up their FinTech app is another measure that can enhance the security level of your app.
3. Artificial Intelligence
The arrival of Artificial Intelligence (AI) has significantly uplifted the field of innovation. Featuring AI in the FinTech app can lead to a remarkable boost in its operational efficiency, automatic customer support like chatbots, and many more. For instance, AR invoice automation can help business owners to pay attention to their core business. Automatic customer support is possible due to this new technology- AI, helping the professionals to pay attention to core processes. Consequently, business owners can witness growth in the business and a good return on investment.
4. Captivating UI/UX
The user interface of the FinTech app significantly determines how many people will prefer to use this app. Does nobody want to use a complicated app with bad UI/UX? Do you? Obviously, the answer is no! Professionals who designed and built FinTech apps with user-friendly interfaces can deliver a smooth experience to the users. The immersive UI/UX design of your app will let the users enjoy smooth financial operations and take their experiences to the next level.
5. Analytics
You all know what is the importance of precision in financial data. Even a small error is not tolerable and can lead to big losses in the business. Therefore, the FinTech apps should be integrated with data analytics. By integrating the right analytics plug-in, it is possible to send the appropriate and customize financial transaction reports to the users. These reports will keep the users updated with their present state of finances.
6. Reward Programs
Do you know that repeat customers are more profitable for the business? Yes, it is so true! The repeat customers not only convert more often but also their order values are higher than a new one. Adding the reward programs and campaigns in the FinTech app of your business can help to bring back your users again and again. These kinds of programs provide an opportunity for the users to earn a lot of freebies while using the app. It is surely an alluring feature and lets you easily get repeat customers for your app.
7. Multi-Tier Functionality
The multi-tier functionality feature makes the FinTech app highly flexible and efficient. It ensures that the specific app is purposeful and efficient. With this feature, it is ensured that your app will work flawlessly while various sessions are running together. Managing and tracking multiple activities becomes easy with this feature, helping businesses to increase sales and profit. For instance, this functionality can help the accounts receivable software to perform various tasks like accounts receivable collection automation, maintaining reports, streamlining cash flow, etc.
Final Words
There are so many FinTech apps available in the market and giving tough competition to each other. To stand out in this cutthroat competition, your finance app must possess all those features which are mentioned above. It is imperative to give a top-of-the-line experience to the customers. Hiring a skilled and experienced team of app development professionals will help you to bring your ideas to life.