Fintech is the technology that is related to finance and technology. It benefits both sides of business the user and the company. It refers to the technology that can modify the financial setup and provides an easy service. The fintech apps are hitting off the ground for the fast transactional services even for the international money transfer service. Fintech applications are proving to be a revolutionary step in the financial market.
With all the new facilities provided by the fintech apps, the companies are giving the users what they want for their satisfaction. This industry is booming rapidly and even the most trusted banks are supporting these applications to avail the facility to the users and giving complete control of their funding in their hands.
The rapidly evolving industry is the most obvious attack for the frauds or the cyberattacks but as luckily as we know with evolving this service has worked much over the securities also. The technology continues to work over fraud and any other cybercrime to minimize the threats for the consumers.
As the market of fintech is growing day by day and because of the massive response of the customers are provided to these apps the market has set a quite tough competition for the new startups in this industry. So, in this blog, you are going to get learn about the key features that the fintech app must have for standing in the market for its uniqueness.
1. Biometric Security system:
Providing the maximum security for the customers in this online world for saving them from cybercrime should be the first and the most important feature that Fintech companies should provide. For staying stable in the market the security system must be taken to the next step in providing the most secured system to the customers for easy and reliable services for online transactions. The following options can help in establishing the secured transactions;
- Fingerprint input is one of the safest and can be used easily by users.
- Face recognition, as a biometric option, can efficiently provide security to fintech apps.
- Palm-Vein Biometrics, which can read the scales of the user’s palm and access the transactions through the apps safely.
- Heartbeat Measurement is a much-advanced way of providing security that counts the heartbeat of the user via smartwatch and then permits the user into the app for transactions.
2. Simplified usage for the customers:
An ideal Fintech must be able to be easily used and provides easily accessible services to the users. Now, this easiness or simplified ways is not the path where you are not going to face problems, but to provide the facility for reducing the onboarding process to the minimum for earning the trust of the customers.
With the help of new technology, the fintech app developers can provide very fascinating services like the last transaction with location, the personal and the merchant transactions are differently sorted. You should stand for providing a simplified and yet more enjoyable facility to the users which can attract a large number of users to your platform.
3. Artificial Intelligence:
With the advancement in technology the trend of using AI (artificial intelligence) is increasing day by day. For a better experience of managing money fintech apps have introduced AI in their apps. This helps in the better management of bills and helps the user by informing about the negative spending patterns of money.
AI works with the complex algorithmic processes and budgets your spending in a way that you can save money and can spend on more efficient things. AI has benefits in business too, because it helps in automated customer-facing processes which results in one on one interaction with the users.
4. Blockchain Security System:
Blockchain is an innovation that works on the data privacy system and keeps it secured in the forms of blocks and records the data in hash function with timestamps so your data can not tamper with. This system gives the products the most trusting facility on what they can count on. It allows the immediately secured sharing of the data on other platforms. Blockchain cuts the middleman and makes it easy to use the fintech app services for the general public.
It conducts peer-to-peer micropayments directly between users, insurance, or loan products offered between retail users with bypassing the rating agencies and proved to be a cost-cutting system. It is a completely transparent and easily accessible system.
5. First Preference for Personalization
Giving preference to customers’ choicesis the basic principle of stabilization in global marketing. AI offers extremely powerful and smart answers and suggestions about the customer’s usage and investment habits. It makes the financial service providers more interactive with their customers and improves their work. Startups and established banks are creating bridges for customers’ personalization preferences. With the fintech applications, you can get to know about the needs of the targeted customers the preferences and be easily matched with the needs of potential customers.
6. Integration and Multi-functionality with another app
Fintech applications can be used for multiple functions which means you can use a single application for the customers who are seeking various solutions. As the demands for integration of different apps are growing among the millennials day by day it became really important that different apps must be able to talk and can interact with each other.
Consumers will be really happy and satisfied if they can perform several integrated platforms for performing a variety of tasks easily. One beneficial integrated system is having an accounting software integrated with the bank account and obtains the information about the recent transactions and can keep them in the books.
The integration of various platforms is really important for the customers and the business as it is more reliable and easy to use the services provided by the different platforms on a single integrated platform. The customers get their favorite facility integrated on a single platform and can perform multiple functions which can save time and help to gain the trust of more customers for the growing the business. That’s how we can achieve a perfect business integration that benefits both customers and businesses.
For app developers, the so-called “fintech revolution” represents a big opportunity. Now is the moment to invest in this new technology, whether you’re establishing a dedicated app for financial solutions or introducing integration possibilities for third-party fintech apps. Feel free to contact a mobile development company, whether you’re interested in learning more about how you can adapt to this incredibly exciting market trend. Even if fintech isn’t your major market, it will almost certainly have an impact on you.