Financial technology (fintech) solutions remain among the most widely used SaaS in mobile app development, accounting for 64% of global consumer usage in recent years. Furthermore, growth projections indicate no deceleration for this sector of software as a service (SaaS).
That financial technologies have come and revolutionized how we conduct monetary transactions is no secret. They provide the perfect solution to an integral aspect of how we work ourselves in real life. This blog presents some key features of fintech app development that you should model yourself if you plan to develop one yourself.
Top Features of Fintech Application Development
Here, we have assembled top must-have fintech app features that can add immense value and usability for customers.
Feature 1: Multi-user Collaboration
Financial transactions requiring multiple parties involve many individuals working together. For example, when one person transfers funds to another, banks lend money out to qualified customers. There are many scenarios in which people must collaborate on or get approval to execute a transaction together – such as someone using a payment app for money transfer between users.
By enabling multi-user collaboration, multiple parties can use your app as the hub to work through deals, tasks, and transactions more efficiently and effectively than would otherwise be the case. Both parties can collaborate more efficiently.
Feature 2: Biometric Authentication
Biometric technology uses unique characteristics like facial features, voices, or fingerprints of an individual to authenticate them. It can be used instead of passwords to gain entry to apps or certain functions.
Biometrics can increase security as it’s much harder to replicate a biometric component than it is to copy/hack a password. Consumers recognize this increased level of protection; 46% of those surveyed by Visa felt biometrics were more secure than passwords and PINs when accessing financial data.
Feature 3: Live Chat & Chatbots for Support
Add live chat or a chatbot function to your app for customer support purposes, giving customers immediate help without waiting through email or phone. Chat allows customers to ask questions, track finances more closely, receive financial coaching advice, and send information quickly and conveniently.
Live chat not only makes customer interactions easy and provides convenience for them but can also boost revenue for businesses that offer it. In fact, 79% of companies reported seeing improvements in sales revenue and customer loyalty as a result of providing live chat support to their customers.
Feature 4: Cross-Platform Integrations
Cross-platform integrations enable users to connect to other apps or platforms to complete transactions or tasks more conveniently for end users. Very few financial functions take place within an isolated silo. Therefore, users require the flexibility of being able to work with various apps and platforms when managing their finances.
Feature 5: AI for Analytics & Data Visualization
Your AI app can give users in-app access to market analyses and visualization tools like charts and graphs that give them insight into their finances – giving them better decisions regarding money matters than without this assistance. Your users gain more than transactional or support value with these insights!
Integrating AI technology into your app could add even greater value, with artificial intelligence estimated at $8.4 billion for fintech as of 2021 and expected to hit an estimated total of $113.9 billion by 2031.
Feature 6: Intuitive User Interface and Usability
Usability is of utmost importance in fintech apps. Unlike traditional banking, where customers visit physical locations for interactions, fintech apps must be user-friendly to remain successful on mobile devices and remain attractive to their target market. If an app becomes cumbersome or confusing to use, quickly disengage from it and move on to another one.
Good usability features include clear and concise instructions, easy-to-find buttons and menus, and an intuitive layout. A well-designed fintech app makes it simple for customers to do what they need without spending hours deliberating how it works.
Feature 7: Customized Experiences
Fintech users expect tailored experiences. They want apps that they can use comfortably and conveniently, meaning fintech apps should be flexible enough to meet individual user’s requirements. This requires fintech apps to be customizable in order to meet these expectations.
Features such as user profiles allow individuals to enter their data and preferences into an app so it can offer personalized experiences tailored to individual users.
Personalization is at the core of custom fintech application services. If users don’t feel as though the app was made especially for them, they will quickly lose interest. Fintech providers that prioritize personalizing experiences for customers will find more success in attracting and keeping customers.
Feature 8: Alerts and Push Notifications
Fintech apps rely heavily on alerts and push notifications to keep their users up-to-date about account activity, promotions, or offers available within their apps or any changes or upgrades to its features. These notifications can notify them about account activity, new promotions or deals, or any alterations or upgrades to its elements that require their attention.
Notifications are an effective way of engaging users and reminding them about important financial tasks such as paying bills or budgeting, helping to create an optimal experience overall.
Feature 9: Digital Payments
Digital payments are an essential feature of fintech apps, allowing users to purchase goods more easily online while increasing sales and revenues for both provider and user.
Digital payments are becoming more widely adopted globally. One recent study estimated that global digital payment volume will reach $27 trillion by the end of 2023 – making digital payments one of the key growth areas in fintech.
Fintech providers seeking to stay ahead should prioritize integrating digital payment features into their apps, providing their users with quick and easy ways to purchase goods and services online while remaining competitive on the global market.
Feature 10: Language Options
Fintech apps should offer users a selection of languages so that users from across the world can utilize them with ease. This enables them to navigate the app in their preferred tongue.
Offering language options is crucial for two reasons. First, it allows users from around the globe to use your app more conveniently – making it more accessible and user-friendly overall. Second, fintech providers who offer multiple languages send a signal that they value diversity and inclusion and demonstrate their dedication to serving all members of their community.
Language options are an integral component of any fintech app. By offering multiple languages for users to select from, providers can make their app more inclusive and accessible for all.
Remaining competitive in the rapidly developing fintech space demands constant innovation and adaptation. By including these essential features in your fintech app, you will increase revenue, enhance user engagement, and ensure its success in this competitive market. Don’t wait! Start improving it now to secure both users’ financial well-being as well as that of your company!
As it’s rare to be able to include every feature on your wish list in an app roadmap, prioritize those features that will have the greatest positive effect on users.
Our team of experts is eager to assist in developing a mobile app that drives revenue and user engagement, elevating your fintech solutions to new heights. Connect with us now!