The demand for FinTech mobile apps has been increased as traditional banking apps have failed to satisfy the financial needs of tech-savvy Gen X customers. Today, FinTech apps took an important place in the financial routine of young customers. Also, they undertook many activities that are exclusively performed by the banking staff.
But among all of its benefits, the most important benefits provided by FinTech mobile apps is convenience. Nowadays, FinTech apps have become a role model for new startups by providing top-notch alternatives to provide high-quality services to customers that can create a new wave of steady customer loyalty.
But how FinTech apps become a role model for many industries? To answer this question, let us explore the features of FinTech mobile apps that can create a great appeal to the users. Also, we will show you the lessons that you can take from these FinTech apps to develop a profitable FinTech mobile app.
7 important lessons that you need to learn from FinTech apps
FinTech solutions like Brassica not only provide cutting edge features but also contain some valuable lessons for budding entrepreneurs. These lessons are the result of the efforts made by FinTech startups to transform the ways of doing financial transactions. So here are the essential lessons that FinTech mobile apps can teach you:
1. Focus more on user-friendliness
Finance is not everyone’s cup of tea, many of us may find it boring or complicated to understand. That is why FinTech solution providers use trendy app designs, user interfaces, dashboards, and colourful menus to increase user engagement for the mobile FinTech app.
Thus, the most important lesson you can learn from FinTech apps is to ensure that your user interface is clear so that the user can only see what they need. Furthermore, FinTech companies use animations to display information more lively. So you can also use the same way to explain your app’s working.
2. Proper application of blockchain technology
Who doesn’t know about blockchain technology? Today, many businesses are using blockchain technology to counter frauds and cyber-attacks and FinTech companies are one among them. Due to its robust technology architecture and transparency, blockchain systems can prevent malicious attacks or can mitigate any data breach.
In the case of FinTech mobile apps, when a financial record is created or any action performed over it such as editing, copying, deleting, etc. can be automatically tracked by the blockchain system, making it impossible to conceal a fraudulent operation.
You can also integrate blockchain technologies into your mobile applications to make them more secure. Blockchain technology can make your user identification accurate. Also, it brings great transparency and protection for FinTech apps.
3. Use gamification for better interaction
The tendency of using FinTech apps is more in youngsters compared with that of the older ones. However, one thing that is similar between both these generations is to complete the transaction and leave the app in minimal time. So for increasing the app engagement time of the users, some FinTech application development companies have opted for implementing games for their app.
FinTech app uses the games to increase awareness among the customers for their existing products or services. Also, these games can be used to increase financial literacy among customers. Thus, customers learn to make better financial decisions and diversifies the scope of financial products.
You can also increase the awareness of your products by using gamification for your app. Also, you can use contests to encourage certain customer behaviour such as making money-saving goals, avoid credit overdrafts, and so on. If successful, a customer receives a reward such as movie tickets, discounts, premium subscriptions, cashback, etc.
4. Adoption of chatbots
Advancements in machine learning and artificial intelligence technologies laid the foundation for the adoption of chatbots. However, the application of chatbots in FinTech business is wider compared to the other businesses.
With a FinTech app, a user can pay bills, check the account balance, see the transaction history, or he can get a quick resolution for some issues. Here a 24*7 chatbot is needed to answer the customer queries. This will save your customer’s time as they do not have to keep waiting over the call to resolve queries. Also, some advanced chatbots can send payment bills, remainders of loan instalments, insufficient balance warnings, and offer financial guidance to the customers.
5. Implementation of high-security features
The online world has created numerous opportunities but is also prone to financial frauds. Thus, FinTech apps have taken their security to the next level and create trust among the users by providing them with high-security features.
These security features consist of fingerprint scanning, facial recognition, and biometric authentication. In fingerprint scanning, one needs to complete the verification by confirming its fingerprint with the saved one. On the other hand, biometric authentication is a method that reads the scales present on the user’s palm and then accesses the app for payment and other financial transactions.
So like FinTech businesses, other businesses can also implement the above-mentioned security feature into their applications to provide a secure experience to their users.
6. Best application of Agile development methods
The finTech sector constantly gets the integration of the latest technologies to satisfy increasing customer demands. In such a case, the agile method of FinTech app development is the best choice for FinTech businesses.
By being agile means the FinTech industry can update its product offering within a shorter turnaround time. Also, the agile development team will allow the admin to solve customer queries in real-time.
7. Maintain better transparency
Banks and traditional financial institutions hide important data from their customers and ignore revealing the information that is necessary for them. So, for better working, FinTech app development companies had detected and bridged this gap by making advanced digital FinTech solutions.
Digital FinTech solutions contain open APIs, modular structures, and 3rd party connections. Also, they have great transparency concerning the services they provide such as data collection, data engagement, and collection of transaction charges. Therefore, entrepreneurs can learn something from it and can create their own business to get access to success.
Summing up
FinTech mobile apps are the drivers for the growth of the FinTech industry. That is why players in the FinTech segment are making a bold move in leaving traditional banking methods. For it, the FinTech businesses are opting for innovative solutions to enhance personalization, security and user engagement.
Every industry is looking to get the benefits of the emerging world of FinTech app development. So even if your product or services have nothing to do with the finances, it is worth it for you to look at the seven important lessons that are mentioned in this blog.
Author Bio:
Nikunj Gundaniya, Product manager Digipay.guru, one of the leading FinTech application development companies USA, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.