8 Elements Every Fintech App Should Have

Updated on :June 12, 2024
By :Bhoomi Ramanandi

With the technological revolution transforming everyone’s thinking about possibly everything, Fintech is no exception. Our way of looking at finances and money has revolutionized as well. With the advanced features offered by Fintech applications, users can carry out possibly all transactions with a few touches. 

If you are thinking about developing a Fintech application, then you need to focus on many crucial aspects as eventually, you are going to deal with someone’s finances that may have cost them a life to earn. Many mobile application development companies are entering the swarm of feature-driven development for developing Fintech mobile apps. 

8 Elements Every Fintech App Should Have

  1. Keep it Simple

Fintech is known for its power and speed to users by providing them advanced services and features to manage their financial activities efficiently. When you are developing a Fintech application, the first and foremost thing to take care of is that it should be simple enough for the users to understand and access. 

Flexibility and simplicity are the key features that can lure users towards your Fintech application and cater to everyone with advanced features. If the most common services and simple analytical tools are streamlined and made easily accessible for the users, it can increase the user base. 

  1. Prime Focus on Data Analytics

Fintech is all about analyzing the data to give users a clear picture of their financial activities and so while developing a Fintech App, data analytics should be considered as a prime focus. Data analytics is a vast field when it comes to Fintech application development, and you need to make sure that the user is getting all its benefits to make their financial decisions and manage their profiles with ease. 

With effective analytics, users can get an overview of their activities with the help of various reports, such as transaction reports to monitor their spendings in various categories, monthly reports to view summary of monthly financial activities, and so on. With various graphs, visualizations, and interactive dashboard, the user can acquire a clear understanding of their financial activities. 

  1. Personalization 

You can easily build trust with users by giving them a personalized environment that they can relate to. Your Fintech mobile application should be such that users get a customized feel. The reason is that finance for anyone is a very sensitive topic, and their future depends on it. In the real-world, this feeling of personalization is easily built as you physically meet someone and take them into confidence.

When you are talking about mobile applications, you have to make sure that the look and feel of the mobile app are appealing enough to build trust with the users so that they can manage their financial activities without any hesitation. One of the ways to do this is by creating a highly interactive and personalized dashboard that can show them the highlights, overview, summaries, performance, and even give customized suggestions or predictions. 

  1. Offer Blockchain & Cryptocurrency

The financial industry is currently highly influenced by blockchain technology and cryptocurrency. With the increase in the number of people using blockchain wallets for achieving transparency, it is quite an idea to amalgamate blockchain into your Fintech mobile application. When you provide a feature to the users to carry out their transactions with the various cryptocurrencies, you are expanding your horizon and luring potential customers. 

With blockchain and cryptocurrency, the users can manage their physical finances and digital wallets, everything from a single application. Some of the major advantages of using blockchain are reduction in transaction cost, less time consuming, highly secure, and works well for quick data sharing. 

  1. Give Artificial Intelligence a Shot

Almost all the sectors are influenced by Artificial Intelligence, so why should you not use it in your Fintech mobile application to elevate the level of user experience. The complex algorithm processes of AI enable various features to give customers insights about their spendings and predict how much they can afford or save. 

With AI, Fintech mobile applications can be made more accurate and intelligent. With AI, even banking services can be made more efficient by eliminating repetitive tasks and providing various services. Some examples of AI applications in the Fintech mobile apps are chatbots to improve customer service to assist the users. 

  1. Third-party Authentication

When you are developing a mobile application that deals with a user’s finances, you need to be more cautious with their details to ensure complete safety and security. There are many ways to add extra security to your mobile application to safeguard user’s digital accounts. 

One of the most preferred security measures is to allow third-party authentication apps that provide that extra security by two-factor authentication, QR code, etc. to log in to the application. Some of the leading third-party authentication apps are Google Authenticator, Microsoft Authenticator, etc. Depending on the Fintech app that you are developing and the requirements, there are many options available for enabling third-party authentication in your app. 

  1. Power Your Fintech App With Biometric Security 

The world is on a roll with technological advancements, and your Fintech app should match that too. Intending to make your app less vulnerable to cyber attacks, it's time that you elevate the level of security that you are providing to the users. 

Biometric security is the new level of confidence that users get to carry out transactions with your Fintech mobile application securely. There are many different options that you can provide in biometric security, such as fingerprint input, facial recognition, etc. Even the users get the satisfaction that they are on a secure platform.

  1. API Integration

With each passing day, user demands keep increasing, and you have to keep up with it no matter what. Your Fintech mobile application should be such that you can address all the requirements of the user. For this, it is necessary that your mobile application properly interacts with other applications as well.

You need to make sure that your Fintech application interacts with consumer-facing apps to provide users a chance to manage their tasks from a single platform and interact with business-facing apps to configure data crowding over other apps to save your time and resources. 

Conclusion

Currently, the market is flooded with many Fintech mobile applications, and if you want to make a place among the leading apps, then you need to make sure that your app is enabled with the best technologies, features, and lures the users. Keep these features in mind, and your Fintech mobile application developmentwill be feature-filled and flawless. 

Bhoomi Ramanandi
Bhoomi Ramanandi

Bhoomi Ramanandi is a Content Writer who is working at Openxcell, a leading mobile app development company. With an IT background and more than 6 years of experience in the writing field, she loves learning new technologies and creating useful content about them. She loves pens and paper as much as she loves pan and pepper. Give her any latest technology or any recipe, she is always up for it.

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