10 Must-Have Features for Fintech App Development in 2023
- Web & App
Due to the rapid progression in the IT industry, it would not be wrong to say that: “Mobile app development has gained significant momentum in the past few decades due to splendid reasons.”
Nowadays, fintech apps are at the forefront of this rapid revolution.
Did you know that 64% of global consumers are already using fintech solutions? That’s quite a significant number, right? Needless to say, it’s expected to grow further in the coming years. Henceforth, it’s important to invest in this thriving industry.
We can comprehend, as a business owner, it’s crucial and challenging to recognize the power of fintech apps, especially in reshaping the financial landscape.
Though, with advanced technologies like blockchain, AI, and machine learning, fintech apps offer faster, more reliable, convenient, and more secure financial transactions.
From mobile payment apps that make transactions hassle-free to online lending platforms that provide quick access to funds, fintech apps have transformed traditional banking and financial services.
In order to stay ahead of the competition, it’s essential to invest in powerful fintech apps that entail commendable features.
Below, we have jotted down a list of the 10 must-have features for fintech app development that one must consider in 2023.
Key Findings Associated with Fintech App Development
Below, the preceding graphs will help you determine how much fintech apps have revolutionized the mainstream markets.
Top 10 Fintech App Development Features for Immense Sales & Growth
1. Virtual Banking Assistant – Helps Revolutionizing Customer Service and Personalized Banking
Nowadays, virtual banking assistants are considered as a game-changer in the fintech industry. In fact, this tremendous facility is transforming the way customers interact with their banking system.
24/7 Customer Support
Virtual banking assistants provide round-the-clock customer support, allowing users to access banking services anytime and anywhere.
Due to this incredible facility, customers don’t need to wait in long queues or be restricted by banking hours.
This means no more delays in getting account inquiries resolved or making bill payments. Also, it helps to prevent users from receiving fraud alerts, too.
Overall, the convenience and accessibility of virtual banking assistants enhance customer satisfaction and improved user experience.
Assists in Making Informed Decisions
Virtual banking assistants go beyond basic, traditional banking tasks.
In real-time, they analyze customers’ spending habits, financial goals, and preferences in order to offer personalized financial advice and insights.
With data-driven recommendations, users can make informed financial decisions. Thus, leading to better financial outcomes.
In a nutshell, they act as trusted advisors, guiding customers towards achieving their financial goals with ease and convenience.
Seamless User Experience
This amazing technology is designed to provide a user-friendly experience. They understand NLP commands and respond in a conversational manner. Thereby making it easy for users to interact and engage with apps.
The most intuitive part is that they offer a user-friendly interface and personalized responses that create a seamless and enjoyable banking experience for customers in the long run. Henceforth resulting in increased user engagement and loyalty.
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2. Predictive Intelligence – Assist in Protecting Apps Via Advanced Fraud Detection Systems
Predictive intelligence is another exquisite innovation in the fintech industry that ensures data security and fraud detection in financial services.
In general, by leveraging advanced analytics and machine learning algorithms, predictive intelligence systems can detect and prevent fraudulent activities in real time by providing robust security measures.
Let’s discover how this emerging technology helps to improve financial security and banking systems.
One of the most innovative facts about this technology is that it helps to analyze large volumes of data, including user behaviour patterns and transaction histories.
Besides, it aids in identifying potential security threats and fraudulent activities.
Moreover, it helps to detect fraud patterns and anomalies that are usually found in traditional baking services.
In short, Predictive intelligence plays a crucial role in proactively preventing fraud and reducing vulnerabilities and risks.
Improved Fraud Detection Accuracy
Another impressive advantage of integrating this technology in fintech apps is that it enhances fraud detection accuracy by reducing false positives and negatives.
Plus, it helps to identify real-time alerts when potential threats are detected and enabled. Overall, resulting in swift action, minimizing financial loss and safeguarding sensitive data.
3. Integration of Blockchain Technology – Aids in Improving Fintech Security
Blockchain technology is transforming the fintech industry by providing unparalleled security and transparency.
Also, it is ideal for handling financial data and other banking activities.
Here is how blockchain technology has disrupted the fintech industry.
Hassle-Free Financial Transactions
Blockchain technology is revolutionizing the way financial transactions are made. In fact, it is considered as one of the extraordinary platforms for transferring and verifying digital assets. And, that too, by providing a secure, transparent, and decentralized transaction facility.
To summarize, its distributed nature eliminates the need for intermediaries, reducing transaction costs and increasing efficiency in fintech processes.
Empowering Financial Inclusions
Blockchain is driving financial inclusion by providing access to financial services to the unbanked and underbanked populations.
Its decentralized nature allows for peer-to-peer transactions, bypassing traditional banking systems and empowering individuals in underserved areas to participate in the global financial ecosystem.
Plus, they help to enable financial services to reach previously untapped markets and bridge the gap between the unbanked and formal financial systems.
4. Alerts & Push Notifications – Helps Attaining User Engagement
Another key feature that makes any app stand out from the crowd is – Alerts and push notifications.
They help to keep users informed and engaged. Also, these notifications can provide valuable information about account activity, promotions, changes to app features, and important financial tasks.
Another benefit of introducing this feature in fintech apps is that it provides users with timely information about their account activity or helps to get connected with other important financial activities.
Overall, it helps users stay informed and updated, leading to better financial management and decision-making.
Improved User Engagement
Alerts and push notifications are powerful tools for keeping users engaged with apps.
By providing regular updates and reminders, these features encourage users to actively use the app, explore its functionalities, and take advantage of its offerings.
This results in higher user engagement, increased app utilization, and improved overall user satisfaction.
5. Digital Payments – Offers Convenience & Accessibility
Digital payments are experiencing explosive growth worldwide. In fact, it has been observed that the global digital market will be projected to $27 trillion by the end of 2023.
No wonder digital payments are a crucial feature of any modern fintech app, providing users with the convenience and accessibility they demand.
With digital payment options, users can make purchases online quickly and easily. And, that too, without the need for physical cash or cards.
This presents a significant opportunity for fintech providers to expand their customer base, increase sales, and boost revenue.
To summarize, this seamless and efficient payment process enhances the overall user experience, making it more convenient for users to engage with apps at any time with ease.
Increased Sales and Revenue
Offering digital payment options in a fintech app can significantly impact sales and revenue in the long run.
By providing users with a seamless and convenient way to make purchases online, fintech providers can boost sales and increase revenue streams over a short haul.
This is particularly relevant in today’s digital-first world, where consumers are looking for quick, hassle-free, and easy payment methods and options.
Provides Competitive Advantage over Rivals
In this fiercely competitive fintech landscape, staying ahead of the curve is challenging.
However, by incorporating digital payment features in apps, fintech providers can gain a competitive edge over rivals in a short span of time.
This allows them to meet the evolving demands of their users and stay relevant in the global market, ensuring their app stands out from the competition.
6. ATM Locators – Access Cash Anytime, Anywhere
ATM locators are another vital feature in fintech apps that allows users the convenience of accessing cash quickly and easily.
With the ability to locate nearby ATMs, users can find the nearest cash withdrawal point whenever they need it. Thus, eliminating the hassle of searching for ATMs in unfamiliar areas.
This empowers users with the flexibility to manage their finances on their terms, making ATM locators an invaluable tool for financial app users.
Easy Access to Cash
The primary benefit of having ATM locators in fintech apps is easy access to cash.
Users can quickly locate neighbouring ATMs, withdraw cash at any time, and manage their finances without any hassle.
This ensures that users always have access to cash when needed, providing them with greater financial control and flexibility.
Seamless Convenience and Safety
Another significant benefit of ATM locators in fintech apps is the enhanced convenience and safety they offer.
Users can locate ATMs close to their current location, eliminating the need to search for cash withdrawal points in unfamiliar areas or unsafe neighbourhoods.
This promotes a safer and more convenient experience for users, ensuring that they can manage their finances with peace of mind.
7. Language Options – Accessible and Convenient for All Users
Integration of different language options functionality in fintech apps is another greatest innovation. This allows users from all over the world to use the app in their preferred language.
Also, this makes the app more accessible and convenient for all users, regardless of their language proficiency.
Whether it’s navigating through the app, reading instructions, or understanding financial terms, language options ensure that users can interact with the app in a language they are comfortable with.
Promote Diversity and Inclusion
Language options in fintech apps promote diversity and inclusion by valuing different languages and cultures.
By providing a choice of languages, fintech providers show their commitment to serving all members of the community and creating an inclusive user experience.
This helps users from diverse backgrounds, including those who are non-native English speakers, to fully utilize the app with ease and access financial services, too, without any language barriers.
Another prime benefit of having language options in fintech apps is that it offers worldwide accessibility to users.
With this functionality, users from different countries and language backgrounds can use the app in their preferred language, making it easier for them to understand and navigate through the app.
This ensures that the app is inclusive and accessible to a wider user base, expanding the reach of the fintech provider in the global market.
8. Personalized Experiences – Customized Convenience at Your Fingertips
In this rapidly evolving world, especially in the world of fintech, personalization is paramount.
These days, users expect apps that cater to their unique needs and preferences. Also, they are looking for apps that allow them to have a comfortable and convenient experience at their fingertips.
In reality, Fintech apps that offer personalized experiences within their apps help to empower users to take control of their finances like never before.
By offering features such as user profiles, spending goals, budgeting tools, and customizable notifications, users can set up their financial goals, track their spending, and receive notifications that are relevant to their specific needs.
This level of customization ensures that the app becomes a valuable tool for managing their finances. Thereby helping them stay on track and achieve their financial objectives.
The following benefits further help to discover the importance of introducing personalized experiences in apps.
Tailored Financial Management
The first and foremost benefit of personalized experiences in fintech apps is tailored financial management.
Users can create their profiles and set up their financial goals, budgets, and preferences. This allows them to manage their finances in a way that aligns with their individual needs and lifestyles.
This level of customization empowers users to have a personalized approach to financial management. Henceforth, making it more effective and efficient for them to achieve their financial objectives.
Overall, Fintech apps that provide such personalized experiences become indispensable tools for users in managing their finances. Thus, leading to increased customer satisfaction and improved loyalty.
Improved User Retention
Another significant benefit of personalized experiences in fintech apps is improved user retention.
When users feel that the app understands their financial needs and preferences, they are more likely to continue using the app over the long term.
Customizable features like spending goals and notifications keep users engaged and motivated in managing their finances, leading to improved user retention rates.
Moreover, satisfied users are more likely to recommend the app to others, leading to increased user acquisition and growth for the fintech provider.
9. Interactive User Interface and Usability – Builds Customer Trust & Loyalty
Intuitive user interface and usability features in apps offer immense benefits to customers.
Say goodbye to complicated banking processes and offer a seamless financial experience to users by integrating this magnificent feature into your Fintech apps.
Here is how this feature improves customer experience.
An intuitive user interface and usability features make it easy for users to navigate and perform desired actions without any challenging efforts. Ultimately leading to a seamless and efficient banking experience.
Increased User Engagement
A well-designed fintech app with user-friendly features promotes higher user engagement, as customers find it easy to interact with the app and complete their desired tasks.
Overall, this feature leads to improved user satisfaction, builds loyalty, and enhances customer retention. Thus, resulting in increased usage of the app.
10. Account Management – Aids to Make Informed Decisions Regarding Financial Goals
In today’s fast-paced world, managing personal finances has become more crucial than ever.
Fintech apps are stepping up to the challenge by providing robust account management features that offer users a holistic view of their financial health.
With easy access to account information and tools, users can now take control of their finances like never before.
The following benefits indicate how this feature is transforming the fintech businesses.
Allows Access to View Account Transactions in Real-Time
One of the primary benefits of having account management features in fintech apps is the ability to view account balances and transactions in real time.
Users can keep track of their income, expenses, and savings, which allows them to make informed financial decisions.
Apart from that, this feature provides a clear snapshot of their financial status, empowering users to plan effectively for their financial goals.
Provides Seamless Transactions
Another key benefit is the convenience of making payments and transferring money between accounts within the app.
Users can initiate transactions seamlessly, saving time and effort compared to traditional banking methods.
In summary, the account management features in fintech apps provide users with a powerful toolset to manage their finances effectively.
From viewing account balances and transactions to making payments, these features empower users to take control of their financial health as well as make informed decisions. This helps them in achieving their financial goals with ease.
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To summarize, the future of fintech app development looks promising with innovative features on the horizon.
With advancements in technologies like AI, machine learning, and blockchain, users can expect enhanced convenience, security, and personalized experiences. However, we’ve covered how to build a fintech app in one of our top-ranked blogs for readers to get an idea.
Hence, stay ahead in the competition, and introduce these innovative features in your upcoming/existing Fintech applications. Also, for building robust, data-driven mobile apps, hire any reputable iPhone app development company today!
Frequently Asked Questions:
What are the benefits of fintech app development?
There are various splendid reasons oh having fintech apps for businesses. Some of the most common ones are;
- Enhanced financial management and budgeting
- Access to financial services for the unbanked or underbanked services
- Personalized financial solutions
- Faster and more secure transactions
- Increased financial literacy
- Enhanced financial inclusion
- Seamless integration with other apps and services
How much does it cost to build a fintech app?
The cost of building a fintech app can vary widely depending on various factors.
For instance, the complexity of the app, features and functionalities, platform (iOS, Android, web), technology stack, design, development team expertise, and location.
In general, on average, a fintech app can cost anywhere from $50,000 to $110,000 or more based on the app’s requirements.
In order to avoid any challenging circumstances later, it’s crucial to work with experienced developers. Besides, it’s imperative to conduct proper research and carefully plan the development process to ensure a successful and cost-effective outcome.
How do Fintech apps make money?
Fintech apps in 2023 can generate revenue through various means, such as subscription models, advertising and partnerships, data monetization, white-label solutions, and crowdfunding.
Besides, these apps make money via in-app purchases, commission or referral fees, partnerships with financial institutions, ICOs or token sales, consultation or advisory fees, and other innovative revenue models.
Overall, the specific revenue streams would depend on the nature of the fintech app and its features.
Author : Mariam Amin
Mariam Amin is an Electronics Engineering graduate. As a content marketer, with her insights on engineering and digital strategy, she showcases informative guides and content that is built on imparting knowledge. When away from marketing and the digital landscape, you can find her looking over the food industry, and fitness trends, and catching up on a documentary or a movie.
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