The main reasons for the adoption of the latest technologies are simplifying the processes, automating the workflow and creating better customer experiences.
Fintech also uses the emerging and cognitive technologies for Fintech app development to transform the slow, manual, and outdated ways of investing and managing money, making payment of products and services, and automating the repetitive and complex tasks.
The domain has started receiving an immense response in terms of consumer adoption of the Fintech products.
According to Statista, “Consumer adoption of Fintech companies and products has grown rapidly worldwide between 2015 and 2019. As of 2019, 75% of consumers globally have adopted some form of money transfer and/or payment service.”
There are numerous Fintech apps that have automated banking services, insurance, risk management & trading for users. Consumers can leverage the benefits of reduced transaction costs and the elimination of middleman commissions through finance mobile solutions. The apps have made finance more accessible and easier by bringing financial services to formerly unbanked people.
With the increasing popularity of Fintech apps, the Fintech market is getting competitive with each passing day. To win the competition, you need to build mobility solutions around popular Fintech app ideas by considering some extraordinary features that deliver more value to the customers than your competitors.
8 Must-Have Features of Fintech App Development
1. Data Analytics
Data empowers people’s decisions making. Thus, data analysis is an integral part of a fintech app as it enables users with a clear overview of their financial activities. Based on user demand, the app analyzes the data and creates reports for the user.
The feature is already available in many apps like Mint. Still, it grows significantly to be more powerful in order to allow users to access and track the history of their financial activities easily. All the existing Fintech apps with data analytics allows users
Report management: Users can check the summaries of their financial activities in report management. Currently, the feature is available in most of the Fintech apps.
Generate transaction report: The feature is expected to be introduced in the near future where users can track how much they spend in the different categories.
Saving goals: Users have the flexibility to add custom goals, choose from suggested goals and set a timeline to save money for future investment.
Visual presentation of data enables users with a better understanding of comprehending data related to different financial activities.
2. API Integration
Customers want to use Fintech apps that address their different financial needs by providing diverse solutions. Using a Fintech app, the users can make mobile payments and transfer money to less-mainstream requirements such as crowdfunding and asset management.
With time user demand will increase, so it is essential that different apps interact with each other. Make sure your Fintech app interacts with both consumer-facing apps and business-facing apps.
Integrating APIs of consumer-facing apps you can benefit the customers to conduct a variety of tasks from a single platform.
When it comes to API integration of business-facing apps, you can automate the data population across relevant apps that save hundreds of hours of your team.
Integrating multiple APIs in a large scale application, the financial institutions can use certain functionalities without re-building them over and over again for each and every application.
For example; integrating the Geolocation API, you can allow users to find out the nearby ATMs.
Dozens of API integrated with SaaS-based applications or online apps and functions seamlessly in your Fintech ecosystem without the end user even knowing it.
If you want to build an AI and ML-based Fintech app, then it needs to interact with a wide range of APIs in order to automate KYC/AML processes, due diligence, and more.
3. Artificial Intelligence
It’s the time of Artificial Intelligence (AI). Every business domain adopting this emerging technology to bring its digital transformation to the next level. Fintech apps have also started considering the AI features to enable customers with a better experience.
Many Fintech apps are already using complex algorithm processes to identify how much customers can afford to save or how much they spend.
AI allows Fintech startups to deliver intelligent baking services and improve operational accuracy and efficiency by freeing up banking resources. Financial institutions can utilize their professionals into more profitable activities than performing repetitive tasks.
Machine Learning (ML) & Chatbots
AI empowers the Fintech domain with the chatbots and Machine Learning (ML). the technologies help financial institutions to improve their customer service and automate the customer processes respectively.
AI is extremely powerful when it comes to personalization.
Fintech apps with AI integration offer smart suggestions and answers to the customers by analyzing their investment and spending habits. It helps your finance professionals to be more interactive with the customers.
Help your customers in making the right decision about investment services and providing personalized recommendations through the effective implementation of Artificial Intelligence.
Fintech apps can automate various manual and repetitive tasks. It helps customers in making instant decisions about their money in terms of where to invest it, what to do with the overdrawn account, how to approve the loan at better interest rates, and more.
Leverage the benefit of AI notification that notifies finance professionals about required interventions. AI notification management saves a lot of time for your staff as they do not need to track customer responses continuously.
6. Blockchain and Cryptocurrency
Blockchain becomes the mainstream of innovation in Fintech as it offers next-level transparency of users’ transactions at the minimal time. The technology administers, records, and validates every transaction. It also ensures the authenticity of your transaction record.
Using the blockchain technology, Fintech startups can increase the number of P2P payments and reduce the transaction fee for international and local payments. It saves time and money for everyone involved in the transaction.
Another best part of the blockchain is, it supports secure and fast data sharing across the different platforms without recourse the intermediates such as insurance companies or banks. It is expected that the technology will disrupt the industry for some time, but it will boost the effectiveness of the ecosystem for sure.
7. Third-party Authentication
For the security of customers’ digital accounts, it is very essential to implement two-factor authentication. Short Message System (SMS) is the most common way of two-factor authentication.
Well, there are few third-party apps such as LastPass Authenticator, Microsoft Authenticator, Google Authenticator, and Authy. These third-party authentication apps use QR code or tokens to authorize the users.
There are other apps that rely on mobile network or mobile operator components to ensure the secure authentication of users.
8. Biometric Security System
Cybercrime increases day by day. So it is very important to take the security of the Fintech app to the next level to create confidence across the users that they are using highly secure online payment methods.
Biometric is the best way to make security more tightened.
The Fintech Startups have started replacing inconvenient and unreliable password-protected security system with fingerprint input.
Facial recognition can be used as an option of biometrics in the upcoming time to boost the security of Fintech apps.
Another option of biometrics is, recognizing users by their heartbeats. Well, the technology is still under development. But one it will launch, the user can log in to the app the smartwatch and wristband. The watch will measure the heartbeats of the users and let him/her allow to access the app.
It is another option similar to fingerprint recognition. The reading device will scale users’ palm. If the palm biometrics match, then the users will be allowed to make payment and access the app.
How Much Does It Cost to Build A Fintech App?
A Fintech app with basic features may cost you $30000 to $50000. The development of highly advanced functionality raises your overall Fintech app development cost that could be more than $100000.
The cost of Fintech app development depends on
- Mobile app development platforms (iOS or Android or both) you want to opt for
- Features and functionality you want to develop
- Number of integration you want to cover
- Hourly rates of mobile app developers you are going to hire
- The type of engagement model (Fixed Cost, Time & Material, and Offshore development Center) you are going to choose
Be clear about your budget how much you want to invest in Fintech app development. Also, define the key banking and financial services you want to offer your customers from the different investment and saving options start from digital piggy bank to trading in cryptocurrencies.
Credencys Developed A Fintech App for Anand Rathi
Credencys has helped Anand Rathi, a leading financial institution of India, in bringing their paper-based investment process to a digital platform by offering end-to-end mobile app development services.
We helped the client in achieving Rs.500 Cr AUM in the first 3 months of the app launch and saved 99.7% of the time for filing the account opening form.
We developed a robust digital wealth management solution for Anand Rathi that has simplified the life of Regional Managers (RM) and improved customer experience by offering completely digital and user-friendly mobile applications.
Frequently Asked Questions about Fintech Apps
How much time it will take to build a Fintech app?
The development time of a Fintech app is based on the complexity of the app. The more features you want to cover, the more development time will require. A simple app can be built and deployed within 10-12 months. On the other hand, an app with all the advanced features takes more than 15 months.
How to make money from your Fintech app?
You can apply different strategies to generate revenue out of your Fintech apps such as subscription, advertisements, P2P lending, Robo-advisors, in-app purchases.
What are the top Fintech apps available in the market?
Before moving ahead with Fintech app development, you should analyze the top Fontech app available in the market to get better insights about the latest industry trends and customer expectations. The best Fintech apps are Acorns, Revolut, Mint, Coinbase, MoneyLion, Robinhood, Finch, Monobank, and more.
What are the best Fintech app ideas to consider?
If you want to build a Fintech app for your Finance business, then you should make the right choice from the different popular FIntech app ideas such as crowdfunding, equity, P2P lending, investment and trading, money transfer, regtech, insuretech, and more.