Mobile app development is definitely one of the most competitive industries. It’s not a secret that every company and business of all sizes wants to create their mobile apps. These advantages make mobile app development the hottest industry in Fintech technology, which is constantly developing and introducing new trends and technologies into the process of creation and deployment.
Fintech has been on the radar for quite some time now. Industry analysts predict a high growth rate and increased competitiveness in the market of fintech startups. Not only this but there is also an overall shift in consumers’ preference toward paid mobile applications rather than free ones. The demand for the development of specific Fintech Apps for different purposes on different platforms has led to a change in the way companies are approaching mobile app development. Today, 63% of millennials shop and pay bills on their smartphones. They’ve surpassed the baby boomers as the largest generation in the workforce. Knowing this fact, it is no surprise that Fintech Apps are being developed to fulfill the demands of online payments and e-commerce solutions. Scroll down to learn more about trends across apps implemented by Fintech firms across multiple industries including banking, insurance, and payment processing.
The fintech app development industry enjoys a sound reputation in the industry thus gaining more popularity year by year. As a result, now organizations have a plethora of services, platforms, and applications that make it much easier to facilitate financial transaction processing and data collection by users. The top fintech trends in mobile app development are helpful for businesses in collecting financial information in a secure manner. Let’s discuss some of them in detail:
- The Rise of Artificial Intelligence: Fintech companies have already made a good number of people happy as well as prosperous. Artificial intelligence is not new in the fintech sector; it has been around for quite some time. However, nowadays it is just not being used to automate certain processes, but also to enhance customer experience while using fintech applications. The intelligent algorithms can identify the customer’s pattern to auto-check monthly subscriptions, regular payments, autopay function, and many other features. Based on all these features, the financial institution can send a prompt or an email to confirm whether the customer wants any upcoming changes or not.
- Robotic Process Automation: Finance app developers are building the next generation of application user interface (UI) at a vast pace. With limited time and patience, users want solutions that include less tapping and typing. It is interesting to see how fintech is raising its mobile app development bar with the use of Robotic Process Automation. RPA can hyper robotize processes so the holding up season of hopping starting with one application work and then onto the next is diminished. This means that the whole process becomes faster and cheaper in terms of resources.
- Biometric Security Interface: Financial tech companies are always focusing on improving the security measures for their mobile application. This is also essential for the protection of their users. When a company offers services in mobile applications, it tries to make them as easy to use and user-friendly as possible. But when it comes to financial technology apps, this is not enough because security issues should also be tackled by these apps. The growing threat of data theft from mobile phones which continue to rise has forced financial technology companies to look for the best security features that they can design to avoid any type of unauthorized access and activities over their apps. These issues are now being addressed through the introduction of biometric security interfaces in fintech mobile applications.
- Contactless Payments: Fintech trends in mobile app development are now changing the nature of money transactions and payment systems worldwide. If a new technology comes into the market, you can be sure fintech startups will find a way to use it. One such technology that is so popular today is contactless payments. What was initially a small initiative to pay for your lunch after slipping the cashier a plastic card via a magnetic stripe has now become a full-fledged contactless technology used for paying bills, making travel payments, and shopping online. As their name suggests, this type of financial transaction makes use of Near Field Communication (NFC) or simply tap-and-go transactions to facilitate payments.
- Blockchain Technology: Technology is growing at a fast pace and new innovations are making everything easier. As a result, financial technology companies have started to take advantage of the benefits of Blockchain technology to develop their own digital systems. The blockchain is a big buzzword in the fintech sector that has transitioned from being a niche technology to something that is integrated into everyday transactions and systems. Many fintech companies are looking toward blockchain technology and its implementation for transparency, decentralization, and increased security. Blockchain technology is being used for not only cryptocurrency but for areas of financial management, governance, and accounting as well.
In conclusion, fintech has been growing for the past decade. The fintech sector holds immense potential for large companies like Google, Apple, and Facebook as well. This is because it helps them to enhance their brands by providing new services. Therefore, with the development of these new trends, we can hope to see a more efficient fintech sector in the future.
Tips to Watch Out For to Keep your Fintech App Development Top-notch
In brief, Fintech is a combination of technologies (such as cloud computing and data analytics) in use by the finance sector. It has made traditional banking operations very simple and convenient. In a new turn of events, new Fintech mobile applications are competing with the traditional ways of banking. And, this demand will require an abundant supply of developers which will make 2022 a golden year for Fintech mobile app development. Here are some essential tips you should keep in mind.
-
Prior Study and Analysis to Understand the Core
There is no rocket science required to develop a Fintech application once it meets the right criteria. Understanding how to create financial applications is the first and foremost step toward creating a successful Fintech application. Fintech is undoubtedly a sector that is growing, and while many are looking to develop something revolutionary there are few who seek to improve on what already exists. There are many who do not even understand this sector or the various aspects involved. If you want to develop a fintech application you must understand what Fintech is so that your mobile app can fit into that curve.
-
Never Underestimate the Security
We’ve all been hearing about data breaches, scams, and fraud for a long time now. So it isn’t the time to be complacent about app security. In reality, your app might have some catching up to do in the security department if you are going to take on the changing landscape of banking. Fintech app development and security have become significantly important in recent years. If you think hackers won’t be interested in your app and its blockchain-based protocol, then think again. If that kind of important data falls into the hands of the wrong people, then it could be the end of your app even before it took off.
-
Listen to Your Audience
Fintech developers have a lot of innovative ideas to create apps that help them reach more people. And it is always better if those apps are based on what the end-users want and need. So, keep that in mind as you prepare for your next app release. Also, look for ways to improve the user experience rather than focusing on just the features alone. If you can design an app that helps your users transact easily and safely, then you have done your job well. Also, look out for newer and better technologies to implement in the app so it can be something that appeals to the younger generation and provides authentic visuals as well.
-
Keep your App Future-proof
Your Fintech application will have a large impact on the daily routine of your users and customers. This means that you have to carefully think through what platform and technology to use for development. If you choose an obsolete platform not many institutions will interface with it, giving your applications limited functionality. However, if you choose burgeoning technologies like AI and Blockchain, your users will be delighted with their user experience but in turn, banks may not accept the newer technologies. A good balance is what you should shoot for while creating an application.
Emerging Success Stories to Inspire
Clearly, the Fintech sector is booming in India. In tune with PM Narendra’s movement to digitize the country and transform India into a cashless economy, several innovative Indian startups have already succeeded in delivering a host of digital financial solutions. The Indian fintech industry is likely to flourish even further as its importance grows in relation to national initiatives. A “Fintech revolution” in India with a “security shield” was called by Honorable Prime Minister Narendra Modi, primarily to be driven by income, investments, insurance, and institutional credit. The statement comes at a time when India has the highest Fintech adoption rate in the world—87 percent—significantly higher than the global average rate of 64 percent. Enabling factors here include the Digital India initiative, a conducive policy environment, and the presence of a sizable talent pool. With the brisk implementation of disruptive and emerging technologies, the country is on an upward trajectory when it comes to innovation. Today, there are more than 2100 Fintech companies in the country of which more than 67 percent have been set up within the past five years.
In conclusion, the Fintech App development market is growing fast. The banks running on cloud technologies will likely show exponential growth. The top Fintech companies in India like Capital Float, Paytm, Mswipe, itz cash, and Milaap are some of the examples of this movement. The need for the development of Fintech Apps has provided a big employment opportunity for skilled professionals. As the market grows, we will see more and more players in the market. The landscape of the fintech app developers will compete with each other on a larger scale than it already has done so.
