How do Mobile Apps Play a Significant Role in the FinTech Industry?
FinTech firms are the rapidly growing companies dominating the new tech-enabled market.
Because of the technology, innovation, and convenience with security, these firms are gaining a reputation in the FinTech world.
The global health crisis encouraged people to stay indoors and order everything from the comfort of home. It boosts the demand, adoption, and dependency on FinTech apps.
A plethora of financial firms provide overwhelming mobile banking experiences. Delivering an excellent user experience means banks can acquire new customers and keep them more engaged with their finances.
Based on the prediction shown in the chart, the fintech industry revenue was anticipated to rise at an average rate of almost 12% in the following years and make a value of 188 b euros by the end of 2024.
In this article, we will explore some of the reasons why mobile apps impact positively in the banking and financial industries. So let’s dig in.
How do Mobile Apps Impact the Fintech Industry?
|1. Improved Security
Cybersecurity is one of the major concerns in the banking and financial industry. So FinTech mobile apps have an advanced, secure framework for safe online transaction execution.
Every bank has floating apps which need the support of secure frameworks for small and large-scale transactions. The use of encryption and secured data transmission methodology helps to keep transactions unassailable.
Blockchain technology helps FinTech apps to be more tricky to access. It can determine potential attacks and lessen the effects with its distributed nature and transparency.
|2. Voice Assistant & Chatbots
FinTech mobile apps are adapting voice assistance for verification and personalization.
Furthermore, AI-powered chatbots in FinTech mobile apps are also one component of voice-assisted banking services.
With the help of these abilities, users can navigate the FinTech app with voice commands. The entire banking process is streamlined and feels like a real-life interaction.
|3. Contactless Payments
Contactless payments are the new normal after the global health crisis hit the world.
FinTech app integrates the QR code system for contactless payments everywhere. So users can make payments securely without any physical interaction.
Also, users do not have to share their confidential details to execute any transaction. People do not need to carry their wallets with them. They just need a FinTech mobile app installed on their smartphone.
|4. Payments through Cryptocurrencies
Nowadays, cryptocurrencies are gaining attention widely. It is a new-age virtual coin used for trading, making payments, and earning profits.
Many financial and banking apps aid people in trading using crypto coins. Several FinTech apps store crypto such as real coins and accept them as a payment mode.
The use of crypto as a substitute for real currency is growing. Financial and banking apps play a significant role in raising the cryptocurrency rage.
|5. Round-the-Clock Access
One of the key benefits of using FinTech mobile apps is that users can use them anytime, anywhere.
There is no need to wait for banking’s working hours, no need to visit locations of branches, and no need to go to ATMs.
Users can instantly address any of their banking needs. The transformation of banking and financial services is getting fueled by emerging competitors.
|6. Personalised User Experience
FinTech apps include cutting-edge features and functionalities like AI, AR, and data analytics to deliver a personalised user experience. Users will experience real-time banking and financial services using the app.
Modern technologies help extend personalised services and recommendations to users and also boost user retention.
Banking entities can collect customer details and improve decision-making based on that data.
|7. Omnichannel Experience
Omnichannel is all about a steady and reliable engagement among buyer persona and their financial organisations with different channels.
The finance industry can use omnichannel to address users’ definite requirements and also predict their needs and choices.
Usually, before concluding any of the transactions, users move between three to four screens. An omnichannel tactic lets the users use all the existing marketing channels to accomplish a seamless customer experience.
The user can shift from mobile app to website to social media, and get the experience of steady branding and messaging overall in a synchronised way.
|8. Integrated Bill Payment
As the business sector widely adapts to cashless payments, almost all the FinTech mobile apps integrated this feature.
Users can use this feature for utility bill payments, phone recharges, and relevant services.
Additionally, banks perform high-security actions to ensure secured bill payments while designing mobile FinTech apps.
|9. Better Grips of Expenses
Users can easily monitor and manage their money spending with transparent transactions. Users will have the data of credited and debited amounts.
Additionally, smart FinTech mobile apps can help users monitor their spending habits.
Many banking and financial entities enable users to instantly freeze their debit and credit cards if they get misplaced.
|10. Virtual Cards
Users can deposit money to the prepaid virtual card and use it for online purchases exactly the way they use a physical card.
With the banking app, users can generate a prepaid virtual card by setting an expiry date and a unique card number. This card gets issued instantly. It is handy, quick, and used for local/global online purchases.
Users do not have to worry about their confidential information being snatched or their cards being misplaced or lost.
In a Nutshell
If you are a player in the FinTech industry and looking for an excellent approach to connect with users through personalised experiences, hire dedicated mobile app developers.
We can help you define, develop, deploy, and launch your FinTech mobile app.
We are more than a tight-knit team of professional developers who are optimists in achieving your objectives.
Contact us today to know more about how we can help you with FinTech mobile app’s success.
