{"id":17163,"date":"2022-07-25T12:43:06","date_gmt":"2022-07-25T12:43:06","guid":{"rendered":"https:\/\/nazing.co.uk\/?p=17163"},"modified":"2022-07-25T12:43:06","modified_gmt":"2022-07-25T12:43:06","slug":"how-do-mobile-apps-play-a-significant-role-in-the-fintech-industry","status":"publish","type":"post","link":"https:\/\/nazing.co.uk\/how-do-mobile-apps-play-a-significant-role-in-the-fintech-industry\/","title":{"rendered":"How do Mobile Apps Play a Significant Role in the FinTech Industry?"},"content":{"rendered":"\n

How do Mobile Apps Play a Significant Role in the FinTech Industry?<\/strong><\/p>\n\n\n\n

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FinTech firms are the rapidly growing companies dominating the new tech-enabled market. <\/p>\n\n\n\n

Because of the technology, innovation, and convenience with security, these firms are gaining a reputation in the FinTech world. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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.<\/p>\n\n\n

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In this article, we will explore some of the reasons why mobile apps impact positively in the banking and financial industries. So let\u2019s dig in. <\/p>\n\n\n\n

How do Mobile Apps Impact the Fintech Industry?<\/strong><\/h2>\n\n\n
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|1. Improved Security <\/strong><\/h3>\n\n\n\n

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. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

|2. Voice Assistant & Chatbots <\/strong><\/h3>\n\n\n\n

FinTech mobile apps are adapting voice assistance for verification and personalization. <\/p>\n\n\n\n

Furthermore, AI-powered chatbots in FinTech mobile apps are also one component of voice-assisted banking services. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

|3. Contactless Payments  <\/strong><\/h3>\n\n\n\n

Contactless payments are the new normal after the global health crisis hit the world. <\/p>\n\n\n\n

FinTech app integrates the QR code system for contactless payments everywhere. So users can make payments securely without any physical interaction. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

|4. Payments through Cryptocurrencies   <\/strong><\/h3>\n\n\n\n

Nowadays, cryptocurrencies are gaining attention widely. It is a new-age virtual coin used for trading, making payments, and earning profits. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

|5. Round-the-Clock Access   <\/strong>  <\/h3>\n\n\n\n

One of the key benefits of using FinTech mobile apps is that users can use them anytime, anywhere. <\/p>\n\n\n\n

There is no need to wait for banking\u2019s working hours, no need to visit locations of branches, and no need to go to ATMs. <\/p>\n\n\n\n

Users can instantly address any of their banking needs. The transformation of banking and financial services is getting fueled by emerging competitors. <\/p>\n\n\n\n

|6. Personalised User Experience    <\/strong>  <\/h3>\n\n\n\n

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. <\/p>\n\n\n\n

Modern technologies help extend personalised services and recommendations to users and also boost user retention.  <\/p>\n\n\n\n

Banking entities can collect customer details and improve decision-making based on that data. <\/p>\n\n\n\n

|7. Omnichannel Experience    <\/strong>  <\/h3>\n\n\n\n

Omnichannel is all about a steady and reliable engagement among buyer persona and their financial organisations with different channels. <\/p>\n\n\n\n

The finance industry can use omnichannel to address users\u2019 definite requirements and also predict their needs and choices. <\/p>\n\n\n\n

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.  <\/p>\n\n\n\n

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.     <\/p>\n\n\n\n

|8. Integrated Bill Payment    <\/strong>  <\/h3>\n\n\n\n

As the business sector widely adapts to cashless payments, almost all the FinTech mobile apps integrated this feature. <\/p>\n\n\n\n

Users can use this feature for utility bill payments, phone recharges, and relevant services. <\/p>\n\n\n\n

Additionally, banks perform high-security actions to ensure secured bill payments while designing mobile FinTech apps. <\/p>\n\n\n\n

|9. Better Grips of Expenses <\/strong><\/h3>\n\n\n\n

Users can easily monitor and manage their money spending with transparent transactions. Users will have the data of credited and debited amounts. <\/p>\n\n\n\n

Additionally, smart FinTech mobile apps can help users monitor their spending habits. <\/p>\n\n\n\n

Many banking and financial entities enable users to instantly freeze their debit and credit cards if they get misplaced. <\/p>\n\n\n\n

|10. Virtual Cards <\/strong><\/h3>\n\n\n\n

Users can deposit money to the prepaid virtual card and use it for online purchases exactly the way they use a physical card. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Users do not have to worry about their confidential information being snatched or their cards being misplaced or lost.  <\/p>\n\n\n\n

In a Nutshell <\/strong><\/h2>\n\n\n\n

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<\/a>. <\/p>\n\n\n\n

We can help you define, develop, deploy, and launch your FinTech mobile app.<\/p>\n\n\n\n

We are more than a tight-knit team of professional developers who are optimists in achieving your objectives. <\/p>\n\n\n\n

Contact us today to know more about how we can help you with FinTech mobile app\u2019s success. <\/p>\n","protected":false},"excerpt":{"rendered":"

How do Mobile Apps Play a Significant Role in the FinTech Industry?<\/p>\n","protected":false},"author":6,"featured_media":17169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2902,8],"tags":[6212,6209,6211],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/nazing.co.uk\/wp-content\/uploads\/2022\/07\/open-banking-data-access-financial-services-mobile-payment-app-development-api-technology-web-developers-designing-banking-platforms-vector-isolated-concept-metaphor-illustration_335657-2817.webp?fit=740%2C740&ssl=1","_links":{"self":[{"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/posts\/17163"}],"collection":[{"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/comments?post=17163"}],"version-history":[{"count":1,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/posts\/17163\/revisions"}],"predecessor-version":[{"id":17170,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/posts\/17163\/revisions\/17170"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/media\/17169"}],"wp:attachment":[{"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/media?parent=17163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/categories?post=17163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/tags?post=17163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}