Thanks to technology, many things in our lives have become easily accessible. We can easily handle the transactions we want to perform at any time or anywhere with our digital devices such as our mobile phones, tablets or computers. In addition to transactions such as shopping and training, controlling financial status and cash flow is now as important for business owners and professional accountants as individual users.
According to the statistics obtained from the researches, the popularity of Fintech applications is increasing every year. For example, in the US, the digital banking usage rate will be approximately 65% by 2022. Worldwide, the use of digital banking will be more than 60%. According to another study, it has been shown that digital finance applications have increased by more than 300% in the last five years.
In recent years, companies have been trying to increase their service quality and improve the digital experience for their customers with Fintech applications. Thanks to the increasing demand for such services, the Fintech and Regtech fields continue to grow steadily all over the world.
In this article, we will provide detailed information about Fintech apps, their use, features and how to build a mobile Fintech app.
Why do we need payment solution apps?
There are many advantages to using online payment apps. We have listed some of them for you below.
With the mobile payment method, businesses can do better cash flow management. Stakeholders can track every transaction made thanks to fintech applications.
With mobile payment solutions, small-budget businesses need less staff for transaction follow-up.
Thanks to the growing popularity of mobile devices, shopping has become available online. Mobile payment solutions are required to buy and sell from mobile devices.
Benefits of Fintech Applications for Businesses and Customers
Fintech applications are beneficial for both companies and their customers. To summarize these advantages briefly;
Low Development and Maintenance Costs
When a company wants to develop an application for IOS and Android, it may have to develop an application at twice the cost if it does not use cross-platform options such as Cordova, Xamarin or React Native. Since the first two options are not very popular, React Native is the best option and can reduce the cost by up to 60%
Economic Benefits of Fintech Applications
Small businesses are the units that provide the most important contribution to the development of economies. But there are many hurdles for businesses to have the necessary budget to grow. With Fintech solutions, this hurdle costs can be minimized. Also, using Fintech apps to track financial transactions such as cash flow eliminates the need to hire new people to manage finances.
Improving Customer Experiences
Thanks to Fintech applications, which are used to perform transactions easily and at any time, thanks to smart devices, the customer experience becomes more enjoyable and efficient.
Promoting User Participation
Thanks to Fintech apps, users get information about transactions in their account and receive Push Notifications that encourage user engagement. They are also very useful when targeting a specific user audience, thanks to some marketing data.
After making a brief summary of the benefits of fintech apps, we will talk about what features the best Fintech app should have.
What are the key features of a successful Fintech mobile app?
As with every application, the popularity of the platforms is directly proportional to the features they offer to their customers. According to the research we have done, we have listed the features of a good Fintech application for you below.
Easy to Use and Understand
With Fintech applications, users can easily manage their financial transactions. Ease of use is one of the most important aspects of a Fintech application
Fintech mobile apps should have an interface that organizes financial data, displays transaction history, and provides simple analytical tools. It should also include real-time data tables that help users increase their income.
Protection and Security of Sensitive Data
Since Fintech applications contain all kinds of financial data of their users, the privacy and security of user data is the most important issue that should be given priority. Technology isn't just developing well and beneficially. Increasing cyberattacks have also made users less secure while using Fintech applications. For this reason, companies should offer full cybersecurity to their customers while developing Fintech applications.
Classical security features in applications are as follows;
Profile crash after the third unsuccessful login attempt.
Re-entering the password while updating the information in the profile
Displaying only the last three digits of Credit / Debit Cards.
Integration of voice and face recognition.
Integration of fingerprint authentication in addition to 2-Factor Authentication.
Blockchain and Cryptocurrency
Crypto coins have gained an important place in the financial world after the popularity of BitCoin. Blockchain is an anonymous payment method of unknown origin created by the data packets transferred. Although this method has not been approved by many governments, it has been adopted by some financial sectors.
Thanks to the Application Programming Interface, you can integrate multiple platforms and create a large application without the need to create different platforms. A modern online form or SaaS can be combined with dozens of APIs from the same ecosystem without even the end user knowing.
Businesses should add 24/7 live support to their Fintech applications. Live assistance can be a robot or a real person, or a combination of the two. Because being able to help the needy users at any time increases the quality and popularity of the application.
Empower the Customer through Personalization
Fintech apps should offer a personalized experience tailored to each customer. Products prepared by understanding customer desires and tastes improve the customer experience and help to create a customized application by collecting data on purchasing trends.
After reviewing the features that should be in a quality Fintech app, we can look at the steps to create a Fintech app.
How to create a Fintech Mobile App
A lot of technical knowledge is required to develop a fintech application. That's why you need an experienced team to develop applications. Now we will briefly summarize the steps of application development.
Step # 1: After doing your research, define the MVP scope by planning for the appearance and features of the app
Step # 2: You need to hire a developer team to develop the app.
Step # 3: You must choose the software language you will use. You need to use different software languages for IOS and Android, which will increase the cost of development. Or you can use Cross-platform application development, which can reduce your cost by 60%.
Step # 4: Design the user interface in eye-catching colors and ease of use.
Step # 5: Try it with specific customers by launching a Beta app to test the app
Step # 6: Update your app from time to time by following the innovations in the industry.
As a result
Fintech applications have become one of the most important and tremendous innovations in the finance industry. Many companies and application developers see Fintech applications as a good opportunity.
Research has shown that traditional companies will also cooperate with Fintech companies 80% more in the next 5 years. In addition, having the opportunity to create Mobile Payment Applications using React-Native, which reduces development costs, has attracted more financial institutions to Fintech Applications. We will hear and see more often the Fintech applications that increase their market share thanks to the improved customer experiences.