Fintech is acclaimed to be one of the most exciting new industries to develop in recent years. And mobile app development has been an integral part of that. Fintech companies are constantly updating their apps with new features that help users have a better experience on their devices.
This year, the fintech industry is expected to grow by about 9.2% CAGR. This accounts for over $158 billion in revenue worldwide by the year 2023. This trend will lead many companies to look for ways to utilize technology to improve their own processes. Mobile app development has been a large part of that growth. This is because it enables a better user experience on smartphones and tablets.
The greatest benefit for users is that many companies are starting to use these new features to streamline their processes. So, everything can be completed on a single device instead of multiple platforms. Fintech mobile apps are more sought-after among gen-z due to faster money transfer, online shopping, and more.
Financial services are poised for transformative change, big corporations and startups alike are pouring money into fintech app development. Faster than ever before, the world of finance is transforming. It’s changing how people manage their personal finances by embracing agility by offering innovative products that meet customer needs.
For organizations looking beyond traditional channels like bank branches or even brick-and-mortar stores; mobile applications provide an excellent way to reach and connect with customers on every level throughout their journey. This has become increasingly important given recent developments such as increasing globalization via internet access availability globally.
Besides, financial institutes and organizations are also eager to adopt fintech solutions to boost customer interaction and better customer care. Following fintech mobile app development trends are critical to reinforcing customer interaction with the brand and agility of financial services. So, be right here with me till the end of this article.
#1. Artificial Intelligence
AI can help with many tasks, including helping users plan their days by reminding them of appointments and events. Consumers are also looking forward to apps that will be able to recommend financial products based on their needs. Some are expecting even to guide them through the process of refinancing a loan.
Each of these fintech trends shows an industry that is constantly innovating and improving the user experience. Mobile app development has been a major part of this growth. This is because users now have access to their money from almost anywhere in the world with just a few taps on their device’s screen.
Today, where data is constantly being used and updated, AI offers an opportunity for businesses to create analytics without manpower.
The four unique features that make up this technology are:
1) It will detect changes in patterns of data with ease.
2) You don’t have to wait on human intervention when dealing with imperfections or inaccurate input sources (eagerly processing what you receive).
3) Rather than storing all formats from various points into one database it is better to do it using AI. This is because it can become very large if there were many different variables present during the ingestion process.
4) The AI engine can handle unstructured data, helping businesses serve customers. The business’ voice and image recognition become more accurate as it processes streams of live insights. This allows the company to react faster than ever before.
5) We don’t need to store or process any previous information about their customers. Instead of this, the fresh stream is accessible through our neural networks — enabling us to take full advantage of customer service applications such as responder chatbots that use natural language processing (NLP) technologies.
Given aspects of AI are the major reasons behind the success of this trending technology in the fintech industry. And also increased adoption in fintech application development. AI only works within subject matter domains, thus enabling immediate decision-making about relevant topics at hand through targeted searches.
#2. Biometric Security
Mobile banking has a necessity of modern-day consumers, and it’s no wonder why. The latest advances in this have been so successful that people now expect all transactions handled at their fingertips. They prefer to go through an app instead of going into physical branches or making credit card purchases online from home as well!
But every time we do something on our phone— there is always someone who is trying to get into our accounts, right?
Well, unfortunately, not anymore because according to a survey even just one person who hacks Google wallet passwords could potentially ruin our entire lives. We might lose out thousands of dollars or more. This will impact pretty much depending on how badly they got hurt after trying what should never be done again.
Biometric sensors are the future of authentication. They include physical contact and can even substitute for it in some cases, so watch out! The most popular type right now is fingerprint readers. But you’ll soon be seeing more NFC or RFID-based systems replacing these traditional methods too.
If biometrics excites your business’s appetite, then you must hire dedicated developers today! This will ensure that all aspects are taken care of on this new technology trend before it’s too late!”
#3. Blockchain Technology
With the world slowly transforming into a cashless society, it’s no surprise that Blockchain is here to stay. Researchers from BI Intelligence predict that 48% of bank representatives believe banks will be using this technology by 2020. Also, 46 percent of global financial service employees expect their departments to improve transparency through 2021 as well. All thanks in part to Blockchain!
This recent development creates an entirely new scope for decentralized finance. It reduces centralized procedures while producing less risk than ever before. because transactions happen on multiple computers at once rather than just one central server like what we have now.
Coinbase is a popular example of blockchain in fintech :
Blockchain technology is changing the world of banking. For example, it was used to develop Filecoin, which lets businesses interact without a bank. Banks want this because they think that it will reduce expenses and make their operations better.
Infusing Blockchain technology is the major demand. Every company that does Fintech software development is experimenting with Blockchain differently in making solutions for banks.
#4. Reg Tech
The financial industry is an organized space. Hence, so FinTech modifications need a concurrent growth of Reg-Tech. With Reg-tech, banks can reduce their costs when they are making payments between accounts, and increase their efficiency with current technology platforms available today.
One trend for 2021 will be FinTech driven by innovations like blockchain technologies which have been developed specifically around this area over time. This is because of its popularity among many stakeholders involved both legally (being popular among them) and not legally (having no legal requirements).
#5. Payment Alteration
The FinTech industry is growing and changing all the time. This year, there have been many new ways to use it. One example is contactless payments, which are becoming more popular. This is because people can just tap their card on a machine instead of taking out their wallets. There are now 400 million people in the world who have contactless payments instead of a card in their wallets.
You don’t need to have any cash when you buy things. This is because some people are using technology that allows you to buy things without physical money. There are also other stores that are using this technology too, like Walmart who collaborated with Apple TV 4K+. They also came out with smart speaker systems that use Google Home or Amazon Echo Show Duet.
The wallet payment alteration is the most sought-after trend in this year’s Fintech, and it will only continue to grow throughout 2020. Mobile wallets were replaced by physical ones once upon a time; now, we have e-wallets that offer rewards credit inside them.
The new generations love their gadgets so much they prefer using application payments rather than cash or cards for convenience sake (and because there might be some cool reward programs). Besides, Fintech developers also recommend these features within the apps,
Apple Pay/Samsung Pay users can expect another boost from contactless payment systems like Google pay coming soon too. This means more mobile spending power with less hassle wherever you go. No need to carry bulky purses anymore.
#6. Autonomous Finance
Autonomous finance is the idea and concept of self-driving funds. The autonomous Finance app can do many things for you. For example, it can take an instant decision on where to invest or how much money should be approved with favorable interest rates. All you need to do is input your criteria into this intelligent investment advisor’s query engine!
Fintech apps are important for making autonomous finances possible. They can manage investments, like mutual fund management programs. You can also make a plan for your retirement based on your goals with these apps.
It is easy to make an app for advisors if they want something like this. They can use AI and machine learning to help them. They can also give advice about investments, or track your money.
#6. Voice Assistance
Voice assistants for banks will help customers. They can answer questions about bank accounts and payments. They are good because they are smart too! And it all will start with just a- “Hi Siri”
Voice Payments allow consumers to become happier than ever before using their biometrics (i.e., fingerprints) for authorizing payments through iPhones instead of being required every time they want to buy something online, which was once only possible by having access cards stored away safely under locks.
In 2021, voice payments will be replacing our current system. In the past, customers have been unhappy about having to type out their transactions, but now that they can just speak it and get instant approval from a computerized machine, banks might actually start liking this new way of doing business!
Have a look at the video below:
The FinTech services industry is booming with the support of technology. And these days, it’s not just about financial transactions anymore. The advancements in artificial intelligence coupled with machine learning software help businesses to solve problems more effectively and innovatively!
Also, developers are exploring how they can build on top for banking apps to satisfy customers when making purchases online. Technology has helped shape our lives as humans now rely heavily upon smart devices like smartphones that connect us everywhere. But what happens if something goes wrong?
Artificial Intelligence might offer an answer through its ability to use algorithms based on data collected from human input at various points during interactions.FinTech apps are the future of financial services.
They offer customers faster payments, more security, and fraud protection than traditional methods like checks or cashiers check can provide them within today’s day-to-day life — all while maintaining your anonymity if needed.
If you want to craft a fintech solution for your organization or launch a fintech startup, acquire fintech app development services now!