“Mobile, app-based banking has made more inroads in financial inclusion in the past 10 years than the 50 years of bank branches and plastic cards that preceded it.”
A few years back, fintech apps were only used by a few businesses and internal team members for daily tasks. Since these apps were not popular back then, there was also no need to update them every now and then to ensure their robustness.
However, the use of fintech apps has increased significantly in the past 10 years. Financial applications are no longer only limited to business use as they service the common public as well. This has also led to the need for these apps to be created in a simple, convenient and sophisticated design so they can be used by everyone easily.
Today we will be talking about the 6 important custom fintech solution features that should be kept in mind for fintech software development.
Top 6 Features Fintech App Solutions Must Have
Read down below to find out more about how to make your fintech app more effective for its users.
- Simplified Yet Engaging User Experience
A recent study shows that 62% users are most likely to delete your app from their phone if it is not easy to use. When it comes to fintech apps, people already have the perception in mind that it is going to be difficult to use. Therefore, it is important that you keep the whole user experience user-friendly from the start till the end.
The purpose of fintech apps is to make financial processes easier, so that’s what you should focus on. The user should be able to easily locate and use the dashboard and should carry out transactions as quickly and conveniently as possible. This will help improve the whole user experience.
- Easy Analytics
Easy analytics is another very important feature of a fintech app. Users should be able to view and keep a track of their financial activities. The best way to provide this feature to your users is to enable them to get a bird’s eye view of their financial activities and transactions. Moreover, to make the whole experience even better for your users you should also include a native analytics tools in your application.
- Integration With Other FinTech Applications
Users now prefer to connect one app to another. This not only simplifies the majority of processes, but also saves the hassle of switching between apps to complete a task. Fintech apps cater to a lot of industries. Hence, there are several different things that can be done through fintech apps such as asset management, online transfer, crowdfunding, mobile payments, and more. Hence, the more purposes your app can serve, the better.
- Personalize and Build Trust
It is very important that users feel safe using your app because when it comes to financial services, the stakes are high. Naturally, people won’t be willing to try out your app if they dont trust your service. Hence, app personalization is very important if you are trying to build trust of users. Adopt a user-centric approach to build trust between your service and its users.
For this, there are a variety of different options that you can include in the app preferences menu to allow users to personalize according to their liking. You can also offer them the option to connect the app with their social media apps to create a stronger and longer lasting connection of the user, with your app.
Moreover, the most important thing for building trust of the app users is to ensure transparency. For this, you should reaffirm actions and always be transparent about the information and data collected.
- Provide Engaging Visuals
Another important fintech app development aspect that should be kept in mind is that though your app should have a clean user interface and user experience, this does not mean that it should be very plain and basic. It’s always a good idea to include some engaging visuals in your app.
App visuals also help provide users with a better idea about how to navigate the app and guide them to a clear call to action. For instance, if the user is interested in checking their monthly transaction, the information should be provided to the user in a clear way to ensure effective budget planning.
- Biometric Security
As digital transactions and activities are increasing every day, so are cyberattacks. According to stats, around 46% of the cyber attacks that happened last year included data theft. This has also significantly increased the security concerns for financial companies and apps. They
To build trust among users, and ensure that their finances are secure, there’s a need to update all security features. Only providing a user name and a password for users to secure their accounts is no longer effective. Cyber criminals can easily hack accounts if a password is all that protects it.
There are several security features such as facial recognition, two factor authentication, fingerprint lock, and palm vein biometrics that can be used to ensure the safety of fintech apps. You might want to include as many security measures as possible in your fintech app.
Since the purpose of fintech app development is to let users manage and keep a track of their financial records and assets from their phones, these apps should be useful, easy to use, and secure for the users. These above mentioned features can help ensure that you are designing an app based on the customer preferences.
The key is to provide value to the user so he/she doesn’t feel that they’re another app they would want to switch to in order to make their experience better.
Looking for a reliable company for fintech software development services? Get in touch with InvoZone today.