A Quick Guide to Fintech Software Development!
Table of Content:
1. Introduction
3. Believe Fintech Services is An Upsurge All Across The Globe
5. Advantages of building a finance app
7. Know More About Fintech & Its Use
8. Conclusion
1. Introduction
The finance industry has been through tons of ups and downs in the past few years. Especially the economic meltdown of 2008, which led a lot of industries to face huge losses. Nevertheless, after the breakthrough in the finance industry, there was an evolution of the new and innovative term, which nowadays has become the core of the financial and business world.
And that innovative word is Fintech (Financial Technology), which is a combination of finance and technology. There was a time when it was considered as a back-end data processing platform, however, now it is the biggest driving force of end-to-end transactions.
At that time, a lot of people started to wonder what FinTech is and how it is beneficial for our business. Even now, I have come across several businesspersons who can’t regard technology and finance together, especially because they dread that the digital way might not be secure for their business.
And to put your mind at ease, I have done a thorough research and listed down a few points on how it can be crucial for your business, though what I have written down is the tip of the iceberg.
In order to understand completely what is Fintech and Why is Fintech Important in the Business World, I recommend you to visit the original post. However, before we go through that post, let’s have a brief of what is ahead of us:
- Financial Services are Pretty Cost-Effective
- Compliance + Security = Fintech
- Upgraded Payment Systems
- Speed and Convenience is Best for Companies as Well as Customers
- Say it Like You Mean It — Transparency
Once we are through the definition of Fintech and the importance of it for business, let’s move forward and understand various aspects of Fintech software development with this quick guide.
Let’s start with another key player adding value in the digitalization of banking and financial services that is the mobile application industry.
As the users are always on their mobile phone devices, the financial services industry needs to provide popular services, require machine learning, are secure and useful, and are managed in real-time.
Certainly, financial applications can meet the standard requirements of consumers and businesses.
As per the latest survey of Statista for Fintech, the leading division where banks are using most financial technology is mobile payments.
Also, another statistical report states, around $60 billion payments are done through mobile platforms and it is expected that in the upcoming time, almost 90% of phone users will do the payments through the devices.
Therefore, we have created this post, it will help you to get in-depth knowledge regarding the fintech industry, how it is best for fintech startups, and other aspects of a fintech application for your business.
2. What is Fintech?
Financial technology or Fintech is for describing new tech that tries to develop and automate the performance and usage of financial services with the help of Fintech companies.
With the best aspects of it, fintech is utilized to help companies, business owners, and consumers to handle their financial transactions, methods, and lives by using specific software and algorithms that are practiced on computers and, frequently, mobile phones.
3. Believe Fintech Services is An Upsurge All Across The Globe
There is always an extended stimulation that induces an upsurge or a revolution. For the fintech industry, the beginning of startups, stress on practicing financial technology for any kind of financial institution also become some firm reasons behind it, such as:
- The traditional financial systems and the wrath of the customers on them for neglected experiences.
- Way more paperwork while asking for loans, debts, or credit cards. And the more leisurely pace to prepare the paper is bothersome to the customers.
- The Internet has extremely impacted our association with capital just as it changed the education, press, and music industries.
- Traditional companies have acquired the business, but fintech has created things translucent and allows services at moderate rates.
4. Types of Fintech Apps
The below mentioned are the foremost fintech apps types that can provide you the proper path on where the fintech market is directed.
- Digital Payments: The most extensive branch of the fintech industry is digital payments as they have made it simple, more agile, and secure for customers to conduct financial transactions all across the globe.
- Digital Investment: Now, local and institutional investors can spend on different types of assets in any money and authority.
- Consumer Finance: Users can now organize their accounts and expenses in advance with the help of fintech apps.
- Regtech: Innovative technologies are accommodating to solve administrative issues. Businesses can automate KYB, KYC, AML, and other compliance checks.
5. Advantages of building a finance app
Now we can discuss the benefits that financial apps provide to the users as well as financial institutions.
- The financial apps enable users to monitor their account balance in real-time from wherever they are 24×7.
- They can further manage all banking activities involving starting a new account, transporting the money, and listing the payments with just a few clicks on the screen.
- The Financial apps are remarkably simple to use and cost-efficient.
- The apps are profoundly secured, which means all your secret data would be safe and encrypted.
- The customers also get exclusive offers and interests from the banks.
6. Features of Fintech App
These are the features that will be beneficial if you need your fintech app to match consumer expectations:
- Intuitive interface: A compelling and convenient interface with quick sign-in is what most customers anticipate from the app.
- Personalized experience: People prefer it when an application is designed as per their needs.
- Payment gateway: Your app doesn’t need to involve necessary financial transactions, like cash transfers, digital payments, and stability monitoring.
- Online chat. Fintech companies can enhance the customer satisfaction scale with online chats — a more comfortable option to phone and email assistance for most clients.
- Add-on plugins. You can add other third-party settings to your application.
- Bank account integration. It’s difficult to create a financial service that doesn’t include banks.
7. Know More About Fintech & Its Use:
To be in the right way, start with in-depth analysis work & collect all aspects regarding this new technology to understand everything about it. Most of it usually neglect to match their expectations because of lack of knowledge of finance technology & its aim.
In other words, the world understands Fintech as a digitalized & more uncomplicated process of availing financial services quickly in a few snaps. But performing this technology in the best way is not a piece of cake as even expert mobile app developers bring with some issues.
8. Conclusion
The Fintech industry has perceived an unexpected upsurge because of the millennials. A huge aspect of their lives needs better experience and technology in every small thing they do. This impact made the financial industry level up across the world. It occurred in big developments and profited people of every age group and economic situation.
