With the growing interest of the customers from the old-age norms of managing finances towards the digital world, fintech applications have gained momentum and are now flourishing with great success. Integration of features that are necessary and predict the need of the consumers has attributed to the growing popularity of these apps. Perhaps, the revolutionary step of digitalizing payments has paved the way for the other finance sectors to attain success in the digital world.
Some of the features of the fintech apps for 2020 are compiled below. For more information, you can read this article – https://topflightapps.com/ideas/how-to-build-a-market-ready-fintech-app-in-record-time/.
- User management
This forms the basics or foundations of any app, including the fintech ones. It helps to build the app by offering user authentication, crash reporting, and user management. This aids in providing customers with a great user experience.
- Security and encryption
The security of the app must be top-notch with several protocols laid in carefully. It is vital to note that data policy and disaster recovery plans are also kept in place in case of unexpected hacking of data.
The usage of safety measures has now been extended to biometrics. This includes fingerprint, voice recognition, facial recognition, etc. This enables the users to trust the app and provide the much-needed financial information.
- User-friendly interface
The success of these fintech apps often depends on how they can simplify and make their user interface appealing. The app developers are well aware that complexities encountered while navigating or searching various functionalities are bound to make the customers unhappy and ultimately turn to other apps. The interface must be user-friendly with a vibrant color palette to intrigue customers into searching the various features that it offers.
- Data analytics
Analysis of the data that you provide is one of the primary reasons for using fintech apps. The fact that these applications can offer an overview of the financial activities in a simplified manner appeals to the consumers.
Users can also take a look at the history of their financial transactions before making any significant decisions. Based on the app’s analysis using innovative technologies, users can now access report management, see the saving goals, and have an idea of their spendings.
- Quick money transfers
The fast and safe transfer of the required money increases the popularity of these apps significantly. With the incorporation of ingenious technologies and innovative codes, it is now possible to transfer money hassle-free. But, also check out if the app is charging any money for the transfer.
The integration of chatbots is a great way to maintain customer retention rates. The feasibility of these bots and the ease with which they can handle the customers’ inquisitions while storing the grievances are exceptional. These grievances can then be assessed and transformed into an action plan to make up for the issues faced by the customers.
Blockchain technology has been adopted by many big companies. Still, in the pilot stages, this new feature is believed to be essential in shifting the online financial sector in a new direction. This feature allows for exceptional transparency during transactions within a minimal timeframe. The authenticity of the transaction data and reduction in the transaction fee exacted are some of the benefits that blockchain is sure to provide.
To increase the engagement rate of the customers, notifications are craftily integrated into the app. You must be aware of various information about your finances without even opening the app. The pop-up notifications provide these snippets of information and reminders. This indicates that while you may have forgotten certain essential payments, the app hasn’t.
- Suggestions on investments
Apart from managing the finances and offering appropriate notifications when needed, these apps also provide advice on certain investments. This is of great use as customers are often in need of professional or expert guidance but cannot avail. This provides users with technical knowledge that they can apply while making smart investments. Personalization through artificial intelligence has increased the customer retention rate by offering specific suggestions.
These are some of the features that you can look forward to in your fintech apps. Most of these features are integrated to benefit the consumers massively and, thus, aid in receiving positive reviews for the app.