Features That Should be Part of Your Fintech Application Development

1. Simplified UI

We started the write up mentioning how finance has always been complex. And as a fintech service provider, one of the first tasks on your hands is to remove any form of complexity involved in accessing fintech services.

Foreign exchanges, investments, PoS systems, and others are all complex but as part of your seamless fintech application development process, you should simplify things for your users. With intuitive user experience, navigation, educational content, and more, orient your users to the world of fintech and make way for retention in the longer run.

2. Biometric Security

While the entire ecosystem of fintech is airtight, one aspect where experts are still working on upgrading functionalities is app security. A shocking report also reveals that there is a hack occurring every 39 seconds. With money and money’s worth on the line, your app has to be more secure and airtight. That’s why we recommend integrating biometric features on your app. This includes features like:

• Fingerprint access, where only the user could access and use the app
• Heartbeat sensor, a futuristic integration where the heartbeat data from the user’s wearable device can help unlock the app
• Facial recognition software, another layer to securing app from unauthorized access and more

Besides these features, fintech mobile app developers are also working on integrating human features like palm veins to grant access to transactions and app usage.

3. Cross-Platform Capabilities

The presence of your fintech brand’s app on a user’s smartphone should make their life easier. That’s why you need to integrate the capabilities of your app with other third-party applications to facilitate seamless payments and other transactions.

From a simple food delivery app to a real estate app, your fintech app should support transactions demanded by users. Third-party integrations could also be used to secure the app further such as the integration with Google Authenticator. For this, you could approach a custom fintech application development company to help you get this feature conveniently implemented.

4. Data Visualization

Over the years, we as users have been having superficial access to information about our transactions, expenses, and incomes. But with your fintech app, this should change and your users should get detailed charts and visualizations of any form of finance-related information they require for a specific period of time.

Read More: FinTech Trends to Watch in 2020-2021

From charts detailing their expenses patterns to those specifying redundant expenses, your app should not only retrieve data but be able to present them in an interactive way.

5. Millennial-specific Content

An interesting statistic you should know at this point is that 3 out of 5 millennials never invest. And that’s exactly why your targeting should be aimed at millennials. Regardless of their reasons for not investing, your copy, approach, UI, and anything you add to your fintech app should also be inclusive to millennials to captivate them into the world of finance.

Despite being the generation to be online the most, their presence is still scarce in fintech and your app could change that in the coming months if done right.

6. Gamification

Who doesn’t love rewards, cash backs, deals, and personalized discounts? One of the psychological factors for the success of Google Pay is the scratch card that kindles a ray of hope among users for cash prizes. And this makes them keep coming back to the app for all their transactions.

Gamification is an interesting concept that involves reward systems and programs that make the entire process of using your app fun. Creative applications of this concept will not only help in customer retention but for acquisition as well.

7. App Tours

As part of the simplifying fintech process, your app should take users on a tour explaining the features, conveniences, and capabilities of the app. It should be quick, crisp, and concise. This will help someone who is new to the world of finance and your app get instantly oriented to both.

8. Voice Assistance

One of the rapidly deployed features in the tech space, voice assistance offers optimum convenience to people who have a smart virtual assistant installed in their homes. Contrary to popular belief, a lot of people are getting hands-on with virtual assistants for the awe and experience they offer and that’s why your app should support voice-based searches, functionalities, and results retrieval processes.