The use of FinTech apps has skyrocketed with the rise of mobile technology and digital payments. Research suggests that the global finance app market is poised for significant growth with the increasing popularity of neobanks and super apps.
In recent years, mobile transactions have significantly increased, transforming customer digital interactions and experiences. As their needs continue to evolve, it’s crucial to offer essential features that will attract valuable customers and maintain customer loyalty.
Interesting Stats About Fintech Apps!
- Fintech is a rapidly growing industry, estimated to be worth around $180 billion, with projections to reach $188 billion by 2024 (Source: https://explodingtopics.com/blog/fintech-stats).
- According to a survey, 27% of fintech users trust fintech apps more than financial institutions, and 30% prefer them over traditional banks for their ease of use and convenience (Source: https://spendmenot.com/blog/fintech-statistics/).
- 96% of global consumers are familiar with at least one fintech service, with 60% seeking to conduct financial transactions through a single platform such as social media or mobile banking apps, according to Ernst and Young’s survey (Source: https://financesonline.com/fintech-statistics/).
- Latest fintech trends include blockchain, AI, voice tech, reg tech, and digital banks, among others (Source: https://aglowiditsolutions.com/blog/latest-fintech-trends/).
Top 5 Features of Fintech Apps in 2023!
The fintech industry has been growing rapidly in recent years and is expected to continue its growth in the next decade. As technology advances, fintech apps are becoming more innovative and providing a wider range of financial services to consumers.
In 2023, there will be an increasing number of fintech apps in the market, each offering unique features and benefits. The following are the top essential features that will define the best fintech apps in 2023.
Financial institutions must keep up with changing customer preferences by incorporating these must-have features in their mobile banking apps if you are looking to develop fintech mobile app:
1. Customizable User Experience
Personalizing the user experience is crucial to attracting and retaining younger customers. Offer in-app virtual assistants and personalized insights based on their spending habits or financial status. These features are proven to enhance engagement and retain customers.
Fintech apps in 2023 will also offer integration with other financial services, such as banks and credit card companies. This integration will provide users with a comprehensive view of their financial information, including account balances, transactions, and credit scores.
Additionally, the integration will make it easier for users to manage their finances by enabling them to transfer funds, pay bills, and make other financial transactions from a single app.
2. Customer Support Options
Superior mobile banking apps offer various customer support options like self-help, live chat, phone, or others. The app should make it easy for users to contact the institution if they have any issues or questions. Having a chatbot or direct contact with customer service representatives is important for customer satisfaction.
In 2023, fintech apps will also offer chatbots and virtual assistance to users. Chatbots will provide instant support and answer users’ questions, making it easier for them to complete transactions and manage their finances. Virtual assistance will also provide users with personalized financial advice and recommendations based on their specific financial needs and goals.
3. Alerts and Notifications
Effective communication through alerts and notifications is key for keeping customers informed and promoting services based on their needs. However, users should have control over the type, frequency, and delivery method of notifications to avoid annoyance. The notifications should have clear calls to action, such as making payments, managing bills, etc.
Artificial Intelligence (AI) and Machine Learning (ML) will play a significant role in the fintech industry in 2023. AI and ML will enable fintech apps to provide personalized financial services and insights to users. For example, the app may analyze a user’s spending patterns and provide recommendations on how to save money, invest, or manage debt.
4. Secure Login
With the rise of data breaches, cyber threats, and hackers, customer security is a top concern. Multi-factor authentication, and secure login options such as biometrics, fingerprint readers, face recognition, and codes, help provide the highest level of security for users.
Security is a top priority for fintech apps, and this will not change in 2023. Advanced security measures such as biometric authentication, encryption, and two-factor authentication will be a must-have feature. This will ensure that users’ financial information is protected and secure from fraud and hacking.
5. Digital Payments and Gamification
Quick access to digital payment options like mobile wallets, UPI, etc., is a must-have feature for mobile banking apps. Users should be able to pay bills quickly, set up recurring payments, and manage their accounts. Automating recurring payments eliminates the risk of missing payment dates.
With the growing trend towards a cashless society, peer-to-peer (P2P) payments are becoming increasingly popular. These allow users to transfer money directly from one account to another using a mobile app. P2P payments through mobile banking apps are free, secure, and more trustworthy compared to third-party providers.
Gamification is another feature that will define fintech apps in 2023. Gamification will make it fun and engaging for users to manage their finances, encouraging them to save money, invest, and make other financial decisions. For example, the app may provide users with virtual rewards for reaching financial goals, such as saving for a trip or paying off debt.
Fintech Apps in Web3 & Metaverse!
Web3 and Metaverse present a whole new frontier for fintech apps, and the possibilities are endless.
Imagine a world where virtual assets are as valuable as physical ones and where people can buy, sell, and trade with each other in virtual environments. In this world, fintech apps will play a crucial role in managing these virtual assets, allowing users to keep track of their virtual wealth and make transactions seamlessly.
With the decentralized nature of Web3 and the Metaverse, traditional financial institutions will have less control over financial transactions, giving rise to new opportunities for fintech startups to step in and offer innovative financial services.
For example, DeFi (decentralized finance) platforms, which operate on blockchain technology, allow users to access financial services like loans and investments without the need for intermediaries.
Moreover, in the Metaverse, virtual experiences and events will likely become a source of income for creators, and fintech apps will be instrumental in facilitating these transactions. Fintech apps can be immensely helpful in facilitating financial transactions of virtual real estate, NFTs (non-fungible tokens), in-game purchases, and Metaverse assets.
Additional Considerations Before Development!
If you are thinking of getting a fintech app developed for your business, there are some additional factors that you need to consider. These are:
The Purpose of the App
You first need to understand why you want the app. It should solve a specific problem for the target audience, making it easier for them to manage their finances.
Example functions involve providing customers with the ability to track their spending, pay bills, make digital payments, or access financial services more conveniently.
Another critical aspect of consideration is the costs associated with development. Developing a fintech app can be expensive and requires significant investment in both time and resources. Factors such as design, development, testing, and deployment can all impact the overall cost. It is important to clearly understand the budget before proceeding with the app’s development.
Proper Legal Compliance
Developing a fintech app also requires compliance with various regulations and laws. This includes compliance with data protection laws, financial services regulations, and anti-money laundering regulations. It is therefore advised to consult with an experienced legal counsel if possible to ensure that all the legal and regulatory compliance are agreed upon and dealt with.
Developing a successful fintech app requires careful planning and research. To ensure the project is viable, starting with a product discovery phase is essential. This allows you to define project complexity, assess the total cost, and evaluate possible risks. Additionally, you should identify a niche and focus on the user experience. Also keep an eye on new fintech trends in 2023.
For example, provide an intuitive design, onboarding videos, and personalized experiences to engage users. Security also needs to be a top priority. Encrypt data, use secure authentication, tokenize data, and conduct regular tests to ensure a high level of security. By following these best practices, you can create a successful fintech app that meets the needs of your target audience.
In conclusion, the fintech industry is expected to continue its growth in the next decade, and fintech apps will play a significant role in this growth. The top essential features of fintech apps in 2023 will include mobile-first design, advanced security measures, AI and ML, integration with other financial services, chatbots and virtual assistance, robust analytics,
A well-designed mobile banking app that incorporates the aforesaid important features can serve you in attracting new customers, staying ahead of the competition, and providing an excellent customer experience.
A good development partner can also help accelerate your process of app development. Consider a quality and robust developmental partner before you decide to ride on your fintech voyage.
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