How to Develop a Feature-Rich Fintech App in 2024

Technological advancements significantly impact various business sectors, and financial technology is no exception. The growth of financial applications is becoming more popular day after day, and the growth of the fintech industry is no surprise.

Fintech is nothing but digital solutions that unfold new opportunities in the banking sector, insurance companies, and trading platforms to deliver remarkable user experiences, seamless communications, and exceptional results.

Fintech is a revolution where success bursts into flames. People quickly realized that money doesn't necessarily need a person's physical presence. It's no surprise that people are questioning how to build a fintech app in light of the increasing use of technology in the financial sector.

Fintech apps have one of the most effective retention rates compared to other business-specific applications. It is a fact that for the first 90 days, the average retention rate of fintech app users is 58%, while other apps have approximately 48%.

As internet-based financial activities like online payments, trading stocks, monitoring bank accounts, and digital wealth management play a crucial role in our daily lives, there is excessive usage of fintech applications in the technology world.

However, the techniques and features used by the most remarkable financial applications play a significant role in their ability to keep users engaged. Fintech application development demands innovation, security protocols, encryption techniques, and continuous upgrades to keep up with the industry’s pace and the latest technology trends.

Fintech apps that rule the market

In fintech, several different subcategories may come together. These types of fintech apps share similar functionalities. So acknowledge the most popular kind of fintech app, leveraging the industry's opportunities.

• Banking apps

Digital-only banks joined the market. Thus, established financial companies created additional online offerings. These apps help individuals manage their money and bank transactions faster than ever, eliminating human interaction. They assist consumers in establishing accounts, checking balances, making payments, and applying for loans.

• Trading Apps

Stock, FX, and capital markets utilize this technology. Together, you can handle investments and trade. These products help you manage and earn from investments and trade transactions.

• Financial Applications

These applications may not offer payment or trade since it's not essential. Techniques in such apps assist in saving money and creating wealth by investing in other financial opportunities and minimizing useless overheads.

• Insurtech Apps

These applications serve insurance businesses and customers. Insuretech apps range from a basic CRM on an insurance company's website to a mobile app where customers can see all of their policies and buy various insurances as per their needs.

• Cryptocurrencies

Cryptocurrencies are not only a popular type of fintech app but also a reason behind the rise of blockchain technology. Innovation in fintech app development translates advancements into successful fintech ventures like PayPal and Apple Pay.

Cryptocurrencies are nothing but digital wallets where people can invest in a different type of currency with no physical existence, and the objective of these wallets is security. Therefore, if you want to design one, focus on protecting customers' money from fraud and unauthorized access.

• Regtech software

Regtech software helps firms comply with regulations and laws. With these tools, firm management may monitor laws and regulations, transactions, and risk changes. Regtech apps should identify fraud or anomalous activity.

Also Read: Cloud Computing Shaping The Future of Fintech

Exclusive features fintech apps should have

A critical success factor for Fintech applications is the unique features that set them apart from their competitors. So let's deep dive into the details of the most significant features every fintech app needs:

• QR code - a modern tool for payment

QR payments have surpassed cash transactions as the most popular form of payment. The use of transaction scanning through QR codes has increased in all tiers of business, from street sellers to high-end retailers. The functionality of detecting QR codes will substantially ease working with the fintech app—users can scan codes to make payments and transact money from one account to another on their phones.

• Digital Wallets

The usage of digital wallets is going to see a rapid rise in the future. To integrate such a much-needed feature into your app, you must have an API for it.

Digital wallets are a common feature of fintech companies since they allow customers to better manage their money. As a result, it's simple to include one in your product line at a low cost. In some instances, using a digital wallet is not a risky endeavor.

• Biometric Sign-in

Biometric authentication is one of the most accepted ways to secure an app. As it surpasses the extended, complicated authentication via passwords, it gives more convenience by authorizing users' faces or fingerprints.

Furthermore, lengthy passwords are not required. To begin using the software, all they have to do is scan their face. However, biometrics is a critical component of modern fintech applications, contributing to security and usability.

• Automation

People are seeking convenience as more and more transactions take place online. Financial Automation plays a significant role in this situation.

Any payment may be automated via financial automation, including bill payments, contributions, savings transfers, automatic deposits into retirement accounts, and a wide range of other transactions. For their digital banking solutions, high-end fintech applications demand financial automation.

Here, leveraging innovative contract technology makes financial automation feasible. Automation enables certain blockchain transactions, verifies accounts, and secures them ultimately. Financial automation may be a simple essential aspect of fintech app development when you consider integrating it as a core function.

• Personalization

Fintech app development companies facilitate apps with customization that enable users to perform fintech activities per their requirements and standards.

Since it gives users wise solutions and suggestions based on their financial activities, AI plays a significant role in customizing content. It improves working circumstances for financial service providers, opening up additional opportunities to establish seamless user journeys throughout the application.

Additionally, service personalization allows customers to make the best possible choices by tailoring recommendations for appropriate AI-powered investment and financial services.

• Data Visualization

Using data visualization to enhance user experience and retention is an excellent strategy.

As visual beings, visualization features encourage us to shift through material that we might otherwise ignore. Information provided in the pictorial form is more easily absorbed and understood than text. As a result, visualization is essential for making complicated financial jargon more user-friendly.

However, maximizing data visualization in fintech application development for mobile devices is a significant difficulty. It would be best if you also considered the various viewing conditions the user may be under.

For example, your visualization should not conflict with the color scheme of individuals who utilize night mode.

• Data Analytics

Accurate financial information helps in making proper decisions. A fintech app wouldn't be complete without data analysis. The app should collect and analyze user data and then provide a report that summarizes the user's financial situation. Consumers are more likely to comprehend statistics if they are represented aesthetically.

A Fintech app should include the following characteristics:

• An overview of a user's financial activities is available in report management.
• Users may see how much they've spent in various categories.
  

• App Security

Users desire maximum security for their data. When designing the fintech app, include strong security rules to prevent online data breaches.

Two-factor authentication is a straightforward and efficient approach to adding security. OTP authentication checks the user by sending an SMS code to their phone.

LastPass Authenticator, Microsoft Authenticator, Google Authenticator, and Authy are third-party programs. Third-party applications authorize users through QR codes or tokens.

• Voice-Enabled Search

The introduction of voice search assistance by giants like Siri and Alexa has evolved how users search for information. Enabling voice search in your fintech app assists users with a quick search for trading updates, financial advice, and transactional messages.

Rather than entering instructions, users may engage with the fintech app simply and efficiently. To keep up with the competition, practically every financial app now has voice help capabilities.

• App with AI-Power

Artificial intelligence is rolling out to every industry to increase operational efficiency, optimal accuracy in data, seamless customer service, efficient fraud detection, and more.

AI technology helps create automated customer service support systems within applications to solve queries of the user base within a fraction of the time and provide a streamlined user experience. AI-powered chatbots evaluate and resolve client concerns using the information provided by the user and their behavior.

Also Read: Things to Know Before Starting a Fintech Startup in 2022

Final Note

There's no question that this is the right time to create a feature-rich fintech application. Even in the financial industry, there's still a great chance to integrate technologies in certain regions that are still lacking. Even though the field and the development process are fraught with difficulties, having skilled staff on your side makes it much easier to overcome these obstacles.

The success of your app may depend on whether or not you approach a reputed fintech app development firm with professionals with current trends in the construction of financial technology applications.