Financial technology (fintech) is on the rapid rise and taking a leap into banking, insurance, mobile apps, and other areas. This blog gives insight into the features of fintech mobile apps that boost sales and maximize ROI.
Competition in the financial industry has risen. Thanks to the various types of fintech apps available – p2p payment apps, personal finance apps, investment & trading apps, insurtech apps, equity apps, blockchain-based apps, and more.
It makes prima facie that businesses are seeking to have a strong foothold into the financial industry to survive the competition. Per Statista, there were 8775 fintech startups in America in February 2020, making it the region with the most fintech startups globally.
What is a Fintech Mobile App?
Fintech is a combination of finance and technology, hence the name, fintech. Fintech apps can enhance the experience that financial service providers can offer customers, which in turn can boost revenue.
A well-developed fintech application ensures simple yet efficient transactions. With fintech mobile apps, users can see their financial activities and manage them according to their needs.
Winning Fintech App Features That Maximize Sales and ROIs
Intuitive UX/UI Design
An intriguing, yet straightforward user interface for your fintech mobile app can determine how well your app will be received. Fintech app developers simplify the interface to make app user-friendly that gives a smooth and enjoyable mobile app experience to users.
For fintech apps, a simple UX/UI design offers more power and flexibility to users. It can make it possible to perform advanced financial services with ease and boost customer engagement.
Integrating features that personalize the experience of unique customers can help your fintech app to succeed. By using data to learn what specific customers value, the fintech app offers personalized answers to different people.
For instance, if someone wants to invest money and is looking for the right option, the fintech app steers them in the right direction. The app explains the potential investment options that match the customer’s budget, the expected returns of different options, the risk associated with them, and more.
People using fintech apps expect the data related to their financial activities to be accurate. So, integrating data analytics is an essential feature of many fintech mobile apps. Data analytics allows you to send users a customized report of their financial activities to help them stay up to date with their finances.
Today, the majority of fintech apps have data analytics, with more adopting this feature each day. Fintech apps with data analytics are the most preferred among users. Mint is one of the best examples of this.
Innovation is key, and artificial intelligence is an excellent example of that. The integration of artificial intelligence into fintech applications increases your app’s capabilities. A fintech app with AI integrated into it provides numerous advantages such as increased operational efficiency, improved accuracy, automated customer support, fraud detection, wealth management, and more.
As AI automates customer support, it means AI-powered fintech apps let professionals focus on other tasks to improve business and ROIs rather than engaging in assisting customers.
The integration of multi-tier functionality into your fintech application makes it more meaningful and purpose-driven. It ensures that your app can manage multi-tier access while coping with the number of concurrent sessions.
For instance, if you are planning to develop a loan or insurance application, then it’s advisable to integrate features like ‘tracking commission’ into your app. It helps users find their activities and progress to hit their sales goal and thus will boost your company’s sales.
Your fintech application should consider using reward programs to incentivize users to keep coming back. There are many fintech apps already capitalizing on the use of reward programs. For example, Robinhood is the number one finance app, partly due to its reward program. Furthermore, it also has a referral program that rewards customers for getting others to download the app.
Data Security and Privacy
Security and privacy are the foremost elements that need to be addressed while developing a fintech mobile app. Full regulation and compliance must be followed; the authentication process has to be well designed and managed to ensure the security of users’ financial data.
Fintech technology is taking the financial industry by storm as it comes up with many intuitive features we cannot neglect. Integrating the right features that go well with your niche of fintech apps that make your business thrive and help you maximize revenues.
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