The banking industry has come a long way since the days of traditional brick and mortar branches, that customers were compelled to visit, in order to perform any type of operations. The rise and development of new technologies have transformed the finance world, so much so that digital-only banks can nowadays, in many situations, successfully replace physical financial centers.
Users are able to carry out transactions, make payments and investments, and complete various operations related to their personal account, with no more than just a few taps on their smartphone. And all of this with the help of fintech mobile apps. So when did it all began?
Fintech mobile apps – how did it all start?
The first type of mobile banking service that was available to users was SMS banking, followed by services offered through mobile web. But it wasn’t only until May 2011 that the first completely functional fintech mobile app appeared, marking the beginning of a new digital era in which the financial industry was entering.
From then on, financial centers have been struggling to meet their customers’ expectations, which are only getting higher and more complex by the minute. In addition, given the current global context, financial institutions had to turn all of their attention and efforts into enhancing their mobile banking services, in order to attract clients and keep them coming back for more.
Competition is fierce among banking entities, and it seems that, at the present moment, the only winning recipe is the one that includes offering great mobile services and friendly apps, respectively, which not only address the younger population’ necessities, but the older generations’ as well.
Trends in fintech apps development.
We cannot stress enough how important it is that customers are happy with their fintech mobile apps, given that retaining clients and gaining their loyalty is very difficult in the competitive environment that financial centers are currently carrying out their activities in. Therefore, in this context, most of the trends in fintech app development are directed towards achieving a higher level of customer satisfaction.
So let’s start by mentioning machine learning and big data; the use of these technologies has been gaining quite a bit of ground in the past few years, given that developers, with their help, have the possibility to create a more personalized experience. Apart from this, big data is also used in detecting fraudulent or suspicious activities, having an essential role in strengthening security and keeping users’ accounts safe.
Machine learning, among other capabilities, unlocks more functionalities when it comes to chatbots, making them even more helpful, and along with virtual assistants’ 24/7 availability, contributes to the users’ increased satisfaction.
By speaking about chatbots, we have reached the next trend on our list, which is automation. Fintech mobile apps have eliminated large volumes of tasks that otherwise, would have been performed by the businesses’ or bank’s personnel, and would have taken up staff time in a non-productive way.
Blockchain is another technology that has made quite an impact on the development of fintech mobile apps, and that continues to revolutionize the financial sector entirely. Thanks to blockchain, customers benefit, among other things, from smart contracts and accelerated payments.
And since we have mentioned payments, we must not forget about the trends that evolve around the new and improved way to make transactions. QR codes and mobile wallets are just a few of the features that are incorporated in fintech mobile apps, much to the users’ satisfaction.
Tips for developing successful fintech mobile apps.
Creating a successful fintech mobile app starts with drawing up a clear vision of who will be using it and why. Choose and target your audience and do some research on what its needs and expectations are when it comes to similar apps.
Of course, coming up with new features that distinguish your app from others is challenging, but try to focus your attention on incorporating new ideas, or enhancing already existing capabilities.
This brings us to our next suggestion: surround yourself with talented and creative developers, that can assist you in building a successful fintech mobile app. Gather a team that is passionate and with which you see eye to eye, and make sure that each of your team’s members possesses the right skills.
Another tip for developing a successful fintech mobile app refers to the moment immediately after developing the minimum viable product. Get it out there and see the users’ reaction! Assemble a group of individuals that will be testing the MVP and listen to their feedback closely; only then will you capture a glimpse of what needs to be improved and how will your app actually be viewed by your targeted audience.
Fintech mobile apps are becoming increasingly popular, and businesses and banking centers have finally come to the conclusion that digital transformation in the financial sector is no longer an option, but a necessity. The current trends that we see in fintech mobile apps show us what we are already experiencing, that we live in a customer era, in which the development a successful product has to take the targeted audience’ needs and expectations into account mora than anything.
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