Nowadays, since the evolution of digital payments, the use of Banking, Finance, and FinTech mobile apps has been raised worldwide. 35 out of 50 people are using Fintech apps for making online payments, money transfers, foreign currency exchange and remittance, and many other purposes. Yes, Fintech mobile apps have occupied the majority of space in the Finance Industry.
Let’s discuss
this deeply. This article will give you a complete guide on how FinTech app
development is transforming the Finance industry. Herein, you can also get a
brief on FinTech app types and how would be the future of the Banking, Finance,
and Fintech industry on developing intelligent Fintech software solutions.
What Are FinTech Apps & What They Do?
FinTech is a revolutionizing Financial Technology that is being widely applied to create mobile and web-based software solutions for making end-to-end banking and finance operations digital.
For traditional money transactions, digital payments, stock trading, currency exchange, digitizing peer-to-peer loan lending, cryptocurrency investments, and better finance management many more Fintech apps are standing in the front line in this digital world.
Digitized banking and financial operations, faster access to loans and other investments, optimized digital experiences, improved customer experiences, and better risk management as core business benefits, Fintech applications are making a buzz in the Fintech industry.
On the other hand, driven by faster money transfer services, instant digital payments, secured online investments on stocks, and cryptos advantages, user-friendly and easy-to-access FinTech apps have also been increasingly adopted by individuals.
Fintech appdevelopment companies create such solutions by integrating multiple authentication, end-to-end network encryption, and fraud detection features to make the entire online process more secure.
Let’s take a
look at a few important types of FinTech applications that are gaining
prominence in this competitive digital era.
Significant Types Of Fintech Mobile Apps
Driven by a
great move to mobile Point-of-Sale payments, digital commerce payments, online remittances,
online investments, and NFT/DeFi/Crypto investments like a range of categories Fintech
apps are benefiting users like a one-stop solutions for their diversified
needs. Here are a few top categories of Fintech apps that one must know before
investing in Fintech application development.
· Digital Banking Apps
One of the top advantages of Fintech App Development is making baking operations online and ensuring instant banking access to the users.
For checking Balance,
sending/receiving money (domestic and international), and managing finances,
Fintech applications will act as the best cloud-based platforms for customers. On
the other side, banks and finance companies can increase service availability,
improve customer experiences, and increase the rate of retention.
· Online Payment Apps
Here is
another significant type of custom Fintech software solution. By integrating
highly secured transaction protocols, Fintech app development companies are creating robust digital wallet apps for
in-store or e-commerce payments.
· Money Remittance Apps
Currency
exchange or money exchange apps are one of the key types are FinTech apps. With
real-time transaction tracking abilities, Blockchain-enabled decentralized
record maintenance features, and zero fees on international transactions, Fintech
apps were the best solutions to make hassle-free and convenient transfers.
· Cryptocurrency Investments & Stock Trading Apps
Blockchain-enabled crypto investment apps are one of the most popular categories of Fintech apps. A FinTech application with a Crypto trading feature will help users invest in digital assets like Bitcoin and build a strong crypto portfolio. Accordingly, this type of FinTech app also plays an essential role in making online stock buying and selling functions easier and faster.
By using
Artificial Intelligence (AI) and Machine Learning (ML) capabilities,
cryptocurrency apps or stock trading apps also help users to be better aware of
crypto/stock market trends and make their investments in right stocks at the
right time.
· Loan Lending and Insurance Claiming Apps
Yes, online insurance and digital loan lending processes through KYC verification have become a trend in the FinTech Industry.
By integrating
the AI, ML, and predictive potentialities, Fintech solutions streamline the
end-to-end loan processing and insurance claiming functions. Banks and Finance
companies can track the users’ transactions, automatically verify the customer
eligibility, and process the money faster over a secured network.
· Digital Capital Raising
This type of Fintech application is primarily involved in streamlining crowdfunding and marketplace lending operations and helps businesses generate money online seamlessly.
These are a few top types of Fintech applications that grab the user's attention with their convenient and intelligent capabilities in streamlining a range of banking, finance, and investment operations. Venmo, Coinbase, Revolut, Robinhood, and Chime are a few top FinTech apps that are offering value-driven FinTech services to users.
The best Fintech Mobile app
development company can build top-notch FinTech solutions that meet the desired digital
finance and banking needs of end-users.
Major Advantages Of FinTech Application Development
FinTech is reshaping the financial industry. Fintech applications are augmenting user experiences and improving brand credibility. FinTech app development helps banks and finance companies enhance the online experiences of their customers and create results-driven businesses.
Here are the
top benefits of FinTech app development for businesses:
- Better engagement of the targeted audience
- Automated and streamlined operations
- Reduced operational costs and improved productivity
- Optimized operational excellence and brand credibility
- High-level security and privacy to the customer’s and organization’s network
- Fintech app development ensures error-free data management.
- Fintech applications offer great transparency across the transactions in real-time.
- Significant use of AI in Fintech apps helps companies to identify suspicious accesses and send immediate alerts to prevent the bug from interrupting the network.
What Is The Future Of Fintech Development?
The future of traditional banking and finance would be reshaped through the evolution of intelligent FinTech applications.
According to market research companies like Statista, the global transaction value from Fintech apps was approximately $117.5 billion in 2022. Driven by greater convenience, speedy processes, and high security, the market value of Fintech apps is expected to reach nearly $241 billion in the next four years.
Moreover, Blockchain, AI, Cybersecurity, and Online banks like Neobanks as core trends in Fintech development, and the future of FinTech application development is expected to reach extremely new heights in the years ahead.
Besides
customers and FinTech companies, top mobile app development companies are also
anticipating to grab an array of FinTech app development opportunities in the
coming years. Integrating the instant AI chatbot-like advanced features, the
best FinTech app development company creates apps that impact the traditional
financial systems.
Conclusion
Flexibility, efficiency, security, and process automation are the key resources for rapid emergence of FinTech apps worldwide. In combination with next-generation AI, ML, RPA, and Blockchain like technologies, FinTech-based mobile apps are reshaping the finance industry. Finance companies can benefit in terms of customer loyalty, user experiences, brand recognition & extension etc., from Fintech application development.