8 Essential Features Every Modern Fintech App Should Have

By James Tredwell on June 2, 2020

The fintech industry is rising above the clutter. It has changed the way we think about money and sees financial services. More and more companies are fighting tooth and nails to make gains in their market valuations, including developing a mobile app.

Fintech apps made it possible for users to access all their transactions and financial information and reports seamlessly. From transferring money to paying bills, all the finance activities are now accessible just at your fingertips.

Today, the fintech companies have grown competition in the market among themselves to develop a winning mobile app that can appeal best to customers. And to help you win the competition, we’ve pulled together a list of some essential features you can consider before developing your fintech app.

#1. Let Artificial Intelligence Calls the Shots

One of the main reasons people jump into a fintech app is to get more flexibility and quicker access to financial services. That’s where Artificial Intelligence (AI) comes in handy.

From chatbots to voice-assisted banking, AI allows you to assist users in real-time transactions and manage their finances. Not only that but with AI, you may even give conversational and tailored financial advice to your users.

At this point, it’s safe to say that AI can bring your fintech app to the next level. By all means, it makes it easier to provide users with a better experience.

Adapting AI-powered features to your fintech app won’t only give users a real-time service, but also prove that your company is forward-facing and innovative.

#2. Personalization to Build Trust

Even in every industry, personalization has been crucial for marketing practices. But, when it comes to fintech apps, personalization is no longer a “nice-to-have” feature, but a “must-have” component.

The personalization feature analyzes your users’ financial behavior. It can be an effective way to build users’ trust since it provides them with services tailored to their individual goals.

Your users will feel a strong bond and establish an emotional connection with the financial services you offer. Without any human-to-human interactions, it’d be just too hard to gain your users’ trust– and only the reliable, successful fintech companies would know this too well.

Make sure you tailor a personalized service in your fintech apps to be more interactive with your users. That’s how you can tempt them to use the apps for the long-haul.

#3. Blockchain and Cryptocurrency Adaption

The words blockchain and cryptocurrency are mainstream in the financial industry. It lets its users make peer-to-peer micropayments with transparent transactions.

The number of blockchain wallet users has been growing exponentially. And today, more than 47 million people across the globe have a digital wallet.

Letting users make transactions with various cryptocurrencies means you can appeal to more extensive potential customers.

With blockchain and cryptocurrency adaptation, users can easily manage their digital wallet and make traditional financial transactions at the same time with only one fintech app.

Reliance on this technology allows you to create an entirely new business model, making it easier for you to differentiate your fintech apps from your competitors.

#4. Supporting Biometric Security System

In this digital world, your users’ account security is paramount. Users undoubtedly feel more comfortable with a fintech app that keeps their passwords, financial reports, and other personal information safe. Highly-publicized cyber attacks can contribute to a broader loss of user confidence.

A simple log-in form (the one with password) isn’t strong enough to provide the security that is actually needed. So, there’s no excuse for savvy fintech companies not leading the way in disruptive biometric security technologies for their app development.

It’s better to provide your users with multi-factor biometrics such as fingerprint scans, iris scans, voice recognition, even facial recognition for a fool-proof authentication– which will be a key to exceptional user experience.

By requiring those biometrics authentications above, it’d make it extremely difficult to impersonate the real user.

#5. Provide Third-Party Authentication Apps

To offer even more security of your users’ accounts, you can provide them two-factor authentication (2FA). While sending one-time passcode via SMS is probably the most common way of 2FA in your market, you can take it to a new high with other third-party authentication apps.

Some of the popular third-party authentication apps you can rely on:

  • Microsoft Authenticator
  • LastPass Authenticator
  • Authy
  • CyAuth Authenticator
  • FreeOTP Authenticator

Those apps below offer you a lot of convenience of security-oriented features, including QR codes or tokens, to authorize the real users. That way, they can be an effective way to make the user’s security account more tightened.

#6. Third-Party APIs Integration Is Key

Application Programming Interfaces (API) integration can boost your app’s overall cost-effectiveness. The users would be able to enjoy other online banking solutions directly through your app.

The APIs integration can make your user’s financial lives manageable. In other words, it can make the user’s experience streamlined and seamless.

They can create crowdsourcing, integrate their bank accounts with book-keeping platforms, manage remittance, get access to their bank and investment account, or even get a map to find the nearest ATM– all in just one fintech app.

By providing different apps interact with each other within a single platform, you’d be able to offer more services for the users that are always seeking varied solutions.

#7. Simplified Yet Elegant User Experience

Considering that user experience is your top priority, it’s essential to have a simple UX design that requires little effort from them.

With a simple and intuitive user-friendly experience, users of all generations (from Millennials to Baby Boomers) can handle their finances smoothly.

You can provide a simplified user experience by creating a clear and meaningful interface. Instead of displaying all information on one screen, try to offer them only the buttons that focus on what the user is really trying to do.

Keeping it simple doesn’t mean keeping it dull and stale. You can use micro-interactions to create a fun and memorable user experience. Therefore, it can help you to promote continued reliance on the platform.

#8. Gamified Rewards Experience

Gamified rewards can be a fresh approach to providing your financial services through the app. You can use game mechanics and provide rewards as they make any progress in savings or other financial activities.

The main reason for this gamification technique is to give users a reason to engage in your app. It brings a touch of fun to financial management that some people might find it daunting and confusing.

With gamification elements in place, you can encourage users to focus on their finances and motivate them to hit their financial targets, in a fun way.

Therefore, it’d be a lot easier to help them improve their financial situation and financial well-being considerably.

Wrapping Up

Fintech apps are becoming more common in today’s financial world, creating one that appeals to users is getting harder and harder. However, with future-proof features mentioned above, you can easily stand out and get your fintech app off the ground.

Before moving ahead with your fintech app development, make sure you stay up-to-date with the latest trends and follow those few rules to take over the potential users’ minds and win their hearts.

Author Bio. :- Andre Oentoro is the founder of Breadnbeyond, an award-winning explainer video company. He helps businesses increase conversion rates, close more sales, and get positive ROI from explainer videos (in that order).

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