Currently, in many online forums, there is a debate about the future of currency notes. Some people are even making arguments that soon, currency notes can be completely whipped off of the economy. If this happens, then it will be done due to the evolution of fintech mobile app development. It is a fact that the innovations in digital payment methods (including mobile banking, neo-banking, and wallet-to-wallet payment apps) effectively streamline an entire banking network. It is a groundbreaking innovation, and even consumers have quickly adopted it.
As per the report published by the “Market Data Forecast” the global fintech market has a huge possibility of accomplishing a valuation of $514.9 billion by the year 2028. This market was valued at $167.54 billion in the year 2023. Data indicated that it will grow at a CAGR of 25.18% in the next five years.
Apart from this, as far as the cost of integrating features for fintech applications is concerned, it entirely depends upon the client’s requirements. Usually, the cost can vary between $20,000 to $100,000 depending upon specific functionalities, APIs, etc. To know the exact form for fintech app development, we would like to suggest you send your requirements to the concerned team members of an IT service provider.
In this blog, we’ll discuss the evolution of fintech applications, key emerging technologies in fintech applications, must-have features, and the cost of developing fintech app development process. This blog will provide you with crucial insights related to fintech mobile apps.
What are the key drivers behind the Evolution of Fintech Mobile apps in the Digital Era?
Behind the evolution of fintech apps, there are countless reasons, but we’re going to cover the top 4 well-researched and primary reasons that are responsible:
Reason 1: Providing convenience to account holders by adopting Online Banking
Companies tend to figure out new opportunities in the fintech app development cycle to bring new features with functionalities to make the platform convenient. Now, it is a cut-throat competition among companies to make their application highly convenient for the end users. Nowadays, people are making quick transactions just by switching mobile screens and completing their digital identity verifications. So, the future of fintech mobile app development is secure and flourishing.
Reason 2: Legal Regulation changes also open up new pathways for Fintech Mobile Apps
In reality, governments of many countries are starting to think that digitalization can actually support them in combating corruption. Thus, central banks of many countries are pushing their banking structure to adopt new online transformations for developing collaborative finance apps.
Reason 3: Rise of Blockchain
We have all noticed how companies are leveraging blockchain in software and app development. The rise of blockchain is helping banks in fraud detection with high accuracy, ensuring transparent transactions, building smart contracts, and much more. For adding blockchain, additional APIs need to be integrated into stages in fintech application development.
Reason 4: Aim for providing Personalized Customer Services
Financial institutions want to provide personalized customer experience to their customers to enhance their profitability. Due to this, financial institutions adopt new tactics to fascinate their customers by ensuring that all the demands of consumers are being properly addressed. This gave rise to the evolution of the creation of fintech applications in the digital space.
Key Emerging Technologies in Fintech Mobile App Development
From net banking to payments apps, fintech applications are growing at an exponential rate. Various emerging technologies are helping fintech providers to streamline their applications. In this session, we’ll going to discuss some major technological advancements in this space:
1. Machine Learning
In financial applications, the algorithms designed through machine learning (ML) are the best way to identify an individual user’s patterns. Later on, companies can extract meaningful conclusions from these patterns, which help to enhance their profitability effectively.
Not only this, the use of ML is also viewed as the best way to reduce suspicious activities in the financial space. So, this technology is being welcomed by fintech companies into their application to make their application secure and optimized for users. For the implementation of ML, you need custom software development solutions.
2. APIs
The optimized use of open APIs helps companies to facilitate transactions seamlessly. For example, taking trusted APIs not only makes the platform secure for online transactions but also helps companies to gain consumers’ trust effectively.
Currently, consumer lending is also becoming easier with the help of open APIs. Now, developers can integrate APIs of trusted providers to facilitate online transactions by following financial API standards. It helps banks to offer a wide range of services to consumers.
3. Cloud Computing
In fintech applications, cloud computing plays a vital role by providing zero trust verification and advanced data encryption methods. It reduces the probability of data leakage, which acts as a massive wall against fraud. Cloud computing guards sensitive data through remote servers in an effective manner.
4. Artificial Intelligence (AI)
AI supports fintech companies in digital identity verification through chatbots. Now, users can complete their KYC (know-your-customer) through advanced AI-enabled chatbots in a few minutes only. Not only this, but AI further supports fintech applications in providing personalized customer experiences to users. The role of AI and Machine Learning in mobile app development has made companies succeed in this technologically advanced world.
5. Deep Learning – Robotics
In fintech mobile app development, the use of robotics supports handling time-critical activities. For instance, in the backend of fintech applications, robotics performs repetitive, rule-based tasks, which offers significant advancements. These systems may be expensive to design in the short run, but in the long run, they help save huge costs.
3 Must-have Features for Fintech Applications to Fascinate Users
During the fintech applications development process, adding the features below will fascinate users by offering them advanced functionalities. Adding these features will ensure a highly positive user experience effectively.
1. Voice Assistance
Integrating voice recognition features can help your consumers control the application with their voice commands just like they control their iPhones with Sir. Currently, voice-activated payments can effectively redefine the user experience in an optimized manner. So, connect for mobile application design and development consultancy to ensure proper implementation of functionalities.
2. Two-Factor Authentications
Personal finance management apps always incorporate a possibility (to a certain extent) of incurring fraudulent transactions. In such a case, if your application incorporates advanced security features like (2-factor authentication), then it will reduce the probability of fraudulent transactions or other suspicious activities.
3. Authentication through Biometric Systems
It is important to surpass authentication methods regularly by bringing innovative approaches. If banks are going to continue the same authentication for a long time then scammers can eventually find ways to enter into the systems. Thus, the use of advanced authentication methods like biometric-based systems will make your FinTech application a secure place.
To fascinate audiences, you require a trusted partner for your fintech mobile app development idea. We’re known in the industry for providing excellent IT solutions with a proper promise for after-sales services. A user-friendly design for any application requires extensive study and research to make the application highly optimized. You can initially develop the “Minimum Viable Product” (MVP) prototypes to know about specific functionalities that should be present during cross-platform development for financial apps.
After understanding the benefits of mobile app development for businesses, you should contact companies that provide such services. At Fastcurve, we have an efficient in-house team that makes consistent efforts to adopt new dimensions in the FinTech application development process. You can connect with our developers to ensure that each application is completely bug-free and generates a smooth user experience.
