If you’re the entrepreneurial type, you probably are well aware that FinTech apps are being downloaded like never before. Having an app in the pre-development or development phase means it’s important to identify solutions to pain points with your app. This is crucial, especially considering the cost and time it takes to see a financial app through development and launch. Let’s look at a few recent trends in the FinTech mobile app field that are revolutionizing the market.
FinTech Security Measures
Identity fraud and cybercrime related to digital financial technology increases every year, and so do the efforts to keep personal data and money safe. If you want to launch any sort of financial app, you need to have the best security measures available to make your app viable. Features like two-way authentication (i.e. passwords and fingerprinting), facial and retinal recognition technology, and real-time text and email notifications when transactions exceed preset limits are all standard baseline measures to ensure a secure app. Read more about the latest security features here.
P2P Technology
We’ve all been there. The bill comes for brunch for you and eight of your friends, or your kid at college needs a few extra bucks for books. The ability to instantly transfer funds is infinitely useful. According to this study, there will be over 96 million people in the US that use person-to-person (P2P) mobile payment technology, which is over 40% of all mobile phone users. It’s perhaps the most popular FinTech application out there, and apps like Venmo and Zelle have capitalized on that popularity. Other sectors that use P2P technology include loans, mortgages, and stock trading, so think outside the box. While there are giants in the field already, improving UX and UI or boosting security with this process might be a niche you can squeeze into.
Business Intelligence
The business and artificial intelligence industry has revolutionized the digital landscape. Having this powerful software constantly working gives many industries an edge, and that includes the financial district. Implementing this technology into financial apps is attractive indeed, and presents ample opportunity for the developer and the user. The main benefit is the predictive power of artificial intelligence, which can be applied to customer service, spending and repayment likelihoods, and market trends. Marketing this feature primarily to institutions is wise, as they are the ones most likely to adopt any advances in this technology.
PCI DSS Compliance
Compliance with industry and federal regulations is a big deal; these rules are constantly shifting and changing, so it’s wise to know the current status of where financial apps fit into this landscape. The main regulation to keep an eye on is the Payment Card Industry (PCI) Data Security Standard (DSS) as it applies to your financial app. If you receive, store, or transmit card data within your app, you’ll have to demonstrate adequate security and encryption throughout. This includes internal testing and self-examination, risk assessments, and proper training throughout your team to assure that everyone knows the rules; even third-party vendors may end up being your responsibility, so cover your bases. Check out this link, which includes self-assessing questionnaires and tips to ensure compliance.
Bundled Functions
Banking apps are at an all-time high in functionality due to accelerated technological advances. The more features the user can access, the more attractive and sticky the app will be. Basic functions like account balances, credit card statements, and transfers between accounts are status quo at this point, while advanced features like tracking spending habits, investments, and market speculations give the user a one-stop app that covers most or all of the banking needs. These function bundles will require a lot more back end development and complex coding, so it’s best to invest wisely in a comprehensive and scalable plan with your app development partner. Planning early for rapid growth and usage may seem like a bit more cost than you anticipated, but it’s nothing compared to how much multiple updates and downtime will cost you later on.
Digital Assistants
The customer service side of any app or institution is crucial to success. Of course, you want a personal touch for any users to address concerns or questions, but manually handling every single issue can be costly and inconsistent. With careful development and some artificial intelligence help, you can formulate digital assistants to address the majority of customer service complaints or inquiries that might occur. Advanced bots can activate new cards, track down specific transactions, and schedule future payments, for example. Development of virtual bots can be a massive project, as the best are expected to react appropriately to hundreds of thousands of questions, but patient and iterative testing and creation should lead to both huge personnel savings for the institution and plenty of loyal customers.
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