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Fintech App Development: Reasons Why Fintech Apps Are Role Models for Any Industry
- Emorphis Technologies
- Aug 31, 2020
- 5 min read
Introduction
There has been significant development of FinTech apps going on in banks and other financial organizations. For the past few years, banking apps fail to garner attention from young and tech-savvy generation. Instead, FinTech mobile apps have attracted their attention by doing a takeover of the activities that were reserved exclusively for physical tellers.
Among various factors resulting in a wonderful expansion of FinTech apps, there is one that will differentiate it from other apps: user convenience. These apps are best for effective FinTech app development by offering services on a 24/7 basis and proving to be the best alternative to traditional banking services.
So, those financial services that have adopted FinTech early on for offering high-quality services for effective customer engagement, they have taken an edge in getting access to untiring customer loyalty.
How FinTech apps have become role models for numerous industries? To find an answer to the given question, you have to go through its features that offer great appeal to the users and create a huge difference when taking the concept of customer satisfaction into the consideration.
A. An Exceptional Focus on User-Friendliness to Achieve Notable Success
Finance is not the cup of tea of everyone-it’s a fact which can’t be ignored! Most of the people have a negative view about the given topic and consider it as a boring and complex one. But in the case of FinTech apps, a basic UX principle as given by a renowned personality, Steve Jobs is followed by leading FinTech application development companies:
“With the design, how it looks and feels does not matters. What matters the most is how a design works.”
The most vital part of any FinTech app is to have a clear and simple understanding of human (customers precisely) requirements. They come with interfaces that are neat and clear and display as per the expectations of the customers.
What’s more, there is another fact trending in the FinTech apps and it is segmentation. In it, there is a single tab in the app that is dedicated specifically to the financial operation. Furthermore, it is easy to access from the main menu that makes it comfortable for navigation even for novice users.
Thus, the presence of a better UX design makes the FinTech software solution on the app looks more convenient. Besides, it also shows that the company has done a careful mapping to recreate the customer journey in the most beautiful way.
B. Promote Gamification to Boost Engagement (Especially Among Youngsters)
The younger generation is crazy about FinTech app in such a way that they use it several times a day. In contrast, the older one uses it only a few times a month. However, younger people are in a hurry. Their goal is to log in the app to either receive information or make a transaction. When they achieve their goal, they leave the app as soon as possible. To boost their engagement and enhance their app interaction time, various FinTech developers use unconventional elements such as games.
With the help of FinTech app games, the companies can offer financial education to the end-users with also playing the role of entertaining them. Moreover, the given approach is also utilized by some app developers to increase the level of awareness among people concerning the financial concept. As a result, people are capable of making good financial choices and make more diversification in their banking instruments.
Another form of organizing FinTech app games is playing an online contest that will include questions related to finance and banking. It will help the players to achieve money-saving goals and learn not to use credit overdrafts and many more. If they win, they will receive a reward either tangible (tickets or gadgets) or intangible (subscription or discounts) form.
C. FinTech Apps Comes with various Value-Adding Features
FinTech app users have a great affinity for the convenience they are getting to operate their financial operations via smartphone. What’s more, they can relish on the fact that the given financial app has made tracking their finances much easier than what happened in the past.
At present, almost all the FinTech apps permit their customers to visualize their spending history and financial services efficiently via charts and graphs. It will then help them to have a better understanding of their expenditures and saving.
Also, FinTech apps help them to bring significant improvement in their spending habits to add value to their financial choices. Besides, various innovative FinTech apps implement the latest technologies such as AI to precisely evaluate one’s financial health and provide a warning to the customers against their irresponsible actions.
D. Creating FinTech Business Solutions to Solve Client’s Problems Enhance their Loyalty
No matter picking any FinTech app, you will notice that they serve one core purpose, to make their financial services as simple as possible. It can be assisting people in preparing a budget, sending/receiving payment, and doing affordable investment.
Most of the FinTech companies follow the following business model based on the issues associated with the traditional banks: high transaction fees, delay in payment (or money) transfer, and various limitations associated with mobile banking.
Furthermore, they should follow an approach called product design sprint that helps the businesses to validate their app idea to enhance their feasibility and user preferences by giving preferences to prospective users in a great way.
E. Greater Transparency is the Hallmark of FinTech Apps
One hidden secret about banks (or traditional financial institutes) is that they hide data from their users and ignore revealing their financial information that is necessary for them to know. So, for better working, every FinTech app development company must realize and take action to fill this gap.
To make it happen, the FinTech app solution comes with open APIs, modular structures, and 3rd party connections. Also, such apps have great transparency and openness concerning their services that include: data collection, data engagement, and transaction charges. Therefore, the entrepreneurs can take a cue from it and can create their own business to get access to success.
Winding Up
From the given article, one thing is clear that FinTech is showing impressive growth when driven by the mobile apps. FinTech is making bold moves in leaving traditional ways of banking by opting for innovations to enhance user engagement, security, and personalization.
So, every industry is eying for capturing the vast and powerful world of FinTech website development and explores its feature to ensure a high growth rate for its business. Therefore, the time is not far away when all business sectors will consider FinTech apps as their role model.
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