When it comes to mobile apps, financial technology or fintech is one of the most popular business areas. The fintech market is expected to grow to become a $332 billion market by 2028. If you operate in this market, you understand the importance of high-quality software development for fintech.
Financial technologies have revolutionized the way monetary transactions are carried out at different levels. But what goes into making the perfect fintech software? Explore the key features that are a must-have for fintech applications.
1. Ease of Use
Your fintech software must have a user-friendly user interface (UI). It is important to keep the following points in mind:
- The navigational instructions must be simple and straightforward
- Avoid disjointed user experience
- Make sure to integrate an in-app search feature that runs both typed and voice search queries
- Provide smart shortcuts to regularly used app functions
Further, make sure the instructions are clear and concise, the menus and buttons are easy to find, and the layout is logical. Make sure your fintech app is not difficult to use, or else users can consider other alternatives.
2. User Authentication & Security
Fintech software must have a secure user authentication system. Make sure the application has different authentication options including:
- Multi-factor authentication
- Face ID
- Fingerprint readers
- Data encryption
- Single sign-on
Security features are a must-have for protecting financial and personal data and financial transactions. At the same time, it is important to make user management a flawless process whether it is about account creation, profile update, or password recovery.
It is further important to implement secure APIs and regular monitoring and updates for security features. Fintech, more than any other field, requires that customers get an assurance that all their data stays safe at all times.
3. Digital Payments
All fintech applications must execute digital payments. Users will need to make payments for products or services with ease and speed. In providing options for digital payment, you will be making it easier to make online purchases, resulting in boosting revenues.
Make sure your application supports the following:
- Enable seamless digital transactions
- Quick and easy access to various online payment alternatives, UPI, mobile wallets, and more
- Simplify bill payments and setting up regular payments
Providing effective and easy-to-use payment options can help you stay competitive.
4. Notifications & Alerts
Notifications and alerts help stay in regular contact with clients. They also help promote specific services based on user needs. The alerts and notifications can be about:
- Account updates
- Updates to software features
- New deals & promotions
Notifications help users get more out of the software. They can also alert users about key tasks they cannot afford to skip, such as paying bills on time. It is recommended to enable users to determine the information they want to be notified about. At the same time, there should be no room for missing out on important alerts.
5. Customer Service & Support
Every fintech app must offer reliable and quick access to customer service and support. There should be different ways users can reach out to the customer support team. This should include:
- Phone
- Live chat
- Self-help
Make sure users can contact the customer care team without any hassles if they have any questions or problems. The software should make it clear how they can get help if they face any issues.
Even the best-designed and developed fintech software can have issues or bugs. A robust customer support system should allow users to get help whenever and wherever they need it.
6. Account Management
Fintech apps must provide an account management section for users to manage their finances. Users are thus in a better position to make informed financial decisions. Account management also helps provide a more personalized user experience.
It is recommended to allow users to carry out the following functions:
- Check account balance
- Make payments
- Check account statements
- Set-up regular payments
- Transfer funds between accounts
It is further recommended to allow users to customize the account management page based on their preferences. Effective account management makes it easier for users to stay on top of their financial health.
So, these are some of the most important features to include in any fintech application. Whether you need to develop the perfect fintech app from scratch or upgrade your current system, you can count on Roonyx.
