Does Your FinTech App Development Pass The Test? 6 Things You Should Improve

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It is very important to design and develop your FinTech mobile app for Android and IOS in the right direction. You should be able to meet your goals and scale this application up and wide according to your business but the result should never deviate from anything short of a marvelous end-user experience. The best way to constantly improve your FinTech app is never to stop growing and always keeping yourself relevant and up to date.

According to an independent study, millennials are very bad at managing their money and 2 out of 3 cardholders end up in financial debt every month. Having a robust and reliable FinTech application is a very practical path for a lot of businesses at the moment as it also helps in identifying and reducing NPAs.

How can I improve my FinTech App?

If that’s the question on your mind, take heed of the following points to boost your FinTech app and keep it relevant throughout:

Security And More Security

You can never have too much security. Cybercrimes are rising in numbers every year and growth of attacks is increasingly outpacing its previous record by 50% annually. Safety of your FinTech app and the way it is able to secure and encrypt all the personal and financial data of your users is extremely crucial to its success. Some examples of security protocols that your digital banking app should always comply with are the National Automated Clearing House Association, QIX, RASHport, ITCH protocol and the like.

Simplicity

The only way to keep your Ewallet app relevant and easy to use is to add the simplest features into it. Remember, the more comprehensible your FinTech app is, the better it is for you and your users. You will also have to use your analytics very intelligently to accentuate the many great features of your app and also modify the ones that do not perform their functions adequately. It is important to keep in mind that the fewer clicks there are for your user, the faster it is for them to reach their end goal with your app. This simply translates into faster transactions and an overall better experience for your user.

Ability To Scale Variably

There are new applications rolling out every single day. Two of the most common approaches that will help you scale up your operations while staying true to the original functionality of your mobile banking and finance tracking app are as follows:

Scaling Up

This is a way to achieve great results and ensure a stunning performance. You will have to constantly inspect the architecture of your application and renew your technological stack to stay up-to-date.

Scaling Out

This approach is a bit different and it will require you to invest a little bit of time and effort in the cloud era. In order for you to successfully scale-out, you will have to invest in a distributed system that will expand accordingly to the changing needs of your clients. Whether it is the peak period or shrinking market, you will be able to scale accordingly within no time.

Innovation At Its Best – Artificial Intelligence

According to an independent study, artificial intelligence is going to power 95% of all customer interactions within the coming 10 years. When it comes to the FinTech industry, AI is going to be a big thing! This technology will easily profile users based on their risk score and gradually it will become more budget-friendly for every player in the market. It is going to impact nearly every function that your users perform with your application and will help it connect with other digital banking apps, APIs, third-party applications and services and much more!

Augmented Reality

Augmented reality with the addition of virtual reality is one of the most dramatic tools of modern technology and according to an independent study, by the end of 2022, it will surpass the $209 billion mark in value very easily. So far augmented reality has been helpful in finding the nearest ATMs, visualizing data and helping clients with purchase decisions along with facilitating virtual meetings. It also enables the creation of a virtual trading desk along with facilitating dynamically updated and interactive information for the purpose of speeding up financial transactions.

Voice Print

Moving away from contemporary passwords and the very traditional knowledge-based data is going to be a little difficult. Biometrics is the new thing and they help us manage risk very easily. Voiceprint is one such behavioral authentication process that is able to analyze hundreds of individual components in your voice and identify your uniqueness all the while connecting it with your fingerprint, face data and iris data as well. The sound of your voice is going to make your FinTech applications much more secure and faster than you thought possible.

Final Thoughts

There is a very prominent emergence of new and way more intelligent technologies than we ever thought could exist. In fact, the upcoming FinTech applications that we see are entirely based on the most advanced and newest technologies including Blockchain and artificial intelligence to name a few. Want to know more about how to adopt a future-safe FinTech app for your business? Talk to the FinTech app development experts at Zapbuild today!

Manisha Soni

(Co-Founder and Director at Zapbuild)

Are you looking for a technology partner to turn your business idea into a successful solution? Get free consultation from top IT experts – write to us at connect@zapbuild.com or call us at +1 (718) 213-4425 or +91-80471-16600.

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