As we know very well, modern finance is almost nothing like the realities known just a few decades ago. All this is due to the great development of services with the support of modern technologies. The traditional circulation of money in the form of cash is slowly being replaced by digital transactions. Today it is hard to imagine the absence of banking applications or any kind of Automated Teller Machines and dedicated payment cards for customers. Therefore, I decided to lean into the topic of which functionalities a modern FinTech application cannot do without.
Table of Contents:
- User authentication and security.
- Integration of bank accounts.
- Payment integration.
- Personalized recommendations.
- Notifications and alerts.
- Customer Support and Chat Integration.
- Conclusion.
User authentication and security
There is nothing more important in financial matters than security. This topic is repeated like a mantra both on the user side and all service providers having something to do with finance. For this reason, both app developers and financial service providers are constantly working to ensure that users can manage their funds in complete security from a mobile tool. If the thought of developing your own FinTech app is on your mind, you can't trivialize this issue. The introduction of special security features is not a whim, but rather an obligation regulated by dedicated legislation.
Among the solutions supporting financial security, the basic functionality is user authentication. It can be two-factor or biometric (using fingerprint or facial recognition). User data encryption is also becoming common, gaining popularity in places where sensitive user data is handled. The use of such security features not only affects the sense of protection when using the application, but most importantly instills trust on the part of users.
Integration of bank accounts
A good quality app is distinguished by its ability to integrate with multiple banks, allowing users to connect and manage their accounts from their mobile device. This feature allows you to have control over the entire area of home finances, including all bank accounts, credit cards, investment portfolios, etc. Integration in cooperation with the most important financial institutions influences the convenience of the FinTech application and at the same time usability on the part of those using it.
Payment integration
As in the case of multiple account holders, payment integration is tailored to be able to complete all kinds of transactions from a single tool. With payments from one place, users don't have to worry about data capture, transaction errors or other inconveniences that occur when payments are scattered across multiple locations. A good quality financial tool is one that allows for credit/debit cards, mobile wallets, and peer-to-peer transactions. Having access to such a wide variety of payment solutions translates into timely transactions and the absence of any hindrance to the application.
Personalized recommendations
Do you want to use beneficial language that suits your users? If so, then personalization is right for you. Using data analytics and machine learning algorithms, you can develop an application that delivers relevant financial recommendations to your audience. These can range from investment opportunities, savings plans, credit card offers and any other suggestions based on user actions. Personalization will allow you to focus only on areas that meet the real needs of your customers. In this way, you will limit the activities that won't work in your environment, and reinforce those that will determine your success.
Notifications and alerts
Staying in touch with your users is very important. Keep them informed about important activities, financial events, or tool updates with dedicated notifications and alerts in real time. Expand your notification base with new features to make them as transparent as possible and encourage interaction and use of your solution. Providing up-to-date information in an accessible and, most importantly, non-intrusive way contributes to ensuring that your audience never misses the most important information.
Customer Support and Chat Integration
Engage in top-notch customer service. Include options in the app in the form of live chat or FAQs that allow recipients to get help in areas that bother them. Equally important, you may want to have a support section available in the app on an ongoing basis. Most users value responsiveness and efficient problem solving. Also, remember to learn from your mistakes and draw appropriate lessons. Create a knowledge base that will help other app users avoid similar situations. Post ready-made solutions in a prominent place for them to have easy access to the information they need.
Conclusion
As you can see, these are just a few suggestions to make your FinTech application more functional. Of course, it is worth keeping in mind the trending solutions in the form of AI, automation, as well as many others that affect the user's financial tool experience. Nevertheless, it is important that the solution being developed is not saturated with unnecessary add-ons, but fits into the real expectations and needs of consumers. Therefore, before investing in a mobile application, it is advisable to make a proper discernment that will help select the necessary features for implementation. Who knows, perhaps the examples I mentioned above will bring you somehow closer to success in the financial market.
Find out what you can get with Railwaymen's support
If you want to take the first step towards your own FinTech application, but don't know how to go about it - don't worry. Railwaymen is an experienced software house that has been supporting entrepreneurs in the implementation of high-quality web and mobile applications for more than a dozen years on the market. We specialize in many industries and have a lot of experience, as evidenced by the projects we have completed. Visit the tab with our Case Studies and see what we can implement for you. And if you need a consultation with one of our representatives, feel free to contact us through our dedicated Estimate Form. During a private conversation, you will tell us about your idea and we will suggest solutions that will bring you closer to its realization.
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