Finance industry replicates complex business scenario and customers find it hard to get accustomed with the environment. True that the Fintech industry is one the verge of aggravating changes, yet there lies plentitude of scope to improve. With the exponential rise in digitization, it is imperative to integrate modern technologies that would likewise portray success.
The growth of Fintech industry has been a lot more than anticipated and accounts for opportunities to all the app developers reshape the Fintech industry with the onset of Fintech Apps. No doubt, the finance industry has faced severe pitfalls but a fall does not suggest failure.
Finance Industry embraced innovation a few years back as and when Finance clubbed with technology giving rise to FinTech – Financial Technology. Several industries are now trying their luck in this fast pacing industry and one name among them is the mobile industry.
Financial Software Development has recently attained immense attention from all the startup agencies. Owing to the fact that the next-gen youth spend a considerable amount of time over smartphones, deploying a Fintech app is more of a necessity to stay ahead of all competitors. And supporting this, a survey reflects the fact that most of the payments done for financial services have been done via mobile portals. Additionally, it is predicted that by the end of 2020, around 90% of Fintech payments would be through Fintech apps.
No matter developing financial applications might appear as hard to cut a crack, there lie a plethora of benefits supporting the implementation of Fintech Apps and lead to mobility.
Threats Posed To Companies While Deploying Apps
Deploying a mobile seems to have plenty of benefits but the road is not placid. Financial Software Development companies face a whole set of challenges while thinking to build an app for financial services. Few of these are:
- Security Issues
No matter what the domain is, apps are always prone to data breach and require immense security concerns to cater. And when it comes to sensitive apps as Fintech apps, data breach might account to loss of private credentials such as user Id and password, or account detail and this is not acceptable. Hence, one of the most important thing to keep in mind while you plan to build a fintech app is to ensure optimal security.
- Abide By Regulations
Financial Services are formulated by the government and it is of huge importance for all the app developers to stand by it. A simple tweak might lead to cancelation of your company. Hence, you must keep a check on the rules and regulations while your app is being developed.
- Able To Handle Multiple Request
As the world advances digitally, so does competition. Customers seek results and faster ones. If an app is to slow to provide services, there are high chances of customers shifting companies. Customers have their own basic requirements and if your apps fail to meet those, you would have a tough time pitching success.
Odds That Favour Fintech Apps
- Personalized Appearance
Customers are the key to success and no matter how have you ideated, Fintech Apps aggravate a sense of uniqueness. Apps for Fintech start-up nowadays exactly map with the needs and desires of the customers. It helps mapping users with the sold product thereby leading to personalization of the app. This alternatively induces customers trust and ensure a long-term relationship. Individualization is the key to the success of financial app development for startups.
- Enhanced Customer Retention
Mobile apps ensure long-term connectivity with the customer. According to a survey, promoting sales to an existing customer has a success rate of 60-70% whereas the same accounts to almost 20% among new users. Mobile apps thus not only builds connection but keep the user engaged for a long time there you converting the same to sales.
- Push Notifications
One of the most crucial elements of a mobile app is the provision of sending an update and offers to the potential customers. On-demand apps own this as an asset and an arsenal to marketize products and likewise enhance sales. Additionally, the use of ML techniques helps customize the user profile so that they are notified about products or services that own greater probability of appealing. Alluring discounts and special offers for five-star customers.
- Greater Customer Management
Employing a fintech app paves way for improved customer support. FAQs have been into the trend for a long time but the advancement of technology lead to the onset of Chatbots for regular assistance to all customer. Live chats are another feature reigning in-app these days.
- Simplified Data
Fintech Apps are the voice of simplified data. Fintech App ideas include providing services that simplify the data and along with it streamlines the entire process of purchase. Fintech apps account for hassle free purchase along with the provision of displaying transaction history and dashboard with a comprehensive summary. Tracking information, accessing significant data, an app would have all.
Future Of Fintech
Having said all above, a final word with few stats. Several reports suggest that the total investment in Fintech in the upcoming 5 years would reach $150 billion. Huge!
While the future of Fintech seems captivating, it is high time that all the insurance agencies and the app development companies acknowledge the potential of the financial industry and adapt to the same.
It would not be wrong to state that very soon the financial Industry would hit the market by a storm leaving behind a plethora of opportunities for all the start-up enthusiast to gear up with a take on the Finance Industry.