The rise of digitalization and advanced technologies has led to abundant growth in every sector, whether the automobile, fashion, gaming, food, or finance sector. The whole world is witnessing significant transformations due to constant technological advancements.
The finance sector has been serving its clients in amazing ways over the long haul, and it has always grabbed opportunities to serve them even better. We all Know the technological advancements in the finance sector these days from transferring money at the speed of light via Paytm, or buying cryptocurrencies and investing in a better future. The scope is vast!
Fintech – is the word you must be looking for. So, what is fintech? Fintech is a fancy technological term used for the combination of finance & technology as a platform used for transferring funds via apps. At present, fintech is even more than just transferring funds, it includes a wide variety of financial activities such as lending, banking, stock trading, and payments.
These days, mobile apps and fintech go hand in hand as customers are no longer ready to visit the bank and wait in line. They would instead make transactions at their convenience. As per sources, 43% of smartphone users having a bank account have been using mobile banking to do transactions.
mobiele apps ontwikkelen that enable people to make transactions with ease & comfort will be the future. And businesses Can take advantage of fintech will definitely go a long way ahead.
How is Fintech Changing the Shape of the Financial Sector
Fintech is an innovative way of transforming the conventional style of managing finances with better financial services.
Fintech companies are changing the marketplace by fixating on upcoming technologies to render a totally new experience to their users. The tech market is competitive, and to get an edge over your competitors it is essential to adapt to the Continuously changing market and offer a unique experience.
If you are thinking about how to render a better experience, we have some awesome ways for you to implement in your mobile app and thus transform the banking or finance experience for end-users.
- Blockchain ~ The Hot Topic in Financial Sector
In the past couple years, cryptocurrencies have created a buzz in the finance world, especially amongst the youth, as it offers new possibilities for fintech.
Blockchain renders a safe passage to conduct transactions online and reduces the risk of human errors. Moreover, several financial companies are investing in blockchain, and it will be a 15.9 billion industry by 2023.
Why implement blockchain in your mobile app?
> It provides great transparency increasing the trust level among the users for your app.
> It improves the conversion rate by fast-tracking the financial process, resulting in higher satisfaction.
> It decreases the reliance of the financial sector for third parties to access the ideal fintech solutions.
> Moreover, it also lessens the operational expenditure by 50 percent by making the entire financial process public.
> Blockchain enables smart contract facility, allowing payment transactions automatically.
- Smart Chip
This is nothing but the smart chip tech in ATM cards, which improves the security as the EVM in the chip generates a one-time password that is valid for only one time. If your card gets stolen or misplaced, it becomes useless for them.
- Artificial Intelligence
AI has changed the sphere of several businesses.
Today, financial sectors are making significant use of AI for a lot of things, one of them includes fraud detection.
> Artificial intelligence and machine learning can detect suspicious activities, as these AI-powered apps can notify if there is any potential threat that can be further looked into.
> Moreover, banks also leverage AI & ML to pull past data for recognizing the patterns of fraud attacks.
> It is a human intelligence making better decisions with more robust technologies like numbers & parameters, evaluating & interpreting pictures and text to enhance the accuracy of the forecast from the user’s data.
> It maximizes resources using the algorithms to get insights that help the businesses to make the right forecasts about their sales & performance, thus improving the customer service.
> It constructively filters & evaluates the human emotions from text data and social media to develop unique mobile apps that match the customer requirements.
- Mobile Wallets
Mobile wallets have become a need of today. We all use at least one e-wallet today, such as Paytm, Google Pay, PayPal, Amazon Pay, etc. These mobile apps are widely used to pay for booking movies or flight tickets, ordering food, shopping, phone bills, etc.
Several businesses have even developed their mobile app wallets like Amazon Pay, Starbucks, Walmart, etc. They attract users by offering several reward points, cash backs, and whopping discounts.
Even the financial industry has realized the potential of e-wallet due to their enormous popularity, and they are considering coming up with mobile wallets.
- Biometrics – A Quintessence of Highly Advanced Financial Security
Biometrics has become a Key part of our lives. You know that if you are an Apple user. Starting from unlocking your phones to providing your fingerprints in various mobile apps for security purposes, this technology has done outstanding work.
Mobile apps integrated with biometrics can provide significant security and ease to the users. There can be biometrics while making payment or unlocking an app, whatever the need be.
Today, there are various fintech apps such as banking, mobile wallets, budgeting, insurance, and blockchain. If you want to develop a fintech mobile app for your business, it certainly is a great idea, considering the amount of buzz it has created in the world.
Paving the Path for Fintech Mobile App
The fintech sector has been booming at lightning speed, and there is much more to this in the coming years. Financial technology is reshaping the way we live, conduct transactions, and do trading without being present anywhere.
Although the financial sector has several challenges, it will truly empower humans to be more confident and rule the market.
It should also be noted that with advanced technologies such as big data, artificial intelligence, and blockchain, financial industries shouldn’t miss out on any opportunities and embrace fintech for their own business.
The collaboration between the technology and finance sector will make room for better solutions and render a better experience to their customers.