There’s been a lot of talk about mobile applications, upcoming trends in mobile applications, and how they have impacted our lives. The state of the mobile app industry has changed exponentially in the past few years and almost every business sector irrespective of its size got impacted. There are a plethora of industries that have reaped the rich benefits of mobile app development over the last 2 decades. Some worthy mentions of such industries are the financial industry, sports and gaming industry, agriculture industry, and healthcare industry.
These are some notable industries that have leveraged a lot from mobile applications by streamlining their various work process. Today, there are about 62% of businesses have already got their hands on mobile applications or are in the process of having one. This is a big increase in the percentage and the factor the fueled this number is the Pandemic. The Covid-19 pandemic forced many businesses to get out of their comfort zones and rethink their digital resources.
In this article, I’ll discuss how the induction of mobile applications has uplifted the financial industry and how fintech apps serve as a role model for other industries to follow.
5 Ways Fintech Apps Serve as a Role Model for Other Industries
- Helped Customers to Leave Behind Their Prejudices:
Not everyone likes to talk about finances as people perceive it boring, complex, and dry when anything comes up in front of them related to finance and capital. No one would have ever imagined the potential and excitement this particular term has inside it, the only thing that was needed to be done was to change the way of presenting it and making it attractive for the masses.
Today, almost every other bank and other financial institutions completely rely on technologies like web and mobile applications for customer interaction, do you know why? Because fintech apps are minimal, to the point, and bring ease into customers’ life. By letting users have access to their bank accounts where they can play around as they like, fintech experts have helped their customers to leave behind their previous takes regarding finance being a complex and boring thing to do.
- Blockchain-Based Security:
According to a Global Fintech report by PwC, 40% of financial institutions believe that a Blockchain-based security system will drive a wave of change in the Fintech industry. Over the years, security breaches and fraudulent activities have remained a pain point for fintech apps. With the induction of a Blockchain based security system, it will put an end to potential security breaches and malicious activities.
Blockchain-based systems can prevent deliberate attacks or mitigate the impact of breaches thanks to a distributed architecture and transparency. In that regard, customer identity validation and payment processing safety are the most credible blockchain application areas in Fintech.
- Features that Add Value in Fintech Apps:
What Fintech app users admire is that they have access to their personal financial information anytime and anywhere. The added facility they enjoy that they don’t have to go to their banks and to wait in long queues to stay updated with their financial situation.
Normally, Fintech app users have a detailed matrix demonstrated by charts and diagrams of their spending habits and also they can have quick access to their transaction history at any time. In the USA, 62% of bank customers admitted that their banking awareness has increased as a result of all the benefits they get from mobile banking apps.
One other interesting trend that is still in the beta stage is the induction of AI in Fintech apps. The purpose of this inclusion is to help users to have a track of their spending with useful suggestions, helping them to set their spending preferences according to their financial health, and some AI-assisted Fintech went beyond that and suggesting users improve their spending behavior and avoid reckless actions.
- Keeping the Users Intact:
The nature of Fintech apps is that you only use them when you are to make a transaction or to check the available balance in your account and that’s how Fintech apps are getting used at the moment. To increase users’ time spent on apps, Fintech experts are introducing features such as built-in puzzles, games, and quizzes.
This is a really smart move that is focused to bring value into users’ life and not letting them get bored. The interesting thing is that users win vouchers, discounts, and other lucrative prizes (either tangible or non-tangible) by participating in such games.
- Inclusion of Chatbots and Voice Assistants:
Recent advancement in machine learning and artificial intelligence has paved the way for chatbots and voice assistants to be streamlined. Although in many other industries chatbots and voice assistants are serving the sole of customer care in the Fintech industry, they serve a wide purpose.
For different reasons, a Fintech app user can access the conversational interface: check the balance in the bank account, bill payment, review the account activity, fix a problem, etc. A 24/7 chatbot quickly answers or takes the necessary action, saves the time and energy of the customers and the money that banks spend on conventional support chains. More advanced Fintech bots, like the Bank of America Erica, send bill payment reminders, warn of a low balance and offer proactive financial guidance.
Takeaways
Fintech has emerged as a very bold and convenient platform that has eased the process of banking for customers. It is the industry that has revamped the banking structure for customers and that is why it’s winning customers’ hearts. This is not the end of advancements in the Fintech industry, there’s a lot to discover yet, and hopefully, banking customers will continue to draw benefits from Fintech apps.
Therefore, I would suggest even if you’re from a different industry background and Fintech is not in your long goals, there’s a lot to learn from in this industry. If you are interested in learning more about Fintech apps and how they work, SoftCircles is a mobile app development company in New York that specializes in Fintech app development and will make your learning journey one to remember.
