Mobile financial applications are a tool that allows a client to interact with financial institutions and manage funds. The development of financial applications allows the company to build a new business model and meet the needs of customers.
Financial applications have been able to create a real revolution in the world of banking. The introduction of FinTech technologies has made it possible to develop unique tools for banks and financial institutions, as well as for users and clients of these institutions.
If you want to create really good banking applications then you need to carefully choose a fintech development service that will help you bring the most needed features for business and customers to life.
Benefits of Fintech Applications
Let’s look at the benefits of fintech applications.
Automation of financial transactions
Human error is a big risk that can be avoided with automated financial solutions. Most of the operations of financial enterprises can be automated using special tools, which will reduce risks and increase productivity.
Wide range of financial instruments
Each task or each process requires separate tools, we offer to combine them all in one fintech application, which will be developed specifically for the tasks of your business, so you get a multi-tasking resource that will help you reach a new level.
Customer Service Improvement
Systems for building and maintaining relationships with customers have become familiar and do not require comments. But the user experience is not only enhanced by them, you can increase the speed of transactions, personalize services and minimize errors that ruin the experience.
Big data visualization
When it comes to financing, it is very important not only to understand the current situation but also to analyze it, make forecasts for the future, and draw specific conclusions from this. Implementing big data solutions will help you see all the data that your resource collects and use it for the benefit of your business.
Fintech Trends of Recent Years
Let’s take a look at the most popular trends in finance.
Financial Ecosystems and Open Banking
Financial and digital ecosystems are a single space in which a wide range of products and services are provided to the end client on special terms. And the financial structure in it provides new opportunities for business.
Now, this technology is already being used, and in the future, it will be actively developed all over the world.
All of this can be implemented according to the concept of Open banking. But there is a nuance. Customers must be able to control their data by limiting the collection and processing of some of the information. Just to make the services comfortable and helpful, not intrusive.
Cryptocurrency in your pocket
Cryptocurrency is becoming denser in our lives, and blockchain technology is increasingly being used by banks in building their processes.
At the moment, there are a sufficient number of solutions in this area for consumers (for example, a bitcoin wallet, exchange services, and investment platforms).
The presence of regulations will greatly help traditional banks with a high level of expertise in IT to compete in the market.
Thus, both joint projects of banks and fintech startups in the field of the crypto industry will appear, as well as their own cryptocurrency products from banks.
This global trend remains relevant for the industry and will be actively developed in Ukraine. It is worth expecting not only the emergence of new local players but also the entry of Western fintech companies into the Ukrainian market.
The popularity of neo-banking is due to the convenience and quick response to customer requests. In 2022, neo-banks will continue to displace traditional banking. Now individuals go to banks much less than two years ago. Digital banks will actively expand their share in the financial services market.
Artificial intelligence and machine learning
AI is becoming an additional tool for fintech companies to improve service quality, upgrade services and introduce new products.
Chatbots, voice, and virtual assistants are evolving and are already being used to inform customers, conduct financial transactions, assess creditworthiness, and identify risks.
AI helps reduce the cost of analyzing large amounts of information. Fintech companies that will implement opportunities related to the use of AI will be able to compete more effectively in the financial services market.
Main Stages of Development
Let’s look at what the stages of developing a fintech application can be.
- Discussion of the project, setting goals as well as setting goals. At this stage, it is important to understand what role the application for finance will play and what tools should be implemented.
- Data collection, a study of the target audience, as well as the study of competitors and business features. Next, a technical task is drawn up.
- Next, the prototype development stage starts, every detail is thought out here. Particular attention should be paid not only to functionality but also to appearance. The application should be easy, understandable, and accessible to everyone.
- Next, the designer proceeds to draw the elements. A corporate identity is introduced, if necessary, it is developed separately. The application interface is drawn, and UX design is also created. After the design is approved, the developers begin to implement the software part.
- Next comes the development of versions of the application for Android and iOS, if necessary, a cross-browser version is made. It is important to use a stack of modern technologies to create a program. All necessary tools are being implemented. Further testing is carried out, and after that, the project is launched.
- At each stage, a detailed report is drawn up, you must control all processes. The main task is to make an effective service that will bring profit to your company.
Financial Application Development Cost
There are many factors that affect the cost of developing a financial app. What operating system is it being developed for – for iPhones or for Android? Perhaps it will be a web version? During the discussion of the project, you need to understand the needs of the project and the tools that are needed to implement it.
Each technology and tool embedded in an application requires development time. This increases the cost. In addition, integration with third-party resources and connection to banking systems are often required. You will be able to find out the detailed price only after discussing the project. Then the tasks will become clear, and the time for their implementation.
The development of financial applications is necessary for both businesses and clients. This is a great way for a company to interact with its customers, providing unique opportunities and tools, and optimizing budget control. This is an excellent investment in the future of the company.