How Fintech Trends In Mobile App Development Will Impact Your Business
When it comes to mobile app development, not only are you dealing with a small screen but also a modest window of time as users can give your application a test drive in just seconds. With this in mind, Fintech companies need to be more nimble and agile regarding mobile app development. Fintech apps provide users with the most secure and easy access to their financial information or services.
Consequently, they see Fintech app development services as fundamental competitive advantages over non-Fintech companies. However, traditional financial institutions don’t see things the same way and create mobile applications that compete head-on with Fintech’s by targeting the same market segments. Read on for insights on fintech trends that will impact your business
User Is King: Bottom-up and user-centric advancement
Companies rely on their customers to make their software better, faster, and more secure. Throughout the years, these development trends have contributed to the growth of digitally native companies. Nowadays, some of the most notable companies orchestrate bottom-up and user-centric development.
In the past, these companies were focused more on growth instead of customers. What used to be an initial investment for these companies turned into a burning platform for them as customer insights are a major key to success. Bottom-up development is a process where engineers at the core of the company work with the market to create a product. This method helps companies optimize their product for the market and engage with customers more directly.
AI and machine learning in payments
Machine learning and artificial intelligence are major tools in the fight between traditional banking and Fintech companies. The goal of these technologies is to create a more user-friendly experience for customers and help them make better financial decisions. With this in mind, AI and machine learning are becoming increasingly relevant in the financial sector.
Despite AI and machine learning being present in the financial sector for a while, they have only recently become a relevant topic in the Fintech world. The goal of these technologies is to create a more user-friendly experience for customers and help them make better financial decisions.
Digital wallet and card replacement
With the rise of mobile payments, people are less inclined to use physical cards. Many people who have a credit card and a bank account are missing the benefits of a debit card. This tendency towards digital wallets and card replacement is probably due to the increased safety of these technologies. To speed things up, many companies are removing the need for a signature or a PIN on the card. Instead, they rely on one-time passwords and other biometric authentication methods.
Faster and cost-saving payment processing
With the growth of mobile payments, many financial companies experienced a surge in demand for their services. This demand caused many technology companies to move away from the traditional banking model to provide cheaper and faster payment processing. Payment service providers, or PSPs, provide third-party payment processing services to financial institutions.
Reverse payment: Accepting payments from your users
Product managers who have been following the trends of user-centric and bottom-up development are getting a sneak peek at a trend that will impact the business world. That trend is reverse payments. Reverse payments refer to the concept of actually receiving money from the customer.
The future of digital banking is looking bright as innovation continues to thrive. With the rise of AI and machine learning, and the increasing popularity of blockchain technology, a new wave of financial services is about to transform how people manage their money.
The development of AI and machine learning will also improve financial services, including faster and more secure transactions at a low cost. Other trends, such as bottom-up development, user-centric development, and removing the need for signatures from transaction documents, significantly impact the finance sector.
The COVID-19 pandemic has been a turn in several areas and blockchain technology or distributed ledger technology is no different. Several realistic and pragmatic approaches now are taken into consideration — again due to the pandemic effect, this includes the blockchain. More and more initiatives are taken based on day-to-day business activities “to continue their growth path”. Some of the crucial benefits offered by blockchain technology among financial institutions include: –
- Fraud Prevention and risk management
- Independent client verification
- Trading process Automation
- Secure Payment Processing
- Smart Payments
Businesses irrespective of their verticals are found looking to streamline their ongoing procedures, and banking is no exception. Here’s when Regtech comes to the rescue. Now, what exactly is this? Well, it is said that technology is being used to process tons and tons of data in a short period. Today, advances and investments in regulatory technology are increasing day in and day out. Further, let us see how Regtech offers substantial benefits across the globe. And more importantly, why businesses have already considered it to be the next big thing!
- Saves ample time, energy, and money
- Risk Management can be well-taken care of
- Exploitation can be significantly reduced
- Enhanced security
- Streamlining work management
Fintech is transforming our relationship with banks and standard financial institutions, reducing obstacles to access, and varying perspectives. Mobio Solutions have developers who have extensive experience discovering the most promising tech stack for fintech solutions and will produce the most wanted service for your business requirements.