Top Essential Features your Fintech App should include Features, Cost, Types

The forecast of the immense growth of the fintech industry has encouraged many organizations to invest in fintech app development projects. Every business is looking for unique features which can make their apps stand out. If you are also looking for ways to get an upper edge in the competitive market, then here are some tips for you.

Finance and technology are two of the trendiest topics in the modern world. Everyone wants to stay updated with financial and technical knowledge. This is why fintech apps are getting more and more popular. As the Internet of Things is becoming a common part of our lives, we are switching towards online payment rapidly. Almost everyone is paying with the help of online payment apps such as Paytm and Google Pay. These are just one type of fintech app, there are so many types of them. so, let’s have a look at what a fintech application is and what are its types. We will also see how much it costs to build a fintech app in the later section.

What does it mean by fintech apps?

Fintech is short for Financial Technology and as the word suggests it refers to the combined services of finance and technology. It is a computerized program that is used to enhance the functioning of financial activities. This concept has completely transformed the experience of banking and other financial services.

Fintech apps are applications that allow users to easily manage their finances. These apps are highly helpful to various companies and business owners, as well as individuals to easily manage their financial operations. Fintech app gives different solutions to numerous financial activities. These include:

  • Internet banking
  • Online money transactions
  • B2B Fintech services
  • Tracking and management of personal capital
  • Exchange trading services.

What features should be included in a Fintech App?

There are certain aspects that every fintech app developer should consider before creating the app. These features enhance the overall quality of the app increasing its usage in the market. You can find these features below:

Personalization

This is a significant feature that must be present in not only a Fintech app but in every application to increase its usage by the customers. Personalization is what makes the users feel that the app is specially crafted for them.

The personalization option delivers a customized experience for each user making them feel valued. This is the key to increasing the reach of your Fintech application and thus maximizing your customer base. This feature allows users to not only manage the app’s theme or language but also control the push notifications and manage the categories of their money. This feature works by utilizing the gathered data of the user to predict their behavior and provide various services that can attract them to the application.

For example, an investment app should be proficient enough to guide the user in the proper direction with all the messages as and when required.

Simplicity

Simplicity is the key to making customers stick to your app. Financial services are one of those many things where people like things to be simple. Everyone avoids complex things, especially applications. If the user can’t get to what they are looking for within the first 10-20 seconds of using your app, then there is a high probability that you will lose them as a potential customer.

Monetary activities and services are very time-consuming and one should have to be very careful while dealing with a high amount of money. So, your application should not be complex, otherwise, it will annoy the user as they have to think about a lot of things at the same time. The more conveniences you give to your customer, the more they will appreciate your app.

Voice assistance

We were talking about making things simple, so, what can be a simpler way of managing your finances other than the use of voice commands? The use of voice assistants is becoming very trendy in almost every type of application. But in fintech apps, this is a quite new approach. The use of voice commands in fintech applications assists the user in easily managing their financial activities. This can help customers is easy searches and quick results.

Push notification

This is a crucial feature that should be present in every fintech application. The push notification feature is an effective way of communicating with customers because it gives a perfect solution for their varied financial problems. It keeps the user in touch with the application even though they are not using that at a particular time. These notifications offer various benefits by creating awareness among the customers regarding various discounts and offers that come with a particular account privilege. Push notifications also increase connectivity between the user and the application.

Data privacy and security

Security and privacy are of utmost importance in anything related to financial activities. If you are creating a fintech application, then you have to keep in mind that your application must provide the users with a high level of data security standards. Although every application needs to provide great security and privacy to its users when it comes to a fintech app, this need gets magnified. High security standards make your application extremely credible and secure to use. People prefer to use only those fintech apps which are trusted by several other users. So, your app must be in line with all the legal guidelines and should be authenticated because no one wants their financial data to be breached.

API integration

The API integration can be simply understood as the connection between different software applications to provide the best user experience. This feature in a fintech app can be highly useful as the user can connect their banking application with your fintech application. This can provide the user with easy access to their fintech app through their banking applications. If you can provide your customer with the facility to easily manage their money, they will surely stay with you for the long run.

Data Visualization

Visual data are exceptionally appealing to the eyes. If you want to make your app engaging, then include the feature of data visualization. This helps the user to easily interpret the data reports of their financial transactions as well as their investment portfolio and other activities. The data which is represented in only a report format or just letters and numbers appear uninteresting to the user and thus increases its difficulty to understand. The use of graphs and charts is appealing to the eyes and easy to understand to the user. Thus, data visualization becomes an important aspect of your fintech app to make it engaging.

Types of Fintech Apps

Fintech applications are invented to manage finances. But the term “managing finances” is a broad one and comprises a lot of activities. Digital banking, insurance, online payment, raising capital, trading, deposits, cryptocurrency, and many more are included under the single term of “managing finances”. So, there are different types of fintech applications for these varied types of users. This makes the process of fintech app development a very complex task. Let’s have a peek at these variations of fintech apps and some of their examples:

  • Online mobile payment (Paytm, Paypal, Google Pay, etc.)
  • Cryptocurrency (Robinhood, SoFi, Gemini, etc.)
  • Sock trading (Groww App, Sharekhan App, Zerodha Kite, etc.)
  • Lending (Money View, Cashbean, Paysense, etc,)
  • Insurance (Oscar Health, myCigna, Aetna, etc.)
  • Personal Finance (Mint, Prism, Mobills, etc.)
  • Accounting (Tally, Marg, Busy, etc.)
  • Customer banking (SBI YONO, iMobile by ICICI, IDFC first, etc.)

You can easily manage your diversified financial needs with the help of these varied fintech applications. And if you are looking for creating a fintech application but are not sure to work in which domain, then you can also take a hint from these applications and can select one as per your ideas.

Fintech App Development Cost

We have seen the features which you can add to your fintech app as well as the types of apps from which you can select for your project. Now you need to decide a cost range which you can pay to a fintech app development company for your project.

The cost of any app depends on its complexity. So, if you want to develop a complex fintech app with lots of features, then you need to bear a huge amount of cost. This can cost you somewhat between $50,000 and $250,000. But if you do not have a big budget, then you can create a simpler app with fewer features that will only cost you $30,000 to $50,000. So, first, you need to decide your budget and then you can add the features you want to your app.

Final thoughts

In the modern world, everyone is getting financially as well as technically advanced. This raises the need for fintech applications in the market, increasing the competition among various companies which provide fintech app development services. These apps provide great assistance to the user in managing their financial activities and keeping a track of all of their finances in one place. If you also want a fintech app for your project then, you just have to find a credible company that can provide you with its best fintech application services.

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