The financial technology sector is experiencing an incredible boost as individuals and businesses have started to understand the significance of money management. Whether it is mobile payment or investment apps, FinTech applications are changing the traditional banking sector and establishing a new era of digital banking. Days are long gone when banking is done manually.
According to the data, The FinTech industry is expected to reach a market size of $305 billion by 2025, growing at a CAGR of 22.17% from 2020 to 2025. If you are one of those people who are looking to capitalize on this race by developing a secure and successful FinTech application for your company, then you are at the right place.
In today’s article, we will take you through the essential tips that are needed to perform while developing a successful product for your business.
Why You Should Invest in FinTech App Development?
With the world’s digital transformation, one of the significant growth was seen in the banking sector, where financial services are made efficient and accessible to all. The banking transformation and digitalization of financial services have accelerated a lot of businesses around the world.
Not only this, but individuals also admire applications that simplify their work. While traditional banking services are hectic and sometimes require unlimited time, the FinTech application simplifies financial transactions by offering a secure and fast environment. Users are now drawn to these applications that make their work easier.
As we have already mentioned, the market growth of FinTech applications is rising and reaching new heights. It showcases the event’s opportunity that businesses have in the sector. The increasing development of the industry highlights how a business can grow and create a strong foundation. All these things make it evident that FinTech is a lucrative area for investment, and companies can thrive unexpectedly in this region.
What are the Key Features of a Successful FinTech App?
If you are building a successful financial application, then it is necessary to understand the essential features that are as per the industry standard and meet the user’s requirements. As the fintech sector is rapidly growing and experiencing new reasons, users need to incorporate new and creative ideas to make their applications stand out from the rest of the apps.
In this section, we will take you through a successful pathway that will help you understand the key features required to develop a successful application.
- Safety and Security
One of the significant features that your FinTech application must provide to your user is security. Make sure to incorporate safety features like end-to-end encryption, which will protect the data from encryption during the transfer.
Another key feature is fraud detection, which allows the application to detect any suspicious activity. Above all these things, your application must perform regular security audits that can help the application address potential risks.
- Hasslefree transactions
When it comes to financial services, users appreciate seamless, error-free transactions. To develop a successful application, it is necessary to create one that is based on the foundation of seamless transactions.
Your application must have the efficiency to transfer the money instantly across national and international reasons. Users must have real-time access to payment processing, which will keep them updated on their payments.
- Incorporation with financial services
Your application must integrate with users’ external accounts. By doing so, the user can have access to all his accounts under one application.
- Safe Authentication and User Identity Management
When it comes to FinTech apps, security authentication can’t be compromised. You must include advanced authentication methods that protect user accounts and build trust among the users. Implementing these key features will ensure that your application is trustworthy and free from spam activity.
The Key features include:
- Multi-Factor Authentication (MFA): Adding multiple layers of security through one-time passwords (OTPs.
- Biometric Authentication: Enabling facial recognition or fingerprint authentication features to ensure the right access to the application.
- OAuth and SSO (Single Sign-On): Seamless login or sign-up experiences for the users.
5. Offline Accessibility
By allowing this feature in your FinTech Application, you will set yourself apart from the competitors. We have seen how most of the FinTech applications run online. However, these apps rarely offer satisfactory services to users. Allow users to check their balance, see the transaction history, and pay through the wallets offline. Often, the users face network issues or low internet connectivity, and these features will be beneficial during such challenging times.
Conclusion
There is no doubt that FinTech applications are rapidly growing and expanding their business across the world. With the digital advancement and need of instant financial accessibility, it has become a need of an hour to implement and bring new innovation to the users and businesses worldwide. Some countries have already started to adapt to the digital banking transformation and bring the latest technology to smoothen individual transactions.
If you are planning to develop a similar application, connect with our team. TechRev consists of brilliant minds worldwide who have worked with big companies to build custom applications. Connect with our team and get a chance to understand our business better.