Top 10 Essential Features of FinTech Apps
September 7, 2022
4 min read
FinTech apps have reached new heights as more users embrace mobile technology. In recent years, mobile transactions have reached an all-time high. According to studies, the worldwide growth of finance apps is on the verge of a tremendous expansion as neobanks and super apps gain popularity as digital payments become more prevalent.
Mobile applications have altered customer experience, and as consumer needs grow in the next few years, it will be critical to consider adaptable features that will gain high-value customers and keep them coming back for more.
Features of FinTech App
Here are some must-have features for mobile banking applications in 2022 that financial institutions should consider implementing in order to keep up with client preferences:
1. Intuitive Interface and Ease of Navigation
The user interface of the app must be straightforward and user-friendly first and foremost. Numerous applications give consumers a disjointed experience with poor navigational instructions, making them abandon them. The app must make it easier to navigate by including an in-app search capability that allows consumers to execute a voice search or written query, as well as smart shortcuts to commonly used app functions.
2. Personalized Experience
Nowadays, the most significant aspect of a mobile app is the personalized experience. This function can be helpful in attracting and retaining the youth client demographic. Consider in-app virtual assistants and personalized insights depending on the customer’s cash flow or purchasing trends. Such features assist you attract the attention of your audience and have proven to be successful in modern day.
3. Customer Service Options
The finest mobile banking applications offer excellent customer service and support via self-help, live chat, phone, and/or other ways. Customers will be able to contact the institutions more easily if they have any problems or questions. Whether the app offers a chatbot or other options for consumers to contact customer care representatives, the app should make it apparent how to obtain help if they are stuck someplace.
4. Alerts and Notifications
Notifications and alerts are essential for staying in touch with clients and promoting certain services based on their needs. Customers may find the warnings annoying if they are too intrusive or too frequent. Users should be able to select or set up what information they want to get, when and how frequently. Customers will benefit from this functionality since they will not miss vital alerts.
Furthermore, the notifications should have clear calls to action with alternatives to make payments, manage bills, and so on.
5. Secure Sign-in
With the current increase in data breaches, cyber theft, and hackers, security is the most important characteristic. Customers would undoubtedly want assurance that their sensitive data is safe from danger. In this regard, multi-factor authentication with safe sign-in choices and current technologies like biometrics, fingerprint readers, face recognition, codes, and more make it easier to sign in. Users should be able to have a safe mobile experience if mobile apps deliver the greatest degree of security.
6. Digital Payments
Another must-have feature is digital payment, which may be at the top of the list for most clients. For frictionless transactions in this cashless era, every mobile banking app should have quick access to different digital payment alternatives, mobile wallets, UPI, and so on.
Customers may easily pay their bills, set up regular payments, and manage their accounts. Because users may forget payment dates, it would be advantageous to set up recurring payments with an automated deduction from the user’s account.
Furthermore, a FinTech app with digital payment alternatives allows users to perform transactions and check account information while on the road, eliminating the need to visit the bank to access their cash.
7. Peer to Peer Payments
With the pandemic problem, paper money is losing favor, and fewer individuals carry cash, if any at all. Peer-to-peer payments, often known as P2P payments, enable online cash transfers from one customer’s account to another’s account using a mobile app. The adoption of a mobile app with P2P payment functionality guarantees that money is deposited promptly and securely, providing increased convenience to consumers. Unlike third-party suppliers, P2P payments through mobile banking applications are free of charge and more safe and trustworthy.
8. Regional Language Choice
According to estimates, 72% of Indian consumers mentioned language as a barrier to utilizing digital applications and payments, as well as insufficient comfort in accessing online material. As mobile banking spreads to the rural sector, it may be advantageous to develop a multi-language app to ensure that the digital ecosystem reaches everyone.
If the app supports regional languages, users from all areas who are not fluent in English will be able to become acquainted with the UI. This has the potential to increase app downloads across the board. AI, for example, may automate localization services and reduce the need for manual app translation. Localized chatbots may also be used to increase user interaction.
9. Account Management
It is critical to provide a personalized approach to clients in order to develop a distinct user experience. As a result, banks can offer a personal account management page that can be adjusted or customized based on the user’s preferences.
Users may keep track of their account balance, track their spending or transactions, and make simple money transfers. This capability allows users to accomplish more with the app without relying on the web-based application.
10. ATM Locator
Though it may appear to be a simple function, the ATM finder is an important tool that most consumers demand. Furthermore, it may demonstrate customer care, which can be made more entertaining with the use of virtual reality technology. It can let clients conduct a fast search within the app rather than looking elsewhere. According to data, a bank that implemented this function had 90% of customers upgrade their applications to include this feature, and there were around 25k new downloads as a result of this feature.
A well-designed mobile banking app that includes the aforementioned critical elements will help you attract new clients, stay ahead of the competition, and provide a great customer experience. Day One helps lenders and clients to harness the power of mobile technology with convenient features that put everything at your fingertips.
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