It is not overstated to say that 2021 is the year for Financial Technology (Fintech). This year, many old trends have made a big comeback and become a new wave in the Fintech industry such as Buy Now Pay Later. According to Global Insight, global fintech investment saw a remarkable rebound in H1’21, increasing from $87 billion in H2’20 to $98 billion in H1’21. As a result of the COVID-19 pandemic, especially strict lockdown restrictions, people tend to choose digital payment to avoid spreading viruses and use Fintech apps to manage their money. Hence, Fintech Mobile Applications are getting more attention than ever before. Currently, a huge number of businesses have the intention to jump into this potential segment by building their own Fintech Apps. Then, let’s find out the 5 must-have features for every Fintech Mobile Application
1. Biometric login in Fintech Mobile Application
Biometric authentication is not the new term as it is widely used in the healthcare and car industry. Especially, Apple, with FaceID and Touch ID features, has spread mobile biometric technology to users. Biometric identification refers to the security processes that verify an individual’s identity by using their unique biological characteristics such as retinas, irises, voices, facial features, and fingerprints. This technology also brings mobile app security to a whole new level. Previously, traditional authentication methods, such as password-based or knowledge-based identification, were universally applied for verifying identity. However, remembering several complex passwords and answers for different accounts seems to be difficult and the process of recovering passwords is time-consuming and complicated. In contrast, biometric technology offers a high level of security and convenience compared to traditional ones. The physical features of each individual such as eye shape, fingerprints, or voice, are unique since even twins have different fingerprint patterns. Therefore, biometric authentication, with anti-spoofing technology, is considered a better choice than traditional identification.
In the 2021 survey executed by VISA, it is found that 65% of the US consumers felt familiar with biometric technology, and the majority of Vietnam cardholders are interested in using biometric authentication such as fingerprints or facial recognition to complete transactions, rather than PINs or passwords. It means that nowadays, biometric technology has become familiar with a majority of mobile phone users and a must-have feature for every mobile app. Then, integrating a biometric login feature into Fintech Mobile Apps will enhance customer experience and retention.
2. Friction-free sign-up form
Poor or complex sign-up form design is one of the most popular mistakes when building mobile apps. The sign-up form is one of the first things a user has to deal with after they install the app. It plays a vital role in keeping customers as a complicated form that requires too much information will discourage users from completing the sign-up process.
Instead of making your app complicated with several requirements, the sign-up process should be simple, convenient, and integrated with different sign-up choices such as sign-up with social media or emails. As “simple is the best”, let’s simplify the form with a user-friendly UX design to make a better user experience.
At the first glance, we can easily see the main points that the mobile apps want users to provide in the sign-up form.
- Clear labels
- Outstanding “OK” button
- Involve Passcode/ Touch ID/ QR Codes features
- Categories are divided clearly
- Easy-on-eye font and size of text
- Harmonious theme color
- Running smoothly
Since the VC Wallet app aims to create digital wallets that can receive and send Bitcoin (BTC), Ether (ETH), ValueCoin (FVC), Genesis (GOD), and other Ethereum-based ERC20 tokens, the sign-up process is simpler than other apps. However, it is still a good example of an easy-on-eyes sign-up form with convenient biometric and QR Code features.
3. Interactive Data Visualization
Data is definitely the main concern in Fintech and data analytic is the standard and must-have feature for every Fintech Mobile Apps. A successful Fintech App needs to organize an effective data storage system that is able to display a huge amount of data in a small space. Data display should be fit with users’ mobile screens so that they don't have to scroll down many times. Normally, data in mobile apps is usually arranged and classified in the form of bar charts or pie charts with different colors for different categories.
We can take Money Lover- an app that helps users manage their expenses and plan budgets, as an ideal Fintech mobile app that has interactive data visualization. As can be seen from the picture, the expenses are divided into several categories, such as shopping, bills, travel, food & beverage, health&fitness, etc. If users wonder how much money they have spent on food or what categories they have spent the most, they can easily trace back in “Expenses by categories'. Every category has a symbol icon so that users can easily find their different expenses.
4. API Integration in Fintech Mobile Application
Application Programming Interface (API) is a connection (protocols and codes) between several applications. It is the means to share data between two or more apps. When using API, developers don’t need to code manually with each application since data is synchronized with other apps in the network.
Since Fintech is directly related to banks, therefore, integrating API into Fintech Mobile App is necessary. With API Fintech Mobile Apps, users can manage their finance from anywhere without interaction with banks. Additionally, when consumers use different apps, API brings a huge convenience when the financial data is synchronized among apps so that they don't need to input data. It helps users to save time and effort in managing their financial situation. Currently, many industries leverage the power of API into mobile apps, such as:
- Cryptocurrencies & Blockchain
5. AI Chatbots
As people are now living in the booming technology world, mobile app users, who are tech-savvy, keep expecting more in an app such as instant messaging and personalized experience. And chatbots are considered a great solution to meet the customers’ demand. It now develops from a simple tool to a vital digital assistant for Fintech Mobile Apps.
At the basic level, a chatbot is a software program that processes human conversation, including written and spoken, allowing customers to interact with digital devices as they were talking with a real person. A high-level chatbot can work as a virtual assistant that learns and delivers increasing levels of personalization while executing multiple processes at the same time. The 2018 State of Chatbots Report found out that customers expect the following features provided by chatbots:
- 24-hour service — 64%;
- Getting an instant response — 55%;
- Answers to simple questions — 55%;
- Easy communication — 51%;
- Complaints resolved quickly — 43%.
Therefore, if you have an intention to integrate AI Chatbot Development Services into your apps, let’s take a deep look at what customers require from a chatbot. It can be seen from the survey that the majority of users expect 24-hour services, instant responses, and simple communication. It means that your businesses should take the speed and straightforward & simple answers of chatbots to priority.
6. Final thoughts
Nowadays, the world keeps changing with the rapid development of brand-new technologies and widespread digital transformation, and the Fintech industry is not an exception. Consequently, Fintech Mobile Application is predicted to be not a temporary trend but the future of Fintech.
So, if you are wondering about building and developing your own Fintech Mobile Application, please feel free to contact us. With the best Fintech software developers, SotaTek is confident to provide you with various Fintech Software Development Services and Web& Mobile App Development Services, especially Fintech Mobile Application Development with the latest Web Development trends for the Fintech industry.