Want to make your fintech app development project super
successful? Here are top fintech mobile app development trends for 2023 to add
a competitive edge to your fintech app.
Today, tech-savvy people prefer to use smartphones to manage
their finances, pay bills, make online purchases, view their account balance,
and transfer money. According to statistics, the trend of mobile payment is
expected to continue with an annual growth rate of 23.8% between 20201 to 2026
as more and more businesses are planning to support mobile POS payments.
This trend has made banks, financial institutes, accounting
firms, and other companies in the financial sector digitize their banking and
financial services. The finance industry focuses on providing convenient and
on-demand services to fulfill the customers' needs in real-time.
With the advent of new concepts and cutting-edge
technologies, more and more businesses are considering developing a fintech app
to make users' lives easier and simpler. Developing a fintech software solution
will eliminate the need to use physical services and provide users with a
hassle-free and pleasing customer experience.
On top of that, building a financial app will allow users to
manage their financial matters whenever they want without affecting their daily
routine. According to Statista, in the United States, 90% of consumers used
mobile apps to view their account balance. It is interesting to know that one
in five users used financial apps to open a new account or contact a customer
service representative.
In fact, investing in fintech app development is a sensible
decision to create a unique financial application to meet their customers'
needs in a highly efficient manner. Here are some top fintech mobile app
development trends that you should know to make your app stand out from the
crowd.
1. Increased use of AI and Machine Learning
The increased use of AI and machine learning in fintech apps
is transforming the industry in so many ways. From improving efficiency to
fraud detection, risk assessment and providing personalized services to users,
artificial intelligence continues to advance the fintech industry.
Fintech mobile apps are increasingly leveraging AI and
machine learning to streamline processes and significantly improve decision
making. Fintech apps are using AI algorithms to analyze users' financial data
and provide personalized recommendations for managing their finances. This can
include advice on budgeting, saving, and investing.
Fintech apps are using machine learning to analyze large
amounts of data and detect fraudulent activity. With the help of machine
learning algorithms, you can analyze financial data, make more informed
decisions, and reduce the possible risks or errors.
2. Integration of Blockchain Technology
The integration of blockchain technology is transforming the
fintech industry by providing new opportunities for innovation and disruption.
It is one of the latest fintech mobile app development trends that can
transform the financial services. You can make your fintech apps stand out by
integrating blockchain payment systems. Basically, blockchain is a
decentralized digital ledger that can be used to securely record transactions,
and it has the potential to transform the way financial services are delivered.
Blockchain technology is being increasingly integrated into
fintech mobile apps for secure and transparent transactions, particularly in
the areas of cryptocurrency and decentralized finance (DeFi). DeFi platforms
allow users to access financial services, such as lending and borrowing,
without the need for a central authority.
Fintech apps are using blockchain technology to enable
buying, selling, and trading of cryptocurrencies to provide secure and
transparent transactions without the need for a central authority. Furthermore,
blockchain technology, if implemented well, can help fintech apps to automate
financial transactions. Blockchain-based payment systems can enable faster and
secure cross-border payments. Blockchain-based payment systems can eliminate
intermediaries, reduce transaction fees, and speed up settlement times.
3. Increased use of Biometric Authentication
Biometric authentication is one of the famous fintech mobile
app development trends that are enhancing security of fintech apps. With
different biometric authentication methods such as fingerprint scanning, facial
recognition, and voice recognition, app development teams can enhance app's
security and streamline the login process.
Biometric authentication is becoming increasingly popular in
fintech apps due to its convenience, speed, and security. This advanced
technology makes financial data more secure by preventing any unauthorized
access and protecting users' data from hackers. It helps prevent fraud and
protects users' sensitive information.
If your mobile app development company wants to build a fintech app that provides a frictionless and
secure user experience, biometric authentication technology can help you
achieve this goal. Some of the most commonly used biometric authentication
methods in fintech apps include fingerprint scanning, facial recognition, and
voice recognition.
These methods offer a higher level of security than
traditional password-based authentication, as they are much harder to hack or
steal. In addition, users can quickly and easily access their accounts by
simply scanning their fingerprint or face. This can save time and make the user
experience more seamless.
4. Rise of Mobile Wallets
Mobile wallets are becoming more popular as consumers
increasingly use their smartphones for payments. Fintech mobile apps are
incorporating mobile wallet functionality to make it easier for users to make
payments and manage their finances on the go.
Mobile wallet technology can help simplify and streamline
the payment process for users. However, it's important for app development
companies to provide users with a more seamless and convenient payment
experience. With mobile wallets, users can make purchases with just a few taps
on their mobile device, without the need to carry physical payment cards or
cash.
Mobile wallets are becoming increasingly popular in fintech
apps due to their convenience and ease of use. A mobile wallet is a digital
wallet that allows users to store and manage their payment information, such as
credit and debit card details, in one place on their mobile device.
Many tech companies have completely understood the potential
of mobile wallets and are integrating them into fintech apps to provide users
with a more seamless, secure, and convenient payment experience.
5. Robotic Process Automation Technology
Robotic Process Automation (RPA) is a technology that uses
software robots to automate repetitive and mundane tasks. It has now become the
best fintech mobile app development trend and many app developers are using it
to automate many development processes. Whether it is data entry, customer
onboarding, and fraud detection, with RPA in fintech apps, you can help improve
efficiency and reduce errors.
By automating repetitive tasks, RPA can free up your
development team to focus on cognitive tasks and higher-value activities, such
as strategic planning. In addition, RPA can help reduce errors and increase
accuracy, as robots can perform tasks with consistent precision.
RPA can also help improve compliance and reduce risk in
fintech apps. By automating compliance-related tasks, such as Know Your
Customer (KYC) checks or Anti-Money Laundering (AML) screening, RPA can help
ensure that all regulatory requirements are met and reduce the risk of
non-compliance.
Furthermore, integrating RPA technology in fintech apps can
help improve the customer experience. By automating processes such as customer
onboarding or account management, RPA can help reduce wait times and provide a
more seamless and efficient experience for customers.
Wrapping Up
So, these are the top fintech mobile app development trends
that are shaping the industry and are expected to proliferate in the coming
years. By following the emerging technologies and the latest app development
trends, app developers can create highly secure and scalable fintech apps that
offer exceptional user experience and revolutionize the finance industry.