The financial technology industry, also known as fintech, is witnessing exponential growth. The global fintech market is projected to surpass the $470 billion mark by 2025. From shopping online to digital payments, people use fintech applications daily.
The increased adoption of smartphones has allowed digital technologies to drive the financial sector. The need for digital transformation has bolstered the growth of fintech solutions. The fintech app development trends are an indicator that the financial technology market will witness business growth in the future.
We can expect to see a range of trends in fintech app development that will redefine financial services. Fintech app development is at the forefront of the transformation of the financial services industry. If you are looking for fintech custom software development, it is crucial to stay updated with the latest trends.
What is a Fintech Application?
A fintech application is a mobile app that allows users to access financial services from mobile platforms and devices. The main objective of a fintech application is to digitize and automate financial services.
With a fintech app, an average user can manage their finances efficiently. It significantly saves time and speeds up financial transactions. These apps improve the user’s access to financial services.
Overview of Fintech Application Development
A fintech mobile application offers financial services like online banking, budgeting tools, and investment management. These apps rely on innovation and advanced technology to ensure that users can easily manage finances.
The fintech app development process combines user experience design, software engineering, and financial expertise for glitch-free operation. The app development process involves the following aspects.
- Underlining the objectives of the app
- Creating an ideal user interface
- Developing the backend infrastructure
- Extensively testing the app for security and functionality
To boost user engagement, fintech app development involves the integration of emerging technologies like Blockchain, Artificial Intelligence, etc.
Top Fintech App Development Trends to Consider
As the owner of a fintech company, it is crucial for you to stay on top of app development trends. Here are some trends affecting fintech app development that you must know.
AI is a Key Element Driving the Expansion of Fintech Apps
Nowadays, most mobile applications are developed on the Artificial Intelligence (AI) platform to optimize user experience. Numerous loan apps use AI-powered evaluation systems to determine the eligibility criteria of borrowers.
With AI, you can avoid risks and offer personalized loan deals through the fintech app. The main objective of using AI in a fintech app is to provide bespoke services to your users. Integrating AI in your fintech mobile application leads to automated communication support and fraud detection.
The Rise of Embedded Finance
Embedded finance is a relatively new trend in fintech app development. It allows the integration of financial services into non-financial services and products. It will enable companies to offer users a wide variety of financial services through mobile applications.
Buy Now Pay Later (BNPL) is one of embedded finance’s many services. The fintech app developers can start using embedded finance to provide seamless payment options to all users. The benefits of embedded finance in fintech are as follows.
- Helps with the easier acquisition of customers
- Relevant collection of data
- Facilitates easier management of customers
Neobanking and its Impact on the Traditional Banking Industry
For several years, neobanks have been disrupting the operations of the traditional banking industry. A neobank is a digital-first financial company that offers banking services through fintech apps. Neobanks don’t have a physical location and deliver digitalized financial services.
Neobanks offer a wide range of incredible benefits for fintech app users. For instance, users can access seamless transactions and more convenient account opening processes with neobanks. These banks offer core services, and consumers use them for making payments and savings.
Besides all these trends, you can’t keep Blockchain out of the list. Blockchain will remain a top fintech custom software development trend because of its enhanced security benefits. It comes with a transparent and tamper-proof ledger system that eliminates fraud. As a fintech company, you can use Blockchain in the app to streamline payments.
The fintech app development landscape looks promising. The increasing adoption of disruptive technology platforms will promote innovation. If you want to offer a personalized and groundbreaking user experience to your customers, developing a customized fintech app is the best solution.
