With the speed and scope of technology evolution, undeniably, soon after this crisis, the near-collapse of health and economic system will fade from our memory. Financial enterprises should be a key technology catch up as the future of the banking and finance process won’t be the continuation of the past. With the accelerating technological advancements, customer expectations are increasing exponentially.
The siloed systems, which have conventionally been used for saving, transaction, loan, and investment accounts are not adequate for the scalability and the agility need of the digital age. The good news is that along with new technologies emergence, a massive evolution is happening on the existing ones. Crowdfunding, digital currencies, online investment, mobile banking, peer-to-peer lending, and new payment systems are a few new business propositions in financial sectors.
Now that everything is in the digital era, and rightly, it is time to think about financial services app development. Before going for any fintech app development services, it is mandatory to be updated with the emerging opportunities to become financially smart. And, here are a few finances mobile app trends.
With the Alexa and Siri, the excitement continues around the voice assistants, which make a new trend in mobile banking – Voice banking. Voice banking will give a dominant user experience in the future. While the virtual assistant, Erica is helping several users, the voice assistant makes a revolution in banking and financial apps development.
The new trend can empower the app to send voice alerts at the time of the fraud, double charges, and subscription fee increase. They can also support in bill payments. Further optimizing the app with a voice user interface for sound driven search will increase the customer insights, engagement, and conversions.
As customer data become a key for financial operations, enhancing security with advanced insights can differentiate your business in terms of customer trusts. Big data helps to analyze customer behavior as well as market trends. As the large sets of data can be analyzed to reveal the trends, relationships, and patterns, the key factor shouldn’t be missed in financial services app development. This will also support you to detect risks and defend your customers.
Open Platform of Banking joined an open API and has changed the banking ecosystem. From the services & products, you offered, and delivery channels used in the underlying partnership, this combination is making innovation and enhancing customer experience. APIs offer more options to the customers to interact with the bank and finance service.
Robotic Process Automation accelerated the growth of the banks and finance sectors with its pre-programmed automation across their structured and unstructured repetitive process. Its cognitive intelligence learns from the prior actions, decisions as well as patterns and reduces the cost of regulatory and administrative processes while enhancing quality & speed.
The RPA bots automate the monotonous processes; thereby, lower the common inefficiencies and errors that will boost ROI and productivity. Further, RPA can simplify compliance by maintaining logs of automated processes and generates the reports automatically. It’s also easy to re-configure the bots, tweak the processes based on your updated or new regulations.
Quick completion of user action is the main aim of finance apps. While other apps in the market are competing towards increased time spent on their app, financial apps should target customers’ experience rather than attention. As the customers expect simplicity in their transaction process, the best finance app should be simple to use.
The emergence of instant payment platform will offer the banking sectors a chance to achieve the highest transaction speed and enhance customer satisfaction. There is no denying, shortly almost all the transactions will be digital-only as such the payments will become more user friendly.
Users today are prepared to adopt biometrics as a replacement for password authentication, as they are more concerned about the secure & convenient process.
The main challenge today in mobile banking is security. If the hackers managed to enter into a user’s mobile, then what is stopping them from accessing the bank accounts or illegally using your app?
The solution to this vulnerability is adding a more sophisticated biometric authentication system into the mobile apps. Soon, we can expect to find facial recognition software and fingerprint scanners being integrated into the mobile banking apps. The biometric technology will gradually replace password authentication and make the app more convenient and efficient while adding more security.
Sometimes, the new regulations and technology innovations in the financial sectors increase complexity to the app and harm the user-friendly experience. For example, adding an opportunity to assess the risk in the investment helps the user to make a decision, but adds a layer of inconvenience at times.
Thanks to chatbot technology and machine learning, that can simplify the user interface. AI powers most of the financial sectors offer a friendly investment Assistant to assist through this complicated financial world.
Further, using Natural Language Processing with chatbots is advanced enough to offer a great customer experience when handling with recurrent situations and to assign the human assistant for more complex problems.
It is one of the emerging trends in the finance sectors. In the future, companies will depend upon various sets of technologies like IoT (Internet of Things), distributed ledger technology, online P2P systems, Big data and Edge computing to ensure monetary communications in a decentralized manner.
In the coming years, the financial services app development not only ensures lower cost, enhanced speed, and higher transparency but also changes the way Banking and trade finance functions.
As the cryptocurrencies are gaining attention every day, investors are showing more attention in adopting this technology. Bank sectors collaborated with Fintech are actively focusing on the opportunity of cryptocurrency implementation to make their money operations simple. As the banking services entering the global marketplace, a large number of digits-only banks will likely add crypto options on their app.
These innovations like biometrics, Blockchain, and AI have made a foundation, which is soon to make a revolution in the financial and banking industry. You need to understand these trends while going for fintech app development services to stay relevant in the market and have the front-run over your competitors.