Modern fintech solutions play an important role in financial management, offering users convenient and secure tools for payments, investments, and financial planning. However, for an application to be truly effective and competitive, it must have a certain set of features. It is important to consider both basic capabilities and advanced solutions, such as an AI powered support assistant that helps users in real-time. In this article, we will analyze the key features that a fintech application should have to ensure a high level of convenience, security, and efficiency. If you want to learn more about the cutting-edge developments in this area, visit kindgeek.com/ai_assistant.
What Is a Fintech Application?
A fintech application is a software, algorithms, mobile, and web application, the purpose of which is to expand and optimize online services in the financial sector, such as bill payments, bank transfers, crypto exchange management, etc.
We mentioned crypto exchange management above as one of the services in which fintech solutions are popular and useful, but let’s take a closer look at other trending areas of the fintech industry.
There are many types of fintech applications now. At the moment, the leading areas include:
- Mobile banking applications. Banks strive to be closer to their customers and simplify many transactions. Therefore, their applications continue to gain popularity. The transition to online eliminates the need for physical contact, which is convenient for many customers, and fintech technologies ensure the security of data and funds.
- Artificial intelligence. This is one of the areas that continues to actively develop, as AI helps to adapt applications to the needs of users, i.e. clients of companies. How does it happen? AI interfaces, AI-powered support assistants, customized offers and personalized dashboards are widely used in fintech applications.
- Blockchain ecosystems and cryptocurrency ecosystems. The cryptocurrency and blockchain systems sphere is considered a promising direction due to its advantages in terms of security.
- Market modernization. The market is becoming more transparent thanks to financial technologies, and new great opportunities are opening up for businesses, retail investors, and even ordinary users. That is why more and more accessible and easy-to-use online trading platforms, capital management tools and new business models of financing are appearing.
- Services and products for self-employed individuals and legal entities. Remote work has already become popular and continues to spread, freelancers and self-employed individuals are very interested in using fintech services, in particular applications for tax monitoring, financial accounting, creating and issuing invoices, acts, and other documents. In addition, fintech can offer them solutions for risk management and building financial stability.
Main Ways to Monetize a Fintech Application
Monetization of a fintech application is a key aspect of its successful development and sustainability in the market. The choice of a suitable strategy depends on the target audience, business model, and services offered. Let’s look at the main methods:
- charging a transaction fee;
- paid subscription;
- placing third-party advertising.
Basic Functions For a Fintech Application
When developing a fintech application, it is important to consider a set of key functions that will ensure ease of use, security, and a high level of service for users.
One of the mandatory functions is card binding, as it allows users to link a credit or debit card to an account. For this, you can integrate a payment gateway into the application.
Another very important point is security. Here it is important to remember about the implementation of a security protocol and ensure a simple and secure process for logging into the service. Passwords and PIN codes are usually used for this, and any transfers of funds are accompanied by confirmation with a one-time SMS code or two-factor authentication.
It is worth focusing on the basic set of financial transactions. Here, users are usually provided with the opportunity to make payments, and receive and send funds. Also, for convenience, you can add the ability to distribute funds between several accounts and/or virtual wallets.
The function of sending notifications is important. Users receive information about transactions via push notifications, and about news and special offers via messages from banks and technical support.
In addition to the set of basic functions, it is important to remember that any fintech application must comply with generally accepted standards in accordance with the laws that regulate this area. This issue is usually taken into account by a business analyst at the preparatory stage of development.
In addition to the basic set, the functionality of the planned financial application can be expanded. With the help of additional functions, it is easier to attract and retain more users. Let’s consider what can also be added to the project:
- Autopayment. The presence of this function in the application can become a distinctive feature of the fintech project, as it provides users with the opportunity to make payments on loans, utility bills, and other scheduled transfers of funds.
- Personalization. With the help of the personalization function, new elements can appear on the user’s main screen: the function of transferring money using frequently used details, frequently used services, displaying up-to-date analytics of expenses, etc. This function also includes the use of Big Data to predict user behavior and create special offers.
- Payment by QR code allows users to make a transaction as quickly as possible.
- Information panels allow you to display everything the user needs.
- Blockchain solutions allow you to securely store user data with their tracking and management, and eliminate the risks of personal data leakage.
- Services for user comfort. Here you can add non-standard solutions for the convenience of users – for example, ordering food delivery, buying airline tickets, etc.
- A full set of functions is usually formed individually for each project because Here it is important to take into account all the goals, requirements, and objectives of the company.
Wrapping It up
The choice of functionality for a fintech application directly affects its popularity and success among users. Security, convenience, personalization, and intelligent support are key aspects to consider. Implementing modern solutions such as the support assistant, powered by AI, can significantly improve the quality of customer service and automate many processes. Developing a well-thought-out fintech product requires a detailed analysis of the needs of the target audience and the use of advanced technologies. If you are looking for a reliable provider of services for the development of high-quality fintech solutions, then you should pay attention to Kindgeek.
