Fintech App Development: Latest Trends for Enterprises and Startups
Fintech apps are one of the fastest-growing innovations that users today have adopted. From digital payments to cardless withdrawals, not only are fintech apps reducing the need for wallets, but also making financial transactions way more secure than before. But, be it security or speed of transactions, fintech app development trends have always been a major influence.
For instance, Blockchain has become the reason why many application development trends came into existence to expand the adoption of fintech apps by more banks and organizations. Today, ask any fintech app development company and their experts, blockchain has become their favorite technology innovation. Why? We will answer that question later in this blog.
So, if you are a part of an app development company for startups or even big organizations, you should read this blog until the end to keep up with whatever is trending in the list of fintech application development trends.
A Statista report says, globally, the blockchain in financial services is expected to grow to an estimated threshold of $22.46 billion by 2026. This threshold was limited to $0.28 billion in 2018 and reached $1.46 billion in 2021. So, you can imagine the popularity that this innovative technology has. As mentioned earlier, blockchain is a favorite among users for their app development for startups projects due to its features. Blockchain is capable of approving transactions much faster compared to its predecessors.
For instance, in terms of security, on blockchain servers, entries once can not be edited. To make any modifications, users with access will have to add new entries. So blockchain technology keeps a record of every single modification ever made in the data stored on the server, and it is impossible to manipulate it. Thus, fintech mobile app development has become more secure with blockchain technology as every anomaly can be tracked. Paired with Machine learning and AI, it can also be used to stop fraud transactions.
In terms of transaction speeds, Blockchain increases it by eliminating the need for intermediaries. Among the latest fintech app trends, blockchain is loved because it can be easily automated by uploading smart contracts. Smart Contracts refer to the data uploaded to define terms and conditions for approving transactions, insurance claims, and more.
AI-chatbots have become a hot topic in the industry of financial software development. From automated customer resolutions to a more personalized experience, there are many reasons why AI-chatbots are reliable today. Among many latest mobile app development trends, AI-chatbots are effectively helping organizations including banks and other financial service providers, in improving their customer retention rates. Paired with machine learning, these AI chatbots are capable of understanding multiple languages, pronunciations, and even dialects. Thus, it is also possible for mobile app development companies to make services more accessible to markets where languages were the barrier before.
3. Financial guides
Many financial institutions are focusing on making users more financially literate so that they can improve their lifestyles. From guiding them through the investment process to providing them with all the information they need to make the right decisions, these financial institutions are trying to reduce the difficulty level of fintech challenges in 2021 and beyond. Now, not only manually, but AI is also being used to help out users with the same. Some real-life examples of AI-supported financial management apps are Eva Money and Cleo.
Electronic Know Your Customer (eKYC) is a process of verifying and storing the verification data of a user online. Now, financial organizations are adopting this one of the fastest-growing top fintech trends of 2021 to reduce the verification time for new accounts, credit card approvals, loan approvals, and more services. Like fintech app development services in the old days, users now don’t need to take hard copies of papers to banks to get them verified. Instead, biometric verifications and other information submitted via apps are enough to get that done from the comfort of your home.
Well, these were some of the crucial fintech trends in 2022 that you need to keep an eye on. Before we end this blog, let’s go through these points once to revise them in short.
- Blockchain, one of the top mobile app trends, is used as a tool to secure, speed up, and automate financial processes such as transactions and insurance claims
- AI chatbots have become one of the fastest-growing fintech application development trends due to their positive impact on the growth of customer satisfaction
- AI-supported financial guides to educate customers and to help them out with financial management tasks
- E-KYC procedures are used to eliminate the requirement of hard copies or visits to financial institutions for approvals or verifications
So, that’s it for now. Until next time, Ciao!