Technology has evolved immensely in the last decade, and it has brought us several significant mobile applications that have changed our way of living. From ordering food to sending parcels and opening a bank account online, everything is possible just with a tap of your finger. The role of mobile apps is quite prominent in the banking and financial services industry.
Banks deliver the financial services that are important for both businesses and individuals, and with the help of mobile applications, their way of working has improved significantly. Now, users can simply open their bank account in a minute with a fintech mobile app instead of waiting in queues and filling out all the paperwork. The financial sector has a lot more work than handling the bank accounts of customers, such as stock exchange, tax fillings, loans, and more. Banking and financial industry IT services have streamlined their services with the help of feature-enriched mobile applications.
Emerging technologies have played a big role in the upliftment of the quality of services delivered by the banking industry through these mobile apps. Let’s understand the role of mobile applications in the banking and financial service industry.
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Market Scenario of Fintech Mobile Apps
Mobile applications have significantly empowered the banking sector with their efficient functionality and features. Users are finding it the best way to perform their financial chores. The current market scenario dictates that the banking and financial service industry will grow immensely in the near future. Here are some of the market stats that clearly depicts the role of mobile apps in the upliftment of the banking sector.
- As per a recent study, the finance sector has received funding of more than 44.1 billion USD.
- The banking sector mobile app market valuation is projected to cross the mark of 4600 billion USD by the year 2025.
- As per a study, there are more than 1.3 billion users of banking and finance mobile apps, and the number keeps on increasing.
- AliPay and Apple Pay are the most prominent fintech apps in the market, with a user base of 620 million and 220 million, respectively.
- In a recent report, it has been reflected that the US market has shown an adaptability rate of 30.1 percent towards the fintech mobile apps.
- Chime and MoneyLion are the most popular banking mobile apps in the US.
Recent Trends of Fintech Mobile Apps
Due to the latest developments in IT technology, various Fintech technologies are being developed, consisting of finance and technology. Particularly due to the rapidly growing online market and the offer of mobile devices, there is an increased need for Fintech’s mobile payment service, which enables easy online and offline payments. Let’s take a look at the most prominent trends of the banking and finance sector mobile apps.
Biometric Security
Mobile banking is necessary for today’s consumers, and it’s no wonder why. Recent advances in this area have been so successful that people now expect all transactions to be at their fingertips. They prefer to use the app instead of going to physical offices or shopping online from home with a credit card!
Voice Assistants
With Siri and Alexa, mobile banking has touched a new milestone that is Voice Banking. Voice banking will provide a dominant user experience in the future. While virtual assistant Erica helps multiple users, the voice assistant is revolutionizing the development of banking and financial applications. A new trend could allow an app to send voice messages during a time of the fraud, duplication, and increased subscription fees. They can also support the payment of bills. Further optimization of the application through a voice user interface for voice search will increase customer knowledge, engagement, and conversions.
Blockchain
Blockchain can be considered a huge breakthrough in the technology world and has a prominent impact on the financial sector. Blockchain is essentially a distributed general ledger technology that allows data to be stored on multiple global servers. Thus, the blockchain has greatly contributed to reducing the risk of fraud, as any data/information is difficult to change after storage. In conclusion; The blockchain helps Fintech companies share and transmit secure and unmodified data over a decentralized network.
Cyber Security
Financial cyber security is one of the most popular topics today. Because most of today’s data is digital, people are concerned about its security. The percentage of cybercrime has grown rapidly in recent years, making data protection very important today. Even large, influential companies pay a lot of attention to preventing cyberattacks, not to mention start-ups or small businesses.
Chatbots
Chatbots are at the forefront of major fintech trends and are a cost-effective solution that connects businesses to their customers. Chatbot chats act as 24/7 communication, helping to increase customer loyalty by providing information without human intervention when needed; In addition, it can help an organization improve its performance through effective responsiveness.
Self-Determining Banking
Self-Determining Banking can be described as a concept of self-managed funds. The standalone Finance app can do a lot for you. For instance, it can immediately decide where to invest or how much money should be approved at favorable interest rates. Users only have to enter their criteria into the Smart Investment Advisor search engine. Fintech applications are important for enabling autonomous finance. They can manage investments, such as mutual fund management programs. With these applications, you can also create your own retirement plan based on your goals.
Digital Wallets
In today’s terms, mobile payments have acquired an important status in people’s daily routines, so the further expansion of the digital wallet is guaranteed. Even physically existing organizations prioritize the web sphere to retain existing customers and attract new ones. In addition, financial institutions are using blockchain technologies and the rapid growth of cryptocurrencies, making contributions to the ICOs.
Big Data
The close partnership of FinTech banks promoted the development of data processing analytics. With Big Data, the finance sector is managing its confidential data more efficiently and securely. The new format made it possible to develop a personalized financial sector, which concerns both the convenience of customers and the institution’s interests in advertising the service or collecting data.
Benefits of Fintech Mobile Apps
Not only the banking and financial industry IT services have simplified the way of doing transactions, but it has delivered a ton of benefits for the users and businesses in the said sector. Now you can just check your stocks or insurance value without actually going to the service provider’s office. You can open a bank account over a video consultation with the bank on their app. Apart from all the perks, mobile banking apps deliver an ultra-modern level of security that keeps your credentials extremely safe from any kind of cyber threat.
Here are some of the benefits of fintech mobile apps, which clearly show their role in revolutionizing the sector.
Extreme Security
Having a debit or credit card always runs a threat that someone can always break into your account. Security is still a serious issue today. It has been neglected for many years and has now become a serious problem. The mobile banking application helps customers feel safe. Efficient banking apps ask for two-step verification, a password, and notification of any changes to a client’s account. These features prevent hackers from harming you and help keep your accounts secure.
Extreme Comfort
Mobile banking applications are incredibly convenient. Users can get their banking done from any part of the planet. They don’t have to wait in long queues for various banking services. These apps provide services round the clock. On the other hand, banks get closed in the evening. This takes care of all the emergency transactions that users have to do after banking hours.
Quick Warnings
It’s easier to keep track of your account and the cash flow to your account if all the information is in one app. You can use features such as bank alerts to monitor your financial transactions for a variety of purposes. You can simply change the options in your mobile banking app for alerts and usage and use them to control your expenses.
Automatic Banking
Banks and finance sector industries are heavily investing in financial technology in the current times. Fintech focuses more on delivering an extreme user experience. With the help of AI, these banking apps have significantly enhanced the way of delivering services. The use of AI/ML has made the banking process more personal for users as it predicts user behavior based on previous data.
Environment Friendly
Send paperless statements directly to customers’ email addresses, saving on printing, paper, and delivery costs. Less paper waste makes this solution more environmentally friendly. It not only saves your business costs but contributes to a great goal aimed at improving the environment. With less paperwork, users are happy with the formalities.
Account History
It is no longer necessary to physically update your statement at any bank branch. Users can access their account history with just one click through their mobile banking app. It allows users to access their account history anytime, anywhere, and in some cases, even without data communication. In addition to account history, it also provides personalized notes for each transaction, searching, filtering, and categorizing all transactions.
Deposit Checks from Anywhere
Mobile banking applications have taken the level of feasibility to the next level. With optical scanning technology, users can now easily scan their physical checks and store them in the bank without any problems. You can save checks and access them relatively quickly with the click of a photo from your mobile device.
Ready to Develop Your Fintech Mobile App with Matellio?
The banking and financial services industry has been progressing at a great pace with the help of robust mobile apps. The global market data suggests that more innovations are yet to be introduced in the banking sector. Users are no more reliable on these apps because of their security to their finance-related data. If you are thinking of developing a mobile banking app and getting ahead in the banking and financial services industry, we have the perfect solution for you.
Matellio has been developing efficient mobile applications for more than a decade. Our team of professionals includes expert developers and engineers that have diversified experience in the banking sector. We have developed several efficient mobile applications for our clients and have received commendable feedback. Our flexible hiring models deliver you the feasibility to operate within your decided budget. With the shortest turnaround time and efficient delivery of the project, we are with you at every step. Connect to our experts over a 30-min free consultation call to discuss your idea today!
