How Mobile Applications Are Changing The Fintech Industry?

Mobile applications are making our lives easier by automating many tasks for us in different industries. Mobile App Development company in Dubai has also transformed the fintech sector. 

Though technology had been there in the financial industry, its spread was slow. Few people were responding to it. But fintech mobile apps have changed that. As we all roam around with our smartphones all the time, fintech mobile apps are extremely useful for entrepreneurs and consumers. 

What is Fintech?

Fintech stands for financial technology. Technology has transformed nearly every industry. Fintech refers to software, apps, and technologies developed to enhance and automate conventional methods of finance for consumers and businesses alike.

In simple words, financial technology streamlines the delivery of financial services. Mobile applications are playing a significant role in fintech as they are doing in other industries.

Fintech applications are mobile apps that automate and improve the delivery of financial services. Its users can be customers, online companies, corporations, or household users.

Fintech applications range from simple mobile payment apps to sophisticated blockchain networks holding encrypted money.

Fintech Mobile Applications Play a Big Role in the Finance Industry

Here is how mobile apps are changing the fintech landscape.

AI-driven Loan Processing

We all know that getting a bank loan is a complex and tiring task. Traditional loan processes are time-consuming. The borrower has to be eligible for taking a loan and then submit their loan application manually at the bank.

Then, they would need to wait for the approval of their loan. But fintech credit or loan apps have made the payday loan application process easier than ever. Thanks to data analytics and artificial intelligence, borrowing money has become a piece of cake.

These apps have shed some load from the backs of the banks’ workers and end-users. The applicant receives their loan within a couple of days at maximum. The world is functioning faster than ever in our times. Fintech mobile app development in Dubai allows users to keep up with our fast-moving world. 

Personalized User Experience

Consumers of financial services used to find the finance aspect difficult to understand. But fintech apps have combined technologies like AI ( Artificial Intelligence) and AR (Augmented Reality) to provide a personalized user experience to people.

Customer experience plays a bigger role in financial services than in any other services. Fintech apps offer a personalized UI that helps financial service firms in banking in improving consumer experience and retention. One of the easiest ways you can ensure optimal user experience is to hire a fintech design agency or fintech marketing agency, for example, Bandera Agency.

Data analytics enables financial services companies to provide personalized recommendations and services to the end-users. This allows businesses to gather consumer information and ramp up the speed of decision making from their side. App modernization will help you increase performance, reduce costs, and improve business metrics.

Transactions Through Cryptocurrency

Another big achievement of these financial applications is that they have popularized cryptocurrency. Cryptocurrency refers to the modern-day coin utilized for making revenue, trading, and paying.

Also, some fintech apps help users in trading via crypto coins, and some keep cryptocurrency like actual coins. Various Fintech applications allow cryptocurrency as a payment method for simple money transfers. People are increasingly using cryptocurrency as an alternative to fiat currencies. Fintech apps can take a big chunk of the credit if not all.

More Security

Security has been a big issue in the finance sector. Users find that transactions through mobile apps are safer than the transactions made through traditional ways. Because there are some mobile apps that ask for two-factor authentication if someone tries to open the app. 

Paypal is one such great example. Its mobile application offers cross-channel architecture and is available on the Apple app store, google play store, and web.

Banking Made Easy

These apps have also made banking a hassle-free process. Users can check and save their ledger and build credit anytime anywhere through their smartphones. These apps facilitate the usage of debit cards and direct deposits as well.

Before these apps, people had to check their balances regularly and remember the dates of payment and receiving. But now they get push notifications on their phones daily for necessary reminders.

Fintech app products haven’t just made banking more convenient but also more secure. With Face ID, biometric verification, and two-factor authentication, these applications safeguard your in-app activities.

Payments Without Making Contact

Fintech applications have been facilitating contactless payments for quite some time. But their usage ballooned as Covid-19 hits our world.

This enables people to pay from their mobile phones in an extremely secure way. They don’t need to touch someone for payments. Plus, fintech and payment applications also save them from having to share their sensitive information for sending or receiving money.

If you have such an app installed on your phone, you don’t need to pick up your waller every time you go out.

Voice Technology in Banking

Voice and speech recognition offers new ways of giving instructions to mobile applications and interfaces. People are using voice assistants for browsing search engines or e-commerce marketplaces. Seeing the ease they provide, the banking and financial sector has started embracing this technology too.

Voice assistant tools allow the banking industry to improve authentication and personalization processes. Many banking apps use AI-driven chatbots as part of their voice-assisted services. This enables users to navigate the app with voice commands. 

These applications have made banking streamlined. It feels like you are having a real conversation with someone. Many banking applications have voice-activated chatbots that run through artificial intelligence and work as financial advisors.

Bottom Line

Today, digitalization has transformed various sectors like automobile, gaming, fashion, food, finance, and more. And this is about all countries, including the fashion industry in Malaysia, the food and finance industry in different countries, etc. The finance sector has always led the race of embracing technological advances.

Digitalization of transactions was the first step toward integrating technology in the finance sector. It was widely appreciated due to the security and flexibility it provides.

Now, technology and finance walk hand in hand whether it is banking, lending, payments, or stock trading.

The fintech industry is growing fast and we will surely see new technologies being used in it in near future. There are many fintech apps like mobile wallets, banking, blockchain, insurance, and budgeting.

Last Updated on February 8th, 2024