7 Features of Highly Effective Fintech Apps
Consumers expect a lot from the financial services and fintech solutions they have to pay for. To make sure your mobile app meets these expectations, you need to develop these seven essential features in your fintech app.
When designing a freemium or premium fintech app, you need to design it in such a way that users don’t even consider the app as technology and instead see it as the ideal solution for their financial needs.
To do this, you’ll need to gain their trust the very moment they install the app, and then provide them with a seamless experience every time they use it. There are seven must-have features that will help you achieve this.
That way, you’ll see higher installation, engagement, and retention rates.
Features of Highly Effective Fintech Apps and their Defining Features:
Features of Highly Effective Fintech Apps: Biometric Login
Biometrics are security technologies that employ a person’s bodily attributes to permit or refuse access to an application.
This can be done on cellphones using fingerprint scanning or facial recognition.
Biometrics addresses a long-standing security issue: passwords are incredibly unreliable.
According to Verizon’s 2021 Data Breach Investigations Report, password intrusions account for up to 61 percent of data breaches.
It’s all a matter of human nature. Passwords are frequently mismanaged or misplaced. Worse yet, many create passwords that are simple to guess.
Biometric security, on the other hand, is extremely secure and nearly hard to circumvent.
It’s also considerably handier and speedier because users don’t have to key in or remember passwords to get into the app.
Biometrics are generally simple to implement for developers. Apple, for example, provides a sophisticated Face ID API that can be used in any iOS app.
When it comes to biometrics, knowing when to employ them is crucial.
Features of Highly Effective Fintech Apps: Simplified integration
Statista recently aggregated data on average mobile app retention rates across various industries.
After the first day of installation, fintech applications lose this percentage of users:
Traditional banking: 69.4%
Digital Banking: 70%
Financial services: 78.2%
All financial services applications: 77.3%
One of the reasons why your fintech app might lose users is because the onboarding process is not user friendly after installation.
A useful splash screen/intro is good. The same goes for a simplified registration page. But here’s another thing to think about.
A fintech app that offers a new money management solution would do well to offer advice once the user enters the app.
A little extra tip at the beginning can really help users discover the value of the app on Day 1 and give them a reason not to uninstall it.
Features of Highly Effective Fintech Apps: User-First navigation
The navigation bar is an essential part of every app. And, really, it should always be designed with the user before anything else.
According to AppsFlyer, in 2020, an average app would lose roughly $57,000 per month due to uninstalls, and CleverTap claims that bad user experience is one of the top reasons for uninstalls. So, what exactly is the big deal? User research is a critical component of your app’s overall UX design strategy. It is the first stage of your app’s design process and one of the most important stages in the development life cycle of your FinTech app. At Foonkie, we recognize this and consider user research to be one of the most important aspects of our development process.
We recommend that you conduct some kind of customer research to prevent wasting time and money by producing generic software that has no real value for your users. It doesn’t have to be a high-priced investigation with all the frills. Interviewing, field research, diary studies, focus groups, usability testing, A/B testing, and card sorting are just a few of the research approaches available. You can pick the one that best fits your needs, or you can combine two or more. In most cases, any research methodology that allows you or your researchers to gain insight, collect quantitative and qualitative data, identify behavioral trends, and identify problems is sufficient.
You’ll be able to comprehend your users’ requirements and worries by following a specific research technique, and you’ll be able to figure out how your app and its UX design can efficiently tackle those problems. You may also utilize the information you acquired to create user journey maps and user stories, which will help you correctly outline your app’s features and functionalities as well as comprehend your users’ path through it.
Features of Highly Effective Fintech Apps: Custom user interface and settings
Designing a fintech app using minimal design is a must. As mentioned about browsing, what is minimal or attractive to you might not be the case for your users.
Now, I’m not saying you have to give them complete information. Control over the customization of the user interface or app features. This will only distract them from what they need to do and can also compromise your brand image.
However, personalization controls that improve the in-app experience can improve usability as well as accessibility.
Most app users nowadays demand instant gratification from a user experience that caters to their interests and choices. It’s no different when it comes to FinTech app development. Some of the primary ways a financial app may push personalization and distinguish out from the competition include tweaking UX design, offering a bespoke choice of menu items, and delivering app features centered on user preferences.
However, dynamic personalization is only possible when app developers and designers have access to user data and data-driven insights. Big Data analytics and AI can assist apps in gaining insights into user behavior, interactions, and intent in order to provide a better app user experience.
Features of Highly Effective Fintech Apps: Frictionless forms
One of the most common mistakes made while developing mobile apps is designing a sign-up form that is either simple or too complicated. One of the first things a user encounters after installing the app is the sign-up form. It’s critical for retaining consumers because a cumbersome form that asks for too much information may deter users from finishing the sign-up process.
Rather of complicating your app with multiple prerequisites, the sign-up process should be easy, convenient, and linked with other sign-up options such as social networks or email. Because “simple is best,” let’s make the form simpler with a user-friendly UX design to improve the user experience.
Features of Highly Effective Fintech Apps: Interactive data visualization
Any FinTech app that uses data analytics to provide consumers with an overview of their financial transactions is beneficial.
People require data in order to make informed financial decisions, which is especially important in the investing and personal banking sectors.
Apps should, at the very least, offer a reporting feature that lets users see a summary of their transactions over a set period of time.
If you have a banking app, for example, it must be simple for someone to monitor their monthly deposits, withdrawals, and payments.
Simplicity is the key to data analytics.
Financial data is complex enough to understand, therefore it must be presented in a way that is simple to analyze, even for a newbie.
Features of Highly Effective Fintech Apps: Push Notifications
Push notifications are essential for ensuring user retention. If a user does not get notified via email or phone notifications about their transactions, there is a chance for them to develop mistrust. The more updates a user can get regarding finances, including the major and minor ones, the better credibility the app has. However, most users get overwhelmed when they are bombarded with push notifications.
That is why keeping it less annoying and the frequency of the auto-ones being moderate is the key to the app becoming successful.
Push notifications in financial services must primarily focus on increasing productivity by relaying critical and timely information. They must not need consumers to take an additional step, such as downloading and installing a separate app. Financial health checking notifications can be especially effective in promoting positive user engagement among younger audiences that seek an intuitive, personalized, 24/7 relationship with their bank provided these measures are followed. Balance summaries, income notifications, bill monitoring, international payment alerts to prevent fraud, and budgeting and savings target tracking are among the top financial services notifications.
According to Fiserv, the most common notifications that consumers are interested in include odd activity on credit cards or ATMs, as well as credit card transactions that exceed the limit, are denied, and are used outside the user’s regular geographic location. Changes in account access, contact information, and access from unknown devices are all common requests.
Users must be able to engage with alerts and notifications on a frequent basis, allowing them to get the most out of their connection with the service provider. However, this is a tricky balancing act.
Features of Highly Effective Fintech Apps: Conclusion
The ongoing fintech revolution, which is bringing cutting-edge technology together, represents a huge potential for financial institutions to stay ahead of the competition by offering innovative banking and financial experiences. Fintech apps packed with cutting-edge technologies will alter banking and financial activities in a variety of ways, regardless of the financial niche your app targets.
There’s no better moment to get into the FinTech game than now, with fast growth and innovative innovations on the way. It’s an industry that, unlike any other, will change finance.
Of course, there are several obstacles as well as chances. You, too, can be a FinTech app success story with the appropriate app idea and a respected collaborator.
We hope this article has sparked your interest in creating a FinTech app. If you’re interested in learning more about FinTech, check out our other article.