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11 Must-have Features for Fintech Apps
- 01 Dec 2022 6 min read
This list of top features for fintech apps help you create a usable product that your customers will love.
In the mobile app development industry, no other software as a service (SaaS) is as popular as financial technology (fintech).
In fact, statistics from 2019 found that 64% of global consumers use fintech solutions. And, in terms of growth, the fintech industry isn’t slowing down.
This is no surprise to anyone as financial technologies came and redefined how we conduct monetary transactions. They, without a doubt, gave the perfect solution to an integral part of how we conduct ourselves in the real world.
But not all apps are created equal. There are some fintech apps that are not optimized to serve the need of customers and end up losing clients. Meanwhile, there are apps like PayPal and Venmo that have successfully held their grip on their respective markets.
We attach their successes to some key features of their apps that you should model after if you’re considering building one, yourself.
Top features for every successful fintech app
For finance companies, investing in a mobile app counterpart for their services is a key opportunity for capturing new clients and keeping existing ones loyal.
If you find yourself in this industry and in need of an app as well, there are a few things you should consider to come up with an app that will succeed.
1. Intuitive user interface and usability.
Usability is key for fintech apps. Unlike traditional banking, where customers go to a physical location, fintech apps are used on mobile devices and need to be easy to use and navigate. If an app is difficult to use, customers will quickly lose interest and move on to another app.
Good usability includes clear and concise instructions, easy-to-find buttons and menus, and logical layout. A well-designed fintech app makes it easy for customers to do what they want to do, without having to spend time puzzling over how the app works.
2. Security features that protect customer data.
Security is another top priority for fintech apps. Customers trust their financial information with these apps, and they need to know that it is safe and secure.
Security features should include password protection, encryption of data, and fraud protection.
3. Integration with other financial apps and services.
Most fintech apps are designed to work with other financial apps and services. This allows customers to easily move money back and forth between their different accounts.
It also makes it easier for customers to use multiple services from the same provider.
4. Customer support.
Even the best fintech apps sometimes have glitches or problems that need to be fixed. That’s why it’s important for apps to have a customer support system in place so that users can get help when they need it.
Customer support can be offered through email, phone, or online chat.
5. Personalized experiences.
When it comes to fintech, users demand personalized experiences. They want to be able to use the app in a way that is comfortable and convenient for them. This means that fintech apps need to be customizable and adjustable to meet the needs of each individual user.
This can be done through features like user profiles, which allow users to enter their personal information and preferences. The app can then use this information to provide a customized experience that is suited to the individual.
Other customization options include setting spending goals, budgeting tools, and customizable notifications. These features help users stay in control of their finances and make it easy to keep track of their spending.
The bottom line is that personalization is key for fintech apps. If users don’t feel like the app is designed specifically for them, they will quickly lose interest. Fintech providers who focus on providing a personalized experience will be more successful in attracting and retaining customers.
6. Alerts and push notifications.
Many fintech apps rely on alerts and push notifications to keep users informed about their finances. These notifications can be used to notify users about account activity, new promotions or deals, or changes to the app’s features.
Notifications are an important way to keep users engaged with the app and ensure that they are taking advantage of all the app has to offer. They also help to remind users about important financial tasks, like paying bills or budgeting.
These help keep users informed and engaged, which leads to a better overall experience.
7. Digital payments.
Digital payments are a key feature of any fintech app. They allow users to pay for goods and services online quickly and easily.
This makes digital payments an important feature for fintech apps. By offering digital payment options, fintech providers can make it easier for users to make purchases online. This can help to boost sales and revenue for the app and its provider.
Digital payments are also becoming more popular worldwide. In fact, a recent study found that global digital payment volume is expected to reach $27 trillion by 2020. This makes digital payments a key area of growth for the fintech industry.
Fintech providers who want to stay ahead of the curve should focus on developing digital payment features for their apps. This will give their users the ability to pay for goods and services online quickly and easily. It will also help them stay competitive in the global market.
8. Money remittance.
When it comes to digital payments, money remittance is one of the most important features. It allows users to send money to friends and family members around the world quickly and easily.
Fintech providers who want to expand their reach should focus on developing a money remittance feature for their apps. This will allow them to tap into the growing global market for money transfers.
It will also help you build strong relationships with your users and promote economic growth around the world.
9. Language options.
When it comes to language options, fintech apps should provide users with a choice of languages. This allows users from all over the world to use the app in their preferred language.
Offering language options is important for two reasons. First, it allows users from all over the world to use the app. This makes the app more accessible and convenient for everyone.
Second, it helps to promote diversity and inclusion. By providing a choice of languages, fintech providers are sending a message that they value diversity and inclusion. They are also showing that they are committed to serving all members of the community.
Language options are an important part of any fintech app. By offering a choice of languages, providers can make the app more accessible and inclusive for everyone.
10. Account management.
Account management features are important for fintech apps because they allow users to manage their finances effectively. By providing users with access to account information and tools, providers can help them stay on top of their finances and make informed financial decisions.
Some of the key features that providers should focus on include:
- View account balances and transactions
- View account statements
- Make payments
- Transfer money between accounts
- Set up recurring payments or transfers
These features allow users to manage their finances effectively and stay on top of their financial health. They also help users to make informed decisions about their money and how to best use it.
11. ATM Locator
When it comes to financial apps, one of the most important features is an ATM locator. This allows users to find nearby ATMs and withdraw cash when needed.
ATM locators are important for several reasons. First, they help users to access their cash quickly and easily. Second, they promote convenience by allowing users to find ATMs close to them. Third, they promote safety by allowing users to avoid unsafe or unfamiliar areas.
Overall, ATM locators are an important feature for any financial app. By providing users with access to nearby ATMs, providers can help them to stay on top of their finances and make informed financial decisions.
When it comes to building apps, the brands that see the most success are those who anticipate every possible need of the user and develop a digital solution for them. This we’ve seen most evidently from fintech apps.
In building your own app, remember the following reminders to make sure it succeeds:
- Market your app. It would be an injustice to months of hard work and a disservice to your customers if you don’t. You came up with a solution for them – proudly talk about it and invite them to use it.
- Listen to your customers. Especially when they have feedback for how you can further improve the app. It would only be a lost opportunity to not take this feedback seriously.
- Focus on usability. Look into user experience and interface design to make an app that is more than functional. This way, you will attract new customers and please current ones.
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