Merging Fintech and Mobile Apps for Intelligent Money Management

No one wants to wait for too long to get the thing they need. If you want to get a service fast or at least as promised in the service description, you’ll get terribly annoyed when the service or the product is late, and you’ve paid the fee on time. For organizations, the failure to complete exchanges as agreed can be a downfall on more than one level; angry customers, lost business partnerships and compensatory claims being just a few of them. Electronic money transactions are a popular method for solving several problems for businesses and individuals, including this timely delivery issue. As a conglomerate of most innovative technologies, fintech apps (financial technology apps) are the advanced way to take care of your money from a mobile.

Why the Interest in Fintech Apps
From a little over a decade ago, fintech apps are a favorite of companies and mobile app developers: they are the binding thread for both industries. Fintech apps have revolutionized the way a business is done in a number of areas. Since finance is the backbone of every business, it is no wonder that mobile app development companies are working on finding ways to integrate them into everyday use.

The first reason for the emergence of fintech apps is the need to improve onerous banking services. A second reason to see them more in the projects of mobile app developers is that mobile phones are unsurpassed in use and popularity thus far. Overall, fintech apps surged in mobile app development because they ticked three right boxes: mobile technology, finance innovation and extensive market need.

Banks Befriend Fintech Startups
Although blockchain projects comprise a large part of the fintech industry, especially in the last year or so, mobile app developers create apps for finances using different technological concepts. There are fintech apps that innovate in education, retail banking, investments, peer-to-peer money transfers and cryptocurrency.

In fact, banks that want to improve their services are among the first to nudge mobile app development experts into thinking of ways for the betterment of their sector. Instead of viewing fintech app development as a disruption, Citibank has announced an open call to developers to innovate in the fintech sector the four centers in Singapore, Dublin, Tel-Aviv and London. Banks lead the fintech way because managing a client’s account from a mobile is resourceful; giving easier access to client data, as well as lowered fees. Citibank’s popular mobile application Citi Mobile has a few extra perks that make it an attractive product - the possibility to check your FICO score, the option to use TouchID for accessing the services and easier initialization of the user’s credit card.

Citibank’s example is not isolated in the banking industry. Most large banks use fintech innovative solutions to raise the number of benefits for their customers.

Payment Processors
Despite the numerous competitors, Paypal is still the number one payment processor in the world, enabling money transfers with just a mobile number or an email address.

Practical and easy-to-use digital wallets and encrypted transactions enable various payments from a mobile from wherever the user is located; mobile app development companies develop fintech apps that charge very small fees so that the user actually benefits from the process.

For example, MobiKwik has integrated the services from 250,000 online vendors into a single wallet which provides utility payments, hotel and transport payments, account recharging and retail payment processing from a mobile phone. In a similar way, the online Starlings Bank Marketplace app is connecting customers with insurers, investment services, pension providers and mortgage brokers.

Alternative Lending and Investing
Payments in exchange for goods and services is just one way to use fintech. Fintech apps can help people who have a lack or a surplus of funds conveniently solve their financial dilemmas. You can download a mobile app that will help you get an instant small loan and join an incentive program for future lower interest loans. In contrast, investment fintech apps act as virtual financial advisors, analyzing user’s financial history, monthly income and expenses, suggesting improvements to their financial plans. Weatherfront, for example, is a step ahead by offering selective financial strategies that will take you to the desired goal - a college loan, a retirement fund or a wealth fund. When all processes are automated and programmed ahead, it is more likely that you will keep up with the plan and realize your financial goals.

Cryptocurrency and Blockchain
The creation of distributed ledgers and transactions without intermediaries fundamentally changed the financial world. Blockchain is currently the trademark of fintech in mobile app development. With all advancements, banks and international payment processors still lacked success with users in certain areas. Developers are integrating blockchain technology into cryptocurrency payments (blockchain-based currencies) and smart contracts (blockchain-based legal contracts) to give a boost to the way things were traditionally done.

Although many cryptocurrency exchanges have their own mobile apps, Bitcoin Checker integrates a number of them in one app, helping users manage funds using a single tool. Cryptocurrency wallet apps, such as the Bitcoin Wallet are simplified smartphone processors for users’ cryptocurrency holdings.

Since data encryption and app security is one of the most important aspects of successful fintech apps, perhaps the next era in mobile app development will concentrate on building secure apps that don’t create industry disruption and user disturbance at the same time. Several modern technologies, all being developed at once, revamping the face of modern finance. Blockchain, biometrics, omni-channel banking, and machine learning fuse knowledge to overcome a number of problematic aspects related to paper banking. This is why we are just starting to see the whole potential of mobile app development in fintech.

Find out more about how the best app companies are merging fintech at https://fueled.com/blog/how-blockchain-is-solving-the-finance-industrys-biggest-problems/

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This release was published on openPR.