As the tech industry is evolving faster than ever, the banking industry is also trying its best to utilize the latest advancements. Fintech solutions make things easier for everyone as almost everyone needs an easy and secure banking platform to manage their hard-earned money and savings without difficulty. There are thousands of fintech startups worldwide, and many are about to launch.
Fintech apps are highly secure and have unique features for their users. Apps like Coinbase and Chime are the most popular fintech applications worldwide, with remarkable user experience. Chime generated $950 million in 2021, whereas Coinbase generated around $3 billion.
Mobile app development company in Dubai and other leading Gulf region companies are famous for developing high-tech blockchain and fintech mobile applications.
Following are some of the latest trends in the fintech app development
Latest Fintech App Development Trends
The fintech industry is considered the most evolving, and many new trends come up yearly. The global revenue generated by fintech applications is enormous. The success of Chime and Coinbase is massive and appreciative, as developing a fintech application is challenging because they have all the users’ confidential details.
Many banks worldwide have their own fintech applications, and many are in line to develop an application for their users. Suppose you are thinking of developing a fintech application for your business. In that case, it is essential to give plenty of time to market research and choose highly skilled mobile app developers with a history of working on such projects.
Use of Biometric
Biometrics is not new to any of us, but when it comes to the banking industry and mobile banking applications, it is new and saves users from many disappointments. You will find a biometric feature when you start your application, and you can use it instead of the password feature as it keeps your stuff more protected.
This system is used by most of the fintech and blockchain applications, so no one else can log in to the app other than the user.
Robotic Processing
Many fintech applications have switched to robots instead of having real humans specifically for customer service. They are not just used in customer service, but many advanced applications are using robots for the purpose of onboarding customers and assisting them with opening accounts, mortgage processing, and loans. They save time and energy, and employees can focus on other critical tasks instead of wasting time on customer service.
Blockchain
Many fintech applications use cryptography, but it is not that common, and so much work needs to be done as the future is about blockchain. Blockchain protects data more efficiently than any other medium; thus, confidential data login details and other important data are safe when the application has utilized blockchain technology.
Voice Recognition
The feature automatically recognizes the user’s voice, so the user doesn’t need to tell his or her details again and again. This feature saves the users if someone else scams them or the bank. Many fintech startups are working on introducing this feature as it saves time and makes things more secure.
Use Mobile Number Instead of Account Number or IBAN
Almost all fintech applications have this amazing feature. The users can use their mobile numbers while making transactions using fintech applications. This makes things easy for the user to make transactions.
Buy now, Pay later (BNPL)
Some fintech applications allow this approach through which users can buy something and pay later. This makes things easy for the users as sometimes they are short of money and need to buy something urgently. You can quickly pay later directly or through installments.
P2P (peer-to-peer)
The most popular alternatives to traditional lending are credit unions, microloans, marketplace lending, and P2P (peer-to-peer) lending. P2P lending, a specific type of alternative lending technology, involves a borrower, an investor, and an online third-party platform.
Mobile app development in Qatar and Dubai are working on P2P in their latest fintech applications. The third-party platform provides the framework for engagement. As a consequence, without the assistance of a bank, the investor may lend money to the borrower. Peer-to-peer lending services offer better value and are less expensive because they don’t hold the loans themselves.
Banking-as-a-Service
Banking-as-a- Service platforms have developed in recent years into a cost-effective and effective way to provide financial services based on open banking ideals. Banks and financial organizations must adopt a service-oriented and modular/composable architectural strategy to develop innovative new digital services.
BaaS is a key element of the digital transformation roadmap strategy for conventional banks and financial enterprises. To bring cutting-edge technology in-house and improve their services and products, many more conventional financial institutions, on the other hand, are likely to work with fintech companies to adopt BaaS services.
Conclusion
The growth of the financial services sector is quickening. The above-discussed FinTech software development companies in Dubai have arisen in response to consumer demand. They assist service providers in supplying superior services that permit greater financial information access, enhanced transparency, speedier transaction processing, more secure identity authentication, and better customer lifecycle support.