Finances and the economy have currently been in the news extensively due to the gloom of pandemic hovering over the head of the entire world. The graphs of the economy, the financial conditions of almost all countries have stooped down drastically. This, we believe, this an Apt time to talk about the financial app development procedure.
The development of a financial app is a lengthy and tiresome process. But, there are several mobile application development consulting services that provide you with top quality mobile app development financial service. Hence, it is always recommended to opt for mobile application development consulting services or mobile app development services companies. Effects of the pandemic are such that various studies have demonstrated that in the US, a quarter of people opened a digital-only account in the last year- 2020. This makes up for a great shift in the norm.
COVID-19 has become a turning point in the lives, markets and businesses all around the world. Digital transformation has been one of the major aspects in this sense. This pandemic has really hit us hard-whether take it positively or a negative scourge. Well, there have been certain elements of the pandemic that changed the game completely for many of us. The developers in the mobile app development service companies have been the boost in financial app development demands over time. Let us take a look at what is a financial app.
What is a financial application?
Financial apps are software protocols that ameliorate the supervision of financial deals in various businesses and other professions. These applications can help you record and manage the money deal of your business venture. Tracking daily expenditure becomes portable with financial applications. Bills and expenses can be effortlessly recorded in one place, with haywire aftermath taking shape neither on your desk, not in your mind. For businesses that indulge in multiple transactions each day, a financial app is a solution for them.
Mobile application development consulting services are extensively in demand due to the various advantages of financial apps. We will soon cover these windfalls further in the blog. For now, we must look at some of the types of financial apps:
- Accounts payable software: these apps help businesses to hold a top position of outstanding payments. The delegates can supervise these outstanding payments and ensure the payment of the dues on time.
- Account receivable software: this one is mainly in use for its potential to enable a business venture to monitor the activity of the customers and develop an invoice that ensures reliable dividend collection.
- Bank reconciliation software: the monthly hectic reconciliation process that takes up a lot of human effort; otherwise, it can be easily managed by these apps. This type of software integrates bank accounts and identifies transactions on its own and hence, points out the differences between the statement issued by the bank and the general ledger.
Innovation rarely goes into vain, the endeavour of several scholars has led to the development of financial applications over time. Now, when mobile app development financial services are so much in demand, it is wise to invest in a financial application to expedite your venture and take it to new higher altitudes. Below are the detailed advantages of a financial application.
But before we begin with the benefits, let us comprehend the word- “fintech” briefly. Fintech is nothing but a combination of two concepts- financial and technology. This integration is what we are talking about.
Coming to the advantages, here is an insight into the substantial benefits of a financial app:
Financial apps have become a thing of interest to many entrepreneurs. But, many of these are likely to be bereaved of the considerable benefits a financial app can provide them with. Here we have listed some of these; take a look and decide if you also need to hire a mobile app development financial service.
- The one for all app: a financial application can be extensively used by different categories of the working population at the same time. The exertion of the financial app developer is reduced to a minimum because of this aspect. They do not need to build an application again and again for different demands of the disparate population sections. There is no need to develop an application for each one each time. A financial app is multipurpose software that can be operated on multiple platforms by multiple people. There is a scope for instinctive mobility solutions for agents, customers, partners, and not forgetting the employees. The application can be run on both sides. Agents and customers both can use the same application for their endeavours. This adds to the ease of development of the application.
- Handle the financial details with comfort: finances and accounting can sound like a hassle to most entrepreneurs. To simplify this aspect of the business and focus on others substantially, opting for financial app development is highly recommended. You can effortlessly manage the daily accounts, the day to day expenses with this app. All the transactions can be seamlessly monitored and supervised upon by the executives in the field. This curtails the nuisance spread while handling many accounts at a time in a business.
Not just day to day, the monthly tracker is also a feature that assists such enthusiastic entrepreneurs. You may also customise your application as per your needs and add features that you believe might be necessary for your business type.
- A happy customer means happy you: well, all we are talking about here ultimately goes to the customer who will use the final product. This, the eminence if the procedure lies in the fact that the eventual goal is to satisfy our customer. Mobile application development consulting services are vastly approached these days in light of developing an application that can benefit both the owner company and the end-users. The concept of customer satisfaction is not new. Rather, it is a prolonged, prevalent concept for ages. By developing a financial application, you enable your customers to collect an epitome of their holdings, portfolio values, etc. Not just this, you can further assist them in taking wiser steps making intelligent decisions and make them earn more commission.
- Security is the key: if you’re wondering about the security facets of a financial app, we must make your eyes turn towards the high-security prospect of financial apps along with the management of bank accounts. As we introduced, int the beginning of the blog, the audience is quite large—corporate and retail banking mobility solutions for several banks.
Down with the comprehension of advantages, we now propose some significant features to be added in a financial application.
- Simplicity: the power, if delivered into the hands of the customer, is going to make a huge profit for the owner company. But, which power exactly? The power that we’re talking about is the one that gives access to a customer to the advanced services, which include management of financial operations single-handedly. This power, along with a little touch of flexibility and certain other advanced services in the application, can make your customers awfully satisfied, and thereby, an ecstatic state for you.
Simple and manageable analytic tools, functioning, and operations are extremely significant as the precocious one might be a little complicated to be comprehended by the customers. The app should also enable users to establish a simple interface.
- Customer is God: that’s what we all are told, at least in India, when commencing a business venture. Customer satisfaction is a major priority for all developers and entrepreneurs. They make or break your venture. Hence, an application should be able to mandate the customers to take care of their own expenses. This means that the customers can set, pursue their financial goals, track them, and achieve them. Other features that account for high consumer gratification include a highly interactive user experience. UI/UX designs are an integral and most significant part of mobile application development. We must not ignore it at any cost. Also, the notification system should be up to the mark.
Nobody likes to miss any of the latest updates that they should know first hand. Financial apps can track various aspects such as logins, payment, money transactions, ATM activity and other activities. This ensures a high level of transparent security to the customer. Mobile app development financial services also broadly include the feature of locating the nearby ATMs so that the users can get a whole spectrum of characteristics at one pace and ease out their business protocols.
- Innovation: creativity and the addition of new inventions must not abate at any point in time. A successful fintech app would be the one that is up to date and inculcates the latest updates and technologies in its development. Hiring a mobile application development consulting service would help you greatly in assessing the recent updates and technologies. Take, for instance, the biometric scans that are being included in the recent developments. These can be incorporated into financial applications to make them more secure.
- Multi-layer functionality and quick transactions: technology is upgrading each day, and so are the technical devices. These mobile apps that are developed by the best mobile app development financial services are not only used in mobile phones, but they find a place to be used in PCs and laptops, tablets, smartwatches, etc. Thus, the applications should be built with the notion in mind that it is likely to be used in multiple devices. The access of financial apps should be improvised to be accessible to other devices also.
In industries such as banks, which provide loans and insurance companies, there should be a scope of tracking the commissions. This would assist the employees in getting an idea of their progress simultaneously. They should be allowed to supervise their place of reaching their sales goals and bonuses thus obtained.
- Integration: integration with other applications and platforms is a significant characteristic of a decent fintech application. The ability to integrate with multiple different apps and platforms extends the horizon of the use of applications. Hence, the efficacy of the app is further increased.
But, you might have a notion that the integration process makes the application a bit more complicated than it usually is. You are right! We agree on this part. But, the eminence of integration and its efficiency is what insulates the complications of integration. For example, the application named Trulioo is developed solely as a B2B service for fintech platforms. But, it has been seen that several other services also utilize its functionalities.
- Security: coming to yet another crucial aspect of a financial application- security. The users are most sceptical about their data when using a financial application. I mean, obviously, an application that holds all your bank accounts data, your personal information and that too online is a potential threat to your monetary security. Hence, each mobile app development financial service must pay significant heed to the application’s security prospect. The data shared by the customer must be detained by the app only and must not reach out in the hands of the wrongdoers.
Fundamental security measures include the following:
- Locking of the app after a login attempt is failed
- Password reentering procedure in place
- Maintaining confidentiality of a card number by displaying only a few digits of the number.
What future do financial applications have?
As it is growing today, at an enormous pace, the financial development industry will continue to prosper shortly. This industry of mobile app development financial services is now only to flourish with demands increasing day by day.
Fintech apps need to be more secure, highly flexible, extra efficient and additionally appealing to the customers out there.
In the near future, there can be the usage of customized data analytics, artificial intelligence, blockchain and cryptocurrency, personalization features, voice-assisted transactions, integration of virtual reality and automation features, along with biometrics security checks.|
Select the best Fintech Development Company
When it comes to collaboration, you will have many options. First, remember that dozens of vendors are selling pre-programmed applications. If you are happy with the package with the right balance of fees and features, then go for it. Remember that all distributed applications are quite expensive for additional services.
When talking about custom financial application builders, you should ensure that the chosen team is able to complete the project. Here are some tips to choose the right project partner:
- Agree on the means of development: If you have a clear vision of programming languages and outlines, ensure that the chosen team knows them properly.
- Check out past projects: To understand your area of expertise, you can find a portfolio on Clutch or Goodframes. We love finance and insurance, for example.
- Read customer reviews: Testimonials are also available at the sites mentioned. Explore other customers to reveal their point of view.
- Talk to managers: They should always be ready to talk to you, talk on the phone or meet the person. Consultations are free!
You are just one step away from creating something unique
The development of financial applications is extremely important for almost all brands. If you are unsure about usability, the exact features you need, development approaches, you can rely on us for mobile app development financial services. We offer free mobile application development consulting services to clients, regardless of the scope of the project. Don’t wait today and order your unique fintech solution!