Best FinTech Apps: Trends in the Mobile Age
Along with the increasing growth in mobile phone usage, mobile applications become more and more widespread. As a result, FinTech apps aggressively entered the market. Currently, the best FinTech apps are focused on developing a fast, responsive, and customer-friendly app to use.
FinTech is a nickname for solutions that bring about financial exchanges. FinTech is the short term for “financial technology”. It covers a wide scope, including:
Trading and securities
The best FinTech apps are more secure and efficient. Financial information provides users with a security and privacy risk, it poses specific challenges to mobile app and software developers. However, FinTech solutions, in their turn, take this into account by combining features such as blockchain, cryptocurrencies, and other secure channels for exchanging sensitive financial information.
Another feature of FinTech mobile apps is that they also increase efficiency thanks to the automation of some processes as well as offerings of digital options for traditional time-consuming processes, for instance, obtaining signatures on contracts.
Probably, the most essential feature of the FinTech applications is to simplify financial exchanges by offering better user experiences for those companies whose financial tasks might involve dealing with clients, paying vendors, or exchanging assets in different currencies. Now we may take into consideration that FinTech has implications that influence a broad range of mobile applications.
Let’s take the features of FinTech applications that make sense in the current digital era.
#1 Simplicity of data analysis
Fintech solutions provide users with unprecedented power. They get access to advanced services and accordingly, they manage many financial operations. The apps that deliver maximum flexibility, as well as advanced services on an easy-to-use platform, are considered to be the best fintech apps.
The app aims to be a simple analytical tool for data compilation. It should be as simplified as possible. It should let the users not only track their financial activities but also easily access relevant information and transaction history. And the great thing is that the app is always accessible from everywhere.
#2 Wide functionality and integration
Mobile applications must be perfectly integrated with many platforms. As for FinTech, it focuses on many sectors. This means that particular applications are designed for people seeking varied solutions. Most demanded requirements and features are:
Financial resource management
These applications should be compatible with each other, in order to exchange information and establish “communication”. Both for individual and business customers, it is important to integrate numerous applications. It pretends to join all bank accounts or collect different data together. Another important point of the application is its usability on different platforms.
People trust their financial data to the applications. So, they expect the FinTech applications to address data security and privacy issues.
The app users should be confident about the security of data they share with a FinTech app. One of the current trends of the FinTech companies is to ensure data security with regulation and agreement. They should also immediately and appropriately respond to cyber threats and attacks.
Sometimes it makes sense to work with companies who create, audit, and certify security and identity-management of the FinTech app. Typical security measures involve:
lockout after failed login attempts
Password reentering when editing details (card or address)
displaying only the last 3 or 4 digits of card numbers
Currently, the most significant principle is to understand the taste of potential customers. Accordingly, the FinTech apps should be personalized to evoke the unique feeling of being special.
Usually, banking solutions ignore the customers’ demands to stand out from the crowd and to be an individualist. That’s why FinTech startups may be the answer to customers’ needs and desires. A FinTech application easily matches the product sold to the preferences of the potential clients.
Usually, the range of products is not only adapted to the customer and but also introduced in the best possible way so that the users feel special. In this process of individualization, the apps establish the strongest possible relationship with users. Thanks to the integration with personal applications, for instance, social media, financial operations become more enjoyable, bringing people closer together.
Apps that go on incorporating innovations will be those that win. Some FinTech apps innovate by increasing the number of financial services they handle. On the other hand, some of the others innovate by focusing on the data maintained by mobile systems and popular apps.
One of the fully developed areas for innovation is user management. Mobile platforms incorporate scans and other advanced methods of access control. Such advanced measures should also be a significant part of FinTech apps.
The next area is form management. It helps to make more accessible and easy to use applications. Risk assessment features, in their turn, allow users to assess deals. These assessments are more on-target especially if the data is drawn from the appropriate and approved access to the users’ account history.
WealthFront is a bright example that leverages innovative technologies in order to replace classic investment and wealth management advisers. Due to its large database and ML (machine learning) algorithms, users are allowed to manage their personal financial plans through the mobile application.
What are the Best FinTech Apps in 2020?
If you are interested in mobile applications in the FinTech industry, then it will be useful to check out the top FinTech apps in order to find out what makes them unique in the pool of competitors.
Best FinTech Apps #1 Robinhood
This is an American application. Its most essential mission is to democratize finance for everybody. At Robinhood, they believe that people without any exception should get access to the financial markets, so the application was built to make investing friendly, approachable, and easy to understand both for newcomers and experts as well.
In order to comply with the USA government laws and rules, Robinhood requests personal information not only from new users but also from long-standing customers. This personal data includes financial and tax identification information.
What features make Robinhood different?
List of investment options
Real-time market data analysis
Cash management tools
Best FinTech Apps #2 Nubank
Nubank is a Brazil-based FinTech app. This online banking application has become one of the best FinTech apps. Wonder how? - By providing access to invoices and tracking the spending process by category.
The application provides real-time and updated information about Credit cards, saving balance, as well as Nubank rewards. They say that Nubank is considered to be the 6th largest financial institution, reaching 12 million users within its home market.
Savings at user disposal
No-annuity credit card accepted worldwide
Rewarding point program
Best FinTech Apps #3 Mint
The application of Mint is one of the most successful FinTech apps based in the United States, especially, when it comes to gathering relevant information about the users’ cards, accounts, and transactions.
A strong notification system works. The alerts remind users about the bills that are to be paid, offer pieces of advice based on the user’s spending patterns. Such a system helps individual users to be on the top of their finances. On the other hand, the banking industry is provided with the best payment services.
Features of Mint:
Manage bills and balances
Create a budget and see the suggestions based on individual spending
Free credit score analysis with tips
Best FinTech Apps #4 Revolut
Revolut is a London-based startup that offers banking services such as a prepaid debit card, currency and cryptocurrency exchange, as well as peer-to-peer payments. This finance management application allows users not only to spend but also to send money in an easy way.
Due to Revolut, the customers get an opportunity to access cryptocurrencies including Bitcoin, Litecoin, Ethereum, Bitcoin trial, Bitcoin Cash, and XRP by exchanging to or from 25 fiat currencies.
Features of Revolut:
Instant spending notification after every card payment
Create a monthly budget for restaurants, groceries, transport that allows them in managing personal finance
Overseas travel insurance
Split the bill with friends and family calculations will be taken care in the app
Best FinTech Apps #5 N26
N26 is a finance management application based in Berlin. It facilitates financial processes with fast, flexible, and transparent tools of money management that help to control finances. This app allows 2 free nationwide ATM withdrawals monthly.
Features of N26:
Instant money transfer with MoenyBeam
Automatic generation of spending statistics
Account security with face or fingertip recognition
Organize and achieve financial goals with Spaces
Having analyzed some of the best FinTech mobile applications we may consider that there are some features financial startups, businesses, and mobile app developers should take into consideration. These features are:
Secured Sign Up: People trust their financial information to the application. So, they should be sure their data is secure.
Real-time Notification: Paying, sending and receiving money is very important in daily life. A strong notification system keeps the users updated on their financial status.
Budget Organization and Analysis: From time to time users want to get reports about what incoming and outgoing changes have been implemented in their cards. In such a way they organize their financial process.
Instant Money Transfer: This feature provides a chance to immediately send money to other accounts, pay bills, and not only.
So, we once more understand that the final goal is to satisfy the end-users.
As much for this time. Stay tuned!