Fintech Apps: Design And Technology Trends
Using smartphones to solve everyday tasks, including personal finance management, will continue to be more relevant than ever. User requirements for technologies and applications are increasing, which means that neobank development or fintech solutions development requires considering the functionality that will exceed user expectations. This article will teach you the leading design and technology trends in developing fintech applications.
Technologies Used in Fintech Apps
What are the most exciting technologies used in mobile banking and fintech apps?
Artificial Intelligence Chatbots: A Must-Have in Customer Service
Along with demanding 24/7 access to a full range of services, consumers expect near-instant and personalized interactions with their banks. By leveraging the power of AI-powered chatbots, digital banks can offer automated and personalized 24/7 customer support in banking or fintech apps.
This makes it easier to connect with customers, as immediate, instantly, automatically generated responses can be provided through these channels. The benefits of using chatbots are increased customer retention and the optimization of support costs.
AI-based chatbots are focused on answering common questions among banking institution customers. For example, they can provide answers to questions like, “What was my last transaction?”, “What is the balance on my main account?”
In addition, chatbots can perform more complex tasks, mainly consulting clients who want to use a new service, get a new card, learn about security measures, children’s accounts, etc.
Biometric Authentication: Payment Verification with Fingerprints or Face Verification
Biometric authentication can facilitate regulatory compliance and enhance security when working with sensitive data. Unauthorized access to personal and financial data can be prevented by having users provide fingerprints and face and voice biometrics.
The most common verification method in everyday life, which almost everyone has encountered, is using a fingerprint or face image. People use such data to unlock their smartphones and civil identification systems. Understanding such identification methods by users has a beneficial effect on spreading such technologies in fintech applications.
Machine Learning
As a subcategory of artificial intelligence, machine learning is expected to be one of the major trends in banking technology in the coming years. Machine learning technology allows financial companies to analyze user needs by evaluating large amounts of data on their behavior.
For example, such technologies can analyze bank customer reviews and evaluate their requests and transaction data. Thus, it is possible to assess the degree of customer satisfaction with services, the degree of attention retention on certain things, and the impact of marketing campaigns on users.
One of the most valuable applications of machine learning in the fintech industry is credit scoring, as vast sets of transaction data can be assessed in real-time. In addition, it can also learn from the results, updating the models to reduce person-hours significantly.
When machine learning algorithms used for fintech are built into cloud platforms, regulatory changes can be monitored as they occur. Banks and fintechs can also automatically detect anomalies by monitoring transaction data, ensuring all transactions comply with existing regulations.
Machine learning for fintechs can also improve customer experience, as it can analyze customer data to determine their preferences. This can help understand which services and products may be of most significant interest.
Financial institutions can also more effectively protect their mobile banking customers from unauthorized access, viruses, malware, and fraud using machine learning. With the availability of machine learning, continuous monitoring can instantly block hacker attacks, identify suspicious activity, and prioritize risks.
Some examples of such solutions include Veriff, Sumsub, iSpiral, and many more.
Voice Payments
Voice payments are a convenient way to make payments that are increasingly attracting users. Such payments are easy to use, and, most importantly, they save users time.
Services like Venmo, PayPal, and Zelle already offer voice commands for financial and banking functions.
Customers can link their PayPal account to Alexa and communicate with Alexa using various commands such as “Show me my balance,” “Send 10 euros to mom”, and “Request 30 euros from Robert”.
Design Trends in the Fintech Industry
The visual component of fintech applications significantly affects how users perceive the application’s functionality.
Bright Colors
Designs are changing. Trends gradually move from light pastel colors to brighter and more attractive ones.
Benefits of UX/UI with bright colors:
- Clarity of information perception
- Positive impact on mood
- We strengthen our association with a service, product, or brand.
- It increased conversion and profitability due to a more explicit call difference in action UX – More Pictures, Less Text.
Customers tend to have a formal, gray, and often boring idea of banking services. However, the contrast is even more striking in our fast-paced, colorful, and emotional world, with services like TikTok and Instagram.
Users tend to make decisions quickly and intuitively based on their emotions. This should be taken into account when developing fintech solutions.
How content is delivered in financial apps matters. Instead of boring tables and text, you can use attractive images, charts, and illustrations to create a neobank or fintech app interface that engages the customer and encourages action.
Ready-Made White-Label Fintech Apps
You can also use a ready-made white-label mobile fintech app: mobile banking or web apps. These banking apps are designed to be branded to reflect your brand’s personality. Such solutions usually provide all the essential functions modern users need: checking balances, viewing statements, making payments, etc.
Suppose you want to develop a neobank or fintech app from scratch, considering modern design trends and AI technologies. In that case, you must find a reliable company with extensive experience. We recommend paying attention to Agilie, which specializes in developing payment solutions, mobile development, UI / UX, QA testing, and MVP development.
Conclusion
The idea of developing a fintech application is promising. Such a solution can bring significant benefits to both developers and users. The success of a FinTech application depends on its ability to offer users helpful functionality and a user-friendly interface that meets modern requirements. When choosing a company to develop a fintech application, we recommend paying attention to its reliability.
