In today's tech-fast era, fintech, aka financial technology, transforms how people manage their finances. From investment platforms to mobile banking to digital payments, fintech apps are becoming integral to our daily lives, providing security, efficiency, and convenience like before. This is why you can expect the global Fintech's Digital Assets market to grow by 5.13%, resulting in a market volume of USD 3409.00 billion by 2028.
However, with increasing cutthroat competition in the fintech space, having a fully functional app is hardly sufficient. So, to have a competitive edge in the market and offer remarkable client experiences, financial businesses should integrate some essential features when developing fintech apps. Are you curious to know about these crucial features? Well, this article will delve into the must-have features that can significantly boost your fintech app's client experience.
Let's dive in!
Must-Have Features for Your FinTech App Development
Today, fintech applications enjoy remarkably higher user retention rates than other categories. Wondering why I'm this confident. Here's the proof - the average retention rate of fintech apps after 90 days rests at an impressive 58%, exceeding the 48% benchmark for different apps. But here's the deal: a top-notch fintech app not only acquires aesthetic designs but should also come with a dynamic, all-inclusive interface and transparency.
So, the following is the list of top 10 must-have features you should integrate when developing a fintech app.
1. Biometrics and Authentication
Due to the rise of malicious activities in today's digital era, gaining users' trust and making them feel secure is essential. Updating conventional safety measures, such as PINs and passwords, is imperative. Therefore, integrating cutting-edge safety features like voice recognition, facial recognition, fingerprints, and authentication replaces the old safety measures, enhancing protection.
2. Multi-Layered Security
Having top-notch security in place is not only a feature but a basic necessity. You can deploy multi-layered security measures like vulnerability management, fraud detection and prevention, multi-factor authentication, and encryption to win your user's trust. As an outcome, the users will enjoy a secure fintech experience, leading to higher retention rates.
3. Seamless Onboarding Process
True goes the phrase - The first impression is the last - even in the case of fintech applications. The client has chosen yours among the different fintech applications available. Fantastic feeling, isn't it? But you need to do justice to their choice. And this can only be accomplished through smooth fintech app onboarding to walk users around your app's features and functionalities. Well, you never know what your client knows, so it's best to give them a tour before they begin, helping them navigate the whole app easily.
4. Language Options
In today's comprehensive world, inclusiveness is prominent. You never know which corner of the world your clients reside or which language they prefer. So, integrating a multiple languages feature during your fintech app development will allow them to choose one language. This way, the client will always feel welcomed and included. It also ensures your client can use the app without stressing the language barrier. This eventually increases the accessibility of the user base and boosts user experience.
5. Real-time Alerts and Notifications
As technology advances, fraudsters are also modifying their ways to hack the system or attack security systems. So, you cannot be sure about anything! Hence, integrating real-time alerts and notification features will help notify users of unusual log-ins or transactions on their accounts. The immediate alerts and notifications sent to the users will help them take proactive steps and secure their accounts.
6. Cross-platform Integrations
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