How To Develop A Fintech Mobile Application With Today's Trends

Nowadays, the banking industry is ditching all the brick and mortar systems. They are rapidly shifting towards web and app development providing as easy access to their service as they can. As per the reports The fintech industry secured around $91.5 billion in global funding as of October 2021. That was almost twice as much as what the sector collected in the entirety of 2020. Owning Fintech mobile applications combined with today's trend can rule the world without a doubt. Let's have a look at which trends you can combine with your fintech mobile application.

Artificial Intelligence

AI is helping to make everyone's life as easy as possible. Starting from planning their day to day activities to reminding them about important appointments and events or meetings they have scheduled. There are tons of mobile applications available which recommend users about how they can plan their spending based on their expenses. Some AI-based fintech mobile applications recommend best fit financial products and even guide the users about the process as well.

Users now prefer the mobile application that allows them to make and receive payments globally just with a few taps on their devices. AI plays a vital role in all those mobile applications. This digital transaction requires tons of user data that needs to be protected at any cost. The AI-enabled mobile application brings trust and faithfulness to secure the data as well as to create analytics without manpower. What AI can do for your mobile application.

The unique features that make up this technology are:

• AI helps you to detect transitions in patterns of data readily.
• If any inconvenience occurs with your mobile application, you will not require any human interaction as AI will handle the process from your end.
• Storing various data into the database can be messy without the help of AI. As it will require tons of data with different variables. AI can manage the data processing part as well.
• AI provides the smooth processes of live streaming accurately when it comes to business’ voice and image recognition.

The above-mentioned features can clear one thing that AI can play a vital role for the fintech mobile application. That is one of the reasons that the fintech industry is rapidly adopting AI functionality. 

Biometric Security

The user demands smooth and secured mobile banking transactions with minimal finger taps. Every mobile transaction requires security there is no doubt about it. The most trending functionality for secure banking transactions is leveraging Biometric security. Biometric functionality authenticates every transaction.

Biometric functionality demands fingerprint reading. But soon there will be NFC or RFID-based systems replacing fingerprint authentication. You ask your mobile app developer Canada to combine this functionality with your fintech mobile application.

Blockchain Technology

Blockchain and NFT are no more future but present for today's world. The daily bitcoin transaction was around 330,000 in December 2020 which crossed 400,000 in early January 2021 itself. Also, the global financial service employees are improving transparency using blockchain technology. 

This will smoothen out the transaction process as it will happen on multiple systems rather than just one central server. This will automatically avoid the overlap transaction leading to reduced transaction risks.

You can develop a file coin that helps the users to deal with the transaction with each other while interacting with banks. It can benefit the banks as well as it will reduce the operational expanse and will provide a smooth operational channel. Experimenting with Bitcoin for your Fintech mobile application Canada can help the user, bank and you as well.

Contactless Payments

The FinTech industry is growing and changing all the time. Usage of credit and debit cards helped people to ditch their heavy wallets. In The same way, contactless payments are helping people to ditch the swipe and pay system.

Contactless payment is one of the major changes that the pandemic has brought for us. Nowadays, people do not even swipe their cards, all they do is tap their card on the machine, and the payment is done. It is the most simple and secure payment method. Around 400 million people globally prefer the contactless payment option. Another option for contactless payment is transaction through UPI Id. These e-wallets also offer rewards and credits based on your spending.

It is more like a lose-win situation as on every transaction, you will earn some rewards from your favorite brands. The fintech app developer Canada can develop a fintech mobile application for you that provides the payment transactions functionality through various UPI, banks or any medium the user wants to prefer like apple pay or Samsung pay. 

Autonomous Finance

Autonomous finance is the concept of self-driving funds. This mobile application Canada can help you to make the decision about your finances. Such as where to invest, how much to invest, how much interest you can get such things that can provide you with best-fit investment plans. All it requires from the user is to set the financial criteria into this intelligent investment advisor’s query engine.

These types of fintech mobile applications can manage the investment and can provide you insight into your spending as well. it can also provide you with the funding, expenses and investment plans till your retirement goals as well. The mobile app developer Canada can make apps effortlessly. It requires the usage of AI and ML to eliminate human interaction. 

Conclusion

The mobile app developer Canada can develop a fintech solution integrated with these trends to provide users faster payments, more security, and fraud protection even for day-to-day activities. If you have a similar app idea that needs to be developed, feel free to get in touch with the Hyperlink Infosystem Team. We can help you develop an application that can fulfill all your requirements.