How does Fintech Work?

Fintech provides financial services to individuals or organizations through software, making the process of carrying out financial activities extremely convenient and fast.

Fintech applications use machine learning, artificial intelligence, blockchain technology, and robotic processing automation to carry out these processes.

There are two main types of Fintech Services:

1.      B2B – Business to Business

Businesses use these services to apply for loans and funds, manage financial data, and carry out business transactions.

2.      B2C – Business to Customer

Customers may use these services to carry out transactions over the internet and to manage their finances. Customers may also use Fintech for insurance and credit services.

Top Fintech Apps

Since Fintech offers such great opportunities for business, you can take inspiration from some of the top Fintech apps to develop your own application. Here are some of the best Fintech Apps:

1.      Robinhood

This application is available on iOS and Android devices. Robinhood serves as a stock trading application, allowing users to exchange stocks, indices, and cryptocurrencies. This software is linked with 3,500 banks in the US, allowing users to carry out the trade without any hurdles.

2.      Mint

Mint is an intricate Fintech application that provides its users with multiple services, including financial advice, bill payment reminders, and tracking of finances. This application is highly encrypted and secure, enabling the users to feel comfortable while using the application. This application is also available on apple and android devices.

3.      Tellus

Tellus is a perfect application for landlords and tenants. This application makes the process of paying the rent, collecting the rent, and maintaining the contract and other tenant details extremely easy. This app offers high usability and accessibility to landlords and tenants.

4.      MoneyLion

This application allows users to request loans and seek financial advice. MoneyLion is a top-notch app used widely among people in America for wealth management purposes.

5.      Chime

This online bank allows users to manage their finances and carry out transactions. There are no charges for sending funds to friends or family via Chime. Moreover, the whole process is very quick and simple.

Features of the Top Fintech Apps

When dealing with something as confidential and as important as finances, you have to be extra cautious and careful. Here are a few tips that mobile app developers keep in mind while developing such apps:

1.      Accessibility:

The purpose of integrating finance and technology is to make traditional banks more accessible. Therefore, you need to make sure your app is accessible and offers features that make the bank appear more accessible.

2.      Convenience:

Ease is a priority for people that opt to engage in digital financial activities. Accordingly, your application has to be easy to use and extremely convenient for the users. If your app fails to offer convenience, it will fail to meet its ultimate goal.

3.      Security:

The biggest challenge faced by Fintech is security. There are threats of security breaches and fraud. You need to prioritize high app security and incorporate high-security practices to make your app safe. Here are some of the best security practices used by the top mobile app developers:

• Encrypt the data
• High standards of authentication
• Use blockchain technology

4.      High Performance

Such applications can’t afford to compromise on performance; the app has to perform the way it is expected to, offering high functionality to users without causing any trouble. If your app does not perform well, you will never be able to gain the trust and confidence of your users. Consequently, your application will fail in the market.

5.      Personalization

All the top Fintech apps offer their users a personalized experience that is based on the individual needs of the user. Finance, by nature, is different for each individual. So, the services also need to be personalized to meet the needs of the users.

6.      Great Customer Service

Inability to carry out a transaction successfully or failing to understand any particular feature of the app can be risky and very frustrating for the user. You can teach people how to use your application, and you can also engage with the users to build their trust through your customer service.

Conclusion

In this age of digital transformation, the integration of finance with technology is the right choice for app development. Hire the best app developers to develop your own Fintech application. Make sure your app is good enough to attract users, gain their trust, and thus monetize.