23 Nov 2021
FinTech Applications And Their Impact On Banking And Finance Industry
Fintech as we all know is the short verse for Finance and Technology. Fintech covers all of tech devices and gadgets or services that render services revolving around financial assistance. It has been a gamechanger in the traditional finance and banking industry for the way they carried out operations.
It started off purely for back-end functioning but now is majorly used for online payments, fund transfers, fund management, stock keeping, etc. Fintech has taken the financial payment systems to an all-new level making it a full-fledged transactional ecosystem in the banking and finance industry.
Fintech mobile application development service has become so progressive from the power of AI, Blockchain, and Cryptocurrency, that it has managed to meet the trends and demands of the public. Fintech apps cover almost everything financially. There are 6 types of Fintech apps:
- Digital Payments
- Investment and Wealth Management
- Personal Banking
The above-stated types clearly show that every aspect of banking and finance can be taken care of by fintech application development. Let’s have a look at the different transformations the industry has gone through with the emergence of Fintech:
Also Read: On-Demand Service Apps For Your Business – How Mobio Solutions Can Help?
Earlier there used to be a system of queues to get through with banking. Fintech applications serve customers with operational processes at their fingertips which used to be available only physically. The fintech functionalities not only render basic account services and updates but also enables them to go for account opening, loaning and insurances.
Application programming interfaces
Fintech gave room to API-led banking that includes seamless third-party integration, inter-app communication, real-time fund offering, money transfer through wallets or directly to and from banks, checking credit scores, etc.
Thanks to the advent of POS and rapid mobile internet services, not to forget digitalization and demonetization the digital culture of financial functions was adapted quickly. Not just this there was the emergence of different software and online payment efforts that made payments quicker and cleared bottlenecks of KYC. It just takes seconds to transfer funds, pay, receive or increase accountability.
We know that chatbots have been a part of the tech world for quite some time. They are also used in parallel virtual bank and institution fronts. Not just that there’s been way more advanced, there’s new technological know-how supported by voice chats, iris recognition, face recognition, biometrics, validation scannable chips and QR identification to authenticate different banking operations and transactions.
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Well, this is quite an untapped technique of fintech but it has surely got an evident change in the banking and finance industry. Neobanking in a nutshell is the process of carrying out banking from non-physical banks. These banks offer almost all the banking facilities that a physical bank extends or a physical bank’s online front offers such as instant loaning, mutual funding, different account provisions, and fixed deposits. It’s either an app or a website associated with licensed banks.
Though the changes brought about by fintech seem to be drastic, the market for it isn’t mature yet. It’s in the growing stages. There’s a lot coming our way like further extension of virtual banking, robotic automation, AI & ML automated financial advising, contactless biometric authentication, smarter open banking, more apps and solutions supporting a plethora of financial functions and services all under one roof. All this will not just take our economy a step further with quicker and effortless money flow but also added security and safety of personal financial information & financial transactions.
Looking for a futuristic fintech mobile app development company?
Mobio Solutions’ got you covered. We offer cutting-edge, yet user-friendly mobile app development services put together with utmost dedication and skill of thorough and experienced professionals right from the designing to the post-deployment support. The Mobio Solutions team is known for delivering sturdy fintech applications and spreading smiles to customers with excellent work ethics and timely dispatch.