9 May 2022
Fintech Trends In Mobile App Development To Watch Out For In 2022
The fintech industry is a promising sector of industries that have risen from the digitization of the BFSI sector. The Fintech sector has grown into a billion-dollar industry that handles a high volume of financial and economic transactions and decisions every day. More and more people depend on Fintech Apps for their daily financial tasks and responsibilities. From mobile app solutions for online payments and balance tracking to apps for insurance services, there are several areas where fintech solutions are used.
The Technologies That Help Fintech Sector In Growth
The area of applications has been increasing further with the help of new technologies. New technologies like AI, communication chatbots, Data analytics, and processing have fostered the rise of new trends in the Fintech app development services sector. The fintech sector has been growing a little more than the previous year. This trend is no different in the year 2022. In the year 2022, many trends will dominate the fintech application sector. In this article, we share a brief look into the notable trends in the Fintech sector this year.
1. The Use Of Artificial Intelligence
Artificial intelligence is a technical capability that has been used in multiple industry areas. The fintech sector is no more stranger to AI in applications. AI is used to add human-like interactions and intelligence to fintech applications. AI will improve how a customer interacts with the app framework. The customer experience from Fintech solutions can be improved with the help of AI capabilities and their integration.
Also read: How Mobile Applications Are Transforming The Fintech Industry?
AI can observe the user pattern to set reminders for repetitive payments and autopay algorithm. This way, the person can easily manage his finances. The AI algorithm of a Fintech solution can even improve the suggestions made to the user based on his needs and want analysis. The AI capabilities can also extend better chat support and assistance when a customer runs into a problem on the app. AI-powered chatbots and virtual financial assistants are now a part of Finance App Development solutions. The use of AI will limit the need for human intervention on the app platform. Therefore, the use of AI will increase the independence of the user separate from the institution.
2. Robotic Process Automation
Automation is a leading technology that many companies have invested in to improve the organization’s pace of internal processes. Therefore, it is unsurprising that a Finance App Development company also looks at adopting Robot Process Automation or RPA in future features and processes. The robotic process automation capabilities will improve the pace at which many simple tasks are completed inside a Fintech app.
RPA can hyper automate processes so that the waiting time of jumping from one app function to another is decreased. Today, users have a short attention span, and their overall patience level is also low. Thus, the use of RPA can boost the overall performance and customer satisfaction of such apps. The RPA capabilities can be combined with advanced software updates to create intelligent interfaces and bots for fintech apps.
3. Biometric Security Interface
One of the technology trends that Mobile App Development service companies are exploring for fintech purposes is the biometric security interface. Biometric and facial recognition technology is now used for superior security provisions in mobile devices. This technology can be extended to the fintech app interfaces. Advanced security provisions are a necessity for financial tech apps so that the user can access them without compromising his information and financial security.
The use of biometric data in access provisions allows the security to be personalized according to the user’s unique biometrics. The use of multi-factor authentication with the help of biometric security provision can be a great advantage for fintech companies and users. While fingerprint sensors in phones are the basic forms of biometric security, the technology will further evolve in the future for better use cases. Biometric and facial recognition technology have a lot of potential in the fintech sector.
Also read: FinTech Applications And Their Impact On Banking And Finance Industry
4. Blockchain Technology
Blockchain technology has become more famous now with the rise in cryptocurrency and crypto-wallets. Cryptocurrency apps and wallets are also a part of the fintech sector. Blockchain technology is a very useful capability for fintech apps. The use of blockchain technology will increase the security levels of fintech apps and improve transparency between institutions and customers.
With the advent of Blockchain technology, fintech companies are looking toward decentralized finances with advanced digital systems. With reduced centralized procedures, the risk associated with financial transactions and decisions will decrease for app users. Blockchain technology will evolve further to let people and companies take up financial transactions without traditional banks. Blockchain technology will help complete the digitization and transformation of the mobile apps focused on fintech services.
5. Contactless Payments
Contactless payment is a trend that has affected individuals as well as companies. Contactless payments benefit stakeholders of the fintech sector, starting from the grassroots level to the highest levels of clients. Cashless and contactless payments are a trend that will continue till the next few years, and it is highly normalized.
The use of apps for payments and the creation of highly secure digital payment gateways with the help of fintech capabilities can transform the way we interact financially. Contactless payments are here to stay, and advanced technologies like tap and go on cards and scanner codes are only a chunk of their potential.
Apart from these trends, reg tech and autonomous financing solutions will also take over the fintech industry shortly. These trends will continue the development of the fintech sector beyond its present scale. With the help of these trends, the fintech sector will grow at 9.2 percent in the coming years.
Mobio Solutions is an enterprise application development company with a wide experience across different verticals of industries. Hire mobile app developers with technological expertise in various mobile app development platforms like Android, iOS, Flutter, and React Native, as per their project requirements.