How Mobile Apps Revolutionize the Finance Industry

April 29 , 2020 Posted by Admin

Mobile devices continue to revolutionize the business sector around the world. Several applications are launched daily that modify our way of living, changing our daily operations. One of the historical transformations was observed within the finance industry with the introduction of powerful technologies in the mobile platform. Mobile technologies like Artificial Intelligence, Blockchain, Internet-of-things, and Augmented Reality have benefited finance industries to a great extent.

In the present, advanced-level features and functionalities have been incorporated within mobile applications. Let’s look at how mobile applications are revolutionizing the finance industry.

Personalized User Experience

Fintech applications are integrating the latest technologies like artificial intelligence to give their users personalized experiences. Customers are now able to get engaged with mobile app development companies in an easier and faster way with the customer-specific user interface. Due to advanced-level data analytics inclusion in fintech apps, customers’ expectations are met by showing them what they want. It has been made possible to recognize patterns in user behavior so that content can be displayed according to their need. It has also made it easy for finance companies to make prediction analyses based on user data that help decision-making. Intelligent mobile apps like Possible Finance are being developed for better recommendations and suggestions by tracking the savings, spending, and borrowing habits of users.

QR Code, Biometric & Contactless Payments

Mobile banking apps are transforming how finances are managed by introducing several payment methods. A smart way to make a contactless payment has been launched within mobile apps like Samsung Pay and Apple Pay, which allow users to perform online shopping without paying through credit or debit cards. Contactless payments are secured through encryption attached to each transaction performed, so users can pay without worrying about their information getting hacked. A secure biometric wireless payment method is also gaining everyone’s attention as it allows paying the bills without going out and eliminates the need for paper-printed receipts. QR codes can be scanned through your banking apps, providing a faster, easier, and efficient payment method.

Payment Through Cryptocurrency

Blockchain has provided new ways to store and manage data. Moreover, this technology has modified the payment gateway. Cryptocurrency methods are the latest in the fintech world, which offers secured transactions using powerful Blockchain technology. Through cryptocurrency payments, you can send cryptocurrencies like bitcoins to a person far away from you in another corner of the world. This decentralized technology has improved business processes, transforming banking operations. This payment type removes the need for third-party integration, so users have complete control over their data. Blockchain wallets have been introduced by app development companies that record all your transactions. It is the most modernized banking way that benefits fintech apps, making the whole system secure and transparent.

Open API Economy

With the introduction of several latest technologies like AI, IoT and Blockchain, fintech companies rely on these technologies for powerful business operations. With the advancement, more value-added services, products, features, and functionalities have been added to fintech apps. Accelerated Programming Interfaces (API) allow efficient, reliable, and secure data sharing between systems. It has become easy for app development companies to incorporate previous features or add new ones to existing FinTech mobile applications. By integrating third-party services into mobile banking applications, customers are offered great flexibility that increases the frequency of their transactions. Enhanced digital services are provided with API integration, like geo-location service, so that users can find a nearby ATM, etc.

Voice-Assisted Banking

Artificial Intelligence is being incorporated into various apps available for fintech download app stores. Voice recognition is among the most popular AI-based technologies; huge companies like Google, Apple, and Amazon have used this feature in their mobile apps. Through natural language processing, AI-powered chatbots are launched that provide a conversational banking experience to customers. These chatbots can provide 24/7 customer support by resolving basic queries like balance info, credit score, and routing numbers. The best developer assistant can perform complex tasks like money transfers and guidance about customer spending and saving habits.

Conclusion

The banking and finance sector always consumes most of the world’s economy and needs a revolution that has been noticed in the past few years. Customers faced issues in performing transactions as it required a lot of cost, time, and energy; however, with the change in the finance industry, the whole transaction process has been made much easier, quicker, safer, and more reliable. The chatbots integrated into fintech mobile apps are saving costs for customer agents and have introduced a new way of customer interaction.

Also Read: How Mobile Apps Are Transforming The Way of Doing Business?