Designing FinTech Mobile App Using Advanced Banking Trends

Designing FinTech Mobile App Using Advanced Banking Trends
7 min read
27 January

Most experts have provided banking and FinTech predictions for 2023, where you will be watching FinTech appearing as the biggest trend than mere banking. Nearly 50% of customers want the respective banks to integrate theft protection, bill negotiation services, data breach protection, and more. Can you combine all the traditional banking features in one modern FinTech mobile app? The answer is a big YES. 

A leading enterprise mobile app development company, BoTree Technologies, can help you design cross-platform mobile apps through new technological innovations. 

Let’s dive into the latest mobile banking trends to design perfect FinTech apps.

Top 7 FinTech Mobile App Trends For 2023

  • Data Privacy and Security:
  • Financial data is more often prone to hacking because the bank’s data is the culmination of the records of the customers. It means the data is under cyber threat. Therefore, FinTech app developers at BoTree Technologies are more vigilant when developing FinTech apps. We understand the security and threats that these apps pose. However, the customized app development cost will vary to develop the banking app with all the security features. The FinTech industries need to shell out more money to get the relevant apps that meet their needs.
  • Security compliance is the top priority nowadays due to increased banking fraud and money laundering activities. Using multi-factor user authentication and authorization will help save the users’ money, and ultimately banks can maintain the customers’ privacy too. The PCI Compliance and KYC features for maintaining full-fledged data privacy and security in mobile banking will also help. The use of versatile security options will keep hackers at bay.
  • Personalization:
  • For developing flexible, scalable, navigable apps, hire FinTech developers to deliver personalized Ads and the financial information that is important for the customers. You can predict personalized financial information using AI tools, predictive analysis, behavior patterns of the customers, and their geo-location. 
  • Furthermore, customize the FinTech mobile application to send location-based push notifications on a loan offer or credit or debit card deals to the bank customers. These personalized ads from financial institutions or banks will make the user experience enjoyable and make them feel wanted.

Read blogs: How Much Does It Cost to Build a FinTech Application?

  • Use Of Modern Technologies:
  • Most FinTech app development companies use modern technological innovations like AI, ML, and Biometrics to develop FinTech apps. Many leading industries are deploying AI projects, and until now, more than 40% of the organizations have deployed AI solutions for driving infrastructure decisions in 2023. 
  • The use of AI and ML is not only deployed to provide instant responses to consumer queries, but Artificial Intelligence helps recognize the patterns of the users. Along with Machine Learning, it helps make smart recommendations and conduct predictive analysis. 
  • Our best FinTech app developers use biometrics to identify the user. FaceID, VoiceID, TouchID, and fingerprint recognition can help in safe logging into the customer’s dashboard without any security breach.
  • Unlock New Opportunities through Open Banking:
  • To bridge the gap between conventional banks and FinTech apps, the FinTech application development company offers open banking API systems. This FinTech technology helps to safely share consumer data between the bank and the app using third-party app services. 
  • Under the Open Banking System, the banks open their APIs to third parties for developing new financial apps and services. It helps the account holders with full-fledged financial transparency operations. It also supports the concept of Banking-as-a-Service, where BaaS connects third-party apps with the FinTechs. 
  • Adoption of Big Data to Prevent Fraud:
  • The banking industry is the most data-intensive industry because of the daily financial details it accumulates from millions of customers. Although, internet banking, cashless transactions, and web services have reduced face-to-face bank operations. Still, the challenge of financial fraud and hacking is there. So, FinTech app modernization includes the adoption of Big Data. 
  • Big Data Analytics uses the existing systems to identify the users’ patterns and behavior of transactions. The behavioral analysis of the customer expenditure pattern helps alert the staff of any unidentified fraud or breach committed in the customer’s account. The suspected patterns are identified by watching the anomaly of the behavior of the patterns.
  • User-centric:
  • A leading FinTech mobile app development company creates the most user-friendly apps with advanced services. The interface is navigable and efficient so that banking customers do not face any problems while scrolling the financial apps. Simple yet advanced analytics and organizational tools help to build and organize financial data. The provision of real-time data analytics to trace the finances makes these apps user-centric. 
  • The FinTech app development solutions provider helps record the finances, making it easier for the users or companies to keep track of finances and carry out online trading. There are many standard bank credit applications included in these FinTech apps. 
  • Low Code Development:
  • Low code or no code is the future of FinTech app development. Many FinTech app development services providers use low code to strengthen the mobile banking industry digitally. These solutions help in digitizing the whole process of customer interactions and developing the financial core systems. 
  • Moreover, a low code solution means that there is no use of coding or less coding is used to develop financial applications. It also proves cost-effective and utilizes the same code on various cross-mobile platforms. The development of the application, implementation, and usage becomes quite fast.

Read more: Innovative FinTech Startup Ideas to consider in 2023

Get the Robust and Scalable FinTech Apps Designed!

2023 will witness significant trends in FinTech mobile apps. The financial industry is going through a series of innovations to provide the best mobile experience to banking customers. Professional and reputed FinTech app development company BoTree Technologies helps design and develop scalable apps that will digitally transform the banking sector. Financial institutions looking forward to giving a 360-degree change to their financial services can get FinTech app development services from us. 

As a leading software development company, BoTree Technologies is equipped to help you develop scalable customized apps that meet your business objectives not only in the present but also in the future. 

Contact us today for a FREE CONSULTATION of your next project.

Sam 19
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