Today it’s hard to imagine our lives without technology. It has altered how we manage our days, months, and even years, particularly in the financial sector. A vast range of fintech applications lets us pay our bills, transmit money, shop online, and manage our spending. They generally save us time and make us feel more comfortable and financially secure.

At the moment, we use FinTech to manage our budgets, transfer money, pay rent, and insure our homes.

FinTech applications are extensive because we are all involved in financial systems, whether we like it. FinTech applications include:

• Mobile payments
• Consumer banking
• Robo-advisory and stock trading
• Blockchain and cryptocurrency
• Insurance
• Personal finance management
• Filing and managing taxes
• Crowdfunding
• International money transfers
• Lending

The Global Fintech Market is anticipated to grow at a CAGR of around 20% over the next four years. The market value is expected to reach around $305 billion by 2025, according to GlobeNewswire.

So, the industry is booming, with more FinTech companies and apps finding their users every day.

But what makes them successful?

The key characteristics of FinTech applications for FinTech app development are:

Demonstrably strong security

While there are many functions to build user trust, the first is to demonstrate security. I don’t say this lightly when I argue that it is necessary to offer proof of payment and processing security.

So, for example, if you use third-party services or companies to facilitate transactions, wear a security badge everywhere.

It’s also worth looking into biometric security.

Finally, for any API integration – or even just for logging into your app – make sure there is multi-step verification. Yes, these are additional steps for the user. So, of course, you have to make sure they’re seamless and user-friendly. But these extra checks will make the user feel that you are protecting their information and assets.

Flawless and orderly registration on the site

We’ve already written about what an excellent registration process looks like.

But it’s important to note here that a great registration process is essential for FinTech app development and building user trust.

Why? Because simply put, people don’t trust what they don’t understand.

If your onboarding is inefficient or confusing, users will be disoriented about how to use your app. And if you don’t know how to use the app – that is, how to get value out of it, but most importantly, how to get money out of it – will you use it?

That’s why it’s so important to know your users. You want to tailor your introductory course to their demographics, psychographics, and behaviors.

For example, older users may respond more to a certain type of guide or aesthetic than younger users, and so on and so forth. 

User-centered navigation and user-centered design

To create a great UX/UI and user-centered design, it’s essential to have straightforward navigation. So place the most important features in the foreground of each screen, making them accessible and easy to navigate from one to the other.

And another point about UX/Ui design is to make forms easy and straightforward to use. FinTech apps often contain multiple forms, whether for registering, linking bank accounts, transferring funds, or approving transactions.

Personalize

We all like things a certain way, and when it comes to being comfortable with money, we want something a certain way. So being able to personalize the user interface and settings is a huge plus for users when it comes to FinTech app development.

But things like basic navigation buttons, push notifications, dark mode, currency, or category customization cost tracking features? They will only improve user orientation and add value to your work for them. 

Visualizing Data

Unless you’re a spreadsheet enthusiast and review Excel documents for fun, you probably prefer a graphical way to understand the numbers.

This is where analytics, especially data visualization, which users can control, comes into play.

If users can filter information and visualize personalized data, they can get the most out of the app.

Think about online investment or banking apps – you want to know what’s going on with your money as quickly as possible. Is the line going up or down? Are you in the red or green zone?

Personalizing these principles, you help users understand why and what they are doing with your app.

You’re increasing orientation in the app. And, as we said before, people don’t trust what they don’t understand, but that goes for the opposite.

Final Thoughts

The complexity of these apps and the number of features they provide are awe-inspiring by helping to make our financial life more manageable.

Without a doubt, there is an opportunity for much more significant and more imaginative ventures. So, if you want to enter the exciting area of finance by launching a business or developing an app, we can assist you. At Altezza Creative Solutions, we undertake systematic market research on the fintech industry and understand how the top applications survive in the face of stiff competition. If you wish to prosper in this industry, we are more than willing to assist you.