Types of financial applications software and common development challenges

Interest in products of fintech app development manifested itself in 2014, when banks began to develop their own applications, develop mobile services, and modernise traditional services. .

The market for fintech applications is expanding, companies are introducing the latest innovations in them: AI, ecosystems, paperless services.

These sophisticated options make life easier for people, but can be overwhelming if presented unsuccessfully.

Use hyper-personalisation

One of the major trends in mobile financial services is hyper-personalisation. It is based on analysed data about user behavior, and not just about its basic characteristics. It is possible to build work with hyperpersonalisation only iteratively (cyclically): the more information about the client’s actions, the more accurate the proposals for him will be. Everyone has different scenarios for using the application – someone transfers money to children on a weekly basis, someone pays for utility bills every month or repays a loan.

Artificial intelligence recognises and analyses the actions and interests of the user and offers him relevant services. A personal account has become a necessary part of any application that deals with customer retention, increasing the core of a loyal audience, an average check, and the time spent in the application. Now the content adapts to the user, he receives personalised reminders, offers, bonuses, cashback.

Hyper-personalisation allows you to spend less time looking for options and information, which frees people up time for more important things, such as spending time with their children or finishing a work project. When the options you need are at hand and easily accessible, then it is more likely that the person will return to your application again.

Instant payment – linking the card to the application and the trend on the SBP Card binding is a must have for any application that sells its products or services. A person is more likely to make a purchase if they do not have to search for a card number or access third-party mobile services. In addition to the already familiar for many Apple and Google pay systems, another form of payment has appeared – SBP (Fast Payments System).

As soon as banks determine the sources of loyalty for it and technically ensure the acceptance of payments, this payment method can become in demand both online and in stores. SBP enables self-employed people without tax penalties to instantly receive money on their card. Or, for example, pay bills for gas, water and other social services using a QR code in any mobile bank that is convenient for the user, which has connected an SBP. Superapplication – an ecosystem that not everyone needs

Suprap is called an application with its own ecosystem, consisting of different services – from financial to lifestyle. For example, a user can view the status of his current account or buy theater tickets. To create a super application, you need to build a complex IT structure from scratch, including working out a huge number of relationships between services within the superapp. One of the advantages of such an application is a lower budget for attracting users. But to attract third-party partner services to your ecosystem, you need to integrate with them, which is not easy for small companies – their development budget is very limited and they are less interesting to partners than their large competitors.

You also need to understand atypical financial services, for example, marketplaces. If we are talking about a giant service for millions of users, then the development of a super application will be commercially justified, but for small companies it is better to create several simple applications.

For corporate clients

Financial applications from https://fireart.studio/fintech-app-development-digital-banking/ are used by legal entities as well as individuals.