The Advantages of Developing a Mobile App for a FinTech Industry

5 mins read

We live in some technologically exciting times. Every industry or company benefits from having an app ready to help its customers. No matter the industry they are in, more and more companies already have an app connecting them with their customers.

Since all companies can benefit from owning an app, it’s no wonder that all businesses aim to develop one for themselves. If you own a business, you’re also wondering if you can find a use of having one.

In this article, we’re talking more about the FinTech industries and developing an app for their needs. We will talk more about the advantages and why it’s worth having a mobile app. Follow up if you want to learn more about FinTech and what an app can do for your business.

    • What is FinTech?

For those that are not aware of the term, let’s just explain what FinTech really is. FinTech stands for Financial Technologies. It is a short term for everything revolving around companies dealing with financial services. That includes banks, stock markets, investment companies, etc.

Since the issue is specific and isn’t similar to any other industry, you need to know that developing a FinTech app is not like doing it for any other business. It needs to be done by skilled professionals and an experienced FinTech software development company.

    • FinTech apps provide automation of tasks

Since nearly everything revolving around finances falls under the umbrella of financial technologies, from an ATM providing money to credit score checks, you can say that all processes need automation of tasks.

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Artificial intelligence had a breakthrough in the last ten years, and today, every app developer should consider using it for creating a FinTech app. AI helps the automation process and provides great value for both business owners and consumers.

Processes and communication between the financial companies and their clients become fast and straightforward. Super-smart computers handle problems without involving human assistance, which means that apps on clients’ smartphones can resolve some issues without delay, saving a ton of time and energy.

    • Security reaches a new level with a perfectly developed app

Having a debit or credit card means there’s always a chance for someone to hack into your account. Security is a serious issue even today, in 2021. In the US alone, nearly 400,000 cases of stolen credit cards were reported in 2020, which means this is a severe problem.

An app can help clients feel safe. A great one will ask for two-step verification, having a password, and notifying for any change in the client’s account. These features prevent hackers from doing any damage, and an app can help make users’ accounts safe.

    • Customer support

One great thing about apps is that they can connect the users with the customer support service immediately. Even if the company hasn’t employed someone to take care of their clients 24/7, most apps have a chatbot powered by AI, and it can solve most of the clients’ issues.

However, a serious company will provide multi-channel support for everyone owning the app. Phone calls, chat rooms, or mail communication should be available for everyone. After all, it is well-known that successful customer support makes loyal customers, and they make most of the profits.

    • Marketing with 100% accuracy
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The biggest marketing challenge is to target the ad accurately. When you have potential clients download your app, you know that they are interested in what you have to offer every next time something new comes out of your offices.

Sending them notifications to offer loyalty rewards, promoting new products, or simply reminding them of your presence on the market is marketing targeting with 100% accuracy. If they already have the app, it means that they are interested in your industry and your business. The right offer to the right consumer is a marketer’s dream come true.

    • Conclusion

These are some of the most significant FinTech app advantages that every business owner in the financial world should know. If you look at big corporations, you’ll see that they all own at least one app made specifically for their clients. We live in a digital era, and every financial company without a dedicated app will not prosper unless they come out with a personalized one.

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