Top Lessons to Learn from the Fintech Industry

The popular fintech industry is on the rise that has outpaced conventional banking, completely running over activities traditionally reserved for banks and financial institutions. Besides any iOS or Android app development company, many financial juggernauts such as big banks are extremely slow to execute technological advances. But, fintech companies don’t function within the same regulatory environment.

One of the massive differentiators that catapult fintech companies is the kind of convenience that they offer. Take a look at Uber or Lyft. These amazing apps offer a great alternative to old cab services, and this runs in parallel to what fintech companies are doing to banking. Let’s talk about a couple of underlying features of fintech apps shared by the experts at ITSolution24x7, a leading IT Solutions company.

No Complexity

Mobile Apps that win over customers usually make their lives better. If your mobile app can quickly simplify a person’s daily routine then you’re on the right track. For instance, observe Lemonade which is an app created by an android app development company that streamlines the process of purchasing an insurance policy. Or Simple Bank, which is a mobile-first fintech alternative to conventional banking. And, they don’t charge you any fees.

User Experience

Incredible user experience is a very distinctive trait of fintech apps which is also derived from the ‘simplification’ principle. When you’re designing a more accessible way of doing finance, design and user interface play a vital role in the overall user experience. And it is true, this is probably one of the most amazing tips out there. However, several iOS and Android app development companies still fail to follow this requirement. There are guidelines both for iOS and Android, containing a wide variety of detailed instructions on how to create an app that’s going to blend in perfectly with the ecosystem.

Impressive App Design

User experience is heavily connected with app design. Often, the fact that a mobile app looks and feels premium changes the whole user experience. Every fast-growing android app development company is focusing on fintech apps in each niche, and app design is crucial to the experience of each of them. App design is so important that there are giant web design agencies that focus only on fintech and banking apps. So if you’re creating a mobile app that has components of financial services, it’s recommended to check out mobile apps that are already thriving on the scene and take inspiration from their design solutions.

High Security

Personal finance is an area that requires a lot of privacy. The reason fintech apps depend on the security infrastructure to survive and progress, as even the smallest glitch could cost them their user base, big investors, and other growth opportunities. You might observe many growing cybersecurity trends within the fintech industry and android app development company, which show the relevancy of digital security of their customers. And security is relevant to practically any other mobile app niche since most of the apps have monetization or transactional functionality.

Blockchain

You might have heard about Bitcoin but you may not understand the technology behind it. Blockchain is the underlying technology that powers Bitcoin and other cryptocurrencies. If you are running an iOS or android app development company than the main concept of blockchain may not be complex for you to understand. However, the underlying idea that allows it to be safe is that to get encrypted information, a person has to hack into all of the blocks in the chain simultaneously. This requires an unquantifiable quantity of processing power. This is the major reason blockchain technology is virtually impenetrable.

User Data

Several mobile apps store data on their users’ devices. This initiates many security threats, such as the phone being compromised through other apps. If your mobile app needs to store data on the phone, ensure that it’s completely deleted after a few weeks. But fintech apps take it a step further. Just like Apple Pay, that doesn’t store any type of transactional data on the device at all. Every other iOS and android app development company is working aggressively on securing user data.

Conclusion

Fintech is one of the vertical-leading niches, which uses mobile apps as the main driver of its primary growth. Concerning the amount of competition that wants to take advantage of the growing opportunities, companies tend to place a lot of emphasis on overall usability, security, and the general appearance of their apps.

Are you ready to create a blockchain app? Reach out to ITSolution24x7, a reliable iOS and android app development company.