How Mobile Apps Revolutionize the Finance Industry

April 29 , 2020 Posted by Admin

Mobile devices continue to revolutionize the business sector around the world. Several applications are launched each day that modify our way of living changing our daily -based operations. One of the historical transformations was observed within the finance industry with the introduction of powerful technologies in the mobile platform. Mobile technologies like Artificial Intelligence, Blockchain, Internet-Of-Things and Augmented Reality have benefited finance industries to a great extent.

In the present time, advanced-level features and functionalities have been incorporated within the mobile applications. Let’s have a look at how mobile applications are revolutionizing the finance industry.

Personalized User Experience

Fintech applications are integrating latest technologies like artificial intelligence to give their users personalized experience. Customers are now able to get engaged with mobile app development company in an easier and faster way with the customer-specific user interface. Due to advanced level data analytics inclusion in fintech apps, expectations of customers are met by showing them what they want. It has been made possible to recognize patterns in user behaviour so that content can be displayed according to their need. It has also made finance companies easy to make prediction analysis based on user’s data that help in decision making. Intelligent mobile apps like possible finance are being developed for better recommendations and suggestions by tracking savings, spending and borrowing habits of users.

QR Code, Biometric & Contactless Payments

Mobile banking apps are transforming the way finances are managed by introducing several different payment methods. A smart way to make a payment that is contactless has been launched within mobile apps like Samsung Pay and Apple Pay, which allows users to perform online shopping without paying through credit or debit cards. Contactless payments are secured through encryption attached to each transaction performed, so users can pay without worrying about their information getting hacked. A secure biometric wireless payment method is also gaining everyone’s attention as it allows paying the bills without going out and eliminates the needs for paper printed receipts. QR codes can be scanned through your banking apps providing you with a faster, easier and efficient payment method.

Payment Through Cryptocurrency

Blockchain has provided new ways to store and manage data, moreover, this technology has modified payment gateway. Cryptocurrency methods are the latest in the fintech world, which offers secured transactions using powerful Blockchain technology. Through cryptocurrency payments, you can send different cryptocurrencies like bitcoins to a person far away from you at another corner of the world. This decentralized technology has improved business processes transforming banking operations. This type of payments removes the need for third-party integration so users and complete control over their data, Blockchain wallets have been introduced by iPhone app development company that keep a record of all your transactions. It is the most modernized banking way that benefits fintech android apps making the whole system secured and transparent.

Open API Economy

With the introduction of several latest technologies like AI, IoT and Blockchain, fintech companies are relying on these technologies for powerful business operations. With the advancement, more value-added services, products, features and functionalities have been added to fintech apps. Accelerated Programming Interfaces (API) allows efficient, reliable and secure sharing of data between systems. It has become easy for app development companies to incorporate previous features or add new ones to existing fintech mobile applications. By integrating third-party services to mobile banking applications, customers are offered great flexibility that increases the frequency of their transactions. Enhanced digital services are provided with API integration like geo-location service so that users can find a nearby ATM etc.

Voice-Assisted Banking

Artificial Intelligence is being incorporated into a variety of apps available for fintech download app stores. Voice recognition is among the most popular AI-based technology, huge companies like Google, Apple, Amazon have used this feature into their mobile apps. Through natural language processing, AI-powered chatbots are launched that provide conversational banking experience to customers. These chatbots are capable of providing 24/7 customer support by resolving basic queries like balance info, credit score and routing numbers. The best Android developers assistants are also able to perform complex tasks like money transfer and guidance about customer spending and saving habits.

Conclusion

Banking and finance sector always consumes most of the world’s economy and needs a revolution that has been noticed since the past few years. Customers faced issues in performing transactions as it required a lot of cost, time and energy, however with the change in the finance industry the whole process of the transaction has been made much easier, quicker, safer and reliable. The chatbots integrated into fintech mobile apps are saving costs of customer agents and have introduced a new way of customer-interactions.

Also Read: How Mobile Apps Are Transforming The Way of Doing Business?