Must-Have Features For Your Fintech App

14th October 2020

It is undeniable that FinTech technology has taken the financial industry by storm in 2020. And here at Cuhu, we’re lucky to be based in Manchester, a newly-recognised fintech powerhouse

Today, we cannot imagine ourselves without technology; it has changed the way we organize our days, months, and even years, especially in the area of finance. From shopping to stocks, FinTech apps are becoming a part of our daily lives. In fact, Swedish FinTech giant, Klarna is now the largest fintech firm in Europe, and the app itself regularly tops the Apple Store charts, boasting an average of 37,000 new app installs every day. 

FinTech technology utilises many intuitive features and when building your app, they should not be ignored. Ensuring your app uses the best combination of these features is imperative to helping your business thrive and your revenue maximize. We’ve put together a shortlist of features you need to consider when developing a successful fintech app.

Innovative UI/UX Design

Without a doubt, the user interface and user experience are going to be huge factors in ensuring your app is successful. Fintech app developers must consider that their users will want a simple, easy-to-use interface to allow smooth and stress-free navigation. 

Where financial situation can often be a personal concern, FinTech apps should offer ease and flexibility to its users and provide advanced financial services that engage and encourage their customers. 

Artificial Intelligence

In all app development, innovation is key, and across the technology industry, it seems that artificial intelligence exists at the centre of it. Integrating AI into your FinTech application will inevitably increase your app’s capabilities and appeal. Examples in which AI can be used range from automated customer support and real-time chat to fraud detection, all of which with increased operational efficiency. 

Personal banking app, Monzo, features AI-powered customer service and has proven effective. If AI automates customer support then this also frees up time to focus on other business-related tasks.

Monzo’s AI-Powered Customer Service

Personalisation 

The success of mobile banking and money management apps, such as N26 and Revolut, is largely down to integrated features that have allowed users to personalise their experience. 

These apps in particular allowed users to set their own savings goals and categorise their spending; therefore engaging their users on a personal level, ensuring their return. 

Reward Programs

As in many industries, incentivising customers has proven to keep them coming back. Your FinTech application should consider a rewards program, as many fintech apps already choose to do so. When a user is benefitting from using your app, it provides them with a reason to return. 

In fact, Robinhood, the stock-trading and investment app, is the number one finance app and this largely due to its reward program. They also have a referral program that financially rewards customers for getting friends and family to download the app, too. It’s a win-win. 

Robinhood’s In-App Rewards Program

Push notifications

The leveraging of push notifications in your fintech app is essential for effective communication with your users. Customers often desire real-time updates when it comes to their finances and push notifications are a fast and efficient solution. Push notifications can act as a simple sales tool, reminding users of discounts and the aforementioned rewards. They can also provide your users with information regarding their account and financial status. 

Notifying users when their bank balance falls below a threshold, or when their stock value has increased by a particular percentage, are two examples of how push notifications are currently utilised amongst existing fintech apps. 

N26’s Push Notifications

Data Security and Privacy

Data security and privacy seem like a given considering the nature of fintech apps and are most definitely elements that should be addressed in all app development. Where laws and regulations exist, full compliance must be followed and this authentication process has to be well-designed to ensure the security of users’ financial data.

Customers may not necessarily understand the ins and outs of data security and privacy but providing them with secure log-in portals or the choice for 2-step verification, for example, will most definitely build their trust in your app. And long-term trust is the key to success.

To summarise…

One thing is clear, the FinTech industry is ever-growing. And if you’re looking for a sign to build your fintech app, this is it. With that being said, Cuhu is obsessed with helping clients resolve their tech issues whilst making improvements through technology. If you’re a FinTech business looking to take the next step, don’t hesitate to contact us. Whether this is to simply chat through an idea, or discuss our services and capabilities, we’d be happy to hear from you.

Contact us today. 

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