The bank has now come to the mobile screen, instead of forcing the time-crunched millennials to walk into the bank. Saving and investing is more fun than a burden now.
The new wave of banking and fintech startups have significantly changed how people bank and manage their finances. It’s no secret; it’s ‘mobile banking.’ Mobile financial apps automate the investments, purchases and transferring of funds, providing additional security options to keep away customer’s money and savings from identity theft.
Smart fintech companies and startups of today are playing brilliantly. They are associating themselves with top mobile app development companies to deliver apps that offer lifetime solutions aligned with customer’s lifestyle, when they reach to their personal mobile devices for any kind of financial assistance.
The future of financial app development and finance apps looks rosy and exciting. For all the finance companies and businesses who haven’t yet moved to mobile app development services, we’ve rounded up the predictions of the financial experts from the Forbes Financial Council on the banking and finance apps:
“The trend that will win is cardless payments. Cardless systems are easier to use, sign up for and maintain.
The two current apps that pop out to me today are Venmo and Paypal, but I believe it's going to be a payments future filled with significant near-term change. Watch out for bitcoin-based companies, as well.” - Charlie Youakim, Seezle
“Blockchain tech represents the most significant change to banking. With over one-third of the population either underbanked or skeptical of banks, blockchain is better equipped to address fundamental issues of financial inclusion, costs and fairness.” –Jeremy Almond, PayStand
“Similar to the retail store, retail banking will go through a transition period. As millennials and future generations become the breadwinners within the workforce, a significant shift in banking and making purchases will occur.
Clearly, smartphones are making it easier than ever before, with apps giving access to an electrifying amount of personal financial data, from immediate updates to their account balances to making them better money managers. The apps are poised for a massive growth.
Asper the Consumers and Mobile Financial Reports 2016, 53% of smartphone owners with bank accounts used mobile app development services last year for banking and financial management.
So, how these finance apps are simplifying the businesses and making it a one-stop gateway for the multiple financial needs of the customers. Here’re the top ways listed:
Finance apps are offering the best re-bundling of banking services on a single platform, catering to the needs of a busy consumer. Personal finance apps of today use artificial intelligence and data science to enable smarter financial decisions among the customers.
By analyzing user’s financial habits and behavior, the app suggests smartest ways to savings, to each user individually.
Some features like lowering bills, finding better credit cards as per income, providing them their credit scores empower financial organizations as well as consumers on a more personal and secured level.
Apart from the basis, one of the very interesting investment benefits that the finance apps provide is the cash rewards program. Apps like Acorn allows its investors to make the best money while they shop with its partner brands.
Acorn, one of the most popular finance apps, has partnered with the top brands including Nike, Airbnb, Casper, Dollar Shave Club and many others that are millennial’s favorites. This lets them receive a direct investment into their Acorn’s account as the cash rewards turn into cash forward benefit.
Simple and real interface
If you are still skeptical about mobile banking that it is a complex process for elderly users, you’re thinking it wrong. Apps these days offer a simple and interactive interface to the customers of all ages such that they don’t feel the need of a banking officer to assist them.
Most mobile app development companies of this mobile-first world are consistently working on delivering the most compelling user experiences that guide them on a clear and effortless banking path.
As these apps gain traction, more and more fintech companies must widen their services to a more focused, millennial audience. They must integrate their apps with such smart investment and shopping apps, which will further let the users prosper and manage their finances from the comfort of their home.
Hence, it’s time to choose the top-quality mobile app development company to launch your app on all apps stores (Android and iOS) before your competitors take the stage.
Category: Mobile App DevelopersCompany about: Konstant Infosolutions is a renowned name in the modern IT space, delivering inventive business-centric web and mobile app solutions across latest technology verticals. Our idea of building virtual interfaces and automated supplies, keepsutility and purpose at the core of it. Which resonates with the fact that we have successfully built over 3500 projects serving over 2800 customers in our 15 years of engrossing industry experience. Binding Virtues: Our practice of seeking the best of quality ...