What is FinTech – The Top Features of Financial Software Applications

WHAT IS FINTECH? – THE TOP FEATURES OF FINANCIAL SOFTWARE APPLICATIONS

INTRODUCTION

The development and improvement of technology have been changing the way people operate their activities across a myriad of industries, including finance. While tech has been a crucial part of finance since the late 80s, recent innovations have made things become easier, more impactful, and even more accessible those not working within the industry. With financial entities continuing to invest in technology, it is important to highlight what features are reigning supreme, and how a business can successfully deploy these solutions themselves.

WHAT IS FINTECH?

Financial operations, both individual and institutions, have been made easy thanks to financial technology (FinTech). This technology helps individuals and financial institutions better use and deliver financial services, and involves the use of sophisticated software solutions.

Unlike in traditional banks and finical settings, where a customer could only access services present in the physical office, FinTech helps users to access their financial assets, and engage in the financial markets from any and everywhere. These solutions have become so pervasive and effective that institutions have now embraced technology as one way of improving their operations' efficiency.

FEATURES OF FINTECH APPS

FinTech offers its services through various software applications. While web applications are still very prominent for businesses, it is important to note that there has been an incredible improvement in mobile apps in recent years, as the demand for convenience and accessibility has brought finance management out of the banks and offices and into the palms of users. Traditional banking apps are a great example of this, as now businesses and individuals can access and manage their money from anywhere.

Additionally, trading apps have become popular lately, as more and more people are turning to the market to invest their own capital. Aside from mobility, there are four other key features of apps that must be recognized.

SIMPLIFIED USER EXPERIENCE

Technology is meant to simplify operations. Therefore, the number one feature of every technologybased invention should be simplicity. It should make activities simple and understandable for every user.

This is the same with FinTech apps. Some complex financial processes are easier with the use of the apps.

That's why financial software solutions remain a key investment for the industry, as it invented new ways to assist and engage with financial clients, and access and simply understand the operations.

ARTIFICIAL INTELLIGENCE

Tracking information and the financial history of a client is one of the challenges facing financial service providers. With the development of AI solutions into FinTech apps, the process has been made significantly easier and automated, allowing the industry to be more effective and efficient.

These apps are able to track all the transactions made every time. This will, in turn, improve institutions' operations. Additionally, many financial institutions are leveraging AI for customer service. Chatbots and other forms of consumer-facing solutions are helping clients access information about their finances quickly and effectively.

BLOCKCHAIN AND CRYPTOCURRENCY

One of the latest mainstream innovations of FinTech has been blockchain. The technology offers the best in security and high-level transparency for users. Transparency has been a challenge in the financial industry, but blockchain software has helped to remove this issue and has helped reduce service time due to automated features.

The technology validates, administers, and records every transaction made in an un-editable chain, so users and solutions cannot only see the exact movement of the resources but who and what interacted with it as well. The technology helps save time and money for every party involved, improve confidence in the system, and ensures the safety of data shared during the transaction.

BIO-METRIC SECURITY SYSTEM

Security has been a center of concern for technology-based services. Cybercrime is a day-to-day challenge for any activity done through the internet. When developing these apps, the developers always put security at the forefront.

For security concerns, many developers have employed the use of biometric security systems, which leverage bio-features, like fingerprints, to ensure the identity of the user. This practice helps improve and secure the effectiveness and popularity of FinTech apps across all platforms involved. Other forms of biometric security features being leveraged include facial recognition and voice recognition software.

CONCLUSION When looking to invest in FinTech solutions, it important that businesses do their homework on what kind of software they want, and where they should source it. It is important to remember that technology is not “one-size-fits-all� and that even the greatest off-the-shelf solutions will need to be thoroughly integrated into the system. It is for this reason that custom software development is ideal, as solutions can be built to the exact specification of the company.

When sourcing a custom developer, it is important to not only find a provider with the technical expertise in mobile app development services but also one with financial industry expertise as well. It is for this reason that Chetu is an ideal choice. With over 20 years of expertise and experience in FinTech app development services, Chetu is able to help companies expand and improve their IT capabilities, and bring their services into the future.