13 Benefits of FinTech Apps in Business 2024

Some of the benefits of FinTech apps in business lend themselves well to specific expectations from 2023 and well into 2024. Advanced systems help tackle some of the worst issues affecting the world today and take into account how they affect customers using various platforms. Cybersecurity is a perfect example, where today’s FinTech platforms offer extended and more robust security. At the same, new FinTech is looking to include artificial intelligence systems.

FinTech, like any other, will expand and enhance in 2024. The aim is to make systems more robust for businesses offering services while enhancing the overall customer experience.

CC0 Licensed Image Courtesy of Pexels

Integration with Smart Devices

Financial technology systems are no longer confined to office and home computers. The on-the-go nature of many financial institutions, from banking to investment, caters to mobile devices. With one tap of your finger, you can send money to India or another country that may not have a solid banking system. Smartphones and tablets are well-suited for the rapid development, and deployment of such technologies will only get more convenient this year.

Better Security and User Protection Systems

Security is a major concern when it comes to valuables such as money. And FinTech must embrace the security of its systems. Fortunately, FinTech development is among the most secure in the world and uses strong systems as part of the legal requirements of development:

• Strong encryption that uses some of the highest levels in the world.
• Extensive testing of safe coding practices to complement security protocols.
• Easy to install updates that occur automatically and as often as needed.
• It conforms to the ISO/IEC 27002 standard that is widely used in information tech.
• Various frameworks help protect the business and the end user’s data.
• Industry insiders are adopting FinTech Security and Regulation (RegTech) practices.

Encryption is an excellent tool, but it isn’t bulletproof. A good enough hacker can get around this with the right tools and experience. However, combined with other security systems such as safe coding practices, updates, and ISO standards, FinTech platforms are among the strongest.

FinTech Apps in Business are Cheaper

App development is expensive, depending on what you need. On average, it costs between $90,000 and $700,000 to develop cross-platform apps for Android and iOS, for example. So your business will want to save money where it can. Once a FinTech app is developed, the automation it offers is superior to other types. There are also other benefits that save on costs for the consumer, such as no ad revenue, fewer salaries to pay, and less physical presence.

Streamlined and Efficient Operations

Software integration is an advantage for business owners and managers, no matter the type. A streamlined operation, which apps offer, means lowered costs and more focus on customer service. FinTech offers such advantages and can improve operational efficiency. As a result, costs are driven down to the point where you are in a position to offer greater value to your customer base and improve productivity with software assistance to the existing workforce.

Wider User Accessibility

People want everything all at once these days and in as few steps as possible. Smartphones and other mobile devices have made this possible. FinTech apps and solutions are just a click or tap away for many people and are more accessible than ever. With a reliable app, a customer can transfer funds, apply for a loan, or make an investment in minutes. There is also an advantage as a business since you can offer lower commissions on services than banks do.

Improved Customer Satisfaction 

The whole point of an app is to solve a problem. When you offer the solution to a customer, trust is earned, and the customer is satisfied. One of the most common services offered by FinTech apps is increasing wealth. But this is hard to do. The solution many are using is “Gamify,” the app, so it is easier to use and offers greater convenience. For example, customers can earn rewards by referring friends to the service, incentivizing them to engage with your business.

Greater Convenience to Users

All in all, customers of apps just want convenience. But convenience is hard to come by with so many apps that are designed with underlying and hidden agendas. A FinTech app that works is upfront and offers the convenience that users want and need, beginning with the following:

• Customers love being able to customize certain aspects of a FinTech application.
• Advanced security features such as biometric authentication and face scanning.
• On-demand customer support which can be implemented much faster using AI.
• Quick and easy money remittance (sending to people) via an easy-to-use app.
• Financial education that includes tutorials, expert advice, and planning tools.
• Integration with other technologies, such as AR, to enhance the user experience.
• Platforms that align with modern ethical and sustainability issues faced by customers.

One of the key benefits of a FinTech app is that your customers shouldn’t need to visit a physical location. All the data they want and need must be made available at the tap of a screen or click of a mouse. If it isn’t convenient and easy to use, then it offers little to no value to your clients.

Faster Approval Processes

Further to convenience, speed is an essential part of a FinTech app. And when it comes to approval processes, this is all customers care about. They want an answer as fast as possible so they can find an alternative solution. FinTech apps are excellent for speeding up the approval process using automated systems. Reliable apps should aim to have any approval processes completed in less than 24 hours for systems relevant to banking, credit, and insurance.

Quicker Operational use

It can take some time for a traditional financial institution to process transactions and other services. A reliable FinTech offers much quicker processes but also faster ways to interact and operate an app or service. This is where the UI and UX come into play, as users prefer easy-to-use systems that allow them to access services and data with a minimal click-depth. Like web design, a good FinTech app offers a shallow click depth of no more than three taps.

Personalization and Improved UX

Another crucial part of the UI and UX is personalization. Customized apps and services are among the top trends of 2023 and 2024 in-app, web, and software design. Today, FinTech services use complex systems to ensure the product you use begins to learn more about you and changes the system as a result. This is guided by past behavior, where algorithms can make predictions about the services you use or need, and what is displayed to you immediately.

FinTech Apps in Business Promote Inclusion

Even in today’s world of mobile devices, not everyone has access to the financial services they need. Even though there are around 7 billion smartphones globally, 1.7 billion people are financially excluded and can’t access vital services. FinTech apps are aiming to improve this by making their services more accessible and affordable where they are needed. It is hoped that more people can regain control of their finances and begin to live a better quality of life.

Embracing the AI Revolution

As mentioned earlier, AI began making waves in 2023 and has impacted all sectors, from banking to movie production. FinTech is no different and can benefit greatly from automation and AI systems that help both the service provider and the customer in a number of ways:

• AI can be used to detect fraudulent activity on a customer account. 
• Chatbots help prioritize and segment customer support issues.
• Risk assessment and credit scoring can be fully automated these days.
• AI advisors can analyze market trends and make recommendations.
• Reduction in manual efforts to help speed up typically long processes.
• Predicting investments and studying market trends and customer behavior.

Automated systems are able to work much faster and more accurately than any human. This comes in handy for security checks such as fraud checks. However, AI is also becoming more interactive and human-like, helping with online support systems and offering financial advice.

On-Demand Analytics Data

An acceptable FinTech app makes use of data in creative ways. One of which is allowing users to access the data they need. But this must be done quickly and easily. Further, any data displayed to a customer with a modern FinTech app is done so in a much more digestible manner than traditional financial services typically would. For example, income and expenditure can be searched, queried, and formatted in simple tables with user accessibility in mind.

Summary

Easy integration with today’s popular smart devices, such as smartphones and tablets, is one of the benefits of FinTech apps in business. Customers want easy-to-use apps wherever they are and will return to the ones that offer this. Modern financial apps also make the overall experience much more convenient with custom displays, on-demand support, and extra help such as tutorials. Data is also easier to access and displayed to clients in a more helpful way.