Top Financial Mobile App Development Trends for 2022
Introduction The fintech sector is one of the promising industries that has emerged from the digitalization that has taken place in the BFSI sector. This Fintech sector has expanded into a multi-billion-dollar industry that handles a lot of economic and financial decisions and transactions daily. As a result, many people rely on Fintech Apps for their daily financial tasks and duties. Mobile app solutions range from online payments and balance monitoring to insurance apps. There are many areas in which fintech solutions can be used.
The Rise of Fintech Industry Innovations in payment, cryptocurrency, and a rise in financial literacy. All of them are developing and are becoming an element of our lives. As a result, fintech has been identified as one of the fastest-growing industries in 2021. The fintech app development market is predicted to reach around $305 billion in 2025. This explosive growth is due to advancements in technology and the users' desire to make it easier for them to interact with financial institutions.
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Top Financial Mobile App Development Trends to Watch Out for 2022 In the coming year, fintech could anticipate increasing its efforts on a few things already in high demand by 2021, along with the widespread adoption of the latest technology. Here are the most popular trends that are likely to make the biggest difference:
• Blockchain
• Robotic Process Automation (RPA)
• Biometric Authentication
• Voice Commands
• Gamification
• Open Banking
• Voice recognition
• RegTech
• Digital wallets
• Video Banking
Blockchain Blockchain can be described as a decentralized impervious, and decentralized digital ledger that holds data and allows secure recording of transactions. Blockchain technology is perfect for rapid data recording and sharing since it allows for instant recording and transferring of blocks of data that are only accessible to authorized members. In addition, any changes made to the information recorded are available to everyone on the blockchain, making it a safe and effective tool for all companies that need to ensure their data security.
Biometric Authentication Since the fintech application is sensitive to security, biometric authentication is among the best ways to guarantee security. Due to mobile technology, the security of financial assets is assured in many ways. One of the most secure methods to identify a person and prevent identity theft is biometric authentication. While no single security method will guarantee 100% security, such face, voice, and fingerprint recognition are reliable.
Gamification Gamification is a rage in the finance industry and is gaining momentum! This is incorporating gaming features into your fintech app to improve customer satisfaction. These may include quizzes and cashback reward programs tailored to every user and more conventional actions like trading stocks or managing accounts for money.
Vocal Recognition Voice recognition is an aspect of biometric technology that is a subset that uses the voice of the user to provide authorization of transactions as well as other financial transactions. Although using voice to identify transactions in FinTech applications is still in its infancy. The primary concern is security because the technology for voice recognition isn't as secure as fingerprints or facial recognition. But, some financial institutions are exploring voice recognition as part of their FinTech initiatives.
Digital Wallets Digital wallets, also known as e-wallets, are systems that use software to securely save users' credit card information and passwords for various online transactions. With the help of near-field technology, customers can conduct fast and simple transactions using only a simple text message or tapping on the phone's screen.
Robotic Process Automation (RPA) AI could be used to streamline financial management for customers. In addition, the same technology could be used to improve the operations and procedures of banks or financial institutions. This is also known as robotic process automatization (RPA). In simple terms, it automates or can automate large volumes of transactions, that is, repetitive rules-based tasks.
Voice Commands In 2022 the use of voice recognition technology is anticipated to increase dramatically. The use of voice recognition and commands, a subset of biometric security functions, is predicted to be extensively used by customers to approve payments and other banking requirements. For instance, customers can use Siri or Alexa to make trades or other transactions, such as online bill payments.
Open Banking The Open Banking program is a technique that lets all users make use of third-party applications to use banking services and access their accounts on mobile applications. APIs, also known as Application Programming Interfaces, are employed in fintech to aid in data transmission between banks and account networks.
RegTech RegTech, also known as regulatory technologies, can help financial and banking institutions to manage compliance with regulatory processes. RegTech is a generic term that encompasses various FinTech solutions designed to aid in reporting, compliance management, and monitoring.
Video Banking Making the services available online creates a noticeable gap in services, that is, the human touch and the personal touch. BFSIs are working to bridge this gap by implementing using video-based banking. Since customers are aware that they're speaking to a real person, Video banking increases the trust between banks and financial institutions as well as the customers.
Wrapping Up! The day of online banking was a viable option for all needs of online banking. Every other industry in the world has built an ecosystem offering services and products through digital channels. Now is the right time for banks and financial institutions to take note of the FinTech trends of 2022.
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