Financial Apps are dominating the Fintech industry. Take for example the mobile banking applications. These are so widely used that it is already unthinkable to visit a bank office for the sole purpose of transferring money. Another example is P2P payment solutions, integrated with e-commerce websites. Integrations with the likes of PayPal, Venmo and Google Pay provide customers with services that are still unmatched in terms of speed, security and simplicity.
Industries such as retail, finance, hospitality, reward and recognition cannot rely on conventional approaches anymore. Nowadays people are more reliant on digital technologies. Especially on smartphones. Also, tech businesses are constantly becoming more flexible and innovative, hence managing to please their customers. Additionally, digital platforms provide an opportunity for incorporating modern concepts like cryptocurrencies and blockchain technologies.
E-commerce solutions and integrations with Financial Apps offer vast possibilities
These can be as flexible and as feature-rich as brands decide them to be. Companies can decide whether to use an all-in-one solution or launch several applications with dedicated features. It is all up to the needs of the client. Furthermore, these forward-looking organisations manage to compete with traditional businesses by offering numerous advantages:
- Better models of customer acquisition.
- Lower costs for services.
- Answer specific customer demands.
- Help small businesses to manage their cash flow.
- Small business working capital funding & loans.
Financial Apps can be used in a wide range of areas
Another advantage of financial applications is that a business in one industry can benefit from the trend in another by adapting their offering in an agile way. We have already mentioned banking and P2P services, but there are so many more.
For example, businesses can focus on developing:
- Personal Finance Management Apps – Smartphone users are gradually becoming more conscious about their spendings. This means that there is no better time for Fintech companies to offer a functional App that helps users take care of their cash flow and make their lives easier.
- Loan Lending Apps – also known as P2P lending Apps, these offer a platform in which lenders and borrowers can connect with each and offer loan deals. All this without the need of a third-party like the conventional financial institutions. Such platforms also encourage bargains, which mean lower rates and more visitors.
- Investment and trading Apps – these are widely used by investors and stockbrokers. People love such platforms for several reasons. These Apps are easy to use and ensure quick and simple transactions. Also, many investment and trading Apps offer investment data to their users and automatically calculate asset valuation. Handy, right?
- Crypto Exchange Platform – investing in a platform of this type is a good idea. Contemporary software like this offers users to benefit from a decentralised market and start trading cryptocurrencies and other digital assets in a single platform.
Many more opportunities include investing in digital insurance technologies, crowdfunding platforms, and digital wallets.
Unarguably, one of the biggest concerns for Fintech businesses remains online security.
In terms of online safety, organisations are still struggling with flaws in their online services. A 2019 survey reveals that the majority of Financial Apps have security vulnerabilities. Such research demonstrates that the Fintech industry has a long way to go to ensure safety and reliability for customers. Also, given that such platforms operate with personal data, there should be no doubt that the issue can be addressed.
We at Blue Tea also understand that.
Find out more about our security services and don’t hesitate to contact us for future partnership prospects!
Blue Tea’s approach towards building Fintech Apps
Finance is one of the industries we specialise in.
Our experience grants us the knowledge on how to approach new projects and how to deliver against our clients’ requirements.
Having worked on numerous successful projects, our specialists will comprehensively research your project and will advise you on the best approach toward realising it. We will craft an elegant and functional App with all security measures that fully meet your requirements and expectations.
Check out our Finance industry solutions and share your ideas with us. We will take care of expanding your business and services.