8 Important Components of a Fintech Mobile Application

Posted by Appikr on June 21st, 2022

Fintech applications are becoming an important part of human life, especially in urban areas. Online payment is showing notable growth in countries like India, China, Malaysia, Singapore, Japan, the US, UK, UAE, etc. You can easily find an App Development Company in UAE providing Fintech app development services. You can also find many renowned Fintech companies in the UAE like- BayZat, Souqualmal.com, Beehive, Eureeca, and more.
 
The country is promoting more online payment and easy bank transfers through Fintech apps these days. Fintech apps are the future of online money transfer and currency exchange and that’s why emerging entrepreneurs are looking for an app development company in UAE. They want to build such apps because the demand is increasing in urban as well as rural areas.
 
If you want to build such an app for your business plan, you must recall some essential components without which Fintech apps are meaningless. In this article, we’re going to explore all those components in detail. Let’s proceed!

What Are Fintech Apps?
 
Fintech apps are nothing but online banking platforms that makes banking operations easy for both bankers and service seekers. These apps are also setting up collaboration between Cryptocurrency and other legal currencies. Fintech apps can be used for Online Money Transfer, Expense Tracking, Invoice Tracking, Bill Payments, etc. These apps are becoming popular among app development company in UAE.
 
Users want such applications to pay, invest or exchange their currency for another currency or product. The transaction is also considered the safest using such apps because these apps are associated with various national and international banking systems. Enlisted are the top 8 Fintech apps worldwide in 2022:

•    MoneyLion
•    Robinhood
•    Chime
•    Nubank
•    Mint
•    Coinbase
•    Revolut
•    N26

These applications are promoting easy money transfer worldwide and are getting great user recognition throughout. Cash transactions are becoming outdated day by day and more smartphone users are emerging worldwide. Fintech apps are the future of safe and secure money transactions!

8 Important Components of Every Fintech App to Remember

Developers must recall 8 important elements of the Fintech app before initiating a development project. App development operations should be based on the basic components. That means the foundational components of every app. When you Hire App Development Company for your business objectives, you list down the basic elements required for your mobile app, and based on such elements you can decide the right features and functionalities for your app.
 
Mentioned below are the basic elements of every Fintech app that you need to include in your app-building project. Let’s review them in detail:
 
1.    Make it Simple

Such applications must not have a complex design and data structure. People are supposed to do monetary transactions through Fintech apps. Hence, they don’t want any confusion and like to go through a smooth process. Money transfer shouldn’t be made complicated, it can ruin the user's interest within a few seconds. Hence, the app design and UI has to be very simplistic.
 
2.    Personalization

Online banking transactions are very personal and secretive. Hackers take advantage of their skills and try to steal out of a monetary transaction whenever possible. Hence, the developers are required to make their app as personalized as possible. It helps the users feel safer and special using a Fintech app. Provide them with a personalized dashboard for a great experience.
 
3.    Blockchain Support

At the time you hire app development company, make sure it has ample experience in blockchain development. A Fintech app can’t bring adequate user attention if not have blockchain support. These apps are becoming a great source of crypto transactions. For safer crypto transactions, blockchain is crucial. Developers should understand blockchain integration for such apps.
 
4.    Data Analytics

Data analytics influence the financial decisions of app users. When they’re able to track and control their online transactions properly, they admire your mobile application and its functionalities. They will recommend your Fintech app to other users also. In this way, you can grow your market opportunity in the future. Fintech apps could become a great source of financial information.
 
5.    Biometric Security

Security operations are so common with Fintech and online banking platforms. First, the app developers need to perform some security tests and after the app deployment, they can set up a biometric security system to protect the app admin against any cyber-attack. Mobile App Development in Dubai is accompanied by such advanced techniques.
 
6.    Third-Party Authentication

You can also hire 3rd party companies to provide a safe and secure authentication procedure for your app. Users provide their personal details and information while signing up and creating a profile on a Fintech app. This information needs to be protected against data breaches and malware attacks. 3rd party authentication providers can help you protect the user data.
 
7.    APP Integration

App integration is very crucial for future goals and objectives. That’s because user demand keeps changing with time and you have to mold your application accordingly. You have to update your Fintech app with new features and integrate new technologies within. You can take many ideas from Mobile app development in Dubai and hire a good company for bringing the best result.
 
8.    AI Assistance

Artificial Intelligence is covering various aspects of online business, especially app business. It is considered an important modern app feature that enhances the interactive-ness of users. They become more attached to app features and functions and get a quick solution to their problems. AI chatbot is doing the same thing by providing solutions to the problems of app users.
 
As such, you can create a brilliant Fintech mobile app for your target customers. You can focus on facilitating different user groups with such an application. Get updated on the latest features offered by the competitors.
 
Ending Note

The best thing about an app development company in UAE is that it remains updated to such new business opportunities and client requirements. You can make a Fintech app with very advanced features considering a UAE-based service provider. The country is becoming an IT hub and accommodating highly experienced and accomplished app development professionals these days. Get in touch!