Essential Features To Be Added in FinTech App Development

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As we all know, because of the Pandemic the pace of our economic growth has been decreased globally. Also, please note that the banks can do this by transforming their digital infrastructure and inclining towards digital banking. And because of this, the banking sector suffered a massive impact. So, it is vital for banks to get FinTech App Development done.

 

Nowadays, banks should start using modern technologies to gain a competitive advantage and this can only be done with a user-friendly mobile application that's not only just handy but also safe. 

 

So now, the essential step that comes after you’ve decided to create your banking application is to select the set of features that will turn your simple app into a versatile and more dynamic tool for all your customers. In this post, I’ve mentioned some crucial features of an online banking app that are fundamental and can make your app even more appealing and engaging. 

Basic Features of FinTech App Development

  1. Transaction History

Transaction History is a record of all transactions in a given period, and the transaction records can be made accessible through banking mobile apps. This special feature can be used as an authentic passbook statement because it permits users to access their online passbook using the mobile banking app itself.

The transaction details should be bestowed easily, and statements should be downloadable in PDF and Excel format for a better user experience. 

  1. Locate the bank branch and ATMs

It is not an unorthodox feature to have in a mobile banking app. It actually tells your customers how much you think and cares about their convenience. For providing this feature to users, you have to integrate Google maps into your native or hybrid mobile banking application development. You will have to obtain the user’s permission to get their location if you want the nearby branch and ATM feature option to function in your banking app fully.

Advanced Features of FinTech App Development

  1. Repeat payment of bills

People often pay for certain bills in regular intervals, and for that, they need a payment automation feature that can make payments automatically on the user’s behalf. This feature can also be coupled with payment reminder features for bills that users frequently pay.

  1. Spending Tracker

The mobile banking app provides an algorithm that will record the expenses of all of your customer’s transactions. Though it is not the bank's job to account for their customer’s expenses, having such a fantastic feature in the app will increase user satisfaction.


Also, Read Ultimate Guide for Expense Manager App Development.

Wrapping Up

Time had passed when the differentiation criteria for banks were limited to only interest rates and robustness. Now, in this modern tech-savvy world, banks are expected to make their customers’ lives seamless and more effortless by being available 24*7. 


Due to the pandemic, and with these recent FinTech trends, it has become essential for banks to improve their digital banking infrastructure and start providing banking services through mobile applications.

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