How to Design Fintech App Using Mobile Banking Trends in 2023?

Fintech is a blend of technology and financial services that have revolutionized how businesses function. In this tech-driven era, users expect more efficient financial solutions.

As a result, fintech apps are growing in popularity. Nowadays, there are numerous apps to execute financial tasks such as transferring money, paying bills, loans, or financial advice.

So, is there any need to build another FinTech app? Is developing a fintech app a profitable business idea for business owners? 

Let's see some stats that will help you to get answers to the above questions.

According to Deloitte, the fintech sector is currently worth $180 billion and is expected to grow to $213 billion by 2024. 

In the United States alone, over 10,000 fintech businesses were registered in 2021, while there were more than 26,000 firms worldwide.

There is a massive opportunity for business leaders to leverage the Fintech industry by building an interactive app by taking the assistance of a reliable fintech app development company. 

This blog will discuss the latest and innovative mobile banking trends to incorporate into your Fintech app in 2023. 

7 Effective Ways To Design FinTech Apps Using Innovative Mobile Banking Trends

You must offer the ideal banking user experience with an easy and interactive design for a FinTech app to be successful. 

Therefore, use the below-mentioned latest mobile banking trends in 2023 to stay ahead of your competitors. 

1. Blockchain-Based FinTech App For Streamlined Services

One of the hottest trends in financial technology apps is blockchain technology. With entirely transparent, safe, traceable, and hassle-free transactions, its use will revolutionize financial services. By utilizing blockchain technology, you can speed up transactions also. 

Automation is one of the crucial advantages of using Blockchain technology in banking procedures. Nobody has time to stand in line and complete lengthy forms in this hectic lifestyle. Blockchain works effectively in this situation since it makes it simple to obtain identification and registration and easily tracks asset ownership.

2. Include Gamification in FinTech Applications

The development of technology has increased the interactivity of financial services. You can gamify the banking user experience by utilizing a graphical representation of reward points and financial information. It is best to amuse your consumers so that they keep using your app and also encourage others to download it. 

You can also do the following things: offering reward points for achieving investment targets, participating in social events, utilizing new financial services, etc. Users who accumulate points are eligible for service discounts, special offers, prizes, and freebies. Additionally, cross-promotion can benefit significantly from social media sharing. 

3. Analysis of Real-Time Data Based on Nudge Theory

The FinTech app can assist users in managing their finances, including user authentication, account balance, transaction history, etc. Thus, it is imperative to analyze real-time data and nudge theory to offer a more personalized user experience. 

What is nudge theory, and how will it help users?

You can take the help of the best mobile app development agency to build an engaging FinTech app. Nudge theory is a concept associated with behavioral science that helps you to understand consumer behavior and the decision-making capabilities of groups or individuals. It will help you to showcase more personalized ads and services. 

4. Use of Voice Assistance To Enhance User Experience

As the market for mobile app development becomes more competitive, your app should include distinctive features and improved app performance. 

In FinTech apps, AI-based voice processing offers users immediate support for a more seamless experience.

5. Build a Strong User-Authentication System

FinTech applications must offer a secure platform with user authentication as they hold your private information. Your FinTech app development company must incorporate biometric techniques into the FinTech app to confirm user identity. 

For robust user authentication, you may integrate TouchID, FaceID, or VoiceID with added security settings. 

6. Customization of Advertisements and Data

Utilizing Artificial Intelligence, you may incorporate necessary services into fintech apps and give the user the appropriate information at the proper time.

Predictive analytics, user behavior pattern analysis, geolocation data analytics, etc., can be used to personalize ads. For instance, location-based push notifications or providing a loan to a specific category or group. 

7. Integration of Social Media Accounts For Hassle-Free Information Exchange

Your FinTech app should allow users to sync their social media accounts to enable instantaneous transfers of funds to friends or family. You can additionally add a segment where users can get essential recommendations about tips or helpful guides related to various financial services. 

As a result, it will boost user interest in your Fintech apps.

The Bottom Line

Your fintech app needs to be user-friendly, engaging, and offer the ideal banking experience. Is it feasible to incorporate numerous traditional banking elements into a Fintech app? And the answer is 'Yes'; if you integrate mobile banking trends with the latest technologies and a pleasurable banking experience. You must hire mobile app developers if you want your financial product to have a significant competitive advantage in the digital age. They can assist you in transforming your company into a financial brand with a strong bond with your users, resulting in success and long-term customer loyalty.

Author Bio

Tom Hardy has over 10+ years of experience as a software developer at SparxIT. He usually writes blogs and journals to share his expertise in mobile app development.