6 Must-Have Features for a Successful Fintech App

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As in every industry, the competition in fintech is constantly growing. Developers find new ways to innovate and improve financial technologies and race to create the next big thing. If you are a developer and want your fintech app to reach the best-selling lists, you already know you need to stay ahead of the competition. But how to do that, when hundreds of new products are released every year? What is the key to a successful fintech application?

Many people working in fintech software development ask themselves these questions. While our article will not give you the secret formula for instant success, we will provide you with a handy list of features an app needs to have to stand out from the crowd and storm the market.

Top Features for Financial Apps

Finance app development is not easy, especially if you aim high. However, if you put enough work into the research and development process, you can be successful. You can find out more info on how to develop your fintech application step-by-step here.

One of the things you can do is include some of the highly sought-after features in your app. There are many functions that a good fintech application should have, and some of them are almost necessary to get the attention of potential users and prove that you are better than the competition. 

We have carefully selected seven apps that are, according to our experts, must-haves in a financial app. Continue reading to find out what we have chosen and learn why.

Multi-layer security

Cybercrime is now a common threat—hacking, phishing, ransomware, and more, waiting for the best moment to strike. Do not let your application or its user be the next victim, and work on the best possible security. To get it to the highest level, choose multi-layered solutions: do not just use password protection. Two-factor authentication is a minimum requirement, and even this may not be enough to counter the vicious attacks. Biometrics are a wise choice, as they are harder to get through than PINs and passwords. Proper data encryption must also be ensured - not only for your app's safety but also to adhere to data privacy laws and regulations.

Cross-platform Compatibility

Today, not everyone uses their computer to manage their finances. In fact, thousands of people prefer to use a mobile phone or a tablet to do so. This clearly indicates that your financial app must be compatible with devices other than a regular PC, preferably with different operating systems and screen sizes. It will require a substantial investment during development but will most likely provide a good return on investment. Additionally, it will let you increase your reach and get to customers that were not previously your target.

Different language versions

This is especially important when distributing your app in a multilingual area. You don't want to alienate a whole group of users by only providing the app in one language they may not understand. Make sure that besides the app's main default language, translations to a few others are available. 

The best languages to use will depend on the area (in the US, for example, it will be beneficial to add Spanish, and in EU countries, French and German are great choices), but even if you only add one more, your users will definitely appreciate that you had their preferences in mind.

Language versions can be a tricky feature to implement as if we’re speaking about websites, your traffic and rankings in search engines largely depend on how professionally it is implemented. But careful planning and working with an established fintech software development partner is how you avoid similar bottlenecks.

Personalized dashboards

Studies show that most people like it when personalization is an option. Do not waste the opportunity and give your app's users what they want by allowing them to choose what appears on their financial dashboards, letting them set their own preferences, or maybe even offering them a choice of layouts or color schemes to cater to visually inclined users. Allowing people to customize the notifications they receive is also a popular option. While such functionalities seem unnecessary, they can influence the user's overall satisfaction with your app. 

Accessibility features

If you want your app to reach as many people as possible, make sure it is accessible to all of your target audiences. Accessibility features like a built-in screen magnifying tool, a voice assistant, or a high-contrast setting can become game changers for disabled people. Consider which features you can actually use in your app to make it as accessible as possible; some may be costly or difficult to implement. Providing alternative captions for images won't break the bank but may bring you more users. Making the font size adjustable won't cost you a fortune either, and it might make some of your users feel more comfortable.

Artificial intelligence

The AI trend is here to stay, and it is unlikely that AI-powered tools will disappear from our lives anytime soon. Leverage their power in your app to make it more attractive to users, faster, or more accessible. You can integrate these solutions into your app in different ways, such as a chatbot to answer user questions at any time. You can also use AI to gather and analyze user data to see behavioral patterns and notice opportunities for potential improvement. Keep in mind that some countries require you to explicitly state the use of machine learning! Ensure you adhere to all local and international laws and regulations before implementing artificial intelligence in your financial app.

Is More Always the Better?

You may now ask: Are more features the answer? Not necessarily. Sometimes, stuffing too many options into an app just to be able to claim it has more features than competitors can actually backfire. Many users will feel overwhelmed by the excessive number of choices and might choose simpler software instead.

The best way to determine which features work out for your app would be to perform A/B tests, gather feedback from early adopters, and analyze user behavior data. This will help you make informed decisions about implementing new features and removing unnecessary ones without displeasing your customers.

Features You Can't Miss

The top fintech apps, whether they are meant for enterprise banking or for personal finance management, have one thing in common - they were all built with the user experience in mind. This is what sets them apart from the competition, and if you follow the example and give the users what they need, your app will have a good chance of reaching the top. Assess what features your target audience would like to see in your app, and you will be on your way to creating a successful fintech app.