Advantages of Having a Mobile App for Your Fintech Company

Fintech is a commonly used term nowadays for financial institutions and companies that have incorporated IT in their business operations due to a range of benefits offered by the digitalization and information technology. This has enabled Fintech businesses to perform operations such as banking, trading, lending and payment without the scope of delays and discrepancies. And Fintech businesses can also further increase their efficiency and customer base with the help of a Fintech mobile app.

Here are a few benefits of opting for a Fintech mobile app.

  • Data Integration and Customer Success

Regardless of the types of product/services you offer, you can greatly benefit from data integration and Application Programing Interface (API).

For instance, your Fintech app offers online payments, grievance redressal, customer account access, etc. but to add new features to the app you don’t necessarily have to integrate all of them to your app. You can simply integrate third-party apps for additionalfeatures through API. The customer doesn’t have worry about how they can enhance their experience as you are already providing additional features through third-party apps/service providers. A good example of that will be some of the popular payment gateways such as Razorpay, UPI, PayPal, etc. that specialize only in one aspect of the business i.e. facilitating monetary transactions, and still, the majority of businesses use their services. In addition, your Fintech app can also enable users to link all of their bank accounts and financial details to a single app which also allows for a holistic view of the customer bank accounts and all the transactions from different entities. Such data integration can create a one-stop solution for customers and can gather a constructive, positive feedback.

  • Data Analytics

Fintech companies and their customers have to always pay attention to their transactions, and data analytics provided by your Fintech mobile app can be quite crucial in this regard. When customers have a Birdseye view of the actionable data on their Fintech mobile app about their spending and financial activities, it’ll empower them to make right financial decisions.

For instance, financial reports, transaction reports, and setting financial goals are some of the most important aspects that encourage a customer to make the right financial decision. This isbecause apart from telling customers what they should do, it is also important for them to know what they shouldn’t. The data containing all the different transactions and spending from all of their bank accounts, informs customers where they have to control their spending and avoid bad investment habits that may play a role in hampering their financial growth.

  • Supported by AI

Artificial Intelligence (AI) has already revolutionized almost every industry and Fintech is not an exception as well. AI-integrated mobile apps beat generic apps beat by a great margin. This happens because AI reduces human intervention and allows for a speedy and smooth operation. Some of the benefits of AI include improved operational efficiency due to its precision, a streamlined customer interaction, fraud detection, and assistance in wealth management. Among all these benefits, a streamlined customer holds a great significance as customers are always concerned whether their hard-earned reaches to its destination without any fuss. AI-integrated chatbots in a mobile Fintech app are quite efficient in their communication as they are also integrated to the backend operations which can help them access customer information without any fuss and resolve the majority of issues.

The ongoing digital revolution is rapidly changing the industrial landscape and Fintech is no exception. Regardless of your sub-sector in the Fintech industry, you can take advantage of the state-of-the-art mobile app technologies and positively transform your operations. The more you get familiar with the latest mobile app technology, the more opportunities you will have for expanding your avenues and create better customer experiences. Fintech apps developed by Flybunch cater to your customer engagement and conversion needs. Flybunch team understands that no two businesses are the same and this is why their approach is personalized and goal-oriented.