FinTech Apps development trends are rapidly transforming into progressive opportunities and lucrative ways for businesses to bring innovation and improve application services.
A slew of technological innovations is reshaping financial and banking services. Promising FinTech solutions are advancing along with advanced application development. The latest FinTech app development trends have emerged due to emerging app usage among customers and their rising demand for more convenient app features. Statista’s report FinTech – Worldwide, mentions that the digital investment segment expects to boost revenue by 22.9% in 2024. Additionally, the digital payments segment may witness a rising number of users to 5.48bn users by 2027.
There are several emerging FinTech app development trends that businesses can add to stay ahead with the competitive advantage of applications.
Embedded Investment Platforms
Investment firms can leverage financial technology and find opportunities to develop custom-built trading apps. As the banking sector leverages financial technology, the number of investment-based software development shows signs of expansion. The FinTech-based technology embedded into investment software will help firms to add more services of trading and investment options with ease and fast. Such apps promise to resolve online payment options interlinked with various banking bodies. The development will be one of the FinTech app development trends of 2023, where traders will build more investment platforms.
Custom-built solutions further help firms provide options for ease of access to both traders about their current and historical trading data. In addition, the integration of AI-powered trading features in investment platforms and automated FinTech ETF trading platforms are expected to grow in the future.
Virtual Banking Assistance
Virtual banking assistance in the FinTech development world has already made a significant place and is among the most talked about FinTech app development trends for 2023. Virtual banking assistance will help banking firms to deliver personalized banking services. Firms can leverage artificial intelligence (A.I.) and natural language processing (NLP) techniques to score their advanced banking services. Statista’s report Market value of artificial intelligence (A.I.) in marketing worldwide from 2020 to 2028 suggests that in 2021, the market for artificial intelligence (A.I.) in marketing recorded a 15.84 billion U.S. dollars valuation. Today, it projects a surpass 107.5 billion valuations by 2028.
These virtual assistances will help customers complete various banking attributes and help firms ease their banking functions at scale by automating support services. In addition, artificial intelligence (A.I.) and natural language processing (NLP) techniques will effectively alert about fraud detection or threats across apps and boost user experience. The most valuable FinTech solutions for banking firms will allow customers to access personalized financial advice anytime and anywhere, enhancing the value – addition of mobile banking in 2023 and beyond. Customers can make quick financial decisions after receiving personalized financial advice and continue to use seamless financial services.
Extensive Web 3.0 Implementation and Blockchain for Decentralization
With the rising trend of Web 3.0, FinTech firms will use biometric measures to confirm and secure payments through web and mobile apps. From the operational efficiency point of view, firms will use Blockchain to reduce the cost of payments with banking firms. Blockchain will also ascend due to rising financial and banking cyber threats by decentralizing networks for app functions. Blockchain will make apps more secure, fast, reliable, and connected for banks offering virtual banking services. Combined with advanced functionalities, this can be a top FinTech app development trend.
In addition, web 3.0 implementation will help firms to use smart contacts with the combination of machine learning (ML), big data, and decentralized ledger technology (DLT) to build a more open and connected network for various banking functions such as transactions and data storage and would initiate the concept of BNPL (buy now, pay later).
Voice-Embedded Banking System
There is a massive buzz around voice-embedded banking systems as a rising FinTech app development trend. The technique of FinTech apps allows customers to interact with bank accounts and financial services using voice commands. The rapid growth of smart voice assistants and speakers has led voice-enabled banking to emerge as a powerful technology for businesses. This will help finance and banking firms to deliver exceptional customer convenience and accessibility of apps.
Voice-enabled banking assistants are capable of providing multiple solutions over one command. The banking apps will have embedded assistance to improve accessibility, and quick responsiveness, save the time of customers, easy to manage for firms to code services to ease usability. However, security remains a concern with voice-embedded banking. Banking and financial firms must embrace additional security measures and protocols to address the concerns.
Banking-as-a-service (BaaS) – A New Growth Engine
Among the FinTech software development trends, banking and financial services firms will witness the expansion of BaaS as a new growth engine. BaaS will allow firms to build open access to their payment ecosystem for companies that want to provide financial services and develop their products. In this space, even non-banks can provide financial services, an opportunity for leading firms that want to go ahead with the additional business platform without investing extra costs in building infrastructure.
Firms leveraging BaaS can also take advantage of APIs. It provides a first-party data repository based on which they can build new products. Many new BaaS companies are creating opportunities for financial firms, making this one of the top FinTech app development trends of 2023.
Also Read: Use of Metaverse in Banking
Robotic Processes Automation (RPA)
Statista, in its research report, Robotic process automation (RPA) market size worldwide from 2020 to 2030, mentions that the global robotic process automation market expects to expand to more than 13 billion U.S. dollars by 2030.
The technology helps apps to decentralize numerous app functions. Banks and financial organizations are competitive in advancing their operations and application services. The FinTech app development process will witness embedded robotic process automation. It will help build robotic assistance to manage app functionalities and boost customer experiences.
RPAs are mainly used for chatbots for customer support systems to function as support systems around the clock. Eliminating error is also one of the main objectives behind developing apps with robotic processes. Thus, financial interactions are comparatively faster and more accurate. In addition, there are more advantages finance and bank firms may witness, such as enhanced productivity and improved processes and operations.
Microservices for Improved Security
Security has been a significant concern, especially after digitalization. Firms that add enhanced security measures due to increasing cybersecurity dangers, cyber criminals, and fraud. Microservices would be an excellent server architecture for increasing efficiency in financial and banking applications. Microservices will reduce capital expenditures for building an app with advanced security measures, mainly for network security.
Building a World-Class FinTech App in 2023
Finance and banking firms must build world-class applications to match the rapidly evolving digital transformation and meet rising customer needs through apps. As a result, it would help firms to provide exceptional customer service and valuable services at ease. Apps development with the help of these technologies will also lead to the development of hyper-personalized services, improving the overall financial brand image.