The Most Promising Advanced Features for FinTech Apps in 2024

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Is your bank looking for ways to streamline financial operations and boost CX? FinTech app development is the answer. In 2024, FinTech app development trends will rapidly transform into progressive opportunities. It will enable banks to bring innovation and improve app services.

For banks, the FinTech app helps automate financial functions, minimizes costs, and enhances operational efficiency. With digital payments, automatic billing, and real-time analytics features, banks can manage their financial operations proactively and make data-driven decisions.

For customers, these apps offer a more tailored and timely experience with mobile payments, budgeting tools, and investment advice features. This helps customers manage their finances and gain access to financial products and services when needed.

The latest FinTech app development trends have emerged due to customers’ rising usage and demand for more convenient app features. Statista’s report, FinTech – Worldwide, states 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 5.48 billion by 2027.

Here are advanced FinTech app features for 2024. 

  1. Embedded Investment Platforms

With the use of FinTech, the number of investment-based software developments will show signs of expansion in 2024. Moreover, investment firms can use FinTech to develop custom-built trading apps.

FinTech-based embedded investment platforms will help firms add more trading and investment options services easily and quickly. In the coming year, firms will witness customized and AI-powered investment and automated FinTech ETF trading platforms.

  1. Virtual Banking Assistants

Virtual banking assistants in the FinTech development world is among the most talked about app development trends for 2023.

As per a report by Allied Market Research, “AI in Fintech Forecast, 2022-2031,” AI in the Fintech market size will reach USD 61.3 billion by 2031 at a CAGR of 22.5%. Virtual banking assistants will help banks to deliver personalized services.

AI and NLP to enhance their advanced banking services. These virtual assistants will help customers complete various banking tasks and help firms ease their banking functions at scale with automation.

It will also allow customers to seek personalized financial advice anytime and anywhere. This way, customers can make quick financial decisions after receiving personalized financial advice and continue to use seamless financial services in 2024 and beyond.

  1. Web 3.0 Implementation and Blockchain for Decentralization

With the rise of Web 3.0, FinTech firms will use biometrics to validate and facilitate secure payments via web and mobile apps. Blockchain will help reduce the cost of payments and financial threats in terms of operational efficiency. It will make apps more secure, fast, and reliable. Combined with advanced functionalities, this can be a top FinTech app development trend in 2024.

Also Read: Three InsurTech Apps to Look for in 2024

In addition, Web 3.0 implementation will help firms use smart contacts with machine learning (ML), big data, and decentralized ledger technology (DLT). In 2024, a better network will be created for banking tasks such as transactions and data storage. This network will support the Buy Now, Pay Later (BNPL) idea.

  1. Voice-Embedded Banking System

There is a massive buzz around voice-embedded banking systems in the realm of FinTech app development. Voice-enabled banking assistants are capable of providing multiple solutions over one command. It allows customers to interact with banks and seek financial services.

This tech in FinTech apps will improve accessibility and responsiveness, saving customers’ time and making it easy for firms to code services for better usability.

In 2024, there will be a rapid growth of smart voice assistants and voice-enabled banking. It will help banks to deliver exceptional customer convenience and accessibility of apps. However, security remains a primary concern with voice-embedded banking. Hence, it is essential to adopt additional security measures and protocols to address the problems.

  1. Banking-as-a-Service (BaaS) – A New Growth Engine

In 2024, banks will witness the expansion of BaaS. BaaS allows non-bank businesses to partner with banks and offer financial products and services to their customers. BaaS makes growth easier as an adaptable service without the need for traditional banking platforms. It prepares the existing operations to proliferate into new markets cost-effectively.

It lets banks collect on customer’s spending habits from partner financial institutions. Knowing how and when customers receive, spend, and save funds can help banks use it for promotions and marketing campaigns.

Given the platform’s API-driven capabilities, it helps develop strategies based on the company’s needs. Many new BaaS firms are creating opportunities for financial firms. This makes it one of the top FinTech app development trends of 2024.

  1. Robotic Processes Automation (RPA)

Statista’s report Robotic process automation (RPA) market size worldwide from 2020 to 2030 states that the global RPA market is anticipated to grow to USD 13 billion by 2030.

Banks and financial firms are set to advance their operations and app services with RPA in 2024. RPA helps decentralize numerous app functions.

Furthermore, eliminating error is also one of the main objectives behind developing apps with robotic processes. It offers robotic assistance to manage app functionalities and boost CXs.

Moreover, it let banks offer solid customer services around the clock. There are more advantages finance and bank firms may witness because of RPA, such as enhanced productivity and improved processes and operations.

  1. Microservices for Improved Security

Security has been a significant concern, especially after digitalization. Due to this, firms are adopting additional security measures to fight cybersecurity threats.

In 2024, Microservices architecture will help boost efficiency in financial and banking apps. Such architecture will reduce capital expenditures for building an app with advanced network security measures.

Microservices will enable banks to implement safety measures like authentication and authorization, reducing the risk of data breaches and unauthorized access.

Incorporating encryption will also help protect sensitive and financial data transmitted between microservices.

Since modules are separated, all the data in one module stays safe in case the others collapse, enhancing the resilience of the FinTech app.

In 2024, Microservices can be an excellent fit for banking and financial management software due to its modular nature.

Building a World-Class FinTech App in 2024

Building world-class apps to match the rapidly evolving digital transformation and meet rising customer needs is essential in 2024. As a result, it would help banks to provide exceptional customer service and valuable services at ease. FinTech app development with the integration of these technologies will help offer hyper-personalized services, improving the overall financial brand image.

Apoorva Kasam
Apoorva Kasamhttps://talkfintech.com/
Apoorva Kasam is a Global News Correspondent with TalkCMO. She has done her master's in Bioinformatics and has 18 months of experience in clinical and preclinical data management. She is a content-writing enthusiast, and this is her first stint writing articles on business technology. She specializes in marketing technology, data-driven marketing. Her ideal and digestible writing style displays the current trends, efficiencies, challenges, and relevant mitigation strategies businesses can look forward to. She is looking forward to exploring more technology insights in-depth.

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