With the whole world going further digital, the financial industry has to keep up with the pace and provide innovative solutions that correspond to the ever-emerging customer needs. In 2021 over 77% of people all over the world are using mobile banking apps to manage their finances, pushing the global fintech market to reach $309.98 billion in 2022. These figures clearly show the prospects fintech software development offers to those who are willing to embrace the changes and bring their business to the next level. Here are the key mobile app development tech stack trends that are worth your attention today to be on the winning side tomorrow.

Fintech App Trends to Follow

The financial technology sector is one of the most rapidly-developing domains ready to soak up innovations for the benefit of customers. Check out the recent banking mobile app development trends that hold the future of the industry.

Open Banking

Since digital banking started to attract more customers, the gap between conventional banks and fintech ones has deepened. Open banking technology makes the divide between them insignificant by safely sharing client financial data between the two units and enabling third-party in-app services.

Robotic Process Automation

The banking and financial industry is all about issue-free business process automation. Machine learning stands at the core of the technology, unburdening human resources from day-to-day monotonous and time-consuming tasks. Chatbot tool is probably the most popular way of RPA implementation that provides 24/7 customer support and keeps users engaged once they land to open the app.

Artificial Intelligence Algorithms

AI has established itself as a key instrument for improving financial services. In fact, ⅔ of global financial institutions use the technology to update the quality of user experience. Artificial intelligence is capable of coping with complex tasks by making use of predictive analytics, smart recommendations, and a bunch of other invaluable options.

Blockchain Technology

Safety has always been a priority in fintech software development since the number of successful fraud attempts keeps growing and deprives the banking industry of $27 billion annually. Blockchain technology allows to reduce the risks of money loss to the record-breaking minimum and opens up an era of totally safe financial management.

Regulatory Technologies

Customer data and money protection concerns resulted in tightening regulatory requirements for mobile fintech services. The complexity of rules makes it both costly and difficult for financial institutions to comply with them. To address the issue, AI and ML technologies have developed RegTech as a tool that helps industry players keep up with the regulations, safeguard themselves and avoid heavy non-compliance fines.

Microservice Architectures

Digitalization of financial services is aimed at enhancing user experience by broadening the range of operations they can carry out using a banking app. Bill payment, money transactions, paper signing, and a variety of other financial actions can be completed within a couple of clicks. To ensure the efficiency, productivity, and agility of such multiservice fintech software, microservice architecture is the best option.

Voice Commands

Voice assistants have received tremendous popularity among users in recent years. That’s why fintech apps also have to include a voice command feature to cater to those who rely on it daily. The technology can be used either for in-app navigation as well as for money transactions and other more complex operations.

Autonomous Finance

The concept of autonomous finance means that the app can manage your finances by default, making decisions based on previously input data and user preferences. There’s no limitation to the use of advisory technology that can carry out functions ranging from investments to the choice of retirement programs.

Cryptocurrency Exchange Feature

In some countries, people already make active use of cryptocurrency in their everyday life. Building a fintech application, it’s vital to incorporate digital currency support and exchange option to avoid customer churn and get ready for the nearing future where cryptocurrency will be of much greater importance.

How to Spot a Reliable Fintech App Development Vendor

The creation of a productive, efficient, responsive, and intuitive banking app fully relies on the experience and expertise of the development company you go for. That’s why searching for a credible partner, make sure one enjoys the following characteristics:

Strong Fintech Portfolio

Company success stories and the list of its permanent partners are the key indicators of a vendor’s reliability. If you opt for a robust and issue-free mobile banking software solution, the number of years in the industry matters as well. It doesn’t mean that start-up companies are incapable of building solid fintech apps, but they are certainly less experienced in smooth issue addressing. Going through the projects a vendor has successfully implemented, you’ll get a clear idea of what to expect and compare it to your own product vision.

Flexible Development Approach

At Modsen we believe that an individual approach to each project is a prerequisite for its guaranteed success. It might seem that the fintech industry partners who turn to us have more or less similar requirements but it doesn’t mean that a one-fits-all attitude is applicable. Immersing into each case, our engineers create custom fintech software that corresponds to unique client needs and requirements.

Cutting-Edge Tech Stack Application

Go for a development company that loves innovation and is not afraid to integrate it. Top-notch tech stack use is what differentiates Modsen from other vendors since we master trends and work with them freely without thinking of it as a challenge. Keeping up with the fintech industry development pace is our priority that allows Modsen to always be one step ahead and help our partners broaden their business horizons.

Wrapping Up

Mobile app development in fintech gives the major impetus for the industry's exceptional growth rate figures in recent years. People keep digitalizing their money management inducing financial institutions to look for ways of improving customer experience and taking their businesses to the next level. Keeping a close eye on trends and incorporating them effectively before they become a must rather than an innovation is essential. Find a solid fintech app development vendor now and place your company among the top ones.