Fintech technology is now in trend to make the financial services simple and easy. With the constant development of fintech new features and functions, it is important for the fintech app development company to cover the current and futures ones that are currently developing.
The new trends of banking bend towards the customer-oriented. Only product services are not enough, the users should feel the experiences. Engaging customers is a new trend for business. The customer has keen to come on your website naturally. They are unable to digest when something is doesn’t work out according to their needs. They want you to challenge all the odds and emerge victorious like a pro.  

However, there will be a lot of major changes takes place in 2020, as in the rise Fintech app development continues to be accelerating. Fintech technologies have transformed and innovated various services through the emergence of new technologies to fulfill a need of their customer requirements.

It all about innovation that helps in the up-gradation in fintech development. The Fintech startups have the benefit of working independently that’s the reason Fintech rising faster than the companies which follow traditional method for financial services. Here we are focusing on Fintech and Financial services which need to follow every fintech app development company.  

AI and Robotics – We all see that AI is using in almost every sector other than customer services. Analytics, risk assessment, investment, logistics and supply chain management can be using this technology for streamlined and more efficient processes behind the scenes.

In the early stages, bankers used to have personal connections with their customers to understand their behavior. But in the digital age, technologies took the place of bankers to maintain the connection. Artificial Intelligence and machine learning can process the huge amount the information data of a customer. This data and information can be used to analyses the human behavior and banks and other financial services can cater to their customer customized services and can achieve customer satisfaction at a higher level.

Voice Recognition – Voice recognition technology is already gaining traction in various sectors and several fintech leaders are already helping financial organizations and banks to serve their customer hand-free banking services.

Companies who are focusing more on voice recognition with every piece of software released. As a most customers using smartphones for banking services, voice payments become a natural substitute for tapping on the go.

Conversation Interference – According to the Gartner by 2020, Chatbots will interact with the customer of 85% of banks and financial organizations. By eliminating human interaction in conversation productivity and speed improves. In fact, according to the report it is found that chatbots has reduces save over 4 minutes on every transaction. Customer of financial area will more relay on chatbots as it provides 24*7 services., instant response and instant resolve query to improve banking personal services.

Blockchain will shake things up – Blockchain in the near future expecting to offer the terrific potential to a wide range of industries by bringing radical changes into business models and operating processes such as payment method, payment the transaction, and other insurance sectors as well.

Blockchain in financial services still needed testing, they can make a relation with their customer with more transparency. This technology increases more loyalty, reduces transaction time and significantly increases the cash flow. The initial attempt for use of this technology will turn around the improvement of fundraising and KYC fraud detection.

Mobile Payment Innovation – One of the best things in the fintech is the growth of mobile payments. The consumer wants to make faster, easier and invisible no matter where they are. Days are gone where people have to spare some time to go the bank and standing in a queue for their banking services. Google, Phone pay, Paytm, amazon and many other companies have their own payment platform where the consumer can do many financial services and this mobile payment innovation is continuing to grow with their features and new upgrades like biometric access control, inducing fingerprint and face recognition.

Conclusion –
Fintech app development has continued to evolve with new technologies and continue to develop fast. The five-trend outline the most significant movements and changes that are predicted to happen soon and shape the financial services in the upcoming years.Hopefully, this article will help you see a complete picture of all the influences on the modern financial industry and a process of its digital transformation.

Originally published at – http://bit.ly/2FxEFt5

Fintech companies have revolutionized in the personal finance and finance organization with the emerging technologies which benefit the consumer at a large level. Fintech application has introduced unique andinnovative experiences in the world. There are already 5600 fintech companies alone in the USA growing at a rapid pace. If you wish for fintech apps so this post is for you.

Let’s take a moment to red the important tips for fintech app development that will help you to move forward on the right path.

Find the Right Fintech App Development Company – When you planning to develop any kind of product or experience, you always wish for the streamlined process and so you always looking for professionals. In the long run, the best and affordable development team is those who already have years of experience in creating similar applications. Experienced companies better understand your demands and develop an app that matches your needs. But before choosing the right fintech app development company, don’t hesitate to ask questions or requests for portfolio.

Once selecting the right fintech app development company, your job is not over. An important thing to understand is that only developing an app and testing is not enough more important is its sustainability. For this reason, fintech app developers who can work throughout a life cycle is a smart investment.

Create a User-friendly Environment – The apps must be user-friendly design and user of any age can smoothly operate your apps. Analyze the app design before finalized because once it goes into the market, you can’t completely change the design of your app as users only recognize your app by its design.

When your design is unique and recognizable, there is much less chance your users will get scammed or pretending to be you. So, whether it’s a specific color you use or your logo, it should show users that it’s really you.

Functionality – A nice looking app is no doubt good to have, but what if your app doesn’t work smoothly? This is the reason you need to be clear your thought in front of developers about your apps. What type of functionality you want in your app, your developers must know. So, that developer’s team can develop the perfect apps.

Too much complexity apps are uninteresting as no one wants to spend extra time to understand the functionality of apps. The main dashboard should be neat and clean and include only the most important options.

In this way you can get the necessary information and make the necessary adjustments to improve better customer experiences.

Security – From offline to online security always be the concern for everyone. As much as people interested to adopt new technologies their security concern also increases. No one wants to share their personal data without knowing its safe or not. This especially for payments transaction apps, banking apps or other fintech apps.

Security measures should cover both internal and external parts of apps. Depending on how development of apps has been done, the means to keep information is quite vary from app to app. Many technologies emerge in development of fintech apps, blockchain is one of the most useful technologies that keep information safe.

The external security is also important, and it is something your users can see, like login protection and the way information has stores. Multi-factor authentication, a combination of two or three different verification method, is the best way to implement this.

Diversity – Unless you’re aiming for a group of people or devices, diversity is something you should never forget about that. There are several types of devices present in the market with different screen size, resolution, RAM and more, fintech app development company need to b develop apps with many possibilities that easily operate no matter which devices your users have.

Don’t forget your users is differ as much as devices do. Their preferences need, technical knowledge and even their physical abilities will affect the way they interact with your app. Companies must  developed apps by keepings all odds and even in the mind.

Last Words- Fintech industry is rapidly changing in order to keep their customer happy and provide many facilities along with some risk. Fintech has completely changed the way how people deal with their capital and suggest them in their financial planning as well.
It is quite difficult to be innovative in this world where most of the innovation has been already done, buy Fintech app development companies always must learn from their competitor mistake or with the thought of how apps can be more useful to users. Don’t hesitate to take inspiration from businesses like you. In the end you don’t have to create something new but to improve something that already exist.

Originally published at - http://bit.ly/2NHmHc4

After the long grapple with the Indian government over data localization and payments data sharing with Facebook, WhatsApp pay has come up with the beta version. In 2014, Mark Zuckerberg bought WhatsApp in $19 billion and since then he has been trying to think about how to monetize this platform. 

For adding a wallet feature in WhatsApp, Facebook has created the necessary data storage facilities in India to introduce WhatsApp Pay to the entire Indian user base, which is estimated to be between 350 million and 400 million users.

Recently, WhatsApp India head Abhijit Bose revealed that “the social messaging company’s focus is to expand digital and financial inclusion, to help businesses across India”.

According to Digital Payments (2018 edition), in India, the digital payments industry is estimated to grow to $1 Tn by 2023. In this growing phase of the digital payments industry, strong players such as Paytm, PhonePe, and Google Pay, may cause a freakish rift in the entry of WhatsApp Payments.

Before discussing anything in deep, let’s talk about WhatsApp Pay.

What is WhatsApp Pay?

WhatsApp Pay is a seamless money transfer app that works conveniently on Android and iOS smartphones. Users can leverage the app to send or request money with their friends.

Facebook has made London a key hub for the development of this Fintech solution and roughly around one hundred people hired to lead new WhatsApp payments to push according to the FT.

Blue Prints of Digital Payment App WhatsApp Pay

The upcoming feature of WhatsApp i.e. WhatsApp Pay could follow the footprints of social networking app WeChat Pay. It is most popular China’s money transfer app with 800 million monthly active users. Initially, WeChat only offers chatting facility than it used the same platform and converted its existing users to payments users. WhatsApp will do the same in India with its ingrained user base. To best leverage its user base, WhatsApp Pay will need its P2P offerings to attract connecting users just like WeChat as P2P was the main reason behind the success of WeChat Pay.

Existing Competitors  

With the growing internet stabbing and number of increasing mobile application, many companies have launched their wallet apps. So for WhatsApp Pay, the competition level is quite high and all the wallet apps are doing good in the market. 

Existing competitors for WhatsApp Pay are:

• Google Pay
• Samsung Pay
• MobiKwik
• Paytm
• FreeCharge
• PhonePe
• Ola Money

What are the Indian Government Norms for WhatsApp Pay?

Based on the Economic Times report “Indian authorities are concerned that WhatsApp‘s payment service might share user data with group companies Facebook and Instagram, compromising the security, privacy and non-commercial information of its subscribers.” 

In last year August, Facebook had to put a project on hold because of data storage concerns since than WhatsApp has been having a tough time in India for payments. The Indian government had spelled out some Indian norms that WhatsApp must adhere to including:

• Complying with the Reserve Bank of India’s data localization rules

• Setting up an office in India

• Appoint a grievance officer and formulate a team in India

After so many discussions with the India government, Facebook had recently set up its data storage facilities in India and is reportedly preparing for the full launch of its UPI payments app in association with ICICI Bank.

WhatsApp Payments app development team has also partnered with HDFC, and Axis to launch the payment services.  

In one of the events, the Company stated that “We’re building a new payment feature for India that enables people to easily send money to each other via WhatsApp”.

Benefits of WhatsApp Payment App:

Here are some most effective features of WhatsApp Fintech mobile app:

• It allows users to send and receive payment to anyone on the WhatsApp contact list from anywhere and at any time.

• Its ‘Pay’ feature allows users to send funds as simple as sending a message.

• The beneficiary will receive a payment notification on their chat window once the fund transfer has been made.

• There is no need to enter the IFSC code while transferring money. 

• User can send money via virtual address.

Limitations

There are some issues around two-factor authentication during the time of the transaction. WhatsApp can share data with Facebook in the wake of recent data breach issues of the social media major with the UK-based political consulting firm Cambridge Analytica. 

Summing up

As the digital payment market is increasing day by day with a rapid pace, we can assume the WhatsApp’s payments feature would compete with a brimmed market in India. WhatsApp Pay will successfully attract the WhatsApp users and will most probably can threaten Paytm’s which is the top player of this industry.

WhatsApp Pay would skyrocket the digital payment market value and can open the new doors for the financial app development companies.

Today, we've seen bulging activities of FinTech in various industries and it has been continually refining the business model by significant numbers. The speed at which FinTech is stirring has ensured that the popularity of FinTech mobile applications is not gonna fed earlier. FinTech technology is a long racehorse and its features are really secure. Therefore, almost every industry is welcoming it with a huge sincerity. 

According to the market research done by various well-known companies, FinTech solutions integrated with Blockchain have become a necessity of the Banking sector this indulges a new shape to this sector and reduces the security concern of consumers. 

The increasing demand for security has raised the urgency to develop a FinTech mobile app and embrace the FinTech solutions into business to increase the efficiency of the businesses. 

Before discussing more about FinTech, let's throw some light on the existing FinTech reports.

Insights

Here are some of the key takeaways of existing FinTech reports:

• The FinTech industry has hit $32.6 billion funding at the end of Q3 globally in 2018.
• South America and Africa, are also started absorbing the FinTech.
• Some FinTech companies, including the number of insurtechs, have dipped into new markets to escape heightened competition.

Benefits of FinTech Solutions in Industries:

There are various benefits of FinTech, let’s discuss a few of them:

1. Smooth Transaction

FinTech mobile app development is overtaking the traditional money transaction process. With its smooth, secure and easy process, FinTech prevents business owners to transfer bulk amount within a few minutes. Not only has this, with the launching of many FinTech applications, online payment become a child's play as villagers are also using them easily.  

2. Classify Market Risks

Now the business owner can predict the market risk before striking with them through FinTech development services. FinTech applications and services help companies in data fetching and data analytics from multiple sources and allows them to take a decisive decision which cut down the risk of fraudulent activity.

3. Faster Investment

Financial app development companies started focusing on designing the custom mobile application as it eliminates the need for providing 24×7 consultation services. With the help of money transfer apps, we can transfer money without the needs of intermediates which directly save transaction charges. 

Today FinTech apps are available in multiple languages so there are no barriers in its usages and have opened new opportunities for Entrepreneurs in terms of gaining loans and investments. 

4. Cut Off Transaction Cost

According to the market research, previously it was very difficult for businesses to integrate FinTech in their existing protocols. But now, by making the financial services available on smartphones, FinTech has improved the Point-of-Sale system and raze the expenses of the businesses, along with refined analytics data to enhance user engagement.

5. Advanced Security

The FinTech services allow companies to do bank transaction securely from one source to another without charging the extra fee. Services such as wallet app, crowdsourcing, consumer banking, and personal finance made it easier and cheaper to get financing for the business.

That’s the reason, industries have started availing FinTech technologies to harness the major security benediction include biometric data and encryption within a pocket-friendly budget. 

Summing Up

FinTech services integrated with Blockchain, Smart Contracts, Machine learning/Artificial intelligence,  Chatbots and other are broadening the FinTech application development scopes and allowing FinTech app developers to add their creativity to raise the beauty of an app. Usually, FinTech projects are very immense, therefore its development needs a deep understanding of emerging and other financial technologies.