According to a financial report of a newspaper the market size of fintech applications and services will grow up to a size of 6228 million dollars. The estimated compound annual growth of the fintech based market is around 75.9% till 2017.
One of the main reasons behind the rise of this development in the fintech based market is its higher rate of adaptability. Its ability to synchronize with the finance industry and rising crypto ecosystem has boosted its growth massively.
With that data you can get an idea about the market size of the fintech application development. For better understanding, we need to understand about it understanding the meaning of itself first.
The term fintech is the combination of two words finance and technology. Its main purpose of development is swift delivery of financial services. With the use of its services, we can automate most of the process which reduces a large chunk of human efforts in the management of finance.
Using the services customers, business owners, banks, and other financial institutions can improve the management of commercial operations, processing and improves user satisfaction. Additionally, it also uses the power of artificial intelligence algorithms for automating the services.
For example – in developing countries like India using financial technology the digital payment has seen an exponential rise. Now, most smartphone users satisfy their financial transactions in digital form. Taking short loans and purchasing online has seen high jumps in terms of people’s engagement with the services. Since all these services are digitized, they get delivered to the customers in a jiffy.
The business aspect of financial tech application development:-
- Having deeper insights using artificial intelligence and machine learning now financial technology-based apps can offer better customization according to the preference of the customer. It can better comprehend the user’s needs and makes the application more interactive. Therefore by doing heavy personalization a business can retain its customers for a longer period of time. Additionally, it also ensures the owner generates revenue in long run.
- One of the unique abilities of the fintech application is the ability to integrate. It offers a wide variety of integration with another software platform for the delivery of services without any hiccups. Since the app offers not only one service but also a variety of services. The features such as mobile payments, share market investment, shopping grocery, insurance, ordering food, buying Ott subscriptions, etc. are integrated into one place. It is done for the ease of the customers to provide maximum services at one place.
Data security is one of the major aspects of any software or application that a business cannot ignore. There are a number of provisions made for the data security of the business within the app. As most of the fintech apps performed verified transactions in integration with the banks. This feature makes each and every transaction 100% secure. Most of the transactions happen on fully protected servers of banks and there is no storage of users’ passwords or personal information that can compromise the data privacy. For additional safety, all the transactions require a pin or secure password for performing any traditions. While transactions of high amounts require an OTP (one-time-password) to keep the money flow only in a secure channel and avoid any kind of fraudulent activity.
Blockchain offers the most secure channel of the network to perform any kind of transaction online. In the current scenario, blockchain technology has seen an immense boost in terms of adaptability in the IT industry. It has almost removed the problem of cybercrime with its ultra-secure process of authentication at multiple levels.
Using the blockchain working process we can ensure the users engage with the fintech application. This also reduces the cost of operation in the whole process and acts as an invincible solution for the users to have the most transparent ecosystem.
With the advent of digitization management of our finances is so much easy than before. A user can track and have an overall conclusive view of its expenses as well as saving using the fintech applications. The developers ensure that tracking and analyzing the user data could be possible in the minimum time possible.
Getting detailed analysis of the data user can take better decisions and make their budget goals or plans accordingly.