8 Features of Fintech Apps that Appeal to Millennials
Read this article to know the features that attract the Millennial generation to fintech apps. What exactly attracts the Millennial generation to user fintech apps, how can companies garner their trust and make them long term users of their apps.
A lot of financial institutions have a long history of adopting new technologies like ATMs, credit cards, chip, and pin. From micro remittances and peer to peer lending to budget smartphone planners and mobile bill payments. Fintech investments have increased rapidly over the last three years, and there are numerous opportunities for developers, investors and executives to ride on this wave. Millennials are expected to play a crucial role in driving changes. Hence, finance app developers are aggressively targeting millennials to tailor apps based on solving key pain points.
Here are some of the features that software developers are currently including in fintech apps, along with those that are quite appealing to Millennials.
1. Easy User Experience
Simplicity is not just about creating a simple and easy user experience, it is also about streamlining the entire buyer journey. In particular, fintech developers are attempting to dramatically shorten the onboarding process. A complex application process will only make things difficult for the user. The app developers need to keep making changes to makes the customer journey as smooth as possible.
2. Accessible Analytics
Fintech finance apps are so popular because they provide their users with a clear overview of their financial activities. It can not only guide users to keep track of their financial activities but they can also easily access specific information and histories whenever required. The growth in the use of banking apps creates a pressing need for native tools to understand and track different types of transactional activity.
3. Integration with other fintech apps
API-led integration is important for both customer- and business-facing apps in the long run. There are obvious benefits for users of having a small number of integrated platforms where you can conduct a variety of tasks in one place. Paytm and UPI offer a great use case of how applications can be integrated across platforms to increase popularity.
4. Cross-Platform functionality with devices, PWAs and IoT
Cross-platform functionality is crucial in order to make fintech apps appealing to Millennials. This doesn't really mean just about the usability on multiple devices, as it also encompasses the upcoming technologies like progressive web apps (PWAs) and the IoT. As consumer habits become more diversified, fintech developers need to cast their net as widely as possible to keep up with the demands of the users.
5. Blockchain security
One particularly notable development is blockchain security and how it applies to fintech. Blockchain security allows immediate, secure sharing of data across platforms, sure shot tracking of all transactions and, although it is an early-stage technology, has seen significant growth recently.
Many financial service providers like to have a huge range of products and packages to offer to their customers. Fintech App technology allows promotions to be tailored and delivered directly to the customers, especially with the use of analytics. For example, Finserv MARKETS app offers personalized financial services and a wide range of products to its customers.
7. More focus on added value for "Traditional" Banking apps
The core functionality of banking apps like spending, saving and borrowing, has remained the same. Key innovations work to streamline these processes will make them more user-friendly and time-saving. Hence, it's important that fintech app developers be open to improving core functionality within the fintech context.
8. Artificial intelligence
Artificial intelligence has implications for internal business strategy, chatbots, and automated customer-facing processes. All of this concludes that one-on-one interactions like customer service can be limited. However, the cost of implementing AI solutions is also dramatically depleting.