With millennials and Gen Z growing more tech-savvy, it comes as no surprise that banks and other financial institutions are forced to re-evaluate their strategies to meet their demands.
Anyone considering investing in mobile app development must know of fintech apps and their success, particularly during the recent COVID-19 pandemic.
Plus, the fintech industry is diverse, including more than simple online transactions. From payment processing to digital wallets, investment and trading, currency exchange, and crypto currency exchange fall under the umbrella term, Fintech. Meaning, there are several sub-categories to target for your next app.
But that begs the question, do only finance apps benefit from fintech solutions?
With the upsurge in the number of fintech companies and startups like Logiciel Company, you might think the other mobile app categories have taken a back seat in this fintech revolution.
The reality, however, is quite contrary.
In the blog, we’ll look at how Fintech helps improve other mobile app categories.
3 Ways Fintech Solutions Improve Non-Fintech Apps
1. Non-Finance Apps with Fintech Integration
According to experts, apps must have one signature feature. But recent trends are changing direction as applications like Facebook, Instagram, or WhatsApp enable merchants to sell their products directly through the app.
These social apps with e-commerce integration enable in-app transactions, meaning financial exchanges are no longer limited to banking and other finance apps.
Other apps following the trend include transportation apps that offer delivery services and retailers providing in-app purchases.
Fintech solutions influence these applications by reducing the complexity of financial transactions. Plus, the best practices of the fintech industry can ensure optimum security, efficiency, and user experience for both the customer and the companies handling the transactions.
2. Freemium Apps Monetizing Through In-App Purchases
Freemium app monetization model allows users to download and use the app for free, with the option to pay for upgrades and in-app purchases. But while users have grown accustomed to sharing their financial details with banking apps, it may not be the same for other apps.
Fintech solutions enable companies following the freemium monetization strategy to implement similar security practices as banking apps and offer the same reassurance with their apps.
3. Constantly Evolving Customer Demands
One thing that will remain true is that with evolving technology, the users’ demands will change. As fintech apps continue to spoil their customers with enhanced security, biometric, and efficiency, users will expect more from other apps.
For example, apps that feature in-app transactions should provide users with their preferred payment options. When online shopping was relatively new, payment was limited to credit/debit cards. But with the development of fintech solutions like PayPal, digital wallet, cryptocurrency, companies must support multiple fintech integrations to meet the users’ changing preferences.
Thus, fintech solutions allow companies to provide users with similar satisfaction and security as their trusted banking apps.
Collaboration is the Key to Success
With the changing times, advancing technologies, and users’ demands, an app with one primary feature and no plan for upgrades cannot survive the competition for long. Even if the app offers no financial features with the initial launch, an upgrade is essential in the long run.
Instead of focusing on an app with a particular feature as your goal, you should consider all possible directions to take your app.
With a long-term goal in mind from the start of your app development journey, you can build an app that not only meets your initial requirements but can be upgraded with the latest technologies and keep up with the consumers’ demands.