Development of FinTech mobile apps

1. How the development of FinTech mobile apps have remarkably transformed the finance industry? Can you recall the last time you paid bills offline? Or the time you visited a bank for some transaction? If you can’t, congratulations! You’re already a part of the ever-evolving world of FinTech. Why? Because you have already ditched the traditional approach by adopting the latest trends. The major thriving force behind FinTech is the nature of financial transactions, as they are always vulnerable to numerous threats. However, with the involvement of technology, transactions have become extremely streamlined with the utmost assurance of safety. Individuals who were earlier chained to the traditional approaches in finance are now get luring towards new digitalized FinTech era. Everything about the beginning of a new fintech mobile apps era. Mobile phones and app development companies have played a critical role in sculpting ‘FinTech’ into what it is today. With more than 5 billion smartphone users worldwide, companies have taken the charge to propel the goal of digitalization by developing FinTech apps. JP Morgan Chase & Co., Bank of America, Wells Fargo, Citigroup, Goldman Sachs group, are a few of the renowned banks in the US to have their own mobile banking apps. You can smartly manage your account details, pay bills, make payments, receive alerts, deposits cheques, and transfer money in just a few seconds, etc. These apps can simplify your life by providing flexibility, convenience, and easier accessibility anytime, anywhere. No wonder mobile banking apps are the heart of digital transformation in the finance domain.

2. Mobile payment apps are basically mobile wallet apps. Some of the noteworthy examples include Google Wallet, Stripe, Braintree, Apple’s Passbook, PayPal, Square Wallet, Chirpify, Venmo, Groupon, Zipmark, and Dwolla, etc. You need to create an account with your email id and registered mobile number. Link these details with your bank account, then you are all set to go. However, in some cases, you don’t even have to link such wallets with your bank too. You can directly pay or receive money through the app account only. Transactions can too take place at a stupendous speed. This is the quickest method for making payments, either by adding the recipient’s mobile number or by scanning the QR code. 90 million Americans use mobile payment apps in their day to day lives. Mobile banking apps are getting huge popularity and acceptance over conventional banking practices. In the US, if we talk about digital payments, the transaction value will grow at a CAGR of 8.6% between 2019-2023 resulting in the total amount of US$ 1,339,005m by 2023. P2P (Peer to Peer) lending apps are an emerging online platform. They are posing a great challenge to traditional banking setup in the context of loans. In layman terms, it connects the borrowers with the lenders for transactions involving nominal amount. It is a hasslefree platform with the minimum loan amount, minimal interest rate, and, terms and conditions are also specified well in advance. PwC is predicting the P2P market to reach $150 billion or higher by 2025. The major P2P lending websites include Upstart, Funding circle, Prosper Marketplace, CircleBack Lending, Peerform, and Lending club, etc. Some of the best P2P payment services of 2019 are Paypal, Google Wallet, Venmo, Square Cash, Zelle, and Facebook Messenger. Read More