During the creation of Fintech applications, financial services undergo evolutionary changes. Such applications allow you to conduct financial transactions and automatically create e-wallets online. It enables you to make services fast and comfortable, optimize banking activities and minimize the economic costs of servicing.
Introductory information
Previously, financial institutions fully regulated and controlled the conduct of payment transactions. With the advent of digital applications, control has become more complex. Digital technologies have made it much faster to carry out non-cash financial transactions. With innovative technologies (video surveillance, fingerprint identification, scanning), high reliability is ensured in the interaction of the banking system with users.
You can only do banking app testing services to get the highest quality software. It helps find the slightest errors and vulnerabilities, allowing you to correct possible problems quickly and gain financial apps to the high level.
Software for payment transactions
Today there are two main types of e-payments – B2B and cross-border payments. But the reliability of such payments leaves much to be desired. Therefore, technological solutions have been created that allow organizations to ensure the security of financial transactions. These financial platforms include:
- Proprietary and private blockchain platforms for secure online transactions.
- Digital billing platforms for accelerated processing of financial transactions.
- Dedicated platforms that allow users to choose payment methods and e-wallets.
- Mobile financial platforms for fast transactions and optimized data management.
A good example is B2B payment systems such as PayPal, Payfirma, Wepay, and others.
Mobile payments are preferred by most users (Apple Pay, Samsung Pay, and others). Such payment systems replace credit cards, but security and safety risks were associated with using applications. Biometrics and using NFC have made it possible to solve these problems.
E-banks
Banking organizations offer users to use banking applications to carry out financial transactions using the Internet. Innovative digital technologies (personal identification, biometrics) make the relationship between the banking sector and the user audience more efficient. Please note that the e-method is economically beneficial for both parties because the physical presence of users to perform various financial transactions is excluded, significantly minimizing the economic costs of the service.
Mobile applications for banks
The financial industry is no exception because many commercial sectors prefer to use e-methods to provide user services. It creates convenience and speed in providing services and implementing various transactions by users, excluding long waiting in queues while being directly at bank branches. Banking applications offer the ability to perform almost all financial transactions as safely and quickly as possible.
Making financial transfers
E-money transfers enable users to transfer money to many countries, and recipients receive money electronically and cash out at points of issue. Such transfers are much more efficient and cheaper. Such transfers are provided by the P2P financial platform, which links the e-storage of two users planning to exchange funds.
There are two types of P2P platforms:
- Autonomous – these platforms do not depend on other financial institutions to make payments. For example, PayPal is a standalone P2P application.
- Bank Centric P2P platforms, together with a financial institution, are an intermediary for financial transactions.
In addition to financial transfers, P2P provides a lending option with automated request and process optimization, significantly reducing costs. It is worth noting that P2P lending allows you to determine users who cannot make a loan, given its lending capabilities. Intelligent digital technologies provide to identify the creditworthiness of the borrower. P2P financial platforms offer a search for potential customers, monitoring, collection of information, and, if necessary, recovery from the user.
Applications for managing your financial resources
Until recently, it wasn’t easy to control your finances. But nowadays, using digital applications based on innovative technologies, it has become possible to manage accounts, repay a line of credit, manage investments, and so on.
An application like PFM allows customers to connect all their accounts and send their funds through visualized information.
Robo Advisors is an innovative technology providing financial management consulting. It is regulation by its means, which are automated and exist on unique algorithms that provide code for assets.
Betterment LLC is an example of a financial institution that provides financial management based on automated advisory services.
Application for insurance
The Fintech digital application is designed for insurance and provides convenience to insurance companies. This technology allows you to determine the insurance cost for a particular user individually.
The Insurtech application was created to analyze the behavior of the client audience. Insurance policies are developed for each user separately based on the information received. Let’s give an example – if a user wants to take out auto insurance, then this application studies the driving principles of this client and, based on the data received, offers a type of payment. Insurtech also helps individuals in choosing the most appropriate kind of insurance.
Summing up
The digital technologies listed above allow you to conduct financial transactions most efficiently and quickly, saving time and money. This area of applications is constantly evolving and improving, considering the present needs. Given the growing demand for such applications, investing in developing Fintech applications will bring significant financial returns. The only thing is that creating the most reliable and secure platforms is necessary.
