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    Mobile App Development Mobile App Development

    How App Development Helps to Grow Financial Services

    Tuhin Bhatt's image.
    Co-founder of LAD

      Published on June 6, 2024

      4 min read

    The rise of fintech is undeniable, but when it comes to building a successful financial service–lots of people are unable to crack the code.

    We have seen big brands such as Revolut successfully accelerate their user growth in the last few years.

    Their method? Offering instant transfers, budgeting tools, cryptocurrency trading—basically everything in the book for fintech apps. Many business owners, however, think that developing all these features is daunting, but a professional app development agency can help.

    So, are you ready to tackle this challenge and reap the billion-market rewards? Read more.

    Key Benefits of App Development for Financial Services

    • High revenue potential. The total revenue industry for fintech, mostly dominated by payment apps, will reach 478 billion euros.

    • Jack of all trades. From investment management and cross-border payments to mobile banking and bill payments—imagine if you can do all of these at your fingertips, saving you both time and money.
    • More financial control. Running out of cash flow every month? Finance apps come with real-time analytics and insights into your spending patterns, so you know the specific areas to cut back and save money. This is beneficial not only for personal but even corporate financial management.
    • Enhanced customer experience. Fintech makes it easy for your customers to pay with all the available methods (cards, digital wallet, or cash) and processes transactions at lightning speed. This is why fintech will benefit not only its own industry but also retail and commerce, as it helps reduce card abandonment rates.

    Specific Use Cases of Financial Applications

    So, you’re interested in fintech but don’t know what kind of app to develop?

    Here are some ideas:

    • Mobile banking apps. Customers prefer mobile rather than conventional banking. Why so? They can save time, money, and gas while doing a range of activities, such as paying bills or conveniently transferring to a different bank account, simply through their smartphones.
    • Investment apps. More people are interested in making passive rather than active income—and investment apps allow them to buy, trade, and sell stocks, bonds, cryptocurrency, and other digital assets.
    • Payment apps. From peer-to-peer (P2P) lending to contactless in-store transactions, these apps easily solve all your payment problems.
    • Budgeting and expense tracking apps. Personal financial management is important, especially if you have specific goals. This app allows you to track your spending and optimize your budgets wisely.
    • Bookkeeping software. In a typical company, record keeping continues to be challenged due to decentralized workflows, people, and data. Bookkeeping software efficiently centralizes all of these in one source of truth so you can have more transparency in your revenue.

    Ensure that your cost of app development will yield profitable returns with these fintech app trends:

    • Blockchain. The user base of crypto investors worldwide keeps on increasing. The reason is that people begin to see crypto as a lucrative asset–even more so than gold, stocks, or bonds–to invest in.
    • Open banking. This is a secure way to help you transfer, generate, and manage more value of your money through lending and donating, helping users resolve debts.
    • Neobanking. This business model provides debit cards and banking services to users without a physical location. Since users begin to appreciate m-banking more, neobanking seems to show more prospective growth compared to brick-and-mortar banks.
    • Biometric Authentication. Financial data is prone to hacking, so biometric authentication tackles this by verifying the user’s identity in approaches that even robots can’t decipher, such as fingerprints, facial features, and retinas.
    • Embedded Finance. This innovation embeds banking and all types of financial services into an all-in-one solution to help users with banking, investing, lending, and more.


    Fintech is on the rise.

    Our biggest bet is: actively participate in this bull market, run faster than your competitors, and accelerate your growth.

    Our team at London App Development (LAD) is ready to help you achieve all these with your dream fintech app.

    Let’s discuss!

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    Co - Founder

    Tuhin Bhatt is a co-founder of London App Development (LAD), a leading Web and Mobile App Development Company. He helps passionate entrepreneurs build amazing tech products. Tuhin being a peoples man who has a passion to share his technical expertise with clients and other enthusiasts.

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