Reasons for Developing iOS App for Fintech Businesses & its Features

Almost all tasks that were once hectic and time-consuming can now be done over a mobile phone or a smart device, including sending and receiving money. Fintech app development offers many innovative solutions that have helped simplify financial transactions and enhance user experience.

Apple has emerged as the front-runner in supporting the Fintech industry. It announced new features for its iPhone Wallet app, and has launched a new payment system that allows users to pay someone by simply tapping their iPhones. Wallet iOS 16 will enable users to track online orders for items purchased using Apple Pay. The above-listed development within the Apple ecosystem point to a mechanism that can help lock users in the long run.

With this blog, I’ll cover why fintech businesses can seamlessly develop iOS apps, key reasons and a few key features.

What is FinTech?

FinTech is an abbreviation for Financial Technology used to streamline, digitize, and augment traditional financial services. It spans services such as payments, insurance, investments, and banking. It uses cloud computing, mobile application design & AI to develop and offer new products.

Fintech is the technology that uses algorithms, software and applications developed for mobile devices and computers. It has digitized and enabled technological changes in routine tasks such as check deposits, bill payments, and money transfers. It has facilitated concepts like peer-to-peer lending, including crypto exchanges.

Reasons Why You Must Develop an iOS App For Fintech Business

Developing an iOS app for a fintech business is a strategic move with numerous benefits. Listed below are some of the compelling reasons why you should consider investing in an iOS app:

•Expansive User Base: Apple’s iOS platform offers a massive and loyal user base worldwide. And by developing an iOS app, you gain access to millions of potential customers familiar with Apple’s ecosystem and more likely to embrace new apps.

•Higher Spending Power: iOS users have higher spending power than other platforms. It means they are keen to spend on premium services, making them an attractive target audience for fintech businesses with subscription models or in-app purchases.

•Enhanced Security and Trust: Being a renowned organization for its stringent app review process & high-security standards. When users download your app from the App Store, they have a level of trust in the platform’s security measures that makes them more comfortable sharing sensitive financial information.

•Better App Performance: iOS devices are known for their consistent hardware & software specifications. It translates into better app performance & user experience. And this uniformity makes it easier to optimize your app for various iOS devices.

•Integration with Apple Services: iOS apps can seamlessly integrate with Apple’s native features like Apple Pay, Siri, Touch ID, and Face ID. This integration can enhance the user experience & streamline payment and authentication processes within your app.

•Apple Pay Adoption: Apple Pay is widely adopted & it offers a convenient and secure way for users to make transactions within your fintech app. By supporting Apple Pay, you can increase user engagement and retention.

•Brand Reputation: Developing an iOS app can boost your fintech business’s brand reputation. The listing on the App Store indicates legitimacy and credibility, potentially attracting more users and investors.

•Access to Latest Technologies: Apple regularly introduces new technologies and features, such as ARKit, SiriKit, and Core ML, which can be leveraged to enhance the functionality and innovation of your fintech app.

•Regular OS Updates: Apple releases regular updates to its operating system, ensuring users can access the latest features and security improvements. By developing an iOS app, you can take advantage of these updates and keep your app up to date.

•Strong Developer Support: Apple provides robust developer support, resources, and documentation to help businesses create high-quality iOS apps. This support ecosystem can simplify the app development process and reduce time-to-market.

Features of a Fintech App

•Simplified user interface: Usability is the key, and at the core of the Fintech revolution is the drive towards simplicity. Difficult and many times obscure financial processes have become more easily accessible and relatable with the use of minimal, highly functional user dashboards. Simplicity is not just about a seamless user experience but also about streamlining the user journey through the app. The simplified interface can dramatically shorten the onboarding process for a user. iOS development services can enable building Fintech apps with a minimalistic UI feel, besides other functional features.

•Personalization: It is the new normal for all kinds of apps. Financial service providers often have an extensive portfolio of products and offers, and marketing them to users can be difficult. Personalization in apps can enable Fintech companies to tailor and deliver product details as per user interest. Social media integration within the Fintech apps can present more opportunities to form stronger user connections.

•Cross-platform functionality: It plays an essential role in ensuring usability amongst customers. It extends the usability of apps across multiple devices and covers emerging technologies like progressive web apps (PWAs) and IoT.

•Alerts and push notifications: Notifications enable engagement with users and ensure that they take advantage of the app’s various options. Push notifications allow messages or notices to be sent directly to the iOS device and ensure that customers are updated about any financial offer, deal, or update in real time.

•Artificial intelligence: Fintech apps are relying more and more on AI. Many apps use complex algorithms to determine how much a user can save. Fintech apps with AI blend cutting-edge innovations that are customer oriented. Fintech AI has many implications for internal business strategy. Advanced machine learning and customer-facing chatbots help save backend costs and ease essential interaction and customer services.

•Voice-assisted banking: Voice-based interaction and voice recognition with features that can be used for Fintech apps. Users can use voice commands to carry out transactions and make inquiries — integrating more functions like automatic calendar entries, bank account approvals and even transfer of financial assets.

Key takeaways

App development is a creative business, and the most successful brands can anticipate user needs and develop digital solutions for them. The advantage of iOS app development is that there is less device fragmentation and thus reduces developmental issues. Focusing on usability is the best way for Fintech apps to succeed & generally iOS, based apps have a clean, clutter-free feel. iOS applications are usually less complicated to develop, enjoy higher revenue generation than other platforms and serve a market with higher spending power.