Top Benefits of Cross-platform App Development for Fintech Sector

Advancing technology has started influencing the BFSI sector, and we witness innovative app solutions in financial services. These solutions fall under the fintech category and contribute to improving services. 

Mobile wallets, banking apps, and cryptocurrency-related apps are some of the most popular examples of fintech apps. In this blog, we are going to understand the role and benefits of cross-platform app development for a fintech firm. 

But before moving forward, let’s have some interesting numbers related to fintech startups. As a Statista report has mentioned, there were over 10000 fintech startups in the Americas alone as of February 2021, which makes the region with the most number of startups in the world. 

The EMEA (Europe, the Middle East, and Africa) region has over 9000 startups in the same period. 

As per the forecast, the fintech sector’s revenue was expected to grow at an average rate of around 12% to reach a value of 188 billion euros by the end of 2024. Fintech app development is one of the key reasons for the phenomenal growth of this sector. 

User-friendly and intuitive financial apps can facilitate customers to understand complex financial information and ensure secure online transactions. 

One of the major objectives of fintech app development is data security. Another important objective is to establish a seamless integration with external services like payment systems using an API. Here, the cross-platform apps work wonders. 

Let’s dig deep into the key benefits of cross-platform app development services in building fintech applications. The cross-platform approach can cover multiple operating systems with only one codebase. 

Key Ways Cross-platform App Development Benefits Fintech Sector

Simply put, a cross-platform app is a digital project that can flawlessly work on multiple digital platforms and environments. 

A Flutter development company, AngularJS development company, and ReactJS development company can build such apps. Out of several advanced frameworks available, Flutter and React Native are the two most important frameworks for developing cross-platform apps. 

Expanding Reach

This is the first and foremost benefit of cross-platform apps for the fintech sector. Developers can build apps for several platforms using a single codebase.

As a result, fintech companies and even startups can reach a huge audience consists of Android and iOS device users. 

The fintech app can be easily downloaded across all major platforms right away and thereby addressing a large audience. 

Originally Source: benefit of cross platform app development for fintech

How to Build an Effective Personal Finance Application

In today’s turbulent time, many people are facing problems related to exhausted finances and dried-up savings. This is completely in contrast to the concept of a penny saved is a penny earned. Earlier, people used complex accounting systems, but today, thanks to evolving technology, personal finance has become easier. Lets’ understand how fintech app development can make personal finance more convenient for your customers. 

As per the Statista prediction, the total transaction value in the personal finance segment is expected to reach USD 1715 million by the end of 2024. This number shows the growing importance of the personal finance management market in the world. 

Let’s understand the importance of this concept before moving to the key features of a customized finance app development. Personal finance includes all the financial decisions made by individuals. It enables your customers to plan financially to achieve short-term and long-term goals. 

Whether to buy a new car or a new home, plan for retirement, or save for a child’s education- financial planning is necessary at every stage of life. 

These days, as people are getting more conscious about their earnings and savings, personal finance application development gains more traction worldwide. Whether you own a startup or want to invest in a personal finance app, we have several options available including a budgeting app, taxes & insurance app, saving app, investing app, stock & mutual funds app, and planning app. 

Original Source: How to Build an Effective Personal Finance Application

Top Business Benefits of Fintech App Development Outsourcing

Fintech or financial technology plays a pivotal role in making online payment prevalent across the world. The term has evolved from a buzzword to a growing trend in recent years, as people have switched from traditional to digital payment. The fintech sector has garnered over the US $55 billion investment to date. A big credit for the phenomenal growth of this sector in a short time goes to fintech app development.

These days, more people from various communities and companies have started using customized fintech applications and leverage their benefits. Fintech apps can quickly adopt futuristic technologies like the IoT, AI (Artificial Intelligence), and Data Science for offering excellent user experience. The multimillion-dollar fintech industry has got a new boost from the apps like Apple Pay and ALIPAY.

Be it money transfer or financial planning, fintech services can assist users to accomplish various tasks. This is a reason why many companies jump the fintech app bandwagon. Even banks and financial institutions have made fintech apps a part of their systems. As a result, fintech app development outsourcing gains ground rapidly. Before digging deep into the benefits of fintech app development outsourcing, let’s go through three verticals of fintech app outsourcing.

• Fintech Outsourcing- Top Three Verticals

1. IT Outsourcing– When it comes to quicker TTM (Time to Market), reduced cost, and freeing up your internal resources to docs on more critical tasks, companies across various industry verticals count upon IT outsourcing. Small IT outsourcing services providers with niche expertise and large corporations offer IT outsourcing services for developing fintech apps with desired features.

2. Business Process Outsourcing (BPO)– BPO is referred to as a common business practice of transferring different business tasks to third-parties. Accounting or human resources-related tasks are commonly assigned to business process outsourcing companies. This technique needs to define tangible outcomes that your company wants to gain with the help of an external partner.

Original Source: Top Business Benefits of Fintech App Development Outsourcing

What Technologies Are Used To Build Fitness Activity Tracking App?

 Staying fit has become a norm in this pandemic time. Though it is not a new trend, evolving technology has introduced smart ways for tracking fitness activities. Wearables and feature-rich fitness mobile apps have brought a new wave to the health and fitness industry.

Though Fitbit, Nike, and Jawbone have pioneered the tracking devices market, it was the launch of the Apple Watch that has started a new era of combining smartphones with wearable tracking devices.

These days, fitness and activity trackers have started gaining ground swiftly amid people’s more focus on a healthy lifestyle. These trackers keep the users updated with the calories burnt or gained, sleep time, and other vital information. One of the major reasons for the increasing popularity of fitness trackers is fitness apps. Worldwide, numerous health and fitness apps contribute to making the user’s lives healthy.

• Importance of Fitness Tracking Apps

Many entrepreneurs and business persons want to build an app for fitness freaks and individuals who have little or no time for workouts. Such apps are designed to keep users active and motivated all time. A recent survey has revealed that participants who are using fitness tracking apps are more active than those who have not used fitness apps.

The fitness app development market is thriving in line with the growth in smart devices. App developers put all efforts while integrating advanced features for making the apps compatible with various wearable devices. However, only experienced app developers can use technological advancements smartly to make innovative fitness apps.

Read More: What Technologies Are Used To Build Fitness Activity Tracking App?

Personal Finance App Development – Features, Cost and Everything You Need to Know

The mobile wallet is a new buzzword in the corporate sector. People’s growing interest in making transactions through mobile devices have created many opportunities for enterprises and mobile app development companies alike. Entrepreneurs are keen to leverage the benefits of this trend by offering financial services through mobile apps.

Today, business owners of startups and established companies tend to avail the advantage of a thriving mobile platform. As a result, we have an app for almost everything. What’s more, on-demand mobile apps have brought revolutionary changes in our way of accomplishing tasks. On that note, the finance app development is aimed at addressing the financial challenges of users.

QUICK FACTS

• Number of mobile proximity payment users is expected to cross 1 billion in 2020

• About $60 billion worth of mobile payments is expected by the year 2020

• Average transaction per user on the mobile devices will reach $1303 in 2021

• Around 90% of smartphone users will use their devices to make payments by 2020

Original Source: Finance App Development