Nick Black, CCO of Apadmi, highlights some noteworthy trends in the mobile finance app industry that are re-shaping the way people manage their finances.
- Convenience: We’re seeing a significant shift towards greater convenience in the finance industry. Users expect to be able to do things quickly and easily wherever they are, and finance is no different. Mobile apps have enabled customers to engage with many financial services from the palm of their hands – whether that’s opening accounts, monitoring transactions, credit cards, foreign exchange or managing portfolios. Apps have made it easier to bank than ever before.
- Budgeting and expense tracking: Financial apps are now equipped with powerful budgeting and expense-tracking features, helping users set and achieve their financial goals. In the current economic climate, users demand visibility of – and control over – their spending habits. We’re also seeing more and more demand for personalisation based on individual spending patterns, assisting users in making informed financial decisions.
- Security: In today’s digital age, security is paramount. That’s why the industry is embracing advanced security measures, including biometric authentication (such as fingerprint or facial recognition) and robust encryption, providing users with confidence their financial data is well-protected. Two-factor authentication and remote account locking are also gaining traction as additional layers of security. And with an app, those security features can be paired with the convenience users expect from a mobile journey.
- Notifications and alerts: Staying informed is easier than ever, with apps sending notifications and alerts for various financial activities. Real-time updates on account balances and transactions empower users to monitor their financial health, detect unauthorised transactions, and avoid overdrafts. It takes the onus off the user to carve out time to check their latest statement; they get a link to it right there on their screen when it’s convenient.
- Accessibility: Mobile finance apps provide easy access to a wide array of financial services. That makes it possible for individuals to manage their finances without needing to visit a physical branch, which can be transformative for those with impaired mobility. Additionally, apps are being designed with accessibility in mind, offering features like voice commands, screen readers and larger fonts to accommodate users with visual or hearing impairments. A well-designed app affords everyone the same opportunities to stay in control of their finances, regardless of their physical or neurological circumstances.
These trends have collectively created an evolution in the world of financial services. With fintech firms blazing a trail, more traditional banks have caught up and finance is now a sector which prioritises user experience, security, and inclusivity. Technology continues to evolve at pace and the regulatory environment always makes it difficult for banks to keep up, but mobile apps are now the norm and have worked to make tricky tasks easier and faster, which can only be a good thing.