How are Fintech Mobile Applications Changing Traditional Banking?

It is predicted that the global fintech industry will be worth 400$ billion in the year 2023. The world is evolving fast, and so is the tech industry, thanks to the introduction of fintech applications for making banking solutions 100 times uncomplicated.

“Fintech,” as it is evident from the word itself, combines finance and technology. Adding technology to banking and finance services makes things easy, advanced, and competitive. Now you don’t have to go to your bank for transactions as it is possible just through a single tap from your mobile. Interesting right?

Fintech has entirely transformed the means we use to make Payments, manage our money, take loans and mortgages, or open an account. There are currently 30,000 fintech startups worldwide, providing employment opportunities to millions of intelligent tech experts.

This is undoubtedly revolutionary and worth the effort, and according to the experts, the main reason for the booming fintech business is the increasing use of mobile devices. People find fintech applications easy to use as compared to going to the bank and so on. Still, so much is yet to be done, and you will find incredible new features and trends in the fintech applications.

Here are some of the ways fintech is changing the finance landscape

Assets Management

Many people are unaware of how to manage their assets. They end up investing in fraud schemes or wasting their hard-earned money in unworthy and profitless areas and suffer from disappointment later. Many fintech or banking applications provide exceptional solutions to asset management.

They have unique features and top-notch investment options that are profitable and easy to access. Experts are also accessible, and you can take advice whenever you want through these advanced fintech applications.

Affordable as compared to Traditional Banking

The best thing about fintech applications is that they are cheap, and many banking applications don’t even charge any amount for the transaction, so it’s a win-win situation.

Also, when we see traditional banking, you must visit the bank, which costs you traveling expenses, and some amount is deducted from each transaction every time. So, this incredible fact makes fintech banking applications a better choice than traditional banking.

Increased Competition

As the number of fintech startups is increasing rapidly, the competition is also increasing. Fintech experts are trying their best to add new and easy solutions to compete in the market and provide their users with easy and affordable banking solutions.

Mobile app development Dubai is skilled in developing some of the finest fintech applications for their local and international clients. Some of the most popular UAE-based fintech applications are Beehive and Bit Oasis. The latest applications have multiple unique features and exceptional user interfaces.

A great source of business

Fintech applications are providing a great business opportunity, and according to research, in 2023, the global fintech market will generate revenue worth around 400 billion and tats huge. Startups are doing great business through fintech applications. Almost every bank has its own banking application worldwide, thus increasing business for the software development industry and the company itself.

Increased Transparency

Banks were considered untrustworthy and less transparent in the past, but thanks to fintech application making, things are transparent and secure. You can always keep a check on your account through your smart devices. Customer support is always active to assess you with any queries.

Increased Accessibility

If we compare it to traditional banking solutions, this is the ultimate upgrade, as you can always access banking services. You can make transactions from anywhere worldwide without going to your bank branch. There is a marked decrease in delayed payments and transactions, and you can transfer money within seconds if you have a fintech application on your smartphone. Software development company in Dubai and other famous software development companies in the UAE region are experts in developing fintech apps from state-of-the-art technology.

Helps Freelancers

International transactions are made easy for the freelancer community. They can easily make transactions with their international clients. Thus, this helps the freelancers in their work without delaying payments. Many fintech applications provide freelancing solutions also.

Increased innovation

As fintech applications are the latest advancement in the software industry, it is continuously progressing and evolving. Many advancements are predicted to be made in the near future.

Conclusion

Traditional banking is no longer preferable for transactions or money management. More and more people are getting digital and using fintech applications. As discussed in this blog, fintech applications are evolving rapidly, and fintech app developers are trying their best to work on new advanced features. Many new startups are launching with the passage of time, thus doing great business.