The fintech industry is on the ascent. From various perspectives, it has dominated classic banking, totally taking over activities customarily held for banks and financial institutions. There is a large number of reasons behind this crawling takeover.
Financial juggernauts such as big banks are frequently easing back to actualize technical advances because of bureaucracy and the risk involved with developments. Fintech organizations don’t work inside the same regulatory environment. Their activities aren’t directed like those of banks, and they don’t need to answer to the same governmental bodies.
But one of the greatest differentiators that move fintech organizations is the comfort that they offer contrasted with regular financial market players. For instance, take an example of Uber and Lyft. These applications act as a substitute to the traditional cab services, and this keeps running in parallel to what fintech organizations are doing to banking.
The essential medium for fintech organizations and their applications is the mobile environment. Most of them even begin as mobile first solutions. Let’s dive into mobile banking application development.
MOBILE BANKING APP DEVELOPMENT: BEST PRACTICES
Mobile banking applications don’t stay behind quickly developing fintech new companies. Actually, most developing banks embrace all the leading edge technologies too so as to make lives of their customers simpler.
Citi Mobile is one of the main mobile applications for iOS and Android mobile phones presented by Citibank. As indicated by Business Insider, the application has fundamentally developed in popularity mostly because of inclusion of FICO score feature. Yet, Citi Mobile gives more avant-garde features than that. One of the features is gaining access to a user account with Touch ID. Another is having a prompt look at the account without really signing in. For this purpose, application users have a Citi Mobile Snapshot available to them. It’s additionally possible for users of the application to initiate their new credit cards, and bolt and open any of their cards.
Another famous mobile banking application is Chase Mobile by JPMorgan Chase, one of the four biggest banks in the US. The application is likewise accessible for Android and iOS gadgets. Now it is easy for users to do transactions, manage their account, oversee liquid and credit cards and have notifications with the help of Chase Mobile. As of now, you can install this mobile banking application either in English or Spanish.
Other vast US banks, including Wells Fargo and Bank of America, likewise have their mobile applications. They provide comparable usefulness and set of features, including greater security and protection of the user account as well.
In the positions of solid mobile banking application engineers, Igniteoutsourcing stands gladly. The organization has a huge ability supported by genuine advancement ventures. We are enthusiastic about giving the most elevated amount of data security to our customers. Being under NDA, a far-reaching fintech venture was created by the team of our mobile development. The undertaking was relegated to us by one of our most regarded customers – a world-well known banking institution. We needed to make a security plug-in for bank workers’ confirmation and approval. Igniteoutsourcing has effectively built up the plug-in required utilizing C#, Java and IIS innovation. The organization in this manner helped the customer to expand its data security level altogether.
According to the senior bankers, fintech companies (financial technology) might soon replace banks if they will not provide better customer services particularly financial technology services.
Bank’s Business Strategy Regarding Fintech
Fintech startups have recently risen as solid contenders to general banks in the conveyance of electronic payment services.
Bankers are calling for collaboration and amalgamation between the two sides for the advantage of all, in a way that enables each party to make utilization of the abilities of the other.
The above statistics represent the future strategies of banks in respect of Fintech firms globally as of 2017. According to a survey carried out among banking executives uncovered that 91.3 percent of banks intended to team up with Fintechs.