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How The Finance Industry Is Changing

In recent years, leading banks have been developing financial applications based on the concept of Daily Banking. With this approach, the banking application contains the functions of payments. There are transfers, monitoring debts and commissions. They manage funds and checking their movement. They search for ATMs and terminals. They make offers convenient configuration and information about the bank’s products. Software development for banking and financial services is progressing.

Many applications have automated chats where you can write at any time and get a quick answer. Here users learn about new services and solve problems without contacting a bank branch. So the impact of fintech on banks is high.

Finance Industry Trends 2019

Trends in 2019 – expanding the possibilities of payments and transfers. Especially the launch of a fast payment system and the introduction of payment for more services through QR codes.

The fast payment system (FPS) is a tool that allows you to transfer money to a phone number in a few seconds, including to the account of another bank.

Transfers by phone number are not a new feature of banking applications. But if earlier such transfers were limited to intrabank operations or partner banks. Now it is a standard interbank operation for all participating banks.

Mobile Banking is Dominating

The financial technology industry simplifies online services and makes them more understandable. Companies are improving the user experience and interface of applications. They reduce the number of user steps to solve problems.

As a result, applications become more user-friendly. Many of them have the ability to automate repetitive operations. The developers have simplified the entrance to the mobile bank – now you do not need to enter a lot of data. You can also quickly execute transactions and search for information. If you still have questions, the support chat will help.

The applications have new options for protecting personal data. As well as deleting them if the client has stopped using the bank’s services. Banks are actively developing monitoring and security systems (anti-fraud systems). They introduce the possibility of restricting transactions and additional methods of confirming them.

Blockchain and Cryptocurrency

More and more blockchain and cryptocurrency technology are in the banking business. And the user experience is becoming completely personalized. is ready to carry out this task.

App Development

Remote identification of users by biometrics in fintech applications is also being tested. Now you can become a client of a bank without going to a branch.

Digital Office (digital office) are additional functions that enhance daily banking and save customer time. With a digital office, users can manage their finances and purchase banking services.

Banks have been actively implementing Digital Office features in 2019. Apps have created a solid foundation for digital office development, according to Markswebb. The leaders of the rating added insurance and investment services. As well as tools for personal data management to their applications.

The developers have introduced the function of obtaining loans and mortgages, buying insurance and investments online. You can change the terms of the product, personal data, as well as refuse certain services. You no longer need to apply for inquiries to the office – clients can receive documents in the application or order a card delivery.

Final Thoughts

Let’s highlight four main trends:

  • Applications solve all the daily tasks of customers.
  • It became easier and more convenient for the user to perform operations.
  • Online banking services are gradually replacing a visit to a branch.

Large banks are transforming their applications into ecosystems that cater to all user needs.

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