Fintech App Feature Set For Unmatched User Experience

Fintech is booming.

Statistics shows the market being worth over $50 Billion and expected to reach $150 Billion by 2025. Now, how cool is that?

This expansion has attracted a lot of attention from both potential fintech startups and people who want to start a fintech company.

In either case, the key to success in fintech or any market is capturing “target audience”.

This brings us to the user experience and app features.

Focusing on the latter, fintech app features play an essential role in dictating the success of your platform.

It’s all about deliver what user wants!

So, how do you do it? How can you find the right feature set for your fintech application? Well, we shall be discussing all about that.

Meanwhile let’s see what makes app’s feature so important.

The Importance of Selecting Right Feature Set for Fintech App’s Success

In the competitive world of fintech, the success of an app hinges significantly on its feature set.

Want to create a fintech app that’s successful?

Well, selecting the right fintech app features can dramatically enhance user engagement, ensure compliance with regulatory requirements, and improve overall financial management.

This importance is not merely about adding numerous features but about choosing the right ones that align with user needs and business goals.

• Meeting User Expectations

Users of fintech applications come with high expectations for functionality, ease of use, and security.

The features for fintech apps should therefore be designed to meet these expectations by providing a seamless and intuitive user experience.

For instance, features such as real-time financial tracking, automated investing, and personalized financial advice can cater to the needs of modern consumers who are looking for smart and efficient ways to manage their finances.

• Enhancing Competitive Edge

The top fintech app features often set the application apart from its competitors.

Inclusion of cutting-edge technologies like AI-driven analytics, blockchain-based security, or advanced payment solutions can give a fintech app a significant advantage in a crowded market.

By integrating the best fintech app features, developers can offer unique functionalities that not only attract users but also retain them long-term.

• Compliance and Security

In Fintech, app’s security is paramount as these platforms deal with sensitive financial data, which makes security a top priority.

Features of the fintech application that focus on robust security protocols such as two-factor authentication, encryption, and continuous monitoring are essential.

In addition to this, compliance with regulatory standards is crucial.

Fintech app features list should always include compliance tools that help both users and providers adhere to local and international financial regulations.

• Scalability and Flexibility

As fintech companies grow, their apps must be able to scale accordingly.

The must-have fintech app features include scalability options that allow for the handling of increased transactions and expanding customer bases without compromising performance.

Flexibility in features also allows fintech apps to adapt to changing market conditions and emerging trends.

• Data-Driven Insights

To foster a better decision-making process, the top features of the fintech application should provide users with valuable insights derived from their data.

Features that offer comprehensive analytics and reporting capabilities can help users understand their financial habits better and make informed financial decisions.

Core/Essential Fintech App Features

Let’s start with essential or core fintech app’s feature.

These are basic features that every fintech app should have. Whether we are talking about creating a loan lending platform or an neobank app development, the statement holds true.

In any case, let’s get right into the features:

Also Read: 29 Essential to Advance eWallet App Features: A Complete Guide

User Panel Essential Features

Let’s start with the core feature for the user panel of fintech app.

For those who aren’t familiar with the concept, an app is often divided into panels depending on the user and need.

When we speak of the user panel, we are talking about end users.

So, in layman’s terms, the core features for end-users of fintech apps are, as mentioned below:

1. User Registration and Login

This feature allows users to securely register and log into the app using various methods, including email, phone number, or through social media integrations, providing flexibility and ease of access.

2. Profile Management

Users have the ability to update and manage their personal information and account settings, ensuring their details are always current and accurate.

3. Account Linking

This functionality allows users to link multiple bank accounts to the app, enabling them to manage all their financial assets from a single platform.

4. Real-time Balance Updates

Real time balance updates as the name suggests, provides users with immediate updates on the balances of all their linked accounts, ensuring they have the latest information at their fingertips.

5. Transaction Tracking

With transaction tracking, the user can easily view and categorize their past transactions, which helps in tracking spending patterns and better financial management.

6. Payments and Transfers

With this, the fintech app supports peer-to-peer (P2P) payments and facilitates other types of transfers, including international transactions, making it easier to move money when needed.

7. Multi-factor Authentication

This authentication system enhances the security of the app by requiring multiple forms of verification for logging in and executing transactions, adding an extra layer of protection.

8. Biometric Security

You should integrate biometric security measures such as fingerprint scanning and facial recognition, offering users a secure and rapid way to access their accounts.

9. In-app Support and Chat

Lastly, we have the much required support feature which provides users with direct access to customer support through FAQs and live chat options within the app, ensuring help is always available when needed.

Admin Panel Essential Features

Let’s talk about admin panel.

Admin stands for administrator of the platform or we can say the team the manages the platforms.

It’s true that there can be more platforms depending on fintech app’s business model, but these are two core features.

Speaking of which, these are, as mentioned below:

10. User Management

Admins can oversee user activities, approve new accounts, manage user roles, and handle disputes efficiently. This control is essential for maintaining the security and functionality of the platform.

11. Transaction Monitoring

This feature’s robust tools for monitoring all transactions within the app, aimed at detecting fraudulent activity and ensuring adherence to financial regulations.

12. Analytics Dashboard

With this, you provide the user comprehensive insights into app usage patterns, financial trends, and key operational metrics, helping stakeholders make informed decisions.

13. Financial Reporting

Financial reporting feature Generates detailed financial reports for both regulatory compliance and internal analysis purposes. This is quite helpful in decision making.

14. Compliance Management

Let’s have a look at compliance management feature of the admin panel. With this, you will equip the platform with tools necessary to maintain compliance with evolving financial regulations and laws.

15. Content Management

Lastly, we have the content management functionality of the admin panel. This enables admins to easily update educational materials, notifications, and other app content, ensuring that information remains current and relevant.

Advanced Fintech App Features

Let’s take thing to next steps.

There are amazing fintech app ideas and to compliment them, advanced features.

Moreover, when considering the development or upgrade of a fintech app, integrating advanced features can significantly boost its appeal and functionality.

Here are 33 sophisticated features that cater to a discerning audience looking to leverage cutting-edge technology:

16. Artificial Intelligence (AI) Advisory

AI app development has become quite prominent.

The effects of this trend are seen across the industry. One example is this fintech app’s advanced feature. AI advisory.

Here, we utilize AI to deliver personalized financial advice and investment strategies.

By analyzing user data and market trends, this feature can help users make smarter investment choices tailored to their goals and risk tolerance.

17. Machine Learning Fraud Detection

Take a look at an amazing example of Machine Learning in app development and ML driven fraud detection features.

With the rise of fraud across the world, fintech has to fortify itself.

With this feature, you can implement machine learning algorithms to identify and prevent fraudulent activities.

Moreover, it will continuously learn from transaction patterns, enhancing its ability to quickly spot anomalies and secure user assets.

18. Blockchain Integration

Blockchain is yet another of the big Industry 4.0 technologies set to change the world.

So how does it apply to fintech app’s advanced feature list?

Well, incorporate blockchain technology to ensure transactions are secure and transparent.

This decentralized approach not only enhances security but also builds trust among users by providing an immutable record of transactions.

 19. Multi-Currency Support

The entire world doesn’t use one currency.

Rather, there are a lot of different currencies and with this feature, you can tempt them all.

It will support multiple currencies for transactions, which is particularly beneficial for users who travel frequently or engage in international business.

Nimble AppGenie developed “Pay By Check” wallet, a fintech platform that leverages multi-currency support to take over the market. What are you waiting for?

20. Robotic Process Automation (RPA)

Yet another one of the Industry 4.0 trend, we have RPA or robotic process automation.

In similar words, platforms automate routine and repetitive tasks such as data reconciliation and compliance reporting.

This increases operational efficiency and allows staff to focus on more strategic activities.

21. Voice Recognition Systems

Well, voice recognition systems are limited to Siri and Google Assistant anymore.

Voice payment has become a trend in fintech.

This feature takes full advantage of it, enabling users to perform financial transactions and access important information via voice commands.

This hands-free interaction enhances accessibility and user convenience.

22. Augmented Reality Interfaces

AR/VR trends have made their way to fintech space, giving us this feature.

Uses augmented reality to help users visualize financial scenarios, such as projected savings or investment growth.

This immersive technology can make complex data more understandable and engaging.

23. Advanced Biometrics

Biometric authentication has become a basic fintech feature now.

But what if we were to take it to next step?

Advanced Biometrics is all about that.

Here, we employ sophisticated biometric technologies, such as iris scanning, providing a higher level of security compared to traditional methods.

This can prevent unauthorized access and enhance user confidence.

24. Predictive Analytics

Features aren’t just to keep the user happy, it is also too study them.

And that’s made possible via the analytics which driven decision making. When we speak of predictive analytics, it leverages historical data to forecast future financial conditions and user behaviors.

Financial institutions can use these insights to tailor their services and anticipate user needs more effectively.

25. Chatbots and Virtual Assistants

To be a truly next-gen fintech app, you should definitely consider this feature.

Chatbots and virtual assistants.

Here, we implement AI-driven chatbots and virtual assistants to provide round-the-clock customer support and financial guidance, making the service accessible at any time without human intervention.

26. Cryptocurrency Transactions

Don’t create a crypto app, rather, integrate it in your fintech solution as a feature.

Supports handling of digital currencies, allowing users to perform transactions in cryptocurrencies alongside traditional money.

Thus, appealing to tech-savvy users and investors in the digital currency space.

27. P2P Lending Platforms

The growth and popularity of loan lending apps is unmatched.

Being a part of fintech, it’s a good idea to add this advanced fintech feature in your app.

Here’s how this works: Integrates peer-to-peer lending functionalities, enabling users to lend and borrow money directly without the need for traditional financial intermediaries.

Therefore, often resulting in more favorable terms.

28. Crowdfunding Integration

Crowdfunding platform development within fintech niche is super popular.

So, how about you integrate this in your platform to leverage that?

Well, by allowing users to engage in crowdfunding activities, either as contributors or recipients, you can go very far.

This can democratize access to capital for startups and projects.

29. Dynamic Risk Assessment Tools

Again coming to the security aspect, dynamic risk assessment tools play a huge role in the same.

This fintech functionality utilizes real-time data to assess the risk levels of investments and loans dynamically.

This can help users make more informed decisions based on current market conditions.

30. API-driven Financial Products

Fintech APIs are the soul of the industry.

With API driven financial products you can capture it whole.We are suggesting, offering seamless integration with various financial services through APIs.

This opens up a plethora of services to users, from insurance to investment products, all accessible within the app.

31. Customizable Dashboards

Dashboards are at the heart of a fintech application. While it’s more of a fintech app design feature, here it is:

This feature lets users customize their financial dashboards and that’s where all the fun lies.

This personalization feature helps users track the financial metrics most relevant to them directly from their homepage.

32. Regulatory Technology (RegTech)

Fintech regulations and compliance with them is a very-very important thing.

For this, you should focus on RegTech and regulatory technology.

This advanced functionality of fintech platform will focus on technologies that facilitate the management of regulatory compliance.

This is crucial in the heavily regulated financial sector, helping firms avoid fines and legal issues.

33. Internet of Things (IoT) Payments

There are a lot of mobile payment technologies. For instance, NFC or via mediums like UPI.

However, covering IoT payments would give your platform an extra edge.

This will enable users to make payments through IoT-connected devices, expanding the possibilities for mobile payment ecosystems and enhancing user convenience.

Additional Features for Fintech App

It’s time to look at some additional features for fintech applications.

Well, let’s get right into it:

34. Digital Wallets

21^st century is the age of digital wallets.

Now, the market for eWallet is huge, but you don’t need to start an eWallet startup to appease them, rather, you can integrate it as a feature.

With an integrated digital wallet, you allow users to store, manage, and use various forms of digital currency, from traditional money to gift cards and loyalty points.

35. Insurance Management

Insurance has become as important as a home or a food in today’s world.

Now, don’t let your user download a stand-alone insurance app, rather integrate management of various insurance policies.

Includes the ability to view policy details, file claims, and track claim status all from within the app.

Also read: Insurance App Development: A Complete Guide

36. Expense Tracking and Budgeting

Inspired by expense manager app development, we get this additional feature for fintech apps: expense tracking and budgeting.

With this, you provide tools for users to track daily expenses and create budgets, helping them manage their finances effectively and achieve their savings goals.

37. Subscription Management

Subscription apps have become a household thing now.

But we if told you can make it easier for your users to manage all of them? With this feature you can.

It allows users to manage their subscriptions, view expenses, and even cancel subscriptions directly through the app, helping them avoid unnecessary charges.

38. Financial Education and Literacy

Again, inspired by financial literacy apps, we integrate fintech education and literacy functionality in the platform.

This includes educational content and resources to improve users’ financial knowledge, such as articles, tutorials, and webinars on financial topics.

39. Loyalty and Rewards Programs

Don’t forget to thank your users for their loyalty!

For this, you can integrate loyalty programs where users can earn rewards for transactions and certain behaviors within the app.

This can be redeemed for various perks or discounts.

And also opens up a great fintech monetization opportunity.

With this, we are done with core, advanced, and additional fintech app features. With this out of the way, it’s time to choose how to find the right app feature set.

Here’s How to Select Right Feature Set for Your Fintech App

One of the big reasons why fintech startups fail is the wrong feature set.

Selecting the right feature set for your fintech app is crucial to its success.

It determines how well the app meets user needs, stands out in the competitive market, and stays compliant with regulations.

Here’s a step-by-step guide to help you choose the right features for your fintech application:

► Understand Your Audience

1. User Research: Start by understanding who your users are via market research. Conduct surveys, interviews, and market research to gather insights into their needs, preferences, and financial behaviors.
2. Personas Creation: Develop user personas that represent your typical customers. These should include their financial goals, technological savvy, and the main problems they are looking to solve with your app.

► Analyze the Competition

1. Competitive Analysis: The market is filled with the best fintech apps. Examine what features are offered by competing apps. Identify gaps in their offerings and consider how you can fill those gaps or offer improved solutions.
2. Benchmarking: Benchmark against industry standards and top players to understand which features are considered essential and expected by users.

► Prioritize Features

1. Must-have vs. Nice-to-have: Distinguish between essential features (must-haves) that your app can’t function without and nice-to-have features that could enhance user experience but aren’t critical for the initial launch.
2. Impact Analysis: Evaluate the potential impact of each feature on user experience and your business objectives. Focus on features that offer the most value and align with your strategic goals.

► Consider Technical Feasibility

1. Technology Stack Assessment: Determine if your current fintech technology stack can support the desired features. Consider the need for new technologies or infrastructure upgrades.
2. Security and Compliance: Ensure that the features comply with all relevant financial regulations and security standards. This is crucial for user trust and legal compliance.

► User Testing and Feedback

1. Prototyping: Develop a prototype of your app incorporating the selected features. This doesn’t have to be fully functional but should help visualize how the app works.
2. User Testing: Conduct user testing sessions to gather feedback on the app’s functionality and the utility of the features. Observe how users interact with the features and what challenges they face.
3. Iterate Based on Feedback: Use the feedback to refine and iterate your features. It is essential to be flexible and make adjustments based on real user experience.

► Plan for Scalability

1. Scalability Planning: Ensure the features you choose can scale as your user base grows. Consider cloud solutions, microservices architecture, or other scalable technologies.

Also Read: How To Drive Payment App User Retention?

► Launch and Learn

1. Phased Rollout: Consider a phased rollout of your app, starting with a minimally viable product (MVP) that includes only the most critical features. This allows you to gather user feedback and make adjustments before a full-scale launch.
2. Continuous Improvement: After launch, continuously monitor the performance of your app and user satisfaction. Plan regular updates to introduce new features and refine existing ones based on user data and feedback.

Nimble AppGenie, Your Fintech App Development Partner

Nimble AppGenie is here to help you.

As a market leading fintech app development company, we know what it takes to make you the next best.

With over 350 successful projects and 250 satisfied clients, we drive 98% retention rate.

It’s high time to hire app developer and start your project.

Conclusion

Selecting the right feature set for your fintech app is a crucial step in ensuring its success.

By understanding your audience, analyzing the competition, and strategically choosing features that align with both user needs and business objectives, you can create a powerful tool that stands out in the competitive fintech landscape.

Remember, the ultimate goal is to balance innovation, user engagement, and compliance, all while keeping scalability in mind.

As the fintech industry evolves, so should your app.

Stay adaptive and responsive to changes in technology and user expectations to maintain relevance and effectiveness.

FAQs

Udai Singh Shekhawat

Udai Singh is a senior content writer with over 6 years of experience in creating content for FinTech, eWallet, EdTech, and App Development. He is an expert in simplifying complex concepts and creating engaging content that resonates with the audience.