20 Must-have Features for Fintech Apps in 2024

In this fast-paced world, it is getting hard to keep track of money, expenses, and investments. Managing money has become a huge task. Imagine having a fintech app that seamlessly manages your finances with personalized dashboards and tailored financial insights and keeps track of your expenses. 

Did you know that 72% of users abandon their Fintech application due to a lack of desired features? As the name suggests, fintech applications deal with finance (finance with technology). When it comes to handling money, the customer must have trust in your application.

If the application is not user-friendly and has a sloppy design, chances are high that they will abandon the application for a better one. If you are worried about building a fintech app, we have you covered. Follow along to learn the best 20 must-have features for fintech apps in 2024.

What are the most popular types of fintech apps?

Understanding the functions and future of fintech apps is crucial if you want to build a fintech app. According to a study conducted by Stastica, the fintech market is expected to hit $32.7 trillion by the end of the year 2026. That is to say that the landscape is growing rapidly, so investing in learning the nuances of fintech apps would be of great use in the future.

Here is a list of the most popular Fintech mobile apps:

Payment and money transfer

Applications like Pay Pal, Paytm, Google Pay, PhonePe, Venmo, and Zelle are some applications that let users transfer and make payments, replacing the traditional methods by using new ways like QR codes and UPI IDs.

Personal Finance Management (PFM)

Personal finance management apps let you keep track of your finances, make budgets, and use saving techniques. Some applications will teach you about finance, such as trading stocks, cryptocurrencies, and mutual funds. For example, Money Control, ET Money, Walnut, Paisabazaar, Mint, and Pocket Guard.

Investment apps

Investment apps make investing fearless with their intuitive designs and seamless user experience. They will guide users throughout to ensure frictionless use. As a result, people will get acquainted with investing and navigate fintech apps with ease. For example, Zerodha Kite, Groww, Upstox, Paytm Money, ET Money, Angel Broking, Kuvera, Robinhood, and Betterment.

Must-have Features for a Fintech App

The success of every fintech app is based on its ability to contribute to the ever-changing needs and trends of the market. An effective fintech app does not only mean an application with pretty and aesthetic designs but also an inclusive and universal interface and transparency. Here is a list of 20 hand-picked must-have features for a fintech app.

Intuitive User Interface (UI) and User Experience (UX)

Simplicity and clarity in the user experience and user interface are the backbones of every fintech application. The more complex the design, the more likely your users will go away from the application. 

That is to say that they not only attract users but also build trust. Users are more likely to share it with their friends and family if the application satisfies them.

Above all, an intuitive user interface and user experience boost conversion, increase retention, and enhance usability.

Biometrics and Authentication

The fear of fraudulent activities is on the rise in the present-day scenario. It is important to make the users feel that they are in safe hands. Traditional safety measures, such as passwords and PINs, need to be updated. 

Therefore, cutting-edge safety measures such as authentication,  fingerprints, facial recognition, and voice recognition will help effectively replace the traditional safety measures.

As a result, the users will get enhanced security, a frictionless experience (not wanting to enter the PIN or password while entering), and convenience.

App Tours and Seamless Onboarding Process

The first impression is the best in fintech applications too. Amidst all the fintech applications out there, the customer has chosen yours, and you must do justice to their choice. This can be achieved through seamless fintech app onboarding and app tours to walk them around the features of the application.

We never know what the customer knows, so it is safe to give them a tour before they start. This will help them navigate the application with ease.

As a result, there will be an increase in engagement and adoption of Fintech software, which will reduce user frustration. Most importantly, keep a skip option on the screen for old and experienced users to save time.

Multi-layered Security

In the current situation, fintech app security is not only a feature but a fundamental requirement. Security measures such as encryption, multi-factor authentication, fraud detection and prevention, and vulnerability management can be used to implement multi-layered security and build trust among users.

As a result, the users will have a safe fintech experience and will spread the word among others. Therefore, providing multi-layered security is the most important of the fintech app features.

Real-time alerts and notifications

With the technical advancements the fraudsters use, one cannot be sure about anything. Using real-time alerts and notifications will notify users of any transactions or unusual log-ins on their accounts. This will let users take proactive measures and keep their accounts safe.

That is to say, real-time alerts and notifications will give users a sense of security and keep them informed of everything. As a result, there will be an increase in user engagement, financial awareness, and trust.

Language Options

In today’s globalized world, inclusivity is significant. You will never know which language your customer prefers. Giving them all the languages and letting them choose one will help them feel included and make sure that the customer can use the application without any language barrier.

Subsequently, this will increase the user base, accessibility, and user experience. Letting them access the application in their preferred language will build trust and inclusivity.

Live Chat and Chat Bot

Never leave your audience guessing. Give them prompt support with the help of live chat and a chatbot. The benefit of using a chatbot is that it will work 24 hours a day. Whenever your customer is in need, the chatbot will cater to their needs with the pre-set information. 

As a result, the customers will feel secure, which will improve the customer experience, and they are more likely to become loyal customers.

Account Management

Imagine your account without a managing hub; wouldn’t it be frustrating? Having a hub where you can receive, transfer, manage accounts, and manage credit cards with ease.

An effective UI design should be used to enhance account management. A central hub for account management provides a consolidated view of the account, simplified transactions, and enhanced budget and tracking.

Cross-platform Integrations

Today’s users seamlessly switch between devices like smartphones, tablets, and PCs. To win the customer’s trust, the fintech app design should be compatible with all devices. Most importantly, the fintech app should function seamlessly regardless of the device the user has.

A compatible fintech UX UI design will contribute to conversion and user retention. Inclusivity is the key to building trust and a loyal customer base.

Data Visualization

Financial management can be overwhelming for users, especially new ones. The problem can be solved by using interesting images, graphs, and infographics. This will give them a clear insight into what they are up to and let them manage their account with ease.

As a result, they can identify spending patterns, track progress toward financial goals, and gain a better understanding of the fintech product.

Personalized Dashboards

The traditional one-size-fits-all approach cannot be used in fintech app development. The design should be tailored to the user’s needs. Every user approaches the application differently; some use it only for transactions, and some use it for managing finances.

That is to say that based on the user’s activities, fintech designs should be altered. Alterations such as rearranging and prioritizing information, setting custom alerts and notifications, and tailoring financial insights. This will make the users feel valued and understood. 

Scanners and QR Codes

In the fast-paced fintech landscape, efficiency and convenience are the keys to winning. The easier and more efficient it is for the users, the more likely you are to win. Gone are the days when you had to manually type someone’s number to transfer money. There are chances that you mistyped the number and ended up transferring the amount to someone else. 

However, it can be eliminated with the help of QR codes and scanners, which will ensure frictionless transactions.

Multiple Payment Gateways

Inclusivity is the key. We never know which payment gateway the customers prefer. There are chances of them abandoning the fintech app when they do not find their preferred payment gateway. 

For instance, if you prefer PayPal as their payment option and the fintech application does not have PayPal, wouldn’t you consider making the payment? Therefore, having multiple payment gateways will increase user adoption, enhance accessibility, and reduce transaction failures.

Digital Wallets

Digital wallets are one of the most convenient and safest ways to make a payment in the FinTech app. For instance, think of struggling with entering the credit or debit card details while checking out your order. 

Digital wallets allow users to make swift and seamless payments. Digital wallets allow users to deposit the wallet before or during the transaction. 

This will reduce churn and second thoughts while the users make payments. Moreover, since the payment is done within the application, the chances of payment data theft or misuse are eliminated. 

Voice Assistant

The fintech design should be accessible to everyone. Your user may be a disabled person or they are having difficulties accessing the fintech app. Giving them the voice assistant feature will help them make transactions seamlessly without touching the device.

Further, this feature will be highly beneficial for users on the go, visually impaired users, and users who prefer a natural language interface.

Gamification

Gamification in fintech apps is the most effective feature in fintech UX design. With gamification, using fintech applications will not be a chore anymore. Fintech apps are associated with finance, which often frustrates the users.

Introducing rewards and gaming elements, like motivating and engaging elements, will calm them down. Subsequently, there will be an increase in engagement, financial literacy, and enhanced motivation.

Artificial Intelligence

With the arrival of AI in every industry, your fintech product will be outdated if you do not use it. Moreover, the future of the landscape is based on personalized and intelligent guidance. Imagine an application that does not stop at managing accounts and helping you make transactions and starts giving you financial insights and guidance based on your activities.

That’s AI for you. In short, AI will help users with personalized financial insights, automated financial tasks, fraud detection, and prevention. It is high time to use AI in fintech applications to enhance the user experience.

Analytics and Reporting

Financial well-being requires a better understanding of one’s spending habits. By integrating analytics and clear reports, the users will know their spending habits and make informed decisions. Financial transparency will educate them and build trust.

Offering comprehensive analytics and reporting, including categorizing breakdowns, trend analysis, and net worth and cash flow reports.

Customer Support

Even the most futuristic and updated fintech apps need customer support. We never know when problems will occur. Significantly, the users get timely and reliable support. If you take care of the users, they will last. 

Subsequently, there will be an increase in customer retention, user adoption, and increased trust and confidence, making your FinTech app reliable.

Regulatory Compliance

Adhering to regulatory compliance is one of the fundamental advantages of a fintech application. Being up-to-date with regulations, fintech design trends, and transparency will build trust among users and convert them into loyal customers. In short, in the competitive landscape, regulatory compliance will give you a competitive edge.

Enhance your Fintech app with Code Theorem’s Fintech app design service!

Experience the cutting-edge of financial technology with Code Theorem, a UI/UX design agency where we revolutionize user interactions. Our team of skilled designers crafts digital experiences that engage and retain consumers, going beyond simple app creation.

Our designers create intuitive interfaces that promote trust, security, and enduring customer relationships through their enthusiasm and expertise. Hire the best designers in the field to get your fintech app designed.

Take a look at our services and partner with us to create the best fintech app. 

Reach out to us here. Our expert team will take you from there.

Let us make it happen!