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6 Desirable Fintech App Features Banks Should Adopt for Mobile Banking

Financial Features You Can Add to Your Fintech App

Written by Niel Patel · 3 min read >
fintech app development companies 2022

More and more people around the world are signing up for fintech apps. These apps offer some popular and desirable services. These features resonate with users of all age groups.

We have compiled a list of 5 top features of fintech platforms that banks should adopt.

Early Access to Salaries

Most fintech apps feature access to payroll money and other scheduled payments two days in advance. It is the cost of entry now, seemingly for every population.

With direct deposit, Chime allows users to get their salary up to 2 days early. Users can start spending their paycheck two days ahead. Users don’t have to wait, and their physical checks won’t get lost in other papers.

Chime promises that you will receive your wage as soon as it is available which is two days before conventional banks. Stride bank and the Bancorp bank support chime.

FlexxPay allows workers to receive a part of their wages between pay cheques. The idea is to minimize the financial worry of salaried individuals while increasing productivity and retention for organizations.

The fintech company provides employees up to 1835 AED of their already earned payment each month if they pay 25 AED on average. The fee amount relies on how early the money is requested. Mobile app developers working on a banking app project should consider adding this feature.

Repay When You Get Paid

Many people in the UAE live hand to mouth and often need a temporary advance in the last days of the month. This little amount helps people to keep making ends meet till payday. Mostly fintech apps facilitate this and have liberal overdraft policies — sometimes at zero cost beyond repayment.

Albert will offer up to 250 dollars in advance on the customer’s next salary, with zero interest, zero late fees, no credit search, and no mandatory debt period. 

Users repay when they get their pay cheques or can afford the money. The company charges a small amount if a user doesn’t utilize direct deposit.

Developed for the Middle East, White is a unique fintech firm that lets wanna-be business owners start receiving payments within five minutes. 

According to the company, startups struggle hard to get their idea validated before they can run them. They have to deposit hefty amounts of money for security only to check whether their idea will work or not.

Banks can use this feature in their banking app development to compete with emerging fintech companies.

Various Ways to Build Better Credit 

Fintech app consumers want to develop their credit records to get mainstream credit. Fintechs offer multiple means. MoneyMall is a UAE-based free fintech platform that helps users check and increase their credit scores.

The company promises better credit for all and boasts that it can help you unlock your borrowing capacity. Moneymall provides the ideal credit cards and loans to users. It also deals with mortgages.

Users can see their debt ratios and credit scores on their dashboard which is updated monthly. Also, it notifies users of modifications in their credit reports, credit scores, and borrower power per month. Banks should incorporate this significant feature in their mobile app development

Facilitating App Consumers to Deposit Cash

Fintech platforms around the globe offer some way of withdrawing cash at a network of ATMs spread across the country via the app on a mobile phone or through an associated debit card.

Usually, the platforms don’t charge a fee, but in rare cases, they do. On the other hand –— and this is odd as we are discussing digital applications — many apps don’t deliver a means to deposit money into the accounts.

Payit is a digital wallet that facilitates sending cash, topping up mobile worldwide, buying, paying bills, and more. It also enables users to withdraw money with its Cash Out feature through ATM or bank transfer.

It keeps the users’ cards bacteria-free and secure in their wallets. Users can withdraw money from any FAB ATM whenever they want to use funds from their Payit wallet anytime and safely with a nominal fee of AED 3.15.

Assisting Customers to Stay Within Budgets and Enhance their Finances

A report from MX named “Consumer Trends in Mobile and Digital Banking” found that 90 percent of participants want their financial services companies to send them personalized notifications and reports. Sixty-three percent expect those service providers to help them manage their cash proactively.

Many mobile app development company are unaware of these expectations of users.

Rise is a fintech startup that makes accessing necessary cross-border financial services streamlined for middle-income migrants via reachable social sites.  

It allows migrants to open a no minimum salary and no minimum balance account to start saving money. Rise also provides various insurance products to help people secure the future of their families. 

In addition, it offers a financial health check for people who don’t have anyone to discuss their finances. The aim is to help them gain financial resilience. Users can opt for a buy now, pay later feature as well.

Helping consumers earn money.

Some fintech applications have an aspect we don’t find in conventional institutions’ apps. That is telling users ways to earn extra money through gigs or side jobs.

This appears to accept that financial betterment may simply translate to earning more money. Dave is a mobile banking app that offers a marketplace for freelancers within the app.

In the company’s own words, sudden expenses may make your money life uncertain, but Dave has got you covered.

The app works with multiple partners to help users find and apply for gig work directly from their phones. App development companies can learn from Dave’s work and incorporate this fintech feature into their apps.

Bottom Line

It’s high time banks realize the importance of mobile banking and go towards developing a custom app for their bank. Fintech platforms pose a danger to traditional banks.

Banks have to offer free apps to make close bondings with their clients. These apps will also help clients adopt a more personalized customer approach, improve their services, and plan superior marketing campaigns.

Financial Features You Should Consider in Your Fintech App

  1. ACH Payments
  2. Biometric Sign-in
  3. Record-Keeping and Accounting
  4. Streamlined Onboarding
  5. Instant ACH
  6. Personalized UI and Settings
  7. Push to Card Payments
  8. Digital Wallets
  9. Friction-Free Forms
  10. Reward Campaigns

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