How to improve fintech applications: what it is and why it’s needed

The banking sector of financial services has used digital technologies for a long time to meet the growing needs of customers. This is efficiency, security, and accessibility to the entire range of banking services. The exponential development of digital technologies is the reason fintech is one of the fastest growing industries in the world. If you are wondering how to develop a fintech app, read on. You will find an idea for a startup and tips from our partner on how to fix bugs in existing fintech applications. This will help you enter the digital banking market with your product.

According to the forecasts of The Business Research Company (a company that conducts in-depth research of the global financial services market), by 2023 the financial technology industry will cover up to 158,014.3 million dollars. This forecast indicates that 59% of credit unions and 49% of banks believe that using digital technologies in the field of financial services is a necessary part of success in a global economy.

So, what is a financial application?

This is a mobile or web application through which financial organisations (banks, insurance, brokerage and dealer companies, as well as pension and investment funds, as well as credit unions) provide their services to customers via the Internet. A list of the basic internet banking services is provided below;

  • payments,
  • banking,
  • lending,
  • investments,
  • securities market,
  • consumer microcredit.

Internet banking has been the main way that financial institutions and customers have been able to connect in developed countries for a long time. In developing countries, this service is only becoming popular. In the near future, online banking services will be added to the list of services of digital states.

An idea for a startup

It is customary for fintech applications to have a rather boring interface – a strict design, a multi-stage system of transaction confirmations, and not very informative reports. In order to understand the menu, it is easier to find a way out of the Knossos labyrinth. But, the growing market for online banking services, the development of digital technologies, and the problems with existing fintech applications all suggest that you should create your own digital banking application. 

Financial technology apps usually have three main functions: 1) informing the client about the conditions of financial services, 2) making a list of financial transactions (statements), and, if asked, 3) showing the user this list. They also produce information graphics that showcase general information regarding the client’s expenses for a given period (day, month, quarter, year).

Summarising the feedback from users of fintech applications on the expertise of our partner, 99% percent of users of their complaints relate to the application interface. Thus, a conclusion can be drawn that can be used as an idea for a startup: to create a fintech application with an informative and easy-to-use interface.

Which type of fintech application do you want to build?

Financial technology applications are used by online banking customers to pay for purchases and various services, send and receive money transfers, convert currencies, calculate mortgages, get micro loans, and also to check statements and reconcile loans with a debit. They do it all over the Internet. The following types of applications are different because of what they are used for:

  1. Digital banking (neobanks) are financial institutions that provide services exclusively via the Internet and do not have physical offices of their representative office. For example, Chime (a type of free credit card) or Estonian Wise (an interstate banking transaction tool).
  2. Bank apps are online tools for traditional banks, such as Bank of America Mobile Banking.
  3. Payment systems are one of the key parts of modern monetary systems (a set of rules, procedures and technical infrastructure that ensure the transfer of value between entities) – PayPal and Payoneer.
  4. Loan applications are a tool users can use to take and repay loans online. The peculiarity of credit applications is that they are integrated with various monitoring systems in order to assess the creditworthiness of their customers as deeply as possible. For example, Empower is a financial technology company, not a bank. Banking services are provided by nbkc bank (FDIC member) and Money View (an online platform offering a wide range of personalised loan products).
  5. Trading and cryptocurrency applications. The latter is a tool with which clients can manage their cryptocurrency portfolios. Examples – Coinbase and Bitstamp.
  6. Mortgage and insurance applications – a tool for mortgage banks, through which customers can take loans secured by real estate, as well as insure real estate. For example, Mortgage and GEICO.

Some fintech applications offer multiple operations, for example, taking out a consumer loan, making transactions, and managing a portfolio of cryptocurrencies.

Required and optional features

Whatever the type of fintech application, it must have the following features: 

  • Login, registration, and account recovery.
  • Personal account — elements of application personalization.
  • User activity tracking tool – transaction history and statements.
  • Tools for sending and receiving money.
  • Financial reports and statistics.
  • Financial management, such as setting spending limits.


Optional features of such applications include:


  • Onboarding – it is a virtual guide to the application, which, with the help of animation and textual accompaniment, answers the client’s question – how it works. This increases conversions by over 50%.
  • Chatbots — online feedback with banking service consultants. 
  • Cashback in exchange for using some services. 
  • Gamification of application functions. 
  • QR code scanner.
  • Biometric login system or two-step identification system. 

Let’s remember what problem your product needs to solve to win users’ sympathy and trust: it’s boring and uninformative. The first issue is solved due to the gamification of the process and the creative design of all application windows, the second – due to readable financial analytics. The lasts should be displayed on the screen as a colour graphic (the most popular is a circular one).

As a conclusion – a fintech application is more than just an application

In order for a fintech application to be successful, it is not enough to provide the user with a sense of security and a convenient user experience. What makes such an application successful is that it has an impact on the user’s life – it teaches the client how to manage his finances effectively. For example, timely information (in the form of a pop-up notification) about how much money a customer spends on dining out could help him optimise costs.

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