Fintech refers to using cutting-edge technology to provide financial services via digital platforms, such as websites and mobile apps. Fintech mobile apps are now quite popular, from mobile banking applications to personal financial planners to mobile wallets to mobile investment and trading solutions. Fintech has become a popular investment for investors due to its high revenue and ROI.
Furthermore, according to GlobeNewswire, world fintech will grow at a 19.8% annual rate through 2028 and reach $332.5 billion in value. However, the most amazing thing about the fintech phenomenon is that most investors and fintech industry enthusiasts prefer Android as their primary operating system. Android is the most widely used and popular smartphone operating system, with billions of users worldwide.
Android has a significant market share for mobile operating systems. More than 2 billion devices use Android. This is great news for developing your fintech app. Android application development services are readily available, and finding a mobile app development company that specializes in fintech app creation is simple.
Android is the finest software platform for creating financial apps for a variety of reasons. Let’s look at some of them:
- Reducing Transaction Costs
The most sensitive issue that almost every fintech startup or investor considers is the cost of transactions. To execute transactions, Android enables you to work with various middlemen and transaction service providers. Android for fintech allows you to make payments, money transfers, and other financial transactions more smartly and directly than before. Android for fintech also enables you to replace traditional paperwork processes and resources with significantly lower-cost alternatives.
These savings in terms of cost allow you to focus on the client and reduce transaction costs significantly. Due to all of these factors, Android is a good choice for fintech app development. Almost every mobile app development company chooses Android to create a fintech app because of this.
- Uncompromising Security
Banks and financial organizations frequently confront security breaches that jeopardize their reputation, client funds, and the organizations’ profits. Modern fintech apps’ strong security techniques are useful in this situation.
Fintech applications use critical technologies that might be difficult to tamper with and penetrate, ranging from sophisticated encryption methods to multi-factor authentication to biometrics for authorization. With its completely tamper-proof “write-only” protocol, the Blockchain-based decentralized database technology enhances app security even further.
- Superior Convenience of Transactions
Another significant advantage of Android for fintech is the convenience it offers users in conducting transactions. Unlike traditional banking methods, which can be time-consuming and inconvenient, fintech apps allow users to conduct transactions quickly and easily with just a few taps on their mobile screens. Android app development services have provided this ease of transaction to users by using the latest technologies such as AI, IoT, and Blockchain.
- Tapping on the Millennial Purchasing Power
Mobile wallets have become the most typically utilized format of transactions among millennials, and they now prefer technology-driven techniques to conduct transactions more than any other method. Mobile wallets are the most popular medium for transactions because they are more impatient than their elders. Android app development services are in high demand to create innovative fintech apps that may give consumers a better mobile wallet experience.
- Fintech trends setting key technologies
Consider the possibilities opened up by fintech with a fantastic Android app. In this scenario, you should be conscious of the trend-setting technologies that have emerged crucial for fintech app development. Future fintech trends are influenced by artificial intelligence (AI), big data, the Internet of Things (IoT), and blockchain.
- AI for Fintech Apps
AI and the technology it is based on, Machine Learning, rely heavily on financial institution transactions to provide high precision, data-driven insights that businesses may use to help them create strategies and plans.
By analyzing user interactions and histories, AI and machine learning may suggest financial goods and solutions appropriate for them. The chatbot functionality of the fintech software is now utilizing this potential to learn from customer transactions and make suggestions.
- IoT for Fintech Apps
The Internet of Things (IoT), the connected internet-based ecosystem of devices, appliances, software applications, sensors, and cars, has altered our day-to-day existence.
Algorithms are now utilizing the data generated by these technologies to collect consumer-centric insights that fintech apps may use. The presence of IoT in the financial app sector is already evident, with devices such as alarms and video cameras in banks, voice-controlled speakers conducting transactions from e-wallets, and more.
- Blockchain Technology for Fintech Apps
The term “blockchain” refers to a decentralized database system originally developed for Bitcoin, the first cryptocurrency. While Bitcoin made headlines with its innovative product and meteoric rise, Blockchain technology captivated the attention of several industries as the most secure and democratically accessible transaction method. It’s no surprise that you can’t discuss fintech without mentioning Blockchain.
The secure, readily available technology called Blockchain revolutionizes various industries by allowing for efficient database management. Blockchain doesn’t allow data deletion, removal, or alteration; instead, it will enable the formation of new entries using separate records. This ultimately prevents data tampering. Furthermore, Blockchain employs a robust multilayer encryption approach that allows access based on mutual agreement and utilizes an additional layer of protection for even greater security.
Blockchain technology has permeated the entire financial sector, with many leading banks and financial solutions adopting it. Blockchain is currently being used by several top Android fintech applications to manage databases and execute transactions. If you’re looking for an Android app development company with experience and competence using all the sophisticated technologies we’ve discussed, look no further.
From the perspective of a mobile app development company, Android is the best platform for developing fintech apps. The reasons are manifold: it’s more convenient and user-friendly, has lower transaction costs, and provides strict security. In addition, Android fintech apps have access to the millennial market, the most significant spending power in recent history.
Android fintech apps have revolutionized financial and commercial interactions across the world. When developing a future-ready fintech app, it’s a good idea to start with Android upgrades and then move on to other platforms.
I am Kiran Patel, a technology enthusiast. Blogger & Author by passion. Whether you talk about passion or profession, by both I am a writer! I am a Guest Author on many reputed sites and have been sharing my knowledge for many years now.