What to look for in a mobile FinTech app

FinTech apps have increased in popularity as more and more users choose digital payments over traditional ones. But this should come as no surprise since this is packed with convenience and high-speed transaction processing.

But not all apps are the same, or better said, not all address the same problem. You can choose from money management platforms to simple calculators, so the variety of these apps can represent one of the criteria you should take into account when researching a FinTech app to install on your phone.

The same is true with cryptocurrency exchanges, which you should ensure meet your needs and expectations before downloading. Binance, for example, incorporates several advanced features, such as 24/7 help and support, Binance Earn, Binance Lite, home page icon customization, and QR-code scanning so that you can check the Ethereum price securely. Indeed, it’s one of the top apps of its sort, but if you’re not here to trade virtual currency, it isn’t suited for you.

With this in mind, choose your app wisely. Here is a round-up of factors to look for when researching a mobile FinTech app that we hope will make this a less daunting job.

mobile FinTech app
mobile FinTech app Image source: https://unsplash.com/photos/9uHvVqfeivw

Secure sign-in

One of the most important factors to have in mind when determining the finance app for you is undoubtedly the security level it provides. The sign-in process, in particular, should be a top concern. Be sure to download an app packed with advanced technologies, such as face recognition, fingerprint readers, biometrics, and codes.

Multi-factor authentication (MFA) is also a notable criterion to take into account, as it can limit the access of malicious actors and warn you of the unthinkable before it happens. It is critical to focus on security since sensitive information such as user address, identity card number, and bank account details are at stake, so feel free to take as long as you need to research the security aspect of a finance app.

The multi-factor authentication is a must for FinTech apps, but the most important thing is encryption. This ensures top-notch security and personal information protection by hiding it into pieces of code that are hard (if not impossible) to decipher.

Extra tip

When installing such an app – and basically any mobile app – and setting up your account, ensure you use a robust password which consists of both upper- and lowercase letters, numbers, and symbols and which has nothing to do with your hobbies, date of birth, or family. Preferably, build a passcode containing random words and phrases and use a distinct password for each app or account.

The app’s reputation (and provider)

Since this aspect often goes unnoticed, we want to point it out from the beginning. It’s essential to consider the reputation of an app or its provider before hitting the ‘download’ button, as this might tell how serious it is. Therefore, look for apps preferably provided by renowned financial institutions and avoid those supported by ghost companies.

It’s also crucial to check the app’s reviews in the App Store or Google Play Store – feel free to dig as deep as you find the very first review of the app to see how old it is. If it has been around for a while and enjoys customer praise, it means it’s worth your time and money. If the app is light on feedback – or doesn’t have at all – consider searching for reviews elsewhere, perhaps on a personal finance blogger’s page.

Ease of navigation and intuitive interface

Poor navigational instructions are one of the reasons users abandon their apps, so be sure the app you want has a top-notch, straightforward interface. Some of the most sought-after features in FinTech apps include a logical layout, easy-to-find menus and buttons, concise instructions, and an in-app search option that lets users execute a written query or voice search. You don’t want to spend most of your time on this app puzzling over how it works. So, ensure you attach importance to this particular factor.

Digital payments

FinTech providers must stay ahead of the curve in this cashless era and provide customers with digital payment options. People nowadays expect to pay for goods and services in seconds, as well as settle their bills and manage their accounts hassle-freely. Not only does this make users’ experience much more enjoyable, but it also contributes to the revenue and sales of the app and its provider. And with digital payments gaining ground by the day, it’s expected that most consumers will pay for goods electronically.

Are you one of those craving frictionless transactions? Ensure the app you’re about to install meets this condition.

Peer-to-Peer payments

Peer-to-Peer (P2P) payment functionality has become a major aspect of finance apps since people are in search of more conventionality and ease when transferring money from their accounts to someone else’s account. So, adopting a FinTech app featuring P2P payments is essential for providers. Plus, P2P transactions don’t come with the sometimes-enormous fees which third-party suppliers charge.

Customer support

Customer support is also an essential factor to consider when researching a FinTech app. Even if the app you’re going to download is one of the finest of its sort, it can still have some glitches and issues that need to be fixed. That being said, ensure that, in the case of a problem, you receive 24/7 support via phone, live chat, or another way. You should be able to get in touch with the customer care representatives as soon as you detect the issue since your money is at stake. Even the classical chatbots are an option in this sense, all the more so since AI has evolved during the last couple of years.

Alerts and push notifications

You should be in total control of your funds, but this isn’t possible if you’re not adequately informed about your finances. Hence, download an app that incorporates a robust alert and notification policy and that can notify you of everything from new promotions and account activity to changes to the app’s features and odd login attempts. You may want to consider those reminders about budgeting or paying bills, too, especially if you’re a busy individual who often forgets to complete their financial tasks.

Did you find the app that best works for you?