Fintech stands for financial technology and deals with finding solutions to deliver effortless and faster financial services. Mobile app development for fintech is rising as a most promising trend and is considered to be a big step towards building a cashless society. This trend is regarded as the most important step taken by humankind towards a sustainable future. Going cashless is helpful for humans and for nature as millions of trees that are cut for making cash of various denominations can be saved. Fintech mobile apps are the easiest way to practice sustainable development both for organizations and individuals.
The finance industry has been investing a lot in mobile app technology to provide hassle-free payments and financial services. According to Statista, the population share using digital banking in the United States is anticipated to grow from 61% recorded in 2018 to 65.3% in 2022. This data is evidence of the growing popularity of digital banking and thus fintech mobile apps. Fintech mobile apps hold many opportunities in the future that can further boost the motto of every finance organization to provide better customer service. In this post, we will be discussing some ways fintech mobile app development is beneficial and a crucial tool for building a cashless society. So, let’s move forward to look at some ways Fintech mobile apps are emerging as a significant step towards a cashless future.
#1 Helps in boosting sustainable development
When banks choose to offer online services via mobile apps, they make it easier for customers to carry out transactions and eliminate tedious paperwork required in banks, thereby saving paper. Millions of trees are cut every year to make papers, heavily consumed in banks and other financial institutions in the form of paperwork and cash. With digitalization in the finance world via fintech app development, the scenario has changed significantly. Nowadays, almost everyone representing the Millennial and GenZ population opts for cashless transactions using mobile banking rather than choosing cash and going to banks. Hence such a small practice of using Fintech mobile apps for banking can act as an essential step towards sustainable development.
#2 The most convenient way of making payments
Fintech mobile apps are emerging as the best and most acceptable form of payment. People often run out of cash, miss their wallets, and more often struggle to find change. Fintech mobile apps can well diminish the severity of these problems. Using these apps, any payment can be made quickly from anywhere. Even if you lose your wallet or forget to collect it, using fintech mobile apps you can do all the chores that need to be done without cash. You can buy subway tickets, pay for your cab, buy groceries from the supermarket, and such other tasks effortlessly through fintech mobile apps such as Paypal, Google Pay, Venmo, and many more. Moreover, the problem of finding change too is resolved as the exact amount of money can be transferred to the service provider’s account. This way, fintech mobile apps are evolving as the most convenient way of making payments. For app development service seekers, it’s advisable to take a look at the list of top mobile app development companies cataloged by GoodFirms.
#3 Faster way of carrying out transactions
Once the country goes cashless, a lot of time can be saved for the banking staff and everyone using the app, whether ordinary people, shopkeepers, or merchants. Usually, many paperwork and other procedures need to be done when people go to banks to repay their loans or transfering money to someone else’s account. But using Fintech mobile apps, you can repay loans in seconds without filing tedious paperwork. Moreover, you can transfer money to anyone with just one click from anywhere and irrespective of the time. Usually, banks work for a limited time, due to which people have to take out some time from their busy schedules to visit banks, but with Fintech apps, this problem can be solved. This is how fintech mobile apps are evolving as the fastest means of banking.
#4 Paperless and readily available transaction history
Each one of us must have experienced once or several times the situation where it becomes hard to prove if you have lent money to someone or have repaid the borrowed sum. When we informally lend money or borrow money, usually there is no proof of whether you’ve lent the money or repaid the sum already. In such times usually, one or the other participant ends up getting cheated. On the other hand, every transaction, i.e., money received or money transferred, is recorded in fintech mobile apps. This is the best paperless way of carrying proof of transactions. The same thing works while making formal transactions, such as repaying loans using banks’ mobile app or transferring money. When we do so by physically visiting banks, a considerable amount of paperwork is required but using mobile apps you can save your time and some trees too by avoiding the paperwork.
#5 Most secure way of banking
Fintech mobile apps are gaining popularity and significance day by day not just because of the convenience but also because of the security they offer. Fintech mobile apps provide impeccable protection when it comes to safe banking. Fintech apps use the best possible security tools to ensure the safety and privacy of the users. When talking about a cashless society, earlier people had to carry bundles of cash to repay loans which posed a deep concern for safety from thieves. But with Fintech mobile apps, any kind of loan, whether formal or informal, can be repaid securely from your comfort zone with just one click. Fintech mobile apps not only protect from physical threats like robbery but also cybersecurity threats. Hence these apps have emerged as the most secure way of banking.
Mobile app development has helped many industries by improving their efficiency and assisting them in functioning at their full potential. The finance industry is one such industry that has been dramatically affected by mobile app development. Fintech mobile apps are evolving as the easiest path to practice sustainable development by creating a cashless society. Less use of cash can help save trees. Moreover, fintech mobile apps cut the extra paperwork that had to be done previously when users had to visit banks for even the most minor work. Fintech mobile apps are making banking convenient, safer, and faster meanwhile ensuring that every individual plays the role in saving nature by avoiding cash payments.
Author Bio- Hi There, I am Shaun Williams, a content writer with Goodfirms, a research platform for Cloud Computing, Ecommerce companies, Translation services companies, among many others. I enjoy communicating ideas and knowledge creatively and also ensure that the readers never suffer from boredom while reading my posts.