by Adrian Savarese
Fintech refers to an innovative start-up or business unit, that uses technology in order to rethink financial and banking services.
Nowadays we are a witness of massive launches of different mobile apps related to traditional banks, start-ups, trades, and insurance companies. New players are hungry to take a piece of the pie and, we are in round one.
Here you have 5 key features that all the digital banking, financial and digital wallet must have:
First step of the user journey and experience. How is the App onboarding process? It should be intuitive, easy and smooth. How many screens and taps it takes? In the market there are a lot of third party face recognition and biometrics companies that provide an easy and secure way to the onboarding process mixing AI and ML.
2. Cash transfer and bill payments
The app needs to give to the customer the option to pay for different private and public services. Related to a cash transaction, the following topics should be covered:
- Instant cash transfer between accounts, like transfer to a friend or company that uses the same app service.
- Funds transfer to an external account, like other companies or banks. It may sound ridiculous but, today a lot of digital wallets are unable to do that.
A secure payment method using QR or near-field communication like RFID. The COVID-19 accelerated the adoption of “keep distance” and “no contact”. It is high probably that this new use case will keep used mostly on the youngest generation.
Create a benefits and rewards program that encourages customers the use of the app day by day. It’s a good idea to use the concept of Gamification. We all love to play mobile games, why not create a different concept and became something funny?!
5. Loan origination
In some cases customers need extra money for a short time. The loan origination process via a smartphone needs to be fast and automated as much as possible.
According to Salesforce “62% of customers are open to the use of AI to improve their experiences and life.” Saying so, the use of smart chatbots and call support with AI voice agents are at the edge. Using the same app, customers will be able to serve themselves thru text and voice to address questions and complaints.