According to fintech entrepreneur Michael Zetser, even though there is a substantial number of fintech apps available today, there are still many areas in the banking and financial services industry that remain untapped. In 2023, the number of global smartphone users has hit a whopping 6.92 billion, which means that nearly 87% of the world’s population now owns a smartphone.

The growing adoption of smartphones indicates that people are becoming more technology savvy and this has also contributed to the rising popularity of fintech applications. These apps power financial and banking services with technologies, which gives financial organizations and companies an alternative way of developing meaningful customer relationships. This is due to the fact that these digital technologies are able to simplify financial services

The last few years have seen a rise in the number of fintech apps available in the market, but there are still many areas left to explore. If there was ever a time for focusing on fintech app development, it is right now. As a matter of fact, there are compelling reasons for financial companies and institutions to consider building fintech apps for their clients. What are these reasons? Michael Zetser has shed light on some critical ones below.

  • Better market reach

Businesses in the finance industry should consider developing a fintech app because they can tap into multiple markets by doing so. This is due to the fact that fintech services are provided online and this means that geographical boundaries are automatically eliminated. Mobile apps have become the top method used by consumers to connect with banks, businesses and other financial institutions.

With fintech apps, users can enjoy the same convenience via smartphones and they are able to conduct financial transactions digitally even when they are on the move. This gives companies in the finance world the opportunity to broaden their market presence and reach, thereby tapping into new revenue sources.

  • Excellent customer experience

According to Michael Zetser, developing fintech apps has become necessary for businesses nowadays because it empowers them to deliver a superior and excellent customer experience. With a fintech app, people do not need to stand in long queues when they want to access financial services of any kind. Instead, they are able to access these financial services from anywhere. These include checking their account balances, transferring funds and making payments. Since this is considerably more convenient than other options, it can lead to a smooth customer experience, which contributes to the success of the company.

  • Better sales and engagement opportunities

With mobile apps, businesses are able to bridge the gap that exists between them and their users and can provide an experience that is significantly more engaging than using websites. Moreover, if a company invests in a good fintech app design, they will be able to boost customer engagement and this can help them in unlocking new sales opportunities. With well-designed fintech apps, companies can strengthen relationships with their clients and gain their trust, which can translate into more engagement and sales in the long run.

  • Higher security

Another reason for developing fintech apps that Michael Zetser has shed light on is the fact that these apps give financial companies and businesses a chance to offer higher and better security to their clients. There are plenty of security risks involved where website payments are concerned, but these risks can be mitigated with apps.

A number of security protocols can be incorporated in mobile apps to ensure they are not vulnerable. There are enhanced security features that can be integrated into the apps, such as the latest encryption technology. As long as the fintech app is developed by an expert, it can provide a faster, more secure and safer experience as compared to traditional banking apps.

  • Financial inclusion

One of the best things about developing fintech apps is that it promotes greater financial inclusion. While there are still millions of unbanked people, fintech apps are making financial inclusion possible for anyone who owns a smartphone these days. With a fintech app, a business can even connect to those who are unbanked, leading to financial inclusion.

  • Data management

Companies operating in the finance industry are dealing with immense competition and need to get an edge over their rivals in order to survive. Fintech apps are capable of offering superior data management solutions that can provide the said edge. This is because these solutions enhance the productivity of the business, along with customer experience.

Data is considered a valuable asset in today’s world and fintech apps are capable of consolidating relevant data onto a single platform, which can help in managing it effectively. Not only does it help in bringing down the operational costs of a business, but it can also enhance productivity and assist in providing better services to customers.