The Outlook for FinTech

One of the fastest growing industries within the technology sector is financial services. Also commonly known as FinTech, financial technologies, are disrupting the traditional financial services.

Especially with the growth and expertise of application development agencies, the ability to effectively implement mobile payments, money transfers, loans and asset management easily provides a significant opportunity for financial services.

A recent report showed that the investment in fintech increased from $930 million in 2008 to $12 billion in 2015; a growth that will just continue to exponentially grow in the upcoming years.

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Below outlines the growth of the two major components of FinTech in the coming years, and the role a UX design company and a software development company play in the success of mobile payments and financial services.

Mobile Payments

The sentiment around mobile payments in the future is relatively positive, even excited. 28% of consumers believe that mobile payments is the method for the future. More importantly, mobile app developers are researching and testing better ways to implement such technology for their clients.

Companies that are not yet considering a mobile payment functionality within their business will fall substantially behind as the increase popularity moves from a trend to the norm. Others like BrainTree, featured below, are capitalizing on this opportunity and developing a business based on these payment solutions.

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Financial Advice

The shift from making an in-person meeting with a financial advisor to relying on technology for that advice is growing in popularity each year, especially with those of the younger demographic.

There is a greater interest in receiving financial advice from technology, whereas 32% from ages 18-34 stated they were intrigued to gather information from the digital sphere.

With the assistance of an UX design agency companies that are providing financial advice through digital can make it digestible and actionable through the way the content is designed.

Conclusion

More and more people are expecting immediacy in all daily activities, a streamline that is driven by the advancement of technology. A successful app development agency has experience implementing payments via the web and app in various industries that require a purchase of a product or service.

Looking for more insight on UX design services? Are you wanting to develop an app and you need to know the cost to develop an app is? Visit Codal’s blog, or come talk to us go@codal.com! We’d love to hear from you.

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The Outlook for FinTech

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