The fintech future is looking bright. With new, powerful technologies emerging in a competitive industry, innovators and fintech leaders see the myriad potential available in fintech apps.
Fintech for payment app development has emerged as a powerful and ingenuitive industry that is capable of providing open banking in ways that consumers never knew was possible. So it shouldn’t surprise you that you can add a number of financial features to your fintech app.
Whether you’ve got a financial app already and want to expand, are interested in the growth potential of a fintech startup, or want to add financial features to another type of service, this list is for you:
13+ Financial Features You Should Consider in Your Fintech App
1. ACH Payments
ACH payments are one of the most common reasons innovators start with a fintech app, so it’s no surprise that ACH payment processing made this list. The ACH payment is the only way to send money directly from bank to bank in the United States, making this a highly coveted feature for fintech apps.
ACH payments include ACH debits and ACH credits and are only available to U.S. residents. If you have the ability to host ACH payments in your fintech app, then you can include direct deposit, ebill pay, international money transfers, and business to consumer to business payment options. The good news is that ACH payments can easily be included in your fintech app development when working with Sila.
2. Peer to Peer Money Transfers
The U.S. has no system for sending money between non-commercial accounts. This means that with a traditional bank, individuals have been forced to write a check or pull out cash. Now with money sending apps like Paypal and Venmo, it’s becoming more clear that we want to be able to send money to our friends, families, and acquaintances.
Peer to peer (P2P) money transmission is possible in fintech app development as it bypasses the strict bill pay network that traditional banks control. Instead, a mobile app can allow P2P payments for users or enable push to card so anyone can accept the payment.
3. Merchant eCommerce
Merchant payment processing is a huge market, especially as more people are starting businesses and moving businesses online. If this is your target demographic, then you’ll want merchant eCommerce capabilities in your fintech app development.
Merchant eCommerce is a little different from peer to peer and business to business because it goes through two settings (businesses and customers) and often requires credit cards. However, with your own fintech app, you can enable bank payments for merchant payments, cutting down on credit card processing fees and saving your customers money!
4. Credit Card Processing
Credit card processing is another huge market in financial services. To allow users to purchase from a merchant directly through a mobile app, then you can add credit card processing, a key financial feature for fintech app development.
If you choose card processing through Sila, you also gain access to secure bank account linking for better financial data security best practices.
5. International Money Transfers
Sending money internationally is usually more expensive and time-consuming, but financial technology has expanded what is possible here. Fintech companies can use artificial intelligence, smart contracts, and sophisticated banking features to simplify international money transfers.
With a fintech solution like what’s available at Sila, create a financial service mobile app with money transfer technology for sending money internationally for a fraction of the cost.
6. KYC/KYB built-in
While ID verification may not come off as a big seller as a financial feature, it’s actually a huge piece of the puzzle with every banking app. When a financial institution offers financial services, and depending on the exact offerings, Know Your Customer/Business (KYC/KYB) needs to be completed.
With smart financial features around identity verification, then you can improve the customer experience and make onboarding frictionless.
You might not realize just how frustrating it is to continually go through KYC and onboarding processing, so adding KYC as a financial feature in your mobile app development could be central to improving your overall customer retention.
7. Smart Contract Technology for Financial Automation
With more and more payments happening online, individuals are looking for ease. Here’s where financial automation comes in!
Financial automation includes the ability to automate any type of payments, including interbank transfer, savings transfers, auto deposits into retirement accounts, donations, payments, bill pay, and so much more. Premium fintech apps want financial automation for their digital banking solution.
So how is financial automation possible? Through Sila, tap into secure smart contract technology that facilitates certain blockchain transactions, making this process verified and totally secured. With Sila, you can easily include financial automation as a core feature in your mobile app development.
8. Digital Wallets
Digital wallet use cases are only growing. If you want to add to your financial features, then you’ll need a digital wallet APIfor greater ease and versatility.
Most fintech business types have digital wallets included for more cash flow control. Digital wallets don’t always pose a significant risk, especially when they’re an FBO account like with Sila. Therefore, you can easily add one to your product offering with limited overhead.
9. Push to Card Payments
Push to card payments are super cool ways to pay friends and family. Push to card works by allowing one member to sign up through the app. You then send a text or email message to the recipient. When the recipient moves through the process for completing financial transactions, they provide their card information and the money is deposited into their account!
As a back-end kind of way to deposit money, push to card is extremely safe, versatile, and it helps create open banking. Push to card payment features is a great add-on for any growing fintech company.
10. Blockchain Payment Features
With more and more individuals sending money on the blockchain, a fintech firm will want to add these features. Blockchain technology enables payments like stablecoin payments, using cryptocurrencies, and smart contract technology all pose interesting use cases as well as unique challenges.
Mobile app payments on the blockchain are slowly being incorporated into more banking institutions and fintech mobile app development as well, so you will see a rise in use cases for these features in the near future.
11. Record-Keeping and Accounting
Record-keeping and accounting are useful features for fintech apps as they could become a useful way for users to understand how they interact with their money and investment systems.
Create an all-in-one space for users in your mobile apps, so they don’t have to integrate with another competitor for record keeping or accounting. Depending on the other products you offer, you can create a one-stop shop for many users, making money management far easier!
12. Virtual Accounts
Having a virtual account is like having a bank account with no physical bank address. Virtual accounts for fintech development are on the rise in neo banking and online banking as it makes more banking opportunities available for more groups while also releasing a lot of the liability that is in traditional banking.
Virtual accounts for a mobile banking app are great features for user experience, so consider adding this feature to your client’s options!
13. Instant ACH
Last but most definitely not least, mobile apps can integrate with Instant ACH! A new feature coming from NACHA, instant ACH is like an instant ACH credit settlement that allows users access to money faster than ever before.
With instant ACH being offered at more banks and fintech institutions, you’ll want to stay competitive and add instant ACH when you can!
Expand Your Financial Features With Sila
Fintech apps expand what’s possible for consumer finance, personal finance, debt repayment, and money transfer capabilities. If you’ve got a fintech app idea, get started quickly with Sila. Stay competitive in the fintech banking industry and be a part of the digital transformation today!
Ready to expand your mobile apps’ financial features? Integrate any of these features into your already existing software or grow your own app. Stay competitive in the fintech industry with Sila! Reach out to Sila today to learn more!