London-Based Fintech App Launches Feature to Unlock Wages Before Time!

Do you also face a cash crunch when it’s the end of the month?

It probably happens with all of us! Imagine it’s the end of the month, and you come across a suit or a dress that you desperately want to buy. The only thing you can do is look at the price tag and move on!

Not fair, right?

Fortunately, London-based fintech recognized the situation and has now come up with a solution that would no more let you face a financial shortage.

You must be well familiar with the Revolut app, which stores your entire financial life. Interestingly, the app has now introduced a Payday feature that enables users to unlock a portion of their wages.

Do you want to learn more about the application? HERE WE GO!

Payday Feature: An Alternative to Short-Term Credit

Revolut announced its Payday feature that lets users access about 50% of their wages in advance. Notably, the feature is only limited to businesses in the UK for now; however, the company is likely to launch the feature in the US and European areas as well.

Additionally, the feature is free to be used by businesses; however, the users will have to pay a certain amount.

Isn’t it an interesting idea?

It is crucial to mention that nowadays, many people are turning towards fintech mobile applications to keep a check on their financial status. These apps help in storing finance-related information, creates a budget, motivate saving, and more.

Don’t you think it’s an awesome monetization idea since many people have started using such apps?

Indeed, it is!

So, why give a shot to the fintech app development?

DO YOU AGREE?

Top Fintech Industry trends in 2021

Now that you’ve decided about giving birth to a fintech mobile app, it is crucial to have knowledge about the market trends.

Here’s the list, so take a look!

Artificial Intelligence (AI)

AI leads to automation, and the technology can be integrated with the fintech apps emphasizing three major areas.

• Insurance companies and banks can make use of Machine Learning (ML) to develop real-time target marketing. The behavioral data of the consumers can be collected to predict the product propensity.
• The second application is Natural Language Processing (NLP), which is responsible for interactions, like Chatbots.
• The final application is face recognition, which can be used for KYC and customer onboarding.

Blockchain Tech

Initially, blockchain technology was only associated with cryptocurrency; however, that’s no more the case now. Blockchain tech has a lot more to offer and is becoming one of the crucial trends for the fintech industry.

How?

Blockchain tech is a digital ledger due to which banks, insurance companies, logistics organizations, etc., can share and store transaction-related data on the blockchain network. Therefore, the tech eliminates fraud in any manner.

Chatbots

Chatbots are a mechanism that performs human-like conversations with users via an app. Integration of chatbots leads to cost-efficiency, easier scalability, 24/7 customer service, and more.

Gamification

What to do to enhance the overall consumer experience?

INTEGRATE THE GAMIFICATION ELEMENT!

That’s right! Gamification leads to increased engagement, which further builds a solid customer base.

Voice-Based Technologies

Voice recognition is another popular trend in the industry that makes online activities easier for customers. Incorporating the trend saves time, money and makes the overall mechanism much convenient.

Fintech App Development Process

Here’s a quick line-up of steps for you to follow and develop an efficient fintech app. So, take a look!

• Know the purpose of your application and conduct some research.
• Collect all the necessary resources, including a professional team to work on the product.
• Decide the tech stack for the product.
• Emphasize UI/UX for a simple yet elegant app.
• Develop MVP.

To Sum Up

Undoubtedly, fintech applications are extremely reliable to keep a check on your financial activities. However, as more and more people are turning towards the same, it is an incredible entrepreneurial idea to simultaneously develop a unique and convenient app.

Are you all set to launch a successful app like Revolut?

If that’s a yes, reach out to the best mobile app development company in UK and gain more insights on your idea.

Happy innovation!