Fintech has become a lucrative investment among investors due to profound revenue generation and ROI. Moreover, the global fintech market is expected to rise at a 20% CAGR and reach $305 billion by 2025, as per GlobeNewswire. But! The most amazing aspect of the fintech trend is that most investors and fintech business enthusiasts are choosing Android for fintech as a major operating system. Needless to say, Android is the most used and popular mobile operating system with billions of users worldwide.
87% of the mobile operating system market is owned by Android. Altogether, more than 2 billion devices have Android. Clearly, it makes sense to pick Android for launching your app. However, there are so many other reasons that make Android the right choice for fintech app development.
In this blog, we will get insight into the reasons why fintech is so popular for fintech development. So, keep on reading.
Why You Should Choose Android For Fintech Development?
Overall, Android has a greater userbase than any other platform, which makes it perfect from a business perspective. It allows you to reach a larger target audience across the world. Simply, Android has a larger user reach in comparison to elitist iOS, which makes it appropriate to build a fintech app.
There are so many free tools for app development that make Android development seamless & don’t bear any extra cost. Besides, Android enables environment flexibility to the developers for customization.
If these reasons are not enough! Let’s take a glance at the most critical aspects that compel Android for fintech app development.
#1. Minimal transaction cost
Cost of transactions is the most critical aspect that almost every fintech development company or investor ponders over. Android enables you to collaborate with a number of middle man and transaction service providers to carry out transactions.
AI offers a smarter and more direct environment to make payments, money transfers, and different kinds of financial transactions. Also, Android for fintech helps you to replace traditional paperwork systems and corresponding resources that bear a lot of costs.
Succinctly, these cost advantages allow you to directly serve the customer and decrease the transaction cost. Owing to all of these, it makes sense to choose Android for fintech app development. Thus, almost every Android app development company in India facing a demand for fintech solutions.
#2. Utmost Security
Security breaches are very common in traditional banking systems and institutions. It can cause a lot of stress to the organization and impact brand reputation adversely. Android fintech development allows you to create a robust and highly secured system that comes in handy with the features of modern fintech applications.
Encryption, multi-factor authentication, and biometric authorization are some examples of security provision every fintech app incorporates. Also, you can leverage a variety of technology along with Android for fintech that makes your app hard to temper and passes through.
Moreover, you can use technologies like AI and blockchain to make it tamper-proof and recognize breaches to deal with them beforehand. If you want to boost your app security, you can hire Android developers with relevant experience.
#3. Greater Convenience Of Transactions
Convenience is the key to success for every business as it allows them to win more customers and retain existing ones. And! Android allows you to create fintech apps with faster transaction mechanisms and ensure customer satisfaction.
Moreover, you can easily customize the app as per the customers’ expectations without facing any challenges in terms of platform or API compatibility. Also, a simple system for money transaction using mobile wallets and other banking-related activities encourage users to visit the app again and again.
Since having a fintech app has become critical for finance-related businesses, Android enables them to reach an audience of every vertical.
#4. Leverage Millennial Purchasing Power
Gen -z and millennials are greatly attracted to tech-driven methods to carry out transactions, money transfers, purchase things, and much more. Having an Android-based fintech app allows you to leverage the purchasing potential of these people.
Quick transactions also help you gain brand attention and engage with people who make frequent online purchases.
#5. Harness Emerging Technologies To Boost User Experience
Fintech is then a major playfield for Android developers and engineers to carve unthinkable user experiences using modern tech trends. Android offers great scope for creativity and innovation. You can leverage key technology trends of the decade, such as AI (Artificial Intelligence), Big Data, IoT (Internet of Things), and Blockchain
Using AI and machine learning you can get data-generated insights that can help you with your strategy and planning. Also, you can develop a system that recommends financial products to boost customer interaction and transactions. Also, AI allows you to build chatbots to answer customers’ queries for seamless and fast support.
IoT (Internet of things) and fintech allows you to create an internet-based connected ecosystem where voice-controlled devices can be used to carry out transactions from the app. The idea is enthusiastically encouraged by investors and millennials.
Blockchain is a buzzword in the fintech app development space due to the encryption level and cryptocurrencies. With the arrival of Bitcoin, it came into the limelight and enthralled the whole world. Blockchain technology provides a highly secured ecosystem for transactions. Also, transactions are untraceable in this system.
Being a distributed ledger, it doesn’t permit the addition, deletion, or removal of change in any transaction data. Also, prevent tampering and ensure multilayered encryption method. Implementing all of these aspects in Android apps is easy and effortless. Thus, Android is a popular choice for fintech development.
Since fintech apps are transforming financial and business transactions, Android opens the floodgate of opportunities for businesses. Moreover, a number of banking institutions hire Android developers with extensive know-how in fintech technology trends and relevant experience
Also, the demand for Fintech apps is high. With Android, developers can create unique solutions easily and swiftly. In short Android for fintech is a reliable, beneficial, and scalable platform that can yield a great ROI.
What are the 4 categories of Fintech?
In this introduction, we will highlight four fintech areas – digital lending, payments, blockchain, and digital asset management – that are of particular interest due to their rapid pace of development, technological disruption, and regulatory and other risks.
How much does it cost to build a fintech app?
The average cost of developing a fintech app ranges from $50,000 to $300,000. However, the exact figure depends on many factors such as the complexity of the project, technology used, and more.
Is bitcoin a fintech?
Fintech now encompasses various sectors and industries such as education, retail banking, fundraising, non-profit organizations, and investment management to name a few. Fintech also includes the development and use of cryptocurrencies such as bitcoin.