UX -GENERAL & SWOT ANALYSIS OF FINTECH APPS

What is a Fintech app ?

A Fintech app is an application that uses financial technology
to provide services for its users. Fintech application development
has gained attention in recent years.

There are many types of Fintech apps

Digital Payments
Banking Apps
Wealthtech
Insurtech
Regtech

Some Commonly Used Fintech apps

1. The foremost strength of fintech apps is considered to be that they are
flexible, and they are allowing users to give feedback for better experience
and they are adapting it quickly.

2.These apps are User-friendly and their interfaces are simple and convenient
for the users to access quickly and effectively. and they have increased
the efficiency and facilitated for transactions using mobile.

3. Fintech apps provide Risk management helps in improving customer
experience with buy now, pay later options .features like KYC allow
reducing purchase friction by reducing the risk of non- payment.

4. These apps are very secured with enhanced security measures such as
biometric authentication , multi-factor verification, and advanced
fraud prevention techniques.

5.Various types of payments and purchases can be done in a
effective method with your fingertips (Mobile recharge, Bill payments etc...)

1.Fintech companies often rely on technology to provide
their services, which means there is often little or no human interaction.

2.Fintech apps may be more vulnerable to cyber-attacks and security
risks than traditional financial institutions. they use technology to provide
their services, and if their systems are compromised, it could result in a
breach of sensitive information.

3.Fintech apps may have a limited range of financial products and services
compared to banks ,limiting their appeal to certain customer segments.

4.Fintech app are less -established ones in rural areas in our country.

5.Lack of human support, and automated responses may frustrate users
experiencing issues or seeking assistance. Moreover providing effective
customer support is challenging for startup fintech app companies .

6.The Server down issues are Very frequent and it creates a discomfort.

1.Day by day the demand for digital financial services and solution
are in rapid growth and the market is getting wider.

2.These apps have Opportunity to expand into international markets and
segments .

3.Bank and financial institutions forms collaborations with fintech
companies to reach new customers.

4.It also promotes other utilities , such as digital insurance and investment
platforms, to cater to this expanding consumer base.

5.The Opportunities are become wide in providing educational resources and improve user’s Financial literacy and empower them for their well-being.

1.Fintech apps are often hacked by hackers or malware attacks
which could compromise the user information such as passwords
pin number ,and steal the data and other confidential information.

2.Risk factors are high in fintech apps using unauthorized links and
websites may leads to money loss and personal data which
should be confidential.

3.Fake notifications and fake promise leads to distracts
the user to invest the money in wrong platforms.

4.Insider Threats: The risk of insider threats looms large, involving individuals within an organization exploiting their access to compromise security. Employees, contractors, or business partners with insider knowledge can inadvertently or maliciously compromise sensitive financial data..

5.Future Threats: The Role of Artificial Intelligence (AI) in Fintech Cybercrime
As technology advances, so do the tactics employed by cybercriminals.
The integration of Artificial Intelligence (AI) in fintech introduces new dimensions to cybersecurity threats.

COMPARISON BETWEEN THE FINTECH APPS