Bahaa Abdul Hussein expressed his view that technology has disrupted conventional practices allowing improvements in all areas. This is applicable even in the finance sector. The blend of finance and technology has led to the disrupting of the financial service sector.

Fintech integrates innovative technology with the design & delivery of financial services. It uses different technologies, business models, and products that has led to major changes in the final service sector.

The impact of fintech on the financial service sector

Fintech is not new, it has been used since the 1950s. Its use has first been seen in credit card and ATM usage. The growth of internet technologies and ecommerce has led to new developments in fintech.

Fintech 1.0 focused on online payment, lending, and trading. The focus of Fintech 2.0 has been on redefining fintech and creating new solutions.

The impact of fintech has been powerful because it has been helpful in bridging the gap between expectations of customers and technology used by finance companies. Fintech has ensured financial inclusion by taking banking to new areas making it accessible to everyone.

Fintech companies are dominating different markets. This includes banking, lending, payments, insurance, wealth management, capital markets, and crypto/blockchain.

Creating a fintech app

Before getting into details of the process of creating a fintech app, it is important to know some key statistics.

  • 1 out of 3 people in 20 major economies are using at least 2 financial services.
  • The fintech space in 2022 is worth $179 billion.
  • There are more than 30,000 fintech startups operating.
  • It is expected that by 2024, the fintech sector would be valued at $213 billion.
  • The revenue being earned by the fintech sector has doubled since 2017.
  • Around 65% of Americans are expected to use fintech solutions this year.

While creating a fintech app, Bahaa Abdul Hussein expressed that the below mentioned features are vital and must required for effective functioning of the app:

  • Ability to easily sign up and sign in to the app.
  • A dashboard that is intuitive.
  • Easy account management with user profile.
  • A secure payment gateway.
  • The use of push notifications.
  • Biometric system for enhanced security.

The use of technologies like Artificial Intelligence can help ensures a better user experience. While creating a top-quality fintech app, companies need an experienced team skilled in different domains.

The costs of developing a fintech app primarily depends on the IT service provider selected. A simple app would cost around $10,000 taking 2 months to develop, while an advanced app would cost between $70,000 and $150,000 with 4 to 8 months time.

Thank you for your time. Stay tuned to www.bahaaabdulhussein.com