The Ever Growing FinTech Trend

People with banking apps are the most engaged; with 70 percent of users reporting they use the apps at least once a week. 

2018-02-20 4:30:32 PM


WASHINGTON – Recent news surrounding FinTech and financial applications shows that the number of FinTech applications found on the average smartphone user’s device has increased significantly. The study was conducted by a group from Washington and the results were released by Robert Barba from Bankrate.com in February 2018.

The world of FinTech applications have seen an explosion in popularity recently – including the rise of including AI in these technologies. 

 

 

The results from the American based study indicated that the average smartphone user was likely to have 2.5 financial or fintech related applications on their smartphones.  According to Bankrate.com ,“Sixty-three percent of us have at least one, and the majority of those are bank apps — Chase, Bank of America, your local community bank,” as told by Robert Barba to WTOP.

Financial applications must be designed securely and must be reliable as we see more people choosing to use FinTech applications over traditional money management and banking methods. 

 

Infograph

 

 A whopping average of 3.6 fintech apps are found between smartphone users aged from 18-38 years old.  Banking apps are the most common, followed by peer-to-peer payment apps, such as Square and PayPal. But the fastest-growing category of FinTech apps are budgeting apps. People are curious to see where their money goes in an aggregated application.

Individuals who are less likely to have FinTech apps installed on their devices include those who believe it will put them at risk of fraud. This is not the reality of financial applications on smartphones as Bankrate said that it is easier for banks to verify your identity when using mobile cellphones . This is where the partnership that Global Kinetic and Entersekt have thrives best – in developing secure FinTech solutions.

 

What this means for Global Kinetic

 

There has been a substantial increase in business interest and operations in the company overall due to the increasing interest in FinTech trends in the market. Global Kinetic deals primarily with financial and transactional software engineering projects.

The new stream of demand has enabled the company to grow and adapt to the global changing needs whilst continually providing service of top quality and efficiency.  This is due to the innovative nature of the company and the numerous successful projects that have been delivered over the past few years in the US, Europe and emerging markets.

 

 How we can help you

 

If you’re looking for a reliable technology partner to help make your FinTech idea a success –  then you have come to the right place.  We’re FinTech specialists, have decades of experience and a track record of successful projects that we have worked on.

One of the latest projects include FutureBank – our open banking platform that is flexible, secure and compliant. We have integrated Entersekt, a leading global IT security solutions company, and the platform now features their multi-factor authentication and their unbreakable security design.  Entersekt are far ahead of any of their competitors in the field of authentication and mobile security, making them an ideal partner for Global Kinetic and FutureBank.

 

Contact us via our corporate website and let us bring your application ideas to life: http://www.globalkinetic.com

About Global Kinetic

Launching a rocket from a lighthouse

Achieving the seemingly impossible, a group of highly fuelled people work together at Global Kinetic to spearhead and develop brilliant products, including some that seriously disrupt the market. One of the coolest places to work, this company has the nicest people creating amazing apps and products, which they do with flair and sheer professionalism, mixed with a dash of fun.

Steeped in expertise*, They designed and created the world’s first fully immersive gamified children’s mobile banking app in Unity for Standard Bank as one example; in another they designed and developed PayToday, the Venmo for Southern Africa. They’ve built slick and powerful mobile banking experiences for Standard Bank, Old Mutual, Bidvest Bank and many more.

Global Kinetic is a leading software engineering company with a team of just under 100 tech-savvy and inspired developers, designers and creatives. They have great offices in Century City, as well as in Palo Alto in the US. For more information, visit www.globalkinetic.com

*Global Kinetic (GK) provides solutions across the application stack, predominantly .NET or Java deployed to Azure, AWS or physical infrastructure on the enterprise side, and native or hybrid technologies on the mobile side for Apple, Android and Windows Phone. GK implements SCRUM on all customer projects and provides professional services around the delivery, quality assurance, test automation, requirements gathering, analysis, UX/UI design and architecture


References

Clabaugh, J. (2018). Do you have ‘fintech’ on your phone? Most of us do. [online] WTOP. Available at: https://wtop.com/business-finance/2018/02/fintech-on-your-phone/ [Accessed 19 Feb. 2018].