Four must-have functions of modern financial applications

Many fintech companies are overwhelmed by projects.They develop it simply to stay in trend. In addition to the development of the existing functionality, day to day we have to work for the future, inventing something new. Masterpass integration, QR technologies development — in the pursuit for relevance, the development plan of any payment acceptance often loses its original goal — to offer the customer not only innovative, but first of all the most relevant and useful services.

As a result, many focus on initiatives, directed not at revenues, but at the cool media story. In the medium and long term, this can be crucial for your business. Therefore, I collected four most requested functions Ukrainian Internet user expects from a modern financial application to pay for services in everyday life. A kind of must-have, without which your product will look incomplete. Most of them are relatively simple to implement, providing the basis for the future broader strategies.

P2p money transfers. It is rather difficult to explain the obvious importance of having a quick transfer function from a card to a card of any bank with a single (preferably minimal) commission — this function is simply basic. Most active Internet users have cards in several Ukrainian banks — one for salary, the other for convenient banking, the third for, for example, freelancing, etc. Convenient money transfers between cards are a prerequisite for the efficient operation of their small financial system. Some companies built their business on p2p transfers. Now, you can surprise a customer not by the presence of such an option, but only by the degree of its UI/UX.

Possibility of payment by mobile phone account. Paradoxically, but the fact is: in 2018 mobile commerce is not just alive, but also marks leading point in money turnover. Often mobile balance payments are essential for a user for adding funds to online games accounts, paying for the Internet, and even for public utilities. The presence of such a payment method will greatly enhance your business. We have checked the effectiveness of mobile commerce on many LeoGaming services and on the Parking UA app — that’s why I’m advising it.

Payment invoices. It would seem a simple function, but it’s not available in many apps. Imagine a situation: you have a mobile wallet, and your user is a freelancer who needs to report on the work done with the invoices. Simple money transfer to his bank cards irrelevant. Forming a bank invoice? For a person who doesn’t have a sole trader registration? Here there will be a useful function of invoices — you or a freelancer create an account, pay for it, pay a corresponding receipt, in which you can prescribe the payment purpose.

High-quality push notifications. Indirect payment feature, but no less interesting. Push messages in the application — the most important communication tool. This is the best way your product communicates with its user. Therefore, the method should not be saturated with clerical, boring phrases or incomprehensible technical spam, which stretches from the back-end. Use short sentences without “corporation pop” — only the important. Imagine yourself tweeting before Twitter increased the number of symbols. Also use emoji for emphasis on the main topic. High-quality push notifications provide a high level of penetration and use of your application.

The main mantra of any application that works with customers’ money is “minimum clicks, maximum functionality”. Intuitive, modern design, maximum productivity. And remember, if your product just works — this is not an achievement, but only the beginning of a journey.

CEO of the international payment system LEO, the shareholder of IBOX Bank

CEO of the international payment system LEO, the shareholder of IBOX Bank