Customisable Apps: How Fintech is Changing Traditional Banking

Fintech is revolutionising the way we approach money. One of the greatest innovatory changes it has brought is personalised banking apps, found among fintech app development solutions, UK. Companies like Kindgeek help users personalise their experience with banking in many ways, making managing finances much more convenient.

In this article, we are going to explore what customisable banking apps are and how exactly are they changing the game by challenging traditional banking systems.

What are Customisable Banking Apps?

Customisable banking apps are the applications designed by companies like Kindgeek that let you control how you interact with your money. While traditional banking apps force everyone into the same mold, customisable ones give you access to the features and tools you need to shape your experience yourself.

For example, you can tweak notifications for types of transactions you want to know about. You can track your spending by category, or even rearrange the layout of your financial dashboard. You want it only to show you the things that mean something to you, right? With fintech application development solutions such as customisable banking apps, it’s possible. That is to say, the app adapts to you, not you to the app.

How Fintech is Transforming Traditional Banking

Fintech attracts huge investments, making them extremely profitable too. So fintech companies are challenging traditional banks to consider more carefully how they treat their customers.

Here are a few ways in which fintech is changing the game:

● User-Centric Design.

Fintech app are well-recognised for their convenience. While designing an app, companies like Kindgeek keep the user experience in mind. This produces the design that is simple, intuitive, and effective. This is in huge contrast with traditional banking apps, that can come across as clunky or outdated.

● Innovation.

Traditional banks tend to be conservative. That’s to say, there are fewer new features in their apps. With all the workload, like regulations and legacy systems, it’s tough for them to keep up. In contrast, fintech apps development innovate rapidly. With frequent updates, such companies are constantly updating, improving and adding new features.

● Integration with Other Tools.

The cool thing about customisable apps is that they can be integrated with other services. For example, you are probably able to link your bank account to various budgeting tools, investment platforms, or even your cryptocurrency wallet. That’s a comprehensive experience in one place.

Key Features of Customisable Banking Apps

Let’s take a closer look at some of the key features that make these apps stand out:

1. Personalised Financial Dashboards.

In a normal bank application, the dashboard is the same for everybody: the main screen shows information about your account. In customized banking applications, it is the other way around: users can choose what to display on their dashboard. From savings balance to credit score and the latest transactions, it’s completely up to you.

2. Personalised Notifications.

Setting up alerts relevant to your needs is easy. Nobody wants to get bombarded with generic notifications. Want to know when your balance is low, or when you hit a spending limit? Done. Such an app can send you personalised alerts to keep on top of things.

3. Customisable Spending Categories.

You can group your transactions into categories that best fit your lifestyle. Maybe you want to know how much you are spending on dining out, travel, or subscriptions. The good thing with customisable banking applications is that you can easily create and manage such categories.

4. Flexible Account Management.

Third-party apps give you even more control over your accounts. From setting limits on transactions to freezing your debit card if you lost—all of it made possible from the comfort of your app. This flexibility puts you in control of your banking without having to make calls to the customer service, or going to bank yourself.

Advantages of Customisable Banking Applications

As of 2023, the fintech space was worth over $226 billion. This is just another testament to how widely popular this niche is. And of course, it is—there are plenty crucial advantages to using its products, customisable banking apps included.

With these applications, you are in a better position to control how you spend your money. You can set exactly how much you want to spend each month. You can get detailed records of your expenses and set up alerts that will suit your spending needs. All the calls are yours to make and very simple to achieve.

When a banking app is personalised to suit your needs, it immediately becomes a far more pleasant experience. Instead of having to navigate through features that you don’t need, you only have what is important. This in turn makes money management that much easier.

Have no idea where your money went? While it has happened to the best of us—probably on multiple occasions—various reports and reviews from you apps, personalized to your behavior, can help you make sense of your habits. You will be able to track it more easily.

Many customisable banking apps also have advanced security features. This may include anything from biometric login options, such as fingerprint or face recognition, to two-factor authentication. It’s an important way to secure your account against unauthorised access.

Challenges of Customisable Banking Applications

Of course, no technology is perfect, and customisable banking apps have their challenges too. While personalisation may be a feature some people have been praying for, others might just find it bothersome and too much work. Some users may find it challenging to set up the application according to their needs. Or maybe they just prefer one general, simple, and easy-to-navigate approach.

Customisation also potentially involves collecting much more data about you. It may include your spending habits, and your financial preferences. This brings up very serious concerns about data storage and use, and you need to make sure the app you picked comes from a reliable provider, that keeps things transparent.

Conclusion

Customisable banking apps are changing the way we think about banking. They offer more control, flexibility, and personalisation than any traditional banking system ever could. As fintech continues to expand, the only limit is our own imagination of what technology could do.