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Are mobile trading apps the way to go into the future of the fintech industry?
Forex trading apps – With the evolving technological advancements, businesses are often challenged to keep up with the hype. Competition is on the rise, and so is the integration of innovations to the industry. One of the most relevant inventions brought upon the booming digital business is financial technology, more commonly known as fintech. Financial technology is the term that describes the newly innovated technology that provides the improvement of automated delivery and usage of financial services.
Fintech promotes the utmost convenience towards business owners, companies, and even consumers in further managing financial operations and vital processes through computers and smartphones.
With the emergence of fintech during the 21st century, fintech was used to describe the back-end technology systems of official and reputable financial institutions. However, over the years, the term “fintech” is being focused on consumers in terms of providing convenient financial services. Generally, any innovation deals with people’s business transactions, digital money, and dual input bookkeeping.
With the growing world of computers, smartphones, and mobile internet, fintech has become centered on personal and commercial financial operations or activities. These financial activities include online money transfers, online money deposits, online registration for bank credits, managing fundraising events, and investments.
This article is an educational guest post, it was written by Aimee Hill who is part of the content team atThe Long Reach. Aimee has worked in the finance industry since graduating from university.
Mobile Trading Apps
While fintech is continuously on the rise, mobile trading apps, on the other hand, have been introduced and welcomed by the world surprisingly. The existence of these apps allows consumers to perform trading easily and conveniently. For regular traders, the right timing is everything when it comes to buying and selling.
Gone are the days when traders were only presented with limited opportunities to do so while working or traveling since the solution has proven to be found on every trader’s smartphones. Through this, trading has been made possible whenever and wherever at the tip of your fingertips.
Mobile Forex Industry
Before the internet emerged in the picture, access to forex trading was only limited to established banks, foreign corporations, and exporters. Nowadays, creating a trading account can easily be done with the use of an internet connection.
With the rapid growth of mobile trading apps, it has enabled the rise of forex trading worldwide. The mobile forex industry opened countless opportunities and possibilities that reached a broader scope.
Based on the recent forex reports, almost 15-20% of trades are made possible through the mobile trading apps. Moreover, forex analysts believed the rise of traders in the coming years as young tech-savvy generations have become more involved in trading.
One of the significant advantages of mobile trading is the existence of research tools. Online news, updates, and price feeds are being highlighted to keep traders informed of markets’ price actions and developments. Thus, there is no need to scan through newspapers or find the news online as the apps have it all in one location. Moreover, having the chance to perform backtesting and testing strategies beforehand is part of the research tools’ benefits. This way, traders can open a demo account before diving into real market action to assess the possibilities.
The opportunity to attend educational services and forums are mostly included in mobile trading apps. Thus, enabling traders to access training and enhance the experience to become successful in the forex industry. The list of advantages goes on; however, it is vital to note that mobile trading apps help trading become more flexible, profitable, and convenient.
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Fintech Industry Technology
Now, the real question is, do mobile trading apps hold the future of the fintech industry? Technologically speaking, it is possible. With the several technological innovations being made every day, there are undoubtedly no limitations in technology. Being limitless, however, allows mobile trading apps to be further developed into ensuring the presence of every fintech feature.
Simplicity and User-friendliness
The core of the fintech app focuses on consumer-friendly simple features. Being able to allow maximum flexibility makes every fintech successful in ensuring a user-friendly app. A clear and vivid display of information is vital so consumers can directly see the needed options to complete their desired transactions. Moreover, functional animations are well-integrated to explain and describe further the process of the options. Thus, future mobile trading apps ensure that every consumer goes through a seemingly smooth and fast transaction.
Security
Fintech apps ensure the security of data and privacy. These are non-negotiables when financial services are taken into account. Most of all, most consumers choose to entrust their financial operations towards the most reliable and secured apps to date. The Forex industry values security; thus, it is relevant to hire companies to undergo preventative and security measures. Moreover, fintech complies with data security regulation and responds immediately to possible threats and damages, which is beneficial for mobile trading apps.
Chatbots and Voice Assistants
While fintech apps are designed to meet and exceed customer’s expectations, problems may still be encountered along the way, and the solution has to come right through the app itself. With its chatbots, consumers can directly address the concern, enabling them to proceed with their desired transactions as soon as possible. Furthermore, voice assistance provides the fastest conversational interface there is. Thus, having this feature in mobile trading apps can be a significant plus as the number of trading starters increases.
If mobile trading apps nowadays may be currently out of reach by fintech as it focuses mainly on finances, it helps reevaluate fintech mobile apps with its features to help make it a reality. After all, if there is one great possibility for integrating mobile trading apps with the fintech industry, it is best to learn from the best.
Mobile Forex Trading Apps Summary
The Forex industry is expanding, and its growth is well-recognized by its mobile trading apps. At the same time, fintech apps have done bold risks and innovations regarding financial operations. Fintech allowed countless possibilities of having customized, user-friendly, and well-secured apps, which can hopefully be of help on the possible trading apps. On the other hand, mobile trading apps have continuously advanced and been involved in numerous transformational advances that make a massive difference in the forex industry. The collaboration of mobile trading apps and fintech leads to higher mobile trading apps demand as more people are leaning towards trading conveniently.
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