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Fintech Digital Products that Challenge the Status Quo

Today we will look at 3 examples of innovative features from the fintech and mobile banking sectors that improve user experience and increase audience loyalty. We look at three finance services and analyse the insightful features that set them apart from the completion. 

Royal Bank of Canada: integrating Nomi for future expenses insights

Apps and services for analyzing expenses are usually focused on the past - they help understand where the money went and draw conclusions. However, the Royal Bank of Canada decided to take a different approach and help clients look at their budgets for the future through spending projections powered by Nomi's artificial intelligence.

Nomi Forecast shows pre-authorized spending in the coming week - mortgages, loans, payments for housing and communal services, subscriptions. In addition to forecasts, there are three more tools for effective budget management: Insights analyzes the already accomplished spending, Find and Save saves free money, and Budgets offers budget recommendations.

So Royal Bank of Canada goes beyond cost analysis and helps clients get a complete picture of financial relationships with the government, tax authorities, other people, service providers, financial companies. It's a different level of communication, trust, and loyalty: the bank becomes an active assistant who cares for clients' financial well-being.

Quppy: neobank from Estonia that combines traditional finance and cryptocurrency

Since 2017, Quppy has been building a financial, payments, social and investment ecosystem that integrates the management of traditional and digital currencies. The global goal of the team is to create a neobank whose clients will be able to manage all financial assets in one application, regardless of which bank or fintech they belong to—personal and corporate finance.

The creators call Quppy a multi-currency crypto wallet that supports cross-platform applications and fast exchange between the most popular currencies: bitcoin, litecoin, euro, pound sterling, and others.

The main competitive advantage is the fast opening of a digital IBAN account in euros and pound sterling. The client immediately gets access to all services: SEPA payments and transfers, instant conversion, regular payments, donations, salary projects, acquiring, investments.

Since the pandemic outbreak, Quppy has launched instant mobile top-ups in 140+ countries in digital and traditional currencies right from the app. Then there was an instant replenishment of the account from any bank or payment card and direct connection Quppy account to PayPal.

The platform allows users to exchange cryptoassets through different accounts in the same wallet. An advanced crypto portal also helps corporate and private clients integrate traditional banking services into the crypto world.

The purchase of cryptocurrency is carried out at the agreed rate after the fiat funds are credited to the account. The list of cryptocurrencies with which transactions are carried out is agreed with the client. The cryptocurrency is transferred to the wallet after the exchange operation and simplified AML/KYC identification. Users can exchange cryptoassets through different accounts within the same platform, regardless of the region and legislation.

Lance: pioneer and revolutionary in self-employed banking

Lance is a smart, intuitive business bank account that combines only the most essential tools and automates the management of personal and business finances. Lance provides business banking services through Blue Ridge Bank and opens debit cards through Visa.

The impetus for starting a business was the founders' personal experience and interviews with thousands of self-employed people. It turned out that they almost always have several sources of income that must be kept in mind when paying taxes, planning expenses, and saving.

It's a separate audience with its own needs. Simultaneously, a small business and a private client with the corresponding goals are saving for retirement, going on vacation, or buying a house. A financial service for the self-employed should avoid confusion between personal and business finance and at the same time consolidate the budget into a single whole.

All incoming payments to the Lance account, after basic accounting, are automatically divided into four categories: main account for business expenses, sub-account for savings, salary, and taxes. An entrepreneur sets up the rules for budget allocation once, and then software works fully automatically.

The self-employed sets the salary themself as a percentage of income once a month / per two weeks. However, the service recommends a reasonable size so that there is enough for mandatory payments, so the paycheck does not change too much in case of unstable income.

The user can import all data on expenses and payments from different bank accounts and credit cards into one place, group them into categories, edit and take notes. The dashboard on the home screen shows how income is allocated to different expense categories. Any information can be exported quickly and free of charge for transfer to an accountant.

In addition to the intuitive financial management in the Lance app, the self-employed receive forecasts, and recommendations for making more effective business decisions.

We hope that this analysis of the features of a mobile financial application will help you in finding an idea for your fintech app. altRecipe specializes in the fintech sector and crypto industry. Check out our portfolio.