Anna possesses impeccable skills in oral and written communication and inspires others with her positive energy.

Anna Łękawa

As a skilled React Native Tech Leader with an inquisitive mind and passion for maintaining a sustainable delivery culture. I have vast experience working with Agile methodology and knowledge of good design practices and website architecture. Thanks to my great attention to detail and problem-solving skills I deliver scalable and robust solutions for our clients. 

Bartosz Boruta

I am a fast-learning React Native developer building responsive mobile applications for various industries.

Marek Troszczyński

I am a React.js specialist, building beautiful, scalable web and mobile applications.

Tomasz Kielar

As I Team Leader I do my best to s**et directions** **and help myself and others to do the right thing to move forward**. I do these by inspiring and motivating my team. Where do I find my motivation? I love mountains and I hike whenever I can. I run a mountain journal https://just-walking.me/ where I document my trips, compose brief guides for anyone who would like to follow my paths and post photos of beautiful wild nature.

**ABOUT MY TEAM**

My Team has in-depth experience in projects focusing on **Property and HR Management, Fintech and Online Payment Solutions**. It currently consists of 6 members. We specialize in React.js, React Native, Node.js and Ruby on Rails We work from one office which guarantees close and successful cooperation. We use the following communication tools: Slack, Pivotal Tracker, Trello, Jira and Google Hangouts.

***"When faced with a large project, remember you move a mountain one stone at a time***"

I love coding and I **enjoy** **solving** **various** **business** **problems** with my programming skills.

I have over eight years of professional experience as a Senior React.js and React Native accomplishing numerous international commercial projects. Recently, I became the Leader of a development team. My Team has in-depth experience in web and mobile projects focusing on Property and HR Management, Fintech and Online Payment Solutions.

Wojciech Bożek

Explore the importance of mobile app security in software development. Learn how to integrate robust security features into your app. Read now!

A Guide To Mobile App Security

Mobile app developers can be difficult to find. This guide to helps you to navigate the process, including the best ways to find and interview a developer.

How To Find And Hire A Mobile App Developer

\[TOC\]

Data forms the foundation of customer involvement. While consumer data receives the majority of attention—as seen by the debate over first- versus third-party data—it's crucial for marketers to understand other types of data, such as metrics, benchmarks, and key performance indicators (KPIs). With this data, it is possible to determine which customer engagement efforts and programs are effective and which need to be redesigned. However, while there are several perspectives from which to look at engagement and performance, not all are created equally.

Quantifying engagement is crucial for marketers that want to evaluate the effectiveness of their interactions with app users. What's working and what isn't, and how can you tell? The following list of 10 critical metrics formulae and mobile app KPIs will assist you in assessing the impact of the effort you have invested in growing your audience.

## KPIs vs. Metrics: What's the Difference

Metrics and KPIs are frequently used interchangeably. But in reality, things don't function in this manner. Even though they are both quantitative metrics, they have different uses. Simply said, measurements only evaluate the effectiveness of certain business activities or processes, whereas KPIs alone evaluate how well targets or goals are being fulfilled. Let's take a closer look at a few of the distinctions.

<Baner name={mobile-devs} />

### All KPIs are some kind of Metrics

Though all KPIs are some form of measure, not all metric types function as KPIs. A good KPI is usually closely related to a result; you anticipate it to rise or fall to accomplish its goal. You only need to make sure you are using the correct metrics to measure it. A KPI will need a set of metrics to track its performance. Though all KPIs are metrics, not all metrics are KPIs, so keep that in mind.

### KPIs measure the performance

KPIs track how well parts of your company operations perform, provide a more comprehensive, strategic view of your objectives, and frequently include several measurements.

KPIs offer a broad perspective, and they stand for important business objectives for various departments. On the other hand, metrics are thought of as lower-level indicators, and they monitor activities or procedures exclusive to a division or business sector.

### Metrics Measure Specific Parameters

Metrics need to be viewed within a larger context since they measure certain aspects of your item or service (e.g., paired or compared with other metrics).

As seen from the sales example, only some metrics can be used to measure the effectiveness of your strategic efforts. On the other hand, metrics assess the influence of the daily performance of various business areas. The key lesson from this is that metrics and KPIs are not incompatible, which is why they are frequently regarded as synonymous terms.

<ReadMore> Read also:[ How To Develop A Mobile App - Best Practices](https://selleo.com/blog/how-to-develop-a-mobile-app-best-practices) </ReadMore>

## Why do you need to measure mobile app performance? Why is it important?

The same rules of the market apply to your mobile app as they do to other software goods and services. You must evaluate its key performance indicators to ensure that your company is moving on the correct path. By doing so, you will be able to encourage or expand the desirable occurrences while stopping or diminishing the negative ones.

It takes a lot of moving components, variables, and interactions to create a successful mobile app, both in terms of business and technology. The only approach to keep the complexity in check is to decide which elements are most important for attaining your objectives and then concentrate on enhancing this purposefully condensed set of criteria.

Today, gathering data is often not a major difficulty, but it is essential to concentrate on the KPIs and indicators that are essential to your app's performance. Because of this, the idea of OMTM (One Metric That Matters) was first formally established in the book "Lean Analytics" by Alistair Croll and Benjamin Yoskovitz. It later gained popularity, especially within the startup community. To steer your app toward one, often consistent "North Star Metric" (NSM) of your organization, OMTM is frequently chosen for a particular length of time. The general concept underlying both OMTM and NSM is to lessen the noise from several sources of information, identify which one is essential, and then focus most of the work on enhancing this metric.

## Types of KPI Metrics

Depending on where your business is in its growth, a large variety of KPIs and indicators are available to you. Suppose you're testing your app concept, developing an MVP, gaining your first users, turning those users into customers, or sustaining an established app with a sizable user base. In that case, various areas will be more crucial to you.

![Types of KPI metrics](https://a.storyblok.com/f/86602/2082x1482/bdca246d8a/types-of-metrics.png)

### User Experience

The user experience, from the first step through the visitor's last moment on your app, is the user journey. Everything falls under the user experience category, including layout, design and navigation. Metrics aid in making decisions on providing app users with a wonderful experience. Without Technical performance measurements, this phase cannot be completed.

### Technical Performance

You may get information about your app's technical performance through mobile app performance metrics. With the help of these data, you and your app development team can enhance the technical aspects of your app.

These measurements can help you find in-app performance problems that might go unnoticed. This includes sluggish loading, glitches, or issues with the design of your application.

The following are among the UX and mobile app performance metrics:

* Load speed
* Devices and operating systems
* Screen resolution
* Crash reports

### User Engagement

You will need to specify exactly what an "active user" for your app entails because not all apps are designed to be used often. Is it opening the app, signing in, or carrying out a crucial action?

The quality of your user experience is more crucial than the efficacy of your engagement initiatives, which can be understood with these app analytics.

![Revenue](https://a.storyblok.com/f/86602/902x588/a874472eeb/inside-article_revenue2.png)

### Revenue

We're all here for the money, after all. The profit from your app, either through in-app payments or purchases made directly through the app, is referred to as revenue (yes, these are two different things).

These measures also consider the sums paid to recruit new customers and users.

As many of these measures demonstrate the immediate results of your marketing efforts, they may be considered mobile app marketing KPIs.

Among revenue metrics, you'll find:

* Purchases
* Time to first purchase
* User lifetime value
* Conversion rate
* Cost per install

#### The average revenue per user (ARPU)

How much do people spend on your app? This measure gives you the answer to that query and advice on increasing sales. Additionally, it provides you with information on your audience's financial stability.

User behavior varies among operating systems, as you can see. Android users frequently spend more time in applications and make fewer transactions, whereas iOS users typically produce bigger average checks. That being said, it depends on the specific app and user base, so measure it to find out how does it look in your case.

### User Acquisition

Where are your users coming from? This is important if you run advertisements or pay money to attract new users. Metrics for app downloads indicate how frequently users download your app. The amount of daily downloads is one of the numerous app use metrics you ought to monitor because it offers you more clarity on the effectiveness of your marketing initiatives.

Furthermore, being completely aware of the source of your users' traffic enables you to allocate your marketing budget more effectively and accelerate the growth of your user base.

<Baner name={react-native} />

### Business Growth

In terms of mobile marketing KPIs, this is sort of the holy grail. A crucial element in formulating future strategy is understanding how much value a campaign generates compared to the amount of money spent on it. Due to the haziness of the relevant factors, it might be challenging to determine. Consider the income produced by conversions through a certain campaign as an example. However, other elements could be at play that had nothing to do with the campaign itself and impacted the money created by conversions.

As long as there is internal agreement on what is being evaluated as a return (profit, net revenue, etc.) and what the investment expenses of the campaign were, it is still viable to compute return on investment (ROI).

## Top Mobile App Metrics to Track for Growing Your App

The time it takes for your app to load and become ready for user interaction is referred to as the app load speed. The waiting process irritates mobile users. Even if people patiently wait for an app to download, they won't hesitate to give up on or remove a sluggish application. The retention of mobile app users depends on load speeds for this reason.

[According to Think with Google](https://www.thinkwithgoogle.com/marketing-strategies/app-and-mobile/mobile-site-speed-importance/#:\~:text=In%20retail%2C%20we've%20seen,rates%20by%20up%20to%2020%25.&text=This%20presents%20any%20business%20that,customers%20go%20elsewhere%20%E2%80%94%20and%20fast.), the amount of time it takes for your app to launch may hurt or help your business. A one-second delay can have a significant effect on your revenue.

Quantifying engagement is crucial for marketers that want to evaluate the effectiveness of their interactions with app users. What's working and what isn't, and how can you tell? The following list of 10 critical metrics formulae and mobile app KPIs will assist you in assessing the impact of the effort you have invested in growing your audience.

![Mobile app metrics to track](https://a.storyblok.com/f/86602/1088x706/5a7df69005/inside-article_top-mobile.png)

### Retention Rate

Since users cannot interact with your app if they are no longer using it, retention may be the most crucial KPI for mobile marketers. To stop churn and keep more of your audience coming back, you must first recognize when and if it is happening.

Simply put, retention = revenue. The longer you keep users, the more valuable they are to your business.

There are various methods to quantify retention, but for our purposes, we'll focus on range retention, which measures the number of users who have been retained by comparing their numbers from one week, month, or other date range to those from a subsequent date range of equal size. Therefore, range retention can be calculated by simply dividing the total number of users over a current period (let's say the last month) by the total number of users over a previous period (say, the month before that).

Here's the problem: the average user only installs 10% of the applications on their smartphone each day while keeping between 60 and 90 installed.

How can you get your app into that 10% of applications vying for your users' time and attention when there are so many others?

By monitoring indicators for user retention, we can pinpoint the precise elements in the user experience when individuals are leaving.

### Churn Rate

A measure of how many users eventually delete or quit using an app. Both app abandonment rate and app churn are equivalent terms. After users download the app for the first time, this metric is typically calculated at 30, 7, and 1 day. The app churn rate is the ratio of users leaving an app. The difference between app churn rate and app retention rate is how committed a user base is over time and at what point in the app lifecycle consumers abandon it.

### Stickiness

The degree to which users interact with an app regularly determines how stickier it is. The more engaged users there are, the more addictive the program becomes.

When talking about daily and monthly active users, the stickiness ratio should be mentioned. You should try to increase the number of times a user login into your app.

You may find the stickiness ratio by dividing the number of daily active users by the number of monthly active users.

<ReadMore> Read also: [Mobile Software Development Trends To Know In 2023](https://selleo.com/blog/mobile-software-development-trends-to-know) </ReadMore>

### Session Duration and Interval

The duration of a user's session in your app and the intervals between them might reveal a lot about their behavior, expectations, and problems arising during your app's interactions.

A mobile app KPI called "session length" measures how long customers spend using your app during a single session. App session intervals track how frequently users come back to your app.

These two things are essential indications of involvement. These raise your retention rate to a new level, which is why I appreciate measuring them. Long session lengths and few session intervals indicate frequent re-opening and prolonged usage of your app.

Research shows that mobile users spend [77% of their time](https://www.statista.com/chart/3835/top-10-app-usage/) on their favorite three apps.

### In-App Purchases

The main justification and requirement for the existence of most commercial applications is their monetization ability. The quantity, price, and nature of in-app transactions are directly related to your business strategy.

It should be rather clear what an in-app purchase is. It's a measure that reveals how frequently people spend actual money on your app.

It goes without saying that to measure a metric like this, purchases and app monetization must be enabled. But it's crucial to monitor this figure over time to determine if specific occasions or marketing initiatives increase the volume of transactions.

For instance, in-app transactions for e-commerce applications could rise during the holiday season. Or perhaps you have a gaming app that increased sales when a certain marketing campaign went live.

### Load Time

Your app's performance as a whole may be seen from that one measure. Both show the app's core logic is processed and how it looks to impact it. That figure should be as low as feasible.

Load time is the length it takes for an app to load from the first tap until it is usable. It also depends on the time it takes for a user to switch between screens inside an application.

The user experience improves as a function of how quickly the program loads. Almost often, you want to have the quickest load times.

![Load time](https://a.storyblok.com/f/86602/907x589/1002511134/inside-article_load-time.png)

### User Lifetime Value

It's a rate that informs you of the value an average user is projected to provide throughout their "lifetime" (from installing until dropping off and uninstalling the app). All of the in-app purchase money is included in that.

### App downloads

You should focus on that as one of the important KPIs. Using this, you can check how the market responds to your app. It summarises and highlights various criteria, including technical performance, user experience quality, and marketing and advertising effectiveness. The actual figure should be interpreted in light of your other measures from a wider perspective.

### App Store Rating and Reviews

Your app's rating and reviews impact how satisfied people are. Your app could either benefit or jeopardize your company's ability to grow in the future, depending on how people view it.

### Net Promoter Score

The Net Promoter Score (NPS) is a common metric for gauging user happiness with your app. It is often based on a brief poll that asks users if they would suggest it to a friend. Why is this so crucial? According to research, those who a friend has recommended an app are four times more likely to download it. The lifetime value of referred customers is 16% higher than that of regular consumers.

## Summary

Your goals will always determine the crucial mobile app metrics you must monitor. The more objectives a team attempts to accomplish, the larger challenge it becomes. The app team should monitor the following crucial mobile metrics, though:

* User growth rate
* Retention rate
* Conversion rate
* Churn rate
* Daily Active Users (DAUs)
* Monthly Active Users (MAUs)
* Session length, interval & depth
* Average screens per visit

as a set of basic information providing an overview of your app’s condition and development stage.

You can now enhance your performance and expand the applications with greater assurance now that you know which KPIs and metrics can provide you with valuable insights about your business.

If you need an expert team to design and develop your app with proper metrics and KPIs in place, you can [contact us](https://selleo.com/contact) at Selleo.

You can’t manage what you can’t measure. That’s why measuring mobile app KPIs is a critical part of any successful app marketing strategy.

Top Essential Mobile App KPIs To Measure

Best practices for mobile app development can be hard to find, so we've gathered some of the best here for you.

How To Develop A Mobile App - Best Practices

\[TOC\]

As an answer to the digital era we are all in, the **mobile app development industry** is evolving with lightning speed. In order to survive, many companies decide to create their own trending mobile solutions since consumers show growing interest in making purchases on mobile devices.

In 2021 mobile app market revenue reached a whopping [$693 billion](https://www.statista.com/statistics/269025/worldwide-mobile-app-revenue-forecast/) and it is only the beginning.

However, not everything is as good as it seems. According to Gartner, only [0,01%](https://www.gartner.com/en/newsroom/press-releases/2014-01-13-gartner-says-less-than-one-tenth-percent-of-consumer-mobile-apps-will-be-considered-a-financial-success-by-their-developers-through-2018) of mobile applications actually succeed, which is not comforting. In this post, we will take a look at the latest trends in mobile software development, so you can ensure your next app is one from 9,999 that turns out to be a hit.

## The evolution of mobile applications

Before we proceed to the current state of **mobile app solutions**, it is important to mention how far it has come. Starting from **2005**, websites started to be designed for smaller displays and equipped with touchscreen-friendly interfaces. A couple of years later, the development of native applications with gesture navigation had begun as businesses recognized the advantages of having a dedicated mobile solution.

<Baner name={software-development} />

Around **2013**, the popularity of mobile web applications had risen. Websites were now capable of being accessed through a device’s browser. What is more, context-aware technology was introduced - apps gained user context like location, time and pattern identification for a more personalized experience. Mobile web apps evolved into hybrid apps and were wrapped inside a native container providing access to native platform features. This led to an increased interest in voice technology as a way to simplify human-to-machine interactions.

Since **2019** we have been living in an era of micro apps, which are consumer-oriented solutions that deliver highly targeted functionalities and personalized experiences with the help of artificial intelligence.

![Mobile apps evolution](https://a.storyblok.com/f/86602/2356x1702/349684fb65/mobile-apps-evolution.jpg)

## State of mobile application development

It is no news that people spend more time on mobile devices than ever. Statistically, more people own a cell phone than a toothbrush. **70% of traffic** is generated by mobile devices and around [75% of emails](https://www.bluecorona.com/blog/mobile-marketing-statistics/) are being opened on them. The ease of use and convenience of mobile devices changed users’ behaviour. According to Google, [80% of smartphone users](https://www.thinkwithgoogle.com/consumer-insights/consumer-trends/shopping-occasion-experiences/) are more likely to purchase from companies with mobile apps.

Statista goes further and states that by 2022, App Store user spending will increase to [$157 billion](https://www.appannie.com/en/insights/market-data/app-annie-2017-2022-forecast/) (up by 92%). In 2021, the mobile market is set to grow by [385%](https://www.smallbizdaily.com/20-mobile-app-statistics-developers-interesting/) and there will be about [$7 billion](https://www.statista.com/statistics/218984/number-of-global-mobile-users-since-2010/) mobile users worldwide.

However, in this dynamic and ever-evolving environment apps that shined in 2020 may not have the same success factor in 2023. That is why you should incorporate the latest trends into your development strategy.

<ReadMore> Read also: [React Native vs Flutter: The Ultimate Comparison](https://selleo.com/blog/react-native-vs-flutter-the-ultimate-comparison) </ReadMore>

## Top trends in mobile app development in 2023

Mobile trends just like any other trends are everchanging. To get ahead of the competition in the mobile app development world it is crucial to analyze those trends and adapt accordingly. Some of them have been present for some time now, while others are the latest finds addressing the needs of consumers in 2023.

### **Mobile commerce**

Did you know that mobile commerce sales have gone up to around $431 billion in the US in 2022?

Mobile commerce basically refers to when activities like commercial or business transactions like buying or selling products or simple financial transactions like banking or paying bills are done through one’s mobile phone.

The presence of ‘buy buttons’ on social media mobile applications, as well as other technologies like digital wallets and search optimization through GPS tracking, are major reasons why m-commerce is trending and is considered convenient in terms of access.

Relevant statistics indicate that about ⅓ of the online mobile users in the US used their mobile devices to make purchases each week in 2021!

The use of m-commerce is on an upwards trend, and businesses without the availability of mobile applications to aid them with sales are usually seen as less accessible by potential customers.

### Cloud-Native

Cloud-native applications are apps with code written with a **cloud-first approach**, meaning the need to have a separate server for hosting. In the case of those apps, everything else is handled by cloud-native solution providers like AWS, Google Cloud or Azure.

![Cloud native](https://a.storyblok.com/f/86602/640x416/0a30e8b02d/inside-article_cloud.png)

Cloud-native provides many benefits for developers and businesses like the fact that Google Cloud serverless tooling allows automatic scaling depending on the website traffic.

### Internet of Things

By the end of 2022 IoT market in the US was expected to exceed [$500 billion](https://www.statista.com/statistics/688762/north-america-iot-market-by-application/) and a great part of this share was the consumer electronics segment. This technology is impacting how people interact with each other and live in their homes by providing opportunities for users to engage with appliances and gadgets in real-time. The most prominent field of IoT’s impact will be smart homes since [more and more](https://www.statista.com/statistics/802690/worldwide-connected-devices-by-access-technology/) smartphone users control their home devices with apps. Forecasts say that by 2030 there will be around 50 billion of these IoT devices used around the world creating a massive web of interconnected devices.

![Internet of Things](https://a.storyblok.com/f/86602/653x424/e0f89e9bfc/inside-article_internet-of-things.png)

What is more, IoT has the potential for data sharing, which will definitely draw the attention of the app industry.

### Mobile wallets

![Mobile wallets](https://a.storyblok.com/f/86602/609x396/bbd3759421/inside-article_mobile-wallets.png)

Mobile wallets have gained popularity among users, especially since economies of different countries are turning digital. People prefer using e-wallets like **Google Pay, Apple Pay, Amazon Pay** etc. to cash or providing card details for even faster transactions. As the market is not yet saturated enough there is still potential for growth in the future. For mobile wallets the future trends include:

* audio-based mobile wallets
* near-field communication (NFC) based payments
* radio-frequency identification payments

### Artificial Intelligence and Machine Learning

AI and ML have already started taking their place in mobile applications and devices. Some examples of those include chatbots, facial recognition or voice search. There are also **AI-powered apps** for photo edits taking the technology to the next level. In the near future, AI-based cameras, user predictions or voice translations will be even more common in smartphones.

![Artificial intelligence](https://a.storyblok.com/f/86602/609x396/500b8d88b1/inside-article_ai.png)

The future of AI includes:

* image recognition, classification and tagging
* object identification, detection, classification and tracking
* processing of patient data
* predictive maintenance
* automated geophysical feature detection

Combining AI with ML will be super useful in developing mobile apps as it can learn from the previous app development process to detect problems and fix them.

<Baner name={react-native} />

### Chatbots

Even though modern chatbots are far from perfect, they are slowly creeping their way into our everyday lives. They help to **automate repetitive user interactions** by answering simple questions like is the store open or aiding in the ordering process. What is more, more than [50% of buyers](https://www.digitalcommerce360.com/2018/10/02/infographic-b2b-buyers-want-self-serve-customer-service/) claim they want more self-serving customer service tools and chatbots are great ways to achieve it. An example of such a solution can be an app from Starbucks - ‘[My Starbucks Barista](https://techcrunch.com/2017/01/30/starbucks-unveils-a-virtual-assistant-that-takes-your-order-via-messaging-or-voice/)’ in which you can tell the app the type of beverage you want and it places an order for you.

![Chatbot](https://a.storyblok.com/f/86602/609x396/9baec7117d/inside-article_chatbot.png)

Statistically speaking, [36% of Americans](https://financesonline.com/chatbot-statistics/) claim to have used a chatbot and with the popularity of Facebook Messenger, the usage of chatbots on mobile is rising even more.

### Biometric authentication

All mobile apps should think about implementing some sort of **biometric authentication**. Fingerprint scanning and face unlock are great ways to ensure data security. Apart from them there also is iris scanning, voice or hand geometry recognition to think about.

In the future, we will be able to see new trends in biometric authentication including:

* immigration services
* cloud-based biometric solution
* online banking and mobile payments

![Biometric authentication](https://a.storyblok.com/f/86602/609x396/47ed8795a5/inside-article_biometric-authentication.png)

### **Predictive analytics**

Predictive analytics is the implementation of algorithms, AI, and machine-learning techniques to predict future outcomes by studying historical information.

These analytics are essential because they not only prevent possible criminal behavior through pattern detection but also optimize market campaigns, make business operations more efficient, and reduce risks of unwanted insurance claims and fraud.

Giant applications like Instagram use a wide range of complex machine learning algorithms to build custom User Engagement Graphs for their users, map out their interest patterns, and optimize their Instagram feeds to fit their likes and dislikes.

### Beacon technology

**Bluetooth Low Energy** (BLE) signals are what power Beacon Technology. It allows, for example, to locate a store selling a specific product through a mobile application. Phones are able to receive signals and provide relevant information and guidance for users. This technology has great potential in the marketing industry as it can reduce the bridge between users and companies. It is slowly being implemented in hotels, healthcare institutions, museums etc.

![Beacon technology](https://a.storyblok.com/f/86602/609x396/6281126cb9/inside-article_beacon-technology.png)

### Virtual events streaming

Virtual events have become popular amid the Covid-19 pandemic as people were not able to attend events in person. However, even in the post-pandemic world, virtual events present whole new opportunities, making them **less exclusive and increasing availability** for people from all around the world.

One of the most popular online events platforms Hopin allows you to change rooms, listen to different speakers as well as communicate with other participants. In 2021 we will most likely see more such platforms coming to life.

![Virtual events streaming](https://a.storyblok.com/f/86602/609x396/9cda509a40/inside-article_virtual-events-streaming.png)

### Augmented Reality

Augmented reality will continue trending in 2021. Mobile apps can use AR features for a wide range of features. Starting from the hit game **Pokemon Go** AR changed mobile gaming and today, more applications are using in for more practical features.

### Wearables

Apple Watch is probably the most popular wearable device that changed the game for everybody. Apple dominated the smartwatch market with features like **ECG or blood oxygen level** measurements. In 2017, there were around 453 million connected wearable devices and according to [ReportLinker](https://www.reportlinker.com/p05935473/Smart-Wearables-Global-Market-Report-30-Covid-19-Growth-and-Change.html), the wearables market is expected to grow beyond $24 billion by 2023.

With technological advancements, we should expect wearable applications to become a vital part of our everyday life as more and more smartwatches start operating independently from phones.

### 5G tech

The introduction of 5G technology certainly has an impact on the mobile app development market. The number of 5G connections is rising all around the world and it will change the way apps are created and used. The significant speed improvements brought by 5G increase the mobile app functionalities as it allows up to **1 million devices** per square kilometre to connect. This can lead to the realization of the idea of everything being connected including cars, washing machines, fridges or security cameras.

### **Instant apps**

The availability of Instant Apps on platforms like the Google Play Store is increasing with time.

Native apps with small software program versions available to users for trial-based usage without having to be installed are classified as instant apps. These small program versions, therefore, allow users to test certain applications without spending valuable storage space.

These applications have the “Try Now” option besides the usual “Install” option, available on platforms like Google Play Store. The Android Studio, therefore, allows mobile app developers to improve the chances of users discovering their applications through this demo version option.

<ReadMore> Read also: [How To Build A Branding In Your Mobile App](https://selleo.com/blog/how-to-build-a-branding-in-your-mobile-app) </ReadMore>

E-commerce organizations and game developers especially prefer instant applications because they are bound to attract more end users than would be attracted to their products otherwise.

For example, Dotloop increased its user base by a shocking 62%, while NY Times Crosswords increased its sessions by 50% by using instant applications!

## Future of mobile application development

It is estimated that by the next few years, greater than two-thirds of the world will own mobile devices. And right now, 4.9 million different applications exist on iOS and Android devices combined. This number is expected to increase greatly over time.

The mobile application industry will be fruitful in the future due to promising statistics and the prospect of developing new technologies and strategies.

By just 2025, evaluations of future trajectories in growth estimate that the mobile app development sector will gain revenue of over six hundred billion dollars by just 2025! This promising number is bound to encourage more developers to pursue mobile application development now and in the future as well!

## Summary

Smartphones revolutionized the way we shop, make payments or look for information. Mobile app stores are full of applications for various purposes yet the market still seems **not saturated enough**. With all these mobile app trends, the app industry will continue to grow with great speed.

To stand out in this highly competitive market it is important that business leaders create apps that are aligned with the [newest trends](https://www.envato.com/blog/color-scheme-trends-in-mobile-app-design/) and use the latest technologies. This all can be achieved with an [experienced development team](https://selleo.com/custom-software-development-company) that is able to create a fresh product with the best tools available.

This is why Selleo should be your next choice - our mobile development teams will build your mobile product from the ground up, handle all integrations and ensure the highest security. [Contact us](https://selleo.com/contact) to discuss your idea and schedule a call with our engineering team.

Have you ever thought of developing your own mobile app? If yes, then here is a great place for you to learn about the best trends in mobile app development.

Mobile Software Development Trends To Know In 2023

Everything is getting digitalize because of the convenience and accessibility that we are getting out of it. From anywhere, in the home or on-the-go, we can access everything from shopping to education with just a simple click. Nowadays, getting a hold on your finances and cash flow is also important for business owners and professional accountants. According to statistics, here are some facts that should be considered for the popularity of Fintech apps.

[65.3% of Americans](https://www.statista.com/statistics/946109/digital-banking-users-usa/) will be using Digital Banking by 2022

66\.7% of people around the globe will be using digital wallets and mobile banking apps by the end of 2020.

Fintech [will take 33.3% ](https://www.statista.com/topics/2404/fintech/)of loan granting and applying process in the USA by 2022.

Another [report](https://info.liftoff.io/2020-mobile-finance-apps-report/?utm_campaign=DL-2019-Finance%20Report%20&utm_source=Forbes%20story) stated that the adoption of finance apps has increased by 354% over the past five years.

More and more financial sectors and companies are endeavoring to improve the digital experience for the customers. Increased demand for such services is the reason why Fintech and Regtech domains are continually growing all around the world.

In this article, we will discuss in detail about the Fintech apps, their usage, features, and how to build a mobile Fintech app.

So, let’s begin:

## Why we need payment solution apps?

There are many benefits and usage attached to an online payment solution app. Some of these advantages are listed below for your reference.

* A mobile payment solution app can help a business achieve better cash flow management. With a Fintech app system integrated into a company, the stakeholders are aware of every transaction. They can take advantage of mobile apps to check-in and out of cash from the business account.
* With the help of mobile payments, small businesses can reduce costs, such as bank charges, excessive staff to monitor transactions and other overheads, and a better evaluation of their cash flow position.
* Being the most convenient way, mobile devices' popularity has [increased immensely](https://www.researchgate.net/publication/328612693_Mobile_payment_in_Fintech_environment_trends_security_challenges_and_services). Everything is available online. To make the buying and selling process easy on mobile devices, these mobile payment solution apps are essential.
* Companies are eager to develop a more improved version of online shopping apps to compete in a tight market. Better and easy-to-use payment solution apps will attract more customers.

The appetite for Fintech apps is steadily growing. Over the past decade, banking applications have ceased to be an exclusive domain of the young and the tech-savvy. They have earned their place in every generation’s financial management routine. In many respects, Fintech mobile apps have taken over many activities formerly performed only by tellers, and such apps will only keep gaining more traction.

## Benefits of Fintech Applications for Businesses and Customers

A Fintech app is mutually beneficial for a business and its customers. Without getting it delayed, let’s have a look at some of these benefits.

### Low Cost of Development and Maintenance

Fintech apps not only provide customer feasibility but also help reduce the cost of development and maintenance for companies. If a company develops a separate app for iOS and Android platforms, it will cost them twice as much as building a Fintech app using cross-platform options available such as Cordova, Xamarin or React Native. Since the first two solutions are not popular among developers and offers low experience for users, choosing React Native is a much better option. Also using React Native for mobile financial app development can lower the cost even [up to 60 %. ](https://parsed.io/two-cost-saving-benefits-of-using-react-native/)

### Economic Benefits of Fintech Apps

Fintech apps provide considerable benefits to the economy. Businesses, especially small and medium-sized businesses, are very crucial to economic growth. These SMEs face the most difficulties in securing the financing they need to survive and prosper. With the Fintech app, not only are they saving development costs, but they would also save the cost of hiring people to manage cash flow and manage finances. With Fintech apps, data aggregators can synchronize financial data from various financial institutes to one single platform helping to reduce the compliance costs for businesses.

### Improving Customer Experiences

With so much feasibility to conduct transactions through smart devices such as mobile phones, tablets, laptops, and other, Fintech apps are making the customer experience more productive and pleasurable.

### Stimulating User Engagement

With Fintech apps comes Push Notification, which helps to stimulate user engagement by providing them info about transactions/costs on their account. They are also very useful when targeting specific users with some information or marketing data.

After having a brief introduction of the benefits we can reap from Fintech Apps, it’s time to understand what features make the best Fintech app.

<Baner name={software-development} />

## What are the core features of a successful Fintech mobile app?

Like any other app, the popularity of the platform depends on the feature that it offers to the customer. Based on our research, here’s the list of top feature that makes the best  Fintech mobile app.

### Simple-to-Use and Understand

Fintech apps give power to customers so they can avail of advanced services to manage their financial operations. One of the most essential ingredients for the success of any Fintech app is its simplicity.

The idea of any Fintech mobile app is to provide simple analytical tools that compile financial data, display transaction histories, and create financial programs with a simple interface. Every Fintech app should have real-time analytics and statistics that track finances, helping users and their companies recover revenue.

The apps should also include ID analytics to minimize user risks. To make the app more attractive to clients, financial sectors now including features to make the processes of money borrowing and private debt deal investments much easier compared to the standard bank credit application.

![](https://s3.amazonaws.com/a.storyblok.com/f/86602/666x374/de9496f8c3/the-ux-design-team-plans-to-develop-a-prototype-sm-gpvmgsd.jpg)

### Protection and Security of Sensitive Data

Fintech apps are designed to deal with the most sensitive data of customers involving financial transactions. Privacy and security of users’ data is the priority to address. Rapidly increasing cyber threats and attacks have made users less confident in Fintech apps. The company should not only meet regulation and compliance policies but also need to provide full cybersecurity to the users.

Typical security features include:

1. Lockout of the profile after the third failed login attempt. However, the limit should be 6 attempts if one’s has to be  PCI compliant.
2. The app should always ask to reenter the password while updating any information in the profile.
3. Display only the last three digits of the Credit/Debit Cards.
4. Integration of voice and face recognition.
5. Integration of fingerprint authentication in addition to 2-Factor Authentication.

### Blockchain and Cryptocurrency

Blockchain or Cryptocurrency has taken over the financial world after the popularity of BitCoin. Although the payment method has not yet become global because of a lot of prudential aspects attached to it. Blockchain, along with other functionalities, is also an anonymous payment method where data packets have been transferred without letting anyone know its origin. This payment option is yet not approved by many government authorities, yet some financial sectors have adopted it.

### API Integration

Application Programming Interface is the basic foundation of building an online platform. It allows large applications by integrating multiple platforms without rebuilding each one of them again and again. A modern online form or SaaS may be combined with dozens of APIs from the same ecosystem without the end user even knowing it. It is the API that lets developers add functionality where a user can tap on geolocation to find a nearby ATM.

The importance of APIs in Fintech apps are already heavily used to provide partially automated due diligence, KYC/AML processes.

### Support

Companies need to add 24/7 live chat or ticket support in Fintech apps. Someone likes the interaction with humans; others prefer chatbots. To manage time and cost, companies can combine them both. Build a reliable support service to provide a helping hand to everyone in need.

### Give Power to the Customer via Personalization

Your every customer is different with different needs. But understanding the customer’s taste is what makes your product unique. The Fintech app should provide a personalized experience to its users. Fintech apps help companies and business to gather the data of customer taste and buying trends and later analyze it to create a personalized app for users. Fintech app integration with personal applications, including social media, establishes the strongest possible relationship with the user. As a result, financial operations are more enjoyable and bring people closer together.

Let’s look at the step-by-step process of creating a Fintech app.

## How to build Fintech Mobile App – Step by Step Guide

Fintech app development is not a child’s play. It needs a lot of technical knowledge. So, you would need to hire a well-experienced team of developers who have exposure in the same field. Just to brief the procedure to you, here’re the steps involved in creating a Fintech app.

![](/uploads/artboard.png "How to build Fintech mobile app- step by step guide")

**Step # 1**: Do your research and make a plan for the look and features of the app. You need to define the scope of MVP and overall features. You also need to validate your idea based on availability.

**Step # 2**: You need to form a team of developers, either in-house or outsourced, to develop the app. The communication process between the developer and you should be crystal clear.

**Step # 3:** You need to choose your technology stack. What does it mean? Well, there are many languages to design applications. You can select between native technologies for Android \[like Java and Kotlin\], iOS \[like Swift or Objective C\]. As discussed earlier, both the apps will be developed separately, which will increase the development cost.

The second approach is to build [PWA (Progressive Web App)](https://selleo.com/blog/tag/pwa) - it might generate the native feel of an app but doesn’t allow us to use native mobile features like biometry.

The third and most recommended approach that will save 60% of your cost is to design the app using Cross-platform app development - it allows you to write only one codebase for both platforms (iOS and Android). Next, it is transpired to the platform-specific native language.

**Step # 4:** [Design UI/UX](https://selleo.com/ux-design) of your app with vibrant colors and easy-to-use functionality. The app should not be crowded with unnecessary features. It should have everything available on the dashboard without having a hunt for options.

**Step # 5**: Test your app by launching a Beta phase to a selected number of loyal customers or within the organization to gather feedback. Later, once the app is bug-free, you can launch it in the market officially.

**Step # 6**: With the latest innovations and on-going changes in the IT sector, you will need to Improve and update your application time-to-time.

If you decide to go with an outsourced developer team, then [Selleo](https://selleo.com/custom-software-development-company) is one option you should consider. Here’s how we create mobile payment solutions.

## How we create Fintech applications?

At Selleo, we have a team of highly-experienced professionals for UI/UX design, Customer Software Development, DevOps & Cloud Consulting, APIs Development. We aim to assist our clients with customized and personalized technical specification development. While working with many clients over the years, we have gathered business insight, which helps us to provide custom [Fintech applications](https://selleo.com/portfolio#payment-integrations) with API integrations and developing web solutions for industries in which regulatory compliance is a key.

We create successful mobile payment apps in react-native because it offers several nice features like:

* Code reusability
* A large community of developers
* It offers optimal performance
* Reduce Development cost
* Personalized and simple UI
* Third-Party Plugin Support

## What Common Issues Business Can Resolve via Selleo Fintech App

Our motive was to [build an app](https://www.b4bpayments.com/login) that allows users to take a snap of transaction receipts and upload them through the mobile application. [We aimed to develop](https://selleo.com/portfolio/payment-management-software) an option through which a company can control their finance and communicate with the workforce (users) by notification displays. It can be a message from the company to the customer through firebase cloud messaging or vice versa.

![](https://s3.amazonaws.com/a.storyblok.com/f/86602/713x420/cb60eb5417/b4b.png)

The application allows changing its layout to be looking like the cooperating company wants to.

We also assist our users in integrating security features like biometry verification, uploading pictures right from the device, sending push notifications, and contacting integration that is unavailable on the browser.

## Summing Up

Fintech applications have taken the financial world by storm. Becoming one of the greatest opportunities for many business and application developers. It is said that traditional organizations will collaborate with Fintech companies [80% more](https://tipalti.com/fintech-stats-for-2020/) times in the next 3 to five years. Having an opportunity of creating the Mobile Payment Applications using react-native that reduced the cost of development attracted the financial institutions more toward Fintech Apps.

Moreover, with Fintech apps, customers have a much better experience and feasibility of conducting their financial transactions.

If you are considering developing your Fintech app, you should better consider all the points we covered in this article. You can also [contact us](https://selleo.com/contact) for more help and hire an [experienced developers team.](https://selleo.com/software-development-team/fintech)

More and more financial sectors and companies are endeavoring to improve the digital experience for the customers. Increased demand for such services is the reason why Fintech and Regtech domains are continually growing all around the world.

Read our articles on Selleo Blog

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