Digitalization has entered numerous spheres of our lives, and investment activities are not an exception to this rule. These days, the new type of technology-friendly investors is getting more widespread and influential.
According to Deloitte, we face the rise of newly empowered retail investors who make decisions based on real-time information and are acquainted with increasingly sophisticated investment tools.
Practically, it means that users are constantly searching for new apps that will make their investment activities easier to manage and more effective.
Once you’ve decided to create an app for investing, several problems arise. Since there are so many outstanding investment apps on the market these days, it seems hard to make excellent software in this sharp competition.
Moreover, you require knowledge to recognize the exact must-have functions your app should have. This guide will provide you with the answers.
We’ll describe the core functionality of an investment app and provide practical recommendations on how to establish an effective development process and make it work for your benefit.
What Is an Investment App?
In general, an investing app is software that assists in handling various investment-related activities. The investment app may include managing publicly traded financial information, getting professional recommendations, and handling assets.
The exact appearance of investing apps is different, depending on the exact investment task it solves. There are numerous budget trackers, stock trading platforms, or social media apps for finance-preoccupied communities on the market.
Moreover, mobile investment apps can range from fantasy stock games (like Invstr and Wealthbase) to real-life robo-advisors (like Wealthfront and Betterment).
Notwithstanding the exact appearance and set of functions, the main aim of mobile investment apps is to facilitate and make investment activities more understandable and affordable for the wide public.
For this, investment apps offer a set of tools and benefits that even a newbie can try and gain profit right away.
Basically, an investment app can serve as your online financial advisor, coach, and assistant. Of course, that doesn’t mean that it makes investing less risky — but the software is an awesome tool to make this activity easier to start and handle carefully.
Types of Investment Apps:
Education-centered. This investing app type is designed to help beginners learn the basics of financial literacy.
Executing trades. This type of investment app allows trading stocks and can invest money on your behalf.
Brokerage apps. These platforms are designed for people who know what they want to buy. Normally, you can trade fiat currencies and crypto alike here.
Banking applications. These various forms of online banking platforms enable managing banking accounts, making deposits, and executing transfers.
6 Main Features of High-Quality Investment Apps
Mostly, investing apps have different features, depending on the exact focus product developers have chosen. Nevertheless, there is a set of basic traits each good investing app should have. We’ll disclose them here.
Feature #1. Personal Account
An investment app requires a login procedure to reach a personal profile with a virtual private office. That’s why it’s essential to work on this step carefully. Make sure a personal account is as easy and intuitive as possible not to push off your clients from the very beginning of interacting with your app.
Feature #2. Digital Wallet
Basically, this is the place where the balance for future investments is stored. The main rule is extreme safety, along with easy accessibility for a person eligible to manage the assets stored there.
An investing app should support the connection with the bank and card network for timely updates and secure the data carefully on the phone. You can read more information on mobile wallets in this blog post.
Feature #3. Money Management Instruments
People don’t like simply having money. They want to invest their funds and make them work. Thus, your mobile app should satisfy these needs with various tools.
Depending on the exact appearance and your app development aims, you can include gamification elements, dynamically changing charts, credit management dashboards, tables comparing several investment opportunities, etc.
Feature #4. Chatbot
Instant access to support makes it comfortable for users to interact with an app of any type. Beginners can use this function as a platform to get expert advice. More experienced users can also benefit and fix the problems of using an app on the go. In general, the presence of a chatbot increases the trustworthiness of your trading app.
Feature #5. Security elements
Data protection is the must-have feature of any investing app. Consider adding powerful IDPS for handling DDoS attacks, encryption algorithms, two-factor authentication, anti-spam, and protection from phishing. The more protection tools you have added, the better for user experience.
Feature #6. Notifications
When it comes to investing, real-time alerts are a must-have feature. They allow users to track the performance and provide necessary adjustments timely. Frequently, the absence of timely notifications decreases the level of customer satisfaction with trading apps.
7 Tips to Develop an Excellent Investment App
Developing an investing app requires a careful attitude and taking into account numerous nuances. As a golden rule, it’s extremely important to find a reliable vendor and establish effective communication and constant dialogue with the development team. Get ready to understand the specifics of coding an investment app to be on the same page with your tech partner.
These 7 tips will provide the needed guidance for you.
Tip #1. Follow the Basic Implementation Plan for Development
As in any software development type, making an investment app requires proper preparation and execution. Make sure your tech partner is aware and capable of making a mobile app this way.
The basic development plan for making investment apps is the following:
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Planning. Dedicate enough time to think about and strategize on the app you’re about to make. At this stage, you should ask yourself questions connected with your corporate aims. Does your business really need an app? What are the concrete advantages and performance improvements expected? Is this the best way for your business development? Last but not least, determine your risk tolerance for different scenarios when something goes wrong.
Picking a business model. After you’ve determined the business aims, it’s time for elaborating a business plan. Here, you should set the price for your services, determine the minimum amount needed to start, and calculate the commission your users will gain. It’s also recommended to do the market research and check your competitors on this step.
Building the core app. Together with the software development partner you’ve hired, launch the app mapping. In simple terms, it means developing an MVP for your mobile app product. Here, it’s important to ensure the presence and valid work of various networks, gateways, and mechanisms behind an app for investing.
Adding custom features. After you’ve reached the minimum number of features to make your mobile app work, you can add extra functionality. For example, you can invest in the next-layer security and introduce better UI/UX and gamification elements.
Testing. Once you’ve completed the raw development stage, it’s necessary to invite QA specialists. They will detect problems and bugs that will bother your users and adjust an app to make its functionality more smooth and effective.
Of course, not each investment app development strictly follows this procedure — especially when it comes to customized investing apps.
Nevertheless, this plan can serve as a sustainable basis to ensure satisfactory development results. By relying on the Agile methodology, you can progress with the development processes steadily and instantly solve disputes appearing on the way.
Tip #2. Work Hard on Making an Effective Algorithm Under the Hood
Most successful investment apps use the functionality of robo-advisors or an algorithm that assists in managing your investments. The advantage of this function is self-evident: it’s pure magic for users to get easy-to-follow and effective recommendations for their investment strategy.
Once effective, this mechanism encourages people to use your app more and more. Besides, this algorithm can automatically place spare money to low-risk ETFs, make regular transfers, and implement an investment plan you’ve prescribed.
Tip #3. Ask for a Minimum Sum to Enter an App
All top-performing trading apps are easy to start due to the minimum payment needed to install and try them. Some say $50 is enough to start investing, while the platforms like SoFi Invest need only $1 from you.
Notwithstanding the willingness to offer the minimum price to attract as many users as possible, finding the right sum to optimize your budget is essential.
The main rule is to consider the key requirements you’ll need to cover, including maintenance, support, and platform-related expenses. In this blog post, you can get more information on mobile app architecture to calculate the costs. The overview is relevant for investing apps for Android and investing apps for iPhone.
Tip #4. Don’t Overwhelm Users with Complex Registration
There is a typical procedure for using investing apps. Thus, while developing your own software, make sure the installation plan follows these steps:
Sign up (include an opportunity to use social media accounts for that),
Link to your bank account (also, make it easy for users to fund it in your app),
Pick an investment asset,
Access tracking the performance of your shares (the notifications features is highly useful here),
Trade assets.
Tip #5. Ensure the Highest Security Level Possible
The security of using an investment app is the basic concern for many users. Money is a highly sensitive topic, and your users are extremely careful because they share their essential financial information.
That’s why you should pay maximum attention to data privacy and the overall security of user experience while interacting with an app. Make sure your efforts are seen and easily recognized by your users.
The exact measures include (but are not limited to) providing SIPC insurance, data encryption, and various investor-related protections.
Tip #6. Apply APIs (Application Programming Interfaces) Accurately
For developing investment apps, you’ll inevitably need to use third-party APIs. They may take different appearances:
Connecting a banking account
Getting financial information
Updating the market data feed
Stock exchange
Currency conversion
Here, it’s important to use reliable technologies only — for example, Plaid, Paybook, and Xignite.
Always check with your tech partner which technologies and tools they use to maintain the highest security and effectiveness.
Tip #7. Hire an Outsourcing Vendor
Make the most of your cooperation with the software development company on making investing apps by hiring the team on an outsourcing basis. For making SaaS products, this approach has several substantial advantages:
All in all, hiring a reliable outsourcing software development partner ensures getting sustainable competitiveness in a technology-intensive market for an affordable price.
Contact Intellectsoft Developers for Building an Investing App
If you’re in search of an experienced and effective software development partner, we at Intellectsoft are eager to help! We have a vast portfolio of successful projects completed for companies of various sizes and working in different industries.
By referring to us, you can be sure: we’ll dedicate the maximum attention to your investment app and strengthen its functionality with the wide arsenal of top-performing tools and elements.
For more information, check our financial software development capabilities. If you need consultation or want to start the project with us, don’t hesitate to contact us directly and talk to our experts! Let us build an outstanding mobile investment app for your business benefit.
The hospitality industry depends a lot on keeping customers happy, but it’s getting harder to attract and keep them. The pandemic hit this industry hard, and now market competition is tougher than ever, with competitive offerings swaying customers. Hospitality businesses are willing to spend big to win customers back. The main questions for many are: how can we stay ahead of the competition, keep our customers, and increase revenue? Keep reading—we’ve got some answers.
Customers today have so many options that getting their attention is a real challenge. It’s not easy to make them choose your business over others. What worked 10 years ago doesn’t work the same way now. Back then, people often chose businesses based on reputation. But with new types of businesses (boutique hotels, craft cafes) popping up or big enterprises getting a new strategy, expectations have changed. The good news is these businesses have shown what works: great customer service. They focus on personalizing the experience, making things easy for customers, offering loyalty programs, and using smart technology.
In this article, we’ll explore these tech strategies and show you how they can help your business grow, and double the revenue. Keep reading to learn more!
The Importance of Customer Satisfaction in the Hospitality Industry
Customer satisfaction, which equals exceptional customer experience, is the backbone of the hospitality industry. It plays a central role in driving revenue and loyalty, as satisfied customers are more likely to return and recommend a hotel, restaurant, or other hospitality business to others. In fact, a study by the Harvard Business Review found that a 1% increase in customer satisfaction can lead to a 0.5% increase in revenue. Moreover, loyal customers are more likely to forgive mistakes and continue doing business with a company, even if they experience a negative encounter.
Let's quickly review the challenges the hospitality industry is facing right now so we can move on to the solutions and our case studies.
Challenges in Hospitality
As businesses navigate the changes in the hospitality industry, there are some key areas where a little improvement can go a long way. From improving customer service to embracing digital transformation and tackling labor shortages, we’ll take a closer look at today’s biggest challenges—and, more importantly, how technology can step in to help. Let’s get started!
Poor Customer Service
Even with strong and high-quality business offerings, poor customer service can drive potential customers and existing customers away. Common issues include:
Long wait times in customer service queues (it is worth remembering that our attention spans 8 seconds, and we live in a very busy world, so quick and efficient responses are more important than ever.)
Poorly trained customer service representatives
Lack of follow-up
Services not being done properly or quickly
Recall issues that require multiple service calls
These problems can frustrate customers. But, at Intellectsoft, we believe that the right approach, combined with technology, can address them effectively.
Digital Transformation Gaps
Approximately 50% of hotels are adopting new technologies, with 43% automating repetitive tasks and 39% upgrading existing systems. Source: workstaff.app
While many businesses are adopting digital solutions, some still struggle with outdated systems and fragmented data. Legacy companies often face chaos when trying to manage their data and create new systems or add features.
Some of the recent examples include clients coming to us to create AI solutions for their services while their data simply was not ready for the advanced tasks. We advise stepping back, communicating with a company objective, and working on keeping the data clean (centralized, structured, and segmented).
When we’re asked to create advanced systems using AI, we always emphasize the importance of organized data. To train AI and build such complicated systems that truly work, you need to start from the very beginning—collecting, storing, centralizing, and organizing it. We encourage our clients to align all departments to work internally on the data so we can create a unified digital system that delivers personalized experiences.
If you’re unsure where to start with your data, we can help. Collecting feedback at various touchpoints along the customer journey is crucial for gaining insights into customer satisfaction and loyalty. Book an IT consultation with us, and our experts will guide you in mapping out a path to get more from your data and build a system that works for your business and team.
Reskilling Staff
The pandemic hit hard in early 2020, especially for the hospitality and travel industries. Even five years later, many businesses are still feeling the impact. Recruiting and retaining skilled staff has become a major challenge post-pandemic.
Reskilling to address technology’s impact is of utmost importance, as about 40% of hotel General Managers place it among their top three workforce challenges.
We strongly believe that adopting the right technology can help. For example, creating an app to train your staff not only saves time but also ensures consistency in learning. AI assistants can also work alongside your team, helping with tasks like recruitment (providing industry insights, crafting emails) and staff training. Imagine having an app dedicated to making your team’s work easier and more efficient!
How Technology Tackles These Challenges and Supports a Customer-Centric Hospitality Culture
Automation, AI, and similar technologies may threaten many. However, the debate about replacing humans isn’t about that—it’s about cooperation and working hand in hand with technology to achieve the highest standards and establish brand-new “golden standards.” Technology is here to assist staff in listening to and collecting customer insights from data.
Let’s review some of our cases to see examples of how technology helps improve customer experience and supports customer service.
Examples of Intellectsoft projects
Property management systems (PMS)
We created a web platform and mobile app that makes managing daily tasks easier and offers extra services to improve residents’ experience. It gives a clear overview of daily activities and helps with managing units and users. Residents can easily book amenities, submit service requests, and report incidents. The platform also includes features for equipment management, key instructions, workflows, and custom permissions. This makes it easier for staff to stay on top of equipment and ensure residents have all the information they need. Plus, tools like announcements, quick votes, a forum, and a community calendar help build a connected and engaged community.
Guest Experience Management App
Our next app helped our client improve their guest experience by replacing printed marketing materials and the need for phone calls with a smart solution. Now, guests can easily order in-room dining, make reservations, and interact with staff— through a simple tablet in their room. The solution includes three parts: a custom in-room tablet with a variety of services, an admin panel for hotel staff and service providers, and a backend system that connects everything together. This approach makes things easier for guests and staff, improving both convenience and efficiency.
Existing Customers First: Building Loyalty with Personalized Touchpoints
Keeping existing customers is not just a strategy; it’s well-known that retaining existing customers is more cost-effective than acquiring new ones. In fact, research shows that it costs five times more to acquire a new customer than to retain an existing one. KPMG named customer retention as the number one revenue driver for the company.
Moreover, a 5% increase in customer retention can lead to a 25% to 95% increase in profits, showing the significant impact loyal customers can have on a business’s bottom line. Retention strategies, like personalized experiences and loyalty programs, can foster long-term relationships and generate recurring revenue, ultimately making them an invaluable part of any business model.
Personalization: How Technology Can Help?
Everyone loves to feel special—it’s part of being human. In hospitality, personalization has evolved from being a luxury to an essential standard. With the right technology to manage your data effectively, you can deliver those “wow” moments that guests won’t forget.
More than half of hotel chains are already using personalization features on their websites, booking platforms, and apps, and another 39% are planning to follow suit soon. They’re tailoring experiences to fit guest preferences perfectly.
Source: Deloitte
How does technology make it happen?
CRM Systems: They help you keep track of guest preferences, booking history, and special requests so you can offer services tailored just for them.
Loyalty Programs: Personalized rewards and offers show your guests that you value them, keeping them coming back for more.
AI Personalization: AI analyzes guest data to predict what they’ll love (from room upgrades to local recommendations) before they even ask.
IoT Gadgets: Smart room features like voice-activated assistants, or temperature controls adjust to your guests’ preferences, making their stay more comfortable.
With tech-powered personalization, you’re building loyalty and maximizing the lifetime value of every customer.
Our Case Study: Smart Hotel Management & Loyalty Program
For one of our clients, we created a smart room solution, complete with a custom IoT system. Guests can use a mobile app to control services, explore amenities, and find resort information-- with a special touch to their suite type. For the client’s entertainment business, we improved their legacy software by running a full IT and code check, fixing issues, and making the system better for customers.
Along with that, we developed a mobile app for the loyalty program, allowing businesses to effortlessly reward their customers and keep them engaged with exclusive benefits.
Our solutions not only helped the client with special experiences for guests; it also improved operations, cutting costs by eliminating inefficiencies. Here's what our experts shared:
"We transitioned away from ESB (Enterprise Service Bus) systems, which previously cost millions, and replaced them with more efficient, self-managed solutions. Similarly, we’ve implemented Device Farms that improved operations and saved resources."
Leveraging Software to Increase Upsell Opportunities
Here are some examples of tech tactics that will help your team sell more and introduce new offerings to existing customers, improve overall efficiency leaving your team grateful:
Dynamic Pricing Algorithms
For finance and marketing teams, manually calculating pricing by segment to introduce your clients can be incredibly challenging. AI-powered tools can strongly optimize these strategies by analyzing your database in detail.
Upselling via Apps
Boosting revenue in the hospitality business often comes down to personalized experiences. Imagine this: a guest books a room, and then your app suggests a spa package or a room upgrade at just the right moment. Later, it nudges them to book a dinner reservation or a guided tour designed to their preferences. With apps offering these personalized recommendations during and after bookings, you’re not just increasing your revenue per guest but also skyrocketing their experience. And you do it in a sustainable way, not by speculating, but by offering what your customers desire based on their previous experiences. It’s a win-win: seamless, helpful, and far from pushy.
Inventory and Resource Management Software
Making every resource count in your hospitality business is key. Inventory and resource management software allows you to effortlessly track everything from linens to room availability, ensuring nothing goes to waste. Having real-time insights to reduce overstock, avoid shortages, and optimize operations assists sustainably keep everything under control and know what you need to focus more. It helps maximize room occupancy by aligning bookings with available resources, ensuring every room and item is used effectively. This approach leads to smarter management, better guest experiences, and a noticeable boost to your bottom line.
Adopting these strategies not only optimizes your operations but also drives business growth. Ready to discover how technology can elevate your goals? We’re here to create a tailored solution for you.
Steps For Implementing a Customer Service Technology Solution
Improving customer service in hospitality doesn’t have to be a daunting task. With the right technology, you can smooth the path of your operations, speed up response times, and elevate the overall guest experience. Here’s where you can make it happen:
1. Understand Your Needs
Start by identifying the challenges your business is facing. Are you struggling to manage high volumes of inquiries, track customer feedback, or personalize the guest experience? Pinpointing your needs will guide you to the best solutions.
2. Pick the Right Tools
Choose technology that aligns with your goals. Look for solutions that are scalable, easy to use, and integrate effortlessly with your current systems. Options like CRM software, live chat tools, or a guest experience app can make a difference.
3. Equip Your Team
Technology is only as effective as the people using it. Train your staff to make the most of the new tools, so they can deliver exceptional service and resolve issues quickly. Confident, well-equipped staff creates happy, loyal customers.
4. Keep Improving
Once implemented, monitor how well the solution works. Are response times improving? Are customers more satisfied? Regular evaluations will help you fine-tune your approach and keep things running harmoniously.
Some Tech Ideas for Hospitality Businesses
CRM Software: Manage customer interactions and preferences.
Guest Experience Apps: Delight guests with personalized experiences right at their fingertips.
Amenity Management Systems: Simplify operations for everything from room service to facility bookings.
Live Chat Tools: Offer instant support and answers.
Social Media Management Tools: Keep customer interactions engaging and organized.
Integrating these strategies will not only improve your customer service but also deliver unforgettable customer satisfaction, loyalty, and, ultimately, your bottom line. Ready to take the next step? Book a consultation with our experts.
Conclusion
To wrap up everything we've discussed, customer satisfaction and experience are at the heart of hospitality. Retaining customers is more than just keeping them around—building strong, long-lasting relationships and consistently meeting their evolving needs. By understanding their pain points and offering personalized solutions, you can inspire loyalty and drive progress. With the right technology and continuous improvement, your business can stay ahead, let go of what no longer serves you, and keep growing.
At Intellectsoft, with over 17 years of experience in software development, our expert team is ready to help. We create everything from mobile apps to full-fledged portals and systems, leveraging the latest technologies like AI, Cloud, and Machine Learning. With deep experience in the hospitality industry, we’re here to craft personalized solutions that bring your business unforgettable customer experience and retain your valuable clients.
Ready to double your revenue and level up your customer retention strategy with personalized technology? Contact our experts, and we look forward to working hand in hand with you to build or revitalize the perfect app or system for you.
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