Remember back in the day when you had to stand in long banking queues just to transfer money? If you don’t, you’re lucky not to be traumatized by the sound of a computer-generated voice calling out “No.68 next in line.”
Technology has evolved to such an extent that Gen Z doesn’t even know what the inside of a bank looks like. Everything takes place online and doing mundane tasks have now become streamlined with digital offerings that make everything faster and more seamless.
Thanks to digital innovations such as money transfer apps, or peer-to-peer (P2P) money transfer apps, cash can be seamlessly and securely transferred from person to person, or business to business.
You can even link the app to your credit card and bank account. And the best thing is, electronic transactions and payments are done with a simple few taps.
Money Transfer App Development — Reliable Idea?
So, you’ve probably figured by now what this article is about. Yes, you guessed right, it’s all about money transfer app development and why it’s essential in a cash-free environment.
In essence, P2P is so much more than a money transfer app - it allows users to make instant payments without having to use a bank or credit card, and enables transactions via cashless payment methods. Did we also mention you can exchange currency?
Let’s use the insurance broker analogy.
When taking out new insurance, the first thing you do is call your broker. They, in turn, act as the go-between you and the insurance company. As the middleman, they act in your best interest while getting paid to do a job. But sometimes, things get lost in translation which can lead to some costly mistakes.
Imagine not dealing with a middle man and going directly to the person supplying you with a product or service. It means no extra expenses and zero chances of things going wrong.
That’s exactly what a money transfer app does.
If money piques your interest, how about the fact that the global P2P payment market was valued at $1.89 trillion in 2021? And, according to the Precedent Research report, it’s growing exponentially and expected to reach about $9.87 trillion by 2030.
How do you like them apples? It’s a lucrative niche practically begging to be tapped into.
We’ll not only explain the importance of payments apps, but provide you with a step-by-step guide on how to implement your own money transfer software.
What is a Money Transfer App?
As explained previously, money transfer apps are essentially instant banking without the middleman.
If you really want to go into detail, the majority of P2P apps consist of a digital wallet, This enables consumers to deposit funds that can be used for payments or international transfers.
Money transfer software comes in all shapes and sizes. However, the end result is exactly the same - convenience, flexibility, security and transparent fees.
There are a variety of features, including digital wallets, bill payments, expense trackers and expense tracking. We’ll discuss this in more detail further down.
Another thing to take into consideration is to note the difference between P2P apps and traditional banking systems.
Dedicated money transfer apps work independently from banks, meaning they avoid the complications and high costs that arise from transferring money between bank accounts in different countries.
Types of Money Transfer Apps
Mobile OS systems
You might not be aware of it, but widely used P2P services such as Apple Pay and Android Pay are examples of mobile OS systems.
Because of contactless payments for purchases wherever NFC technology is supported, the app software has grown in popularity.
However, there is one drawback - users of Android or Apple devices can only make money transfers to users of the same system.
Independent services
PayPal leads the pack when it comes to independent services. Basically, the app allows for card payments with the help of electronic wallets whereby P2P payments are made.
The downside? All independent services as a minimum support Visa and MasterCard card types.
Online banking services
The traditional way of banking will soon become obsolete and no one knows this better than the baking sector.
As a way of jostling for space in the digital sphere, banks are competing with each other by keeping abreast of trends. And because of this, many are offering their clients P2P services.
Good examples of these bank-centric apps are Zelle and Dwolla.
Must-have Features of a Money Transfer Application
For a safe, secure and reliable money transfer app, you need to have the following features for critical functionality.
E-wallets
E-wallets give you the freedom to store electronic money and make contactless payments. Because the app stores your bank card data, there’s no need to create a new bank account. An example is PayPal’s mobile wallet app.
Bill payments
Used by some businesses as their competitive edge, users are able to make online payments at any time, from anywhere in the world.
“Bill-paying services are important tools to help consumers pay their bills and provide insight in how they are living their lives and allow consumers to take a more active role in their saving and spending strategy,” Michael Hershfield, founder and CEO of Accrue Savings, told US News.
Money managing apps such as Mint and Prism make it easy to pay and track your bills, using a smartphone or any mobile device.
Payment statistics
Data is king and that is why this feature is so important. Users can manage their finances effectively by visualizing all user transactions according to volume, status, country, and receiver.
The result is a seamless experience, enabling users to interact with their financial statistics.
Online ID check
Users want to know that their data and sensitive information is safe from enterprising cybercriminals. This feature protects against online fraud.
Transaction notifications
Every time activity occurs on an account, the user is notified via pop-ups or push notifications. This feature is very important as it drives customer loyalty.
International transfers/Currency exchange
Users want to know that the hassle has been taken out of international money transfers. By making it easier for them, you’ve already gained an ardent customer.
If they can conduct or receive international money transfers in a few seconds without the delays and high fees, even better.
The same goes for currency exchange. An integrated currency exchange feature adds value to your product. Imagine being able to receive dollars, euros, or other currencies without physically walking into a currency exchange institution? You can make that a reality.
According to Investopedia, the best international transfer and currency exchange apps currently on the market are PayPal, WorldRemit and Cash App.
How to Develop a Money Transfer App? Steps to Create
Discovery phase, product concept and main features
Before you get into the building of your app, the discovery phase can be viewed as the preliminary stage of your project and probably the most important. It will lay the foundation and ultimately make the difference between the project being a success or failure. You’ll be able to identify which stakeholders in the business need to be involved, who your target audience is, pain points your solution will solve, the scope of the project as well as design features. All these steps will help define a succinct product strategy.
The stakes are high - 99.5% of consumer apps fail and doing your due diligence at the beginning before you start to build your app, could make all the difference.
UX/UI designing
While your engineers and developers will be taking care of everything in the back-end to make sure your app does its job, user experience and user interface design plays a critical role in the front-end.
Create high-end software solutions for your company with Intellectsoft
An intuitive interface and user-friendly design can set your app apart from the competition but more importantly, will keep users coming back. A bad user-experience could mean the user is lost forever. Developing a well researched customer journey map will provide insight into how a user will interact with your app and show clear steps on how they’ll reach their goal, and in this case, transfer money.
Great design should solve the needs of the user and get them to their desired goal effortlessly. Satisfied customers drive higher conversions.
Development approach
Businesses can approach this in two ways: in-house development and software development outsourcing.
If you choose the latter, Intellectsoft could be your reliable choice. Using fintech app solutions to simplify and increase the effectiveness of financial operations, Intellectsoft’s years of experience ensures your business will perform, thanks to future-proofed technologies.
Security
Pull quote:
CyberNewssecurity researchers found that 14 top Android apps, downloaded by more than 140 million people in total, are leaking user data due to Firebase misconfigurations. Exposed data potentially includes users’ names, emails, usernames, and more.
When data breaches occur, your app and company could suffer significant financial and reputational damage. As cyber criminal activity increases, your users are at risk of paying the highest price and when it comes to sending money, your app will need to provide the highest level of security.
App security best practices
User authentication
Authorization
Encryption
Secure APIs
How much Does It Cost to Build a Custom Money Transfer App?
There are various factors to take into consideration when it comes to the costs. It can take anything from $11 000 to $15 00, depending on the features.
For example, an app with the minimum amount of features (minimum viable product), is less than an app with more functionality.
“An application programming interface (API) is a way for two or more computer programs to communicate with each other,” according to Wikipedia.
Still finding it hard to understand? Think of it this way; APIs act as a sort of translator between two systems so that they find it easier to communicate and understand each other.
Why is it important for a money transfer app?
It’s essential to link your app to other applications to ensure a seamless user experience.
Chatbots
In many instances, chatbots have been compared to the rise of the machines but they can bring in an element of conversation AI support. No need to worry about them taking over the world. If you understand how a chatbot works, you’ll know when it’s important to integrate it into your app.
Basically, a chatbot is a software app that is used to conduct an online chat conversation via text or text-to-speech, in the absence of having direct contact with a live human.
Combined with AI capabilities, this technology provides customers with around-the-clock support.
Notifications
As discussed in our Must-have Features sections, notifications alert users whenever a transaction or activity on an account has occurred. These notifications can include when money is deposited into an account, confirmation of money being sent and when the funds have landed with the recipient.
Security
Enterprising criminals always target vulnerable systems. Sensitive data in the wrong hands can lead to all sorts of activity. As a defense for your customer, two-factor authentication is crucial when building a money transfer app. This type of authentication requires the user to provide two ways to verify their identity with the aim of strengthening overall security and access.
What Makes Your Money Transfer App Secure?
There’s no question about it; when it comes to security, you need to make sure there’s no room for being attacked from the outside.
“Because the money is immediate, you want to make sure your payments are to people you know and trust,” explained Bobbi Weber, Fraud Operations Group Manager and Senior Vice President of Fraud and Claims at Citizens Bank.
To prevent mistakes and fraud, take the following into consideration:
Payment Gateway Protection
A study by PWC, Global Economic Crime and Fraud Survey 2020, found that 47% of companies experienced some form of fraud, resulting in $42-billion of losses.
What payment gateway protection does is encrypt sensitive transaction data. The encryption translates the data into another form so that only people who have access to a secret key can decrypt it.
Testing
Make sure during the software development phase that your app is able to withstand various checks. This is called the testing stage.
Also known as “penetration testing,” these measures are aimed at detecting vulnerabilities in the app.
A cyber Safe environment
Don’t be fooled into thinking your app is not vulnerable to cyber attacks. The best approach to take is a defensive one.
Key measures include a robust IT infrastructure, building secure application logic, ensuring web-server security and writing secure code.
Consider Intellectsoft Your Trusted Partner
With an impressive client portfolio and more than a decade of experience behind its name, Intellectsoft prides itself on cutting-edge solutions to get the job done.
Our skilled experts provide custom financial software development to fit your business and budget requirements, without compromising on leading-edge technologies.
One of our success stories was to develop a global mobile banking platform for a client that enabled people to open bank accounts and access P2P banking services.
Intellectsoft incorporated blockchain, biometrics technology and three-factor authentication to ensure user data was safe and secure when sending money across the globe.
Conclusion
It’s a given that the world is moving towards a cashless society. Fintech solutions are the future. The question is, are you and your company moving in the same direction?
FAQ
What is a money transfer app?
Money transfer apps let you transfer cash from person to person, or from entity to entity, quickly, conveniently, cheaply, and securely.
What are P2P payments?
Peer to Peer (P2P) payments is a mechanism by which users can transfer funds from their bank account to another individual's account via a digital medium.
How much time is needed to create a money transfer app?
This is a tricky one. There are so many factors that affect the time spent on developing a money transfer app such as the platform being used, development tools and any customization.
If outsourcing the build to Intellectsoft, both you as the client and Intellectsoft will have a shared understanding of objectives and project completion dates.
Why do I need a money transfer app?
Old school payment methods are becoming outdated. Yes, cash makes the world go round, but a cashless society will soon be the main objective. There’s a huge demand for it, and most importantly, it provides much-needed financial inclusion.
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.
We have sent an email to acknowledge
receipt of your request. In the event that you have not received our email, we kindly
suggest checking your spam folder or alternatively, contacting us directly at info@intellectsoft.net
We will send a short email notifying you that we successfully received your request and started working on
it.
Our solution advisor analyzes your requirements and will reach back to you within 3 business days.
We may sign an optional mutual NDA within 1-2 business days to make sure you get the highest confidentiality
level.
Our business development manager presents you an initial project estimation, ballpark figures, or our
project recommendations within approximately 3-5 days.
Request a Free Quote
4.9
Our rating on Clutch
5
Our rating on Business of Apps
We have offices in:
San FranciscoOsloNew YorkLondon
Contact usRequest a Free Quote
Thank you for your message!
We will get in touch with you regarding your request within one business day.
