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The adoption of technology in the banking and financial sector has improved dramatically. FinTech has improved the convenience of the ecosystem, making it safer, faster, and more profitable for customers and financial institutions. It addresses the needs of the non-privileged audience and has a significant impact on other businesses. FinTech has become an emerging topic for investors, entrepreneurs, and start-ups.
With all these advantages and opportunities, the global financial technology market is expected to grow exponentially to $309.98 billion by 2022. However, the advancement in this space is ongoing, and the COVID-19 crisis has encouraged improvement.
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If you are thinking out loud about developing mobile apps, then Fintech is the best for you. In this article, we’ll focus on Fintech application ideas that can open doors to opportunity and success. So, stay tuned until the end of this write-up.
1. Digital Banking
Digital banking is the foremost and most significant FinTech application idea. Virtually all financial institutions now strive to have a mobile banking application to better serve their clients. In recent years, there has been a dramatic shift in how people interact with their banks and value banking services. Nearly 69% of clients use online banking and mobile banking apps to perform their daily tasks in a seamless and independent manner.
This includes accessing the account balance, downloading electronic statements, adding payees, and performing IMPS and third-party transactions. Now customers no longer appreciate long queues at the banks and ATMs as most of the payment activities can be managed through net banking and mobile banking apps.
Government policies for digitalization, Times like the COVID-19 outbreak, strong bank-initiated security measures, and more have all contributed to the rise of FinTech app development. In this way, building a digital banking application is a wonderful financial start-up idea.
2. Peer-to-Peer Payment App
The peer-to-peer payments market will grow exponentially in a number of years. Google Pay, Venmo, and PayPal are among the notable examples of P2P payment applications. These apps are designed to eliminate the need to rely on third-party websites to facilitate easy fund transfers between accounts.
Furthermore, these fintech mobility solutions utilize the latest technologies such as NFC, face recognition, and voice biometric technology to simplify POS processing, improve risk management, and provide an optimal customer experience.
3. Digital Wallet
Given that digital mobile wallet solutions prevent users from wearing physical wallets or credit/debit cards, their market is also experiencing significant growth. These apps enable users to make payments in just a few taps or use biometrics while getting coupons and lucrative offers in return. The digital wallet marketplace is expected to grow to $7,581.91 billion by 2024.
4. Crowdfunding App
Crowdfunding is also digitized and prospering as a crucial fintech start-up idea. Entrepreneurs see these digital solutions as the best financing option. It enables business owners to raise funds for their business from various individuals, investors, and venture capitals. At present, there are only a few crowdfunding solutions available, including Kickstarter and Indiegogo.
However, the digital crowdfunding market is projected to reach more than $28.8 billion by 2025, indicating potential growth and traction. Hence, you can hire dedicated virtual employees to seize these solutions for your company too.
5. Blockchain App
From a fintech start-up to an established financial company, blockchain technology is one of the most adopted technologies in the Banking, Financial Services, and Insurance (BFSI) sector. These applications can provide numerous options for users while providing enhanced security while conducting online transactions.
Such applications also enable users to perform transactions using cryptocurrencies. As a result, most companies have begun to invest in the development of blockchain applications by integrating advanced features. We.trade, Circle, etc. are some of the extremely popular blockchain-based applications.
6. Personal Finance Management App
Personal finance management apps enable users to categorize their money, investments, expenses, revenues, and other finances by using a mobile or web platform. They can even monitor them in real-time to better understand how to manage their finances wisely and effectively.
Using this app you can save money as well as include additional features that help track spending, plan budgets, and manage your platform users’ personal funds. These applications are also known as money-saving applications as they enable users to borrow, lend, or even invest money.
7. Loan Lending App
Loan lending application aka P2P loan application operates as a platform for lenders and borrowers, where they can connect and meet the needs of everyone without relying on a bank or financial institution.
On the one hand, these loan lending applications allow borrowers to set the maximum loan rates they can handle. They do, however, allow lenders to bargain between themselves in order to supply funds at the lowest possible rate. And in this method, you’ll be able to attract additional customers or debtors.
8. RegTech App
This is another brilliant application idea for fintech startups. It’s basically a regulatory application that looks at the regulatory challenges in finance and the economy. It enables businesses and financial institutions to comply with global and local standards, adhering to the rules of right financial practice. These apps automate key organizational processes such as client authentication, transaction monitoring, compiling and submitting reports, and more.
In a Nutshell
The fintech industry is the future of finance and banking, and it is apt to get a fintech app for your startup for a growing industry. They enable organizations to provide great customer service, satisfaction, and confidence. If you’re interested in taking advantage of the vibration of growth in the FinTech market, get in touch with a financial software development company.