The adoption of technology is immense in every sector, and the situation of the banking sector is no different. It will not be an overstatement if we say that mobile technology has brought a paradigm shift in the manner in which the banking and finance industry works these days.
With the amalgamation of technology, the finance industry has expanded by leaps and bounds as technology has helped in making a convenient ecosystem for finance companies to prosper.
Fintech, which is the summation of finance and technology has opened up a whole set of newer opportunities, and several Fintech Startups have burst on the scene in the past decade.
Thus, it has become a necessity for companies to come up with excellent Fintech app ideas not only to sustain in this era of cut-throat competition but also to thrive in it.
The technologically driven finance ecosystem gives a sense of security to the customers and quick and profitable methods to the Fintech startups to expand their business.
If you are an entrepreneur who wants to stamp his/her authority on the mushrooming and expanding Fintech market, we have brought for you some of the most amazing ideas to proliferate your startup.
These trending app ideas for your fintech business will help you rule in the Fintech space. Read also RavenwoodServices UK Bad Credit
Trending Fintech App Ideas for Startups
Peer to Peer Payment app
The use of digital payment around the world is increasing at a rate of knots. Thus, investing in a peer-to-peer mobile application becomes a very good and sustainable business idea.
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Be it the first or the third world countries; everyone is moving towards the cashless transaction, making peer-to-peer mobile payment apps a very profitable investment.
Below is the list of some of the suggested features that would make your peer-2- peer mobile payment app an instant hit with your targeted customers:
- Real-time notifications
- Direct transfer from the bank account
- Past Transactions data
- Chat with the app’s customer help
- OTP/Unique ID number for security
Finance management app
Personal finance management is seeing a spike and thus coming up with a fantastic personal finance management app that will let you blend into the Fintech market effortlessly.
The consumer is more conscious than ever about saving money, and thus the finance management apps will bring in a bright future for the startups in this space.
Consumers can use these apps in many ways like tracking their monthly expenses and income; having a better and more effective understanding of their finances in real-time and many more.
Moreover, chatbots can come in very handy in this Fintech startup idea as they will guide the user and solve their queries in the nick of time.
Apart from solving the queries, apps for personal finance management will allow the users to connect with all their bank accounts with ease. The data in the system gets updated automatically, and the app also gives periodic reminders about the payment so that the user misses no deadline.
Investment mobile application
Investment is the key to success and given the uncertain times that we are living in, systematic and smart investment can do wonders for you in difficult times. Thus, Fintech startups that come with a revolutionary investment application idea would instantly become the crowd favourite and will have a long run at the market’s box office.
The investment apps will monitor all the added bank accounts of the users and will invest the spare cash automatically in a systematic manner. The app can invest your money either conservatively or aggressively depending upon the situation of the market and the cash balance in your account.
You can include the following features in your app for investment to make your Fintech startup idea even more appealing to your targeted audience.
- Users should be able to withdraw the money for free.
- Automatically save the spare money or the cash change.
- Deduct the amount in round figure automatically.
- Invest in different portfolios to lower the market risk.
Regulatory mobile application
Financial app ideas should be focusing on both the local and global standards to expand their userbase. With a Regulatory app, organizations can automate a significant chunk of their daily tasks.
This will not only save time but will help the employees to focus on the more critical tasks. The positive ripple effect of the RegTech application will increase the ratio of user retention, and this is the reason why RegTech apps have a following in the market. It will be an excellent weapon for a Fintech Startup in the year 2022.
According to Grandviewresearch, The market size of the RegTech apps is expected to go beyond $55.28 Billion by 2025.
Since technology is easily accessible to people these days, crowdfunding ideas for Fintech startups are also gaining traction and emerging as one of the top trends. Fin-tech entrepreneurs can raise funds through digital solutions or via collective or individual efforts of the contributors and venture capitalists.
Implementing the crowdfunding technique will enable the startups to get out of the cash crunch situations and invest adequately to get the best possible product in the market.
Finance Ecosystem is affecting Startups and some crowdfunding platforms such as Kickstarter and Indiegogo, are gaining much attention. The exponential rise in the popularity of these apps is the reason why the crowdfunding solution market is expected to reach $28.8 billion in five years from now, i.e. by the year 2025.
Crypto exchange platform
Developing a crypto exchange platform is one of the most successful trending fintech app ideas that can work wonders for the Fintech startup.
A crypto exchange platform works wonders as it allows the user to get into the decentralized market without the compulsion of actual trading currencies. While giving the freedom to the users to trade cryptocurrencies, your Fintech startup can provide them with perks such as security, transparency, faster processing at very minimal fees.
Embracing the new, emerging, and highly popular Blockchain technology will be an undisputed profitable idea for your Fintech startup business.
For any business to thrive in this ever-evolving market, the key is to keep innovating yourself and be at par with the ongoing market trends.
The growing impact on Blockchain technology in Fintech is such that it has become a catalyst for disruption in the realm of finance. It is capable of successfully addressing the pain points of the finance industry, such as slower processing speeds, high operational costs, no trust, and more dependency on the higher authorities.
Blockchain is revamping the banking and finance sector by regulating solutions and making the finance firm feel more at home with the digital currencies.
Finance application development will see a whole new horizon of opportunities with the amalgamation of Blockchain technology and thus it will be one of the top trends that will define the progress of your startup organization in the year 2022 and beyond.
Millennials constitute the majority of the workforce worldwide, and thus it becomes inevitable for the Fintech startups to lure them for a more extended period.
The millennial generation is tech-savvy than their forefathers, and that’s why Robo-advising can be one of the most effective methods to garner their attention and increase their investment ratio.
These advising software are driven by machine learning and thus can regulate the expenditures and investments of their clients without human biases.
In addition to this, these softwares are proving to become one of the most future-centric and personalized financial advisors. As there is no or minimal human intervention, it becomes a convenient and efficient process for the users.
According to research done by Business Insider, by the end of the year 2022, the Robo-advising softwares will be managing more than $4 trillion funds. This rising curve should give enough motivation to the Fintech startups to invest in this idea and reap rich benefits in the future.
Riding on these exciting fintech app ideas, you can add fuel to the expansion of your Fin-tech startups and emerge as a leader of the pack in your genre. Applying these top fintech app ideas from the word go will not make your startup one of the most sought after business.
If you want to stay ahead of the curve in the modern-day competitive scenario it is essential to hire top Fintech app development companies so that they can guide the startup entrepreneur through their skills and experience.